Core Viewpoint - The company, Furui Co., Ltd. (stock code: 300049), is forecasting a significant decline in net profit for the first half of 2025 compared to the same period in 2024, with expected profits ranging from 50 million to 60 million yuan, representing a year-on-year decrease of 20% to 34% [2]. Group 1: Financial Performance - The net profit attributable to shareholders is projected to be between 50 million and 60 million yuan, down from 75.36 million yuan in the same period last year, indicating a decline of 20% to 34% [2]. - The net profit after deducting non-recurring gains and losses is expected to be between 51.5 million and 61.5 million yuan, compared to 74.46 million yuan in the previous year, reflecting a decrease of 17% to 31% [2]. - The company anticipates a net profit of approximately 75 million to 85 million yuan after excluding the impact of stock incentive expenses and exchange losses, which would represent a year-on-year growth of about 5% to 19% [7]. Group 2: Business Overview - Furui Co., Ltd. specializes in the research, development, production, and sales of medical devices and treatments for liver diseases, with a focus on the compound tortoise shell soft liver tablet, the first anti-liver fibrosis drug approved by the National Medical Products Administration [4][5]. - The company reported a revenue of 283 million yuan from its proprietary drug business in 2024, marking a year-on-year increase of 44.31% [5]. - The medical device segment has shown growth, with sales revenue expected to be between 470 million and 490 million yuan, reflecting an increase of approximately 11% to 16% compared to the previous year [7]. Group 3: Development and Services - The company has developed and sells the FibroScan series of liver fibrosis diagnostic instruments and the FibroMeter series of blood testing analysis tools, which are recognized for their innovative non-invasive detection technology [8]. - Furui Co., Ltd. provides chronic disease management services for liver disease patients through its internet hospital, establishing a comprehensive and personalized healthcare management platform [8]. - The company is also involved in software development, IT consulting services, and real estate operations, diversifying its business portfolio [8].

Core Viewpoint - The article highlights the dual mechanism of action of Furuishi's core product, Compound Turtle Shell Soft Liver Tablets, in treating intrahepatic cholangiocarcinoma, emphasizing its direct and indirect anti-tumor effects [3][5]. Company Overview - Furuishi Co., established in 1998 and listed in 2010, focuses on the diagnosis and treatment of liver diseases, with its main product being Compound Turtle Shell Soft Liver Tablets, the first approved traditional Chinese medicine for liver fibrosis treatment [6][8]. - The company reported a total revenue of 1.349 billion yuan in 2024, a year-on-year increase of 16.93%, with over 60% of its revenue coming from overseas markets [9]. Product Performance - Compound Turtle Shell Soft Liver Tablets have been validated over 20 years in the market, becoming the leading brand for anti-liver fibrosis medications [8]. - In 2021, the sales of Compound Turtle Shell Soft Liver Tablets in public hospitals were approximately 230.62 million yuan, maintaining its position as the top-selling product in its category, although the competitive landscape is tightening [10][11]. Financial Analysis - The pharmaceutical segment contributed about 30% to the company's revenue, while equipment and technology accounted for approximately 70% [9][12]. - The overall gross margin for the pharmaceutical business is around 50%, with proprietary drug margins higher at about 60%, indicating growth challenges in the pharmaceutical sector [15]. Market Potential - The annual incidence of intrahepatic cholangiocarcinoma in China is estimated at 40,000 to 60,000 cases, with treatment costs around 300,000 yuan, presenting a significant market opportunity for the company's products [17]. Medical Device Segment - Furuishi's main medical devices include the FibroScan series, which is recognized globally for non-invasive liver fibrosis diagnosis, with a compound annual growth rate of 18% since 2015 [20][23]. - The device segment generated 832 million yuan in revenue in 2023, a 35% increase, and is projected to reach 918 million yuan in 2024, reflecting strong growth driven by innovative sales models [24][25]. Innovation and R&D - The company has historically relied on acquired products, with limited internal R&D for new drugs or devices, maintaining R&D expenditure at around 10% of revenue [40][44]. - Recent innovations include a pay-per-use model for devices, which has significantly boosted revenue growth [26][48]. Future Outlook - The company is exploring opportunities in the weight loss drug market, leveraging its FibroScan technology for ongoing liver monitoring in clinical trials [28][29]. - Furuishi plans to expand its healthcare services by acquiring a majority stake in a hospital management company, indicating a strategic shift towards integrated healthcare solutions [48][50].