Financial Performance - In 2025, the company's revenue reached CNY 1.595 billion, representing a year-on-year growth of 18.26% [2] - Net profit attributable to shareholders was CNY 154 million, up 36.02% year-on-year [2] - Medical device revenue was CNY 1.134 billion, with a growth rate of 23.48% [2] - Pharmaceutical revenue was CNY 288 million, continuing a growth trend [2] Quarterly Revenue Breakdown - Q1 revenue: CNY 330 million; Q2: CNY 383 million; Q3: CNY 388 million; Q4: CNY 494 million [2] - Quarterly year-on-year growth rates: Q1: 2.35%, Q2: 19.76%, Q3: 14.94%, Q4: 33.91% [2] Device Sales and Revenue Sources - In 2025, 1,535 units of FibroScan were sold, a year-on-year increase of 17.81% [3] - Revenue from FibroScan devices was CNY 625 million, accounting for 55.16% of total device revenue [3] - Revenue from usage-based and rental models for FibroScan products was CNY 509 million, making up 44.84% of device revenue [3] Regional Performance - Domestic revenue was CNY 532 million, accounting for 33.33% of total revenue, with a year-on-year growth of 7.35% [4] - International revenue was CNY 1.064 billion, representing 66.67% of total revenue, with a growth of 24.59% [4] - The U.S. market saw significant growth due to increased awareness of MASH, FDA certification of FibroScan, and collaborations with major pharmaceutical companies [4] Product Development and FDA Approval - The company holds a 23.82% stake in Talacrian and has subscribed to EUR 4 million in convertible bonds [5] - Talacrian's core product, SONOVEIN, has a clinical closure rate of 96.8% and is progressing through FDA certification [5] - Future plans include expanding the application of high-intensity focused ultrasound technology in various medical fields [5] IPO Progress - The company is making progress on its H-share listing, focusing on the preparation of the prospectus and compliance review [6] Order Execution - Orders from the UK NHS and Eli Lilly are being executed as per agreements, contributing to revenue in 2026 [7] - The company is enhancing its supply chain management to ensure timely and quality order fulfillment [7] Domestic Device Deployment - In 2025, 516 new FibroScan devices were deployed domestically [8] - The company is deepening partnerships with health check channels, expanding market coverage [8] - Monthly detection rates are increasing as clinical familiarity with non-invasive testing grows [8] Market Opportunities Post-Approval - The approval of Novo Nordisk's MASH product has created significant opportunities in the metabolic liver disease market [9] - FibroScan is becoming a core choice in clinical diagnosis due to its advanced technology and guideline recognition [9] - Collaborations with major pharmaceutical companies are enhancing FibroScan's market presence and brand recognition [10] Pharmaceutical Segment Performance - In 2025, pharmaceutical revenue was CNY 385 million, with core product sales exceeding 200 million units, a growth of 0.28% [10] - The company is focusing on traditional sales channels and expanding into community healthcare markets [10] - Plans for 2026 include strengthening academic promotion and enhancing patient management services [10]

Group 1 - The company's revenue showed steady growth, with a year-on-year increase of over 20% in net profit attributable to shareholders after excluding stock payment and exchange rate impacts [1] - In the first half of 2025, the company achieved revenue of 713 million yuan (+11.02%) and a net profit attributable to shareholders of 52 million yuan (-31.09%) [1] - The second quarter of 2025 saw a revenue of 383 million yuan (+19.76%) and a net profit attributable to shareholders of 23 million yuan (-28.63%) [1] Group 2 - Revenue from pharmaceutical and medical services slightly increased to 231 million yuan (+5.62%), contributing 36 million yuan to net profit [2] - The medical device business performed well, generating revenue of 480 million yuan (+13.80%), with equipment sales accounting for 253 million yuan (52.5%) [2] - The gross profit margin slightly decreased to 75.26% (-1.03pp), primarily due to changes in business structure [2] Group 3 - The recent FDA approval of the MASH drug is expected to drive demand for non-invasive testing [3] - The company has expanded its FibroScan product line in over 100 countries, with strong technical barriers and international competitiveness [3] - Revenue forecasts for 2025-2027 are projected at 1.63 billion, 1.92 billion, and 2.27 billion yuan, with year-on-year growth rates of 21%, 18%, and 18% respectively [3]

Group 1: Financial Performance - The company achieved a revenue of 713 million CNY, representing an increase of 11.02% compared to the same period last year [3] - Medical device business revenue reached approximately 482 million CNY, growing by 13.8% [3] - The net profit attributable to shareholders was approximately 74 million CNY, with a year-on-year growth of about 20.99% after excluding stock incentive expenses and exchange losses [3] Group 2: Business Operations - The company focuses on management-style medical services, primarily in the liver disease sector, including drug production, diagnostic equipment development, and related medical services [3] - Echosens has installed a total of 977 units of its products globally [3] - The company is currently collaborating with Novo Nordisk to promote early diagnosis and treatment of Metabolic Associated Steatotic Hepatitis (MASH) [3] Group 3: Market Trends and Strategies - The approval of semaglutide for MASH is expected to enhance awareness and treatment options in the industry [3] - The company has stable internal shareholding and strategic plans, indicating no adjustments to its operational strategies [4] - E-commerce channels for traditional Chinese medicine have shown significant growth, with a year-on-year increase of 59.23% [4] Group 4: Future Outlook - The company's mission is to "keep every family away from liver cancer," focusing on a closed-loop management strategy to reduce liver cancer incidence [5] - There is confidence in the industry outlook and the company's development trajectory, supported by a clear organizational and shareholding structure [5]