Overall Performance - The company reported a revenue of 165 million USD for H1 2025, a year-on-year decrease of 2.5% [1] - The net profit attributable to the parent company was 6 million USD, down 41.3% year-on-year [1] - Gross margin stood at 60.0%, a decline of 2.4 percentage points year-on-year, while net margin was 5.4%, also down 2.4 percentage points [1] Regional Market Performance - Revenue from medical beauty products was 137.7 million USD, a decrease of 7.8% year-on-year, primarily affected by weak demand in the North American market [2] - Injection filling products generated 14.4 million USD, a significant increase of 218.1% year-on-year, driven by global direct sales and distribution networks [2] - North American revenue was 56.6 million USD, down 15.6% year-on-year, impacted by high interest rates and weak consumer spending [2] - Asia-Pacific revenue reached 65.8 million USD, up 17.6% year-on-year, benefiting from the effectiveness of the direct sales strategy [2] - European revenue was 23.8 million USD, a slight decline of 0.8% year-on-year [2] Product Development and Strategy - The company continues to optimize its product matrix, with core energy source devices like Soprano and Harmony maintaining competitiveness in hair removal and skin tightening [3] - The global first long-acting peptide-based neuromodulator Daxxify has received NMPA approval, and a sales team is being formed for its launch in China [3] - The company is advancing its pipeline with lipolytic injections completing Phase II clinical trials and other products like silk protein composite gel progressing [3] - The launch of AI-driven personalized skincare system Universkin and smart skin analysis platform Alma IQ is expected to enhance service value [3] - The company aims to leverage its direct sales network to strengthen its position in the Asia-Pacific region and open a second growth curve through injection filling business [3] - The company maintains profit forecasts, expecting net profits of 3.8 million USD, 4.6 million USD, and 5.4 million USD for 2025-2027, representing year-on-year growth of 52%, 21%, and 16% respectively [3]

上 市 公 司 医药生物 2025 年 08 月 21 日 复锐医疗科技 (01696) ——北美承压亚太增长，新品与渠道潜力待释放 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 21 日 | | --- | --- | | 收盘价（港币） | 6.03 | | 恒生中国企业指数 | 8974.77 | | 52 周最高/最低（港币） | 8.07/2.75 | | H 股市值（亿港币） | 28.24 | | 流通 H 股（百万股） | 468.34 | | 汇率（人民币/港币） | 1.0958 | 一年内股价与基准指数对比走势： -6% 94% 194% HSCEI 复锐医疗科技 资料来源：Bloomberg 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@swsresearch.com - 本研究报告仅通过邮件提供给 中庚基金 使用。1 公 司 研 究 / 公 ...

Core Viewpoint - The financial report of Alma Medical Technology revealed a surprising decline in both revenue and profit, leading to a significant drop in stock price, marking the third consecutive day of decline [1][4]. Financial Performance - Revenue for the first half of 2025 was $165.5 million, a slight decrease of 1.9% year-on-year, primarily due to high interest rates in North America affecting consumer spending and geopolitical issues causing shipment delays in June [4][6]. - Net profit was $8.99 million, a substantial decline of 31.9% year-on-year, with adjusted net profit down 28.1% to $11.97 million, resulting in a net profit margin of 7.2% [4][5]. - Gross margin decreased from 62.5% in the same period last year to 60%, a drop of 2.4 percentage points [5]. Cash Flow and Liquidity - Operating cash flow showed a net outflow of $489,000, compared to a net inflow of $396,000 in the previous year, mainly due to increased working capital requirements (accounts receivable and inventory increased by approximately $30 million) [5]. - As of the end of the reporting period, cash and cash equivalents stood at $60.1 million, sufficient to cover short-term debts of $50.7 million, although liquidity is becoming tighter [5]. Business Segment Performance - The injection filling segment was a highlight, with revenue surging 218% due to the successful launch of Profhilo in Thailand and Revanesse in direct sales markets in the UK, Germany, and Australia [4][6]. - Revenue from energy source devices declined, with flagship products Harmony and Soprano series experiencing weak demand in North America, although the Asia-Pacific market continued to grow, partially offsetting the decline in Europe and the US [7]. Outlook - Despite the poor performance in the first half, the company is optimistic about the second half of 2025, expecting stronger revenue and profit driven by new orders [10][11]. - The company plans to focus on consolidating its leadership position in strategic growth regions, particularly in Asia-Pacific and North America, through direct sales expansion and targeted product launches [11].

Financial Data and Key Metrics Changes - Docebo reported a strong performance in Q2 2025, with a notable increase in customer count above $100,000, ramping up to 23% from 16% in the previous quarter, attributed to new customer acquisitions and expansions [74][75]. - The company experienced a favorable foreign exchange impact, contributing 1% to total revenues and 2% to subscription revenues [21]. Business Line Data and Key Metrics Changes - The mid-market segment showed significant strength, with technology, healthcare, and financial services sectors contributing to this growth [6][8]. - The percentage of new customers using two or more use cases decreased to 65%, down from 70-80% in the previous year, indicating a shift in customer purchasing behavior [9][10]. Market Data and Key Metrics Changes - The government sector, particularly after achieving FedRAMP certification, is expected to unlock a total addressable market of $2.7 billion across federal, state, and local agencies [27][28]. - The company is currently penetrating about 10 states in the government sector, with a 10% penetration rate, indicating substantial growth potential [31]. Company Strategy and Development Direction - Docebo is transitioning to an AI-first learning platform, with the launch of Harmony, which enhances user experience through advanced AI capabilities [41][42]. - The company is focusing on integrating sales and customer success functions to improve execution efficiency and customer value [55][56]. Management's Comments on Operating Environment and Future Outlook - Management noted that while there are elongated sales cycles in the enterprise space, the mid-market sector continues to perform strongly, and they expect this trend to persist [21][70]. - The company anticipates meaningful contributions from the federal sector in 2026, driven by recent certifications and a growing pipeline [28][90]. Other Important Information - Docebo is actively investing in headcount and R&D to accelerate its AI roadmap, while also engaging in share buybacks when shares are deemed attractively valued [85][86]. - The company is leveraging its existing customer base to introduce new products like Harmony without immediate monetization, focusing on building usage and value first [66][67]. Q&A Session Summary Question: Strength in the mid-market segment - Management confirmed strong performance in the mid-market, particularly in technology, healthcare, and financial services, and expressed optimism about continued strength in future quarters [6][8]. Question: Decrease in multi-use case adoption - Management explained that the decrease in customers using multiple use cases is due to a strategic approach to penetrate organizations with fewer use cases initially, allowing for trust-building and future expansion [10][11]. Question: FedRAMP certification impact - The achievement of FedRAMP certification is expected to significantly enhance the government pipeline, with management expressing excitement about potential deals in 2026 [27][28]. Question: New CRO's impact on sales - Management indicated that the new CRO is already making an impact by focusing on short-term wins and improving execution efficiency, with a long-term view of blending sales and customer success functions [32][35]. Question: AI innovation and monetization - Management highlighted the transition to an AI-first platform with the launch of Harmony, emphasizing the importance of delivering value before monetization strategies are implemented [41][66]. Question: Capital allocation priorities - Management outlined three areas for cash deployment: investing in business growth, share buybacks, and potential M&A opportunities, emphasizing a strategic approach to capital allocation [85][86].

Core Insights - The core value of AI Agents lies in their ability to solve complex business problems that previously required human intervention, with customer service being a primary focus area [3][4] - Sierra AI, founded by former Salesforce co-CEO Bret Taylor, aims to integrate deeply into enterprise processes, functioning as a new workforce rather than just a productivity tool [4][5] - Sierra's AI assistants have demonstrated significant success, achieving over 65% case resolution rates and 95% customer satisfaction during peak seasons, leading to substantial market interest and a valuation of $4.5 billion [5] Group 1: Deployment and Customization - Sierra employs specialized deployment teams that understand client needs, creating tailored solutions that serve as a competitive barrier [8] - The company focuses on delivering successful outcomes rather than just AI tools, emphasizing improved customer satisfaction and revenue growth [8] - Sierra's AI Agents come in three forms: Personal Agents for consumers, Role-Based Agents for employees, and Company Agents for overall business operations [9] Group 2: Customization and Technology - Sierra's competitive edge lies in its ability to provide highly customized solutions, adjusting parameters and workflows to meet specific industry needs [11] - The AI Agents utilize advanced data analysis and machine learning to create customer profiles and tailor interactions accordingly [11] - Sierra has developed a proprietary Voice Activity Detection (VAD) system to enhance voice recognition and interaction quality, significantly outperforming traditional models [15][16] Group 3: Business Model and Market Strategy - Sierra adopts a results-based pricing model, charging clients only when AI Agents successfully complete tasks, aligning the company's success with client outcomes [30][31] - The shift from traditional software sales to a results-oriented model allows Sierra to foster closer relationships with clients and ensure accountability [30][31] - The AI market is evolving towards a focus on specific business solutions rather than generic technology, with Sierra positioning itself to meet these demands [43][44] Group 4: Case Studies and Applications - Sierra's collaboration with SiriusXM led to the development of a customized AI assistant, Harmony, which effectively automates customer interactions and improves service efficiency [36][37] - Minted, a platform for personalized products, achieved over 65% case resolution and 95% customer satisfaction by deploying Sierra's AI assistant during peak seasons [39][40] - These case studies illustrate Sierra's ability to enhance customer experience and operational efficiency across various industries [35][41] Group 5: Future Trends and Leadership - The future of AI Agents will focus on providing specific business solutions rather than just technological advancements, requiring a deep understanding of customer needs [43][44] - Bret Taylor's career trajectory from programmer to strategic CEO reflects the importance of adapting to market demands and leveraging technology for business innovation [52][53] - The rise of AI Agents signifies a shift in the labor market, where AI can take on roles traditionally held by humans, enhancing productivity and creating new business opportunities [34][35]