Group 1 - The core viewpoint of the news is that Hengsheng Qianhai Fund has conducted research on a listed company, focusing on its financial performance and product developments [1] - The company, Xinmai Medical, reported a revenue of 714 million yuan and a net profit of 315 million yuan during the reporting period [1] - The company plans to distribute a cash dividend of 1.57 billion yuan, which is 13.00 yuan per 10 shares (including tax) [1] - The product Cratos was launched domestically in March with a listing price below 100,000 yuan, and its promotion progress has exceeded expectations [1] - Hector has received a custom certificate from the EU and has completed clinical implants in multiple European countries, gaining recognition from doctors [1] - The company's R&D investment is expected to be around 10% this year, with a future target of maintaining it between 10% and 15% [1] - Overseas revenue has increased by over 95% year-on-year, accounting for 17% of total revenue, primarily due to the consolidation of Lombard and organic growth, covering 45 countries with plans to expand to 60 countries next year [1] - High-margin products such as Talos, Cratos, and Fontus are set to be launched internationally [1] Group 2 - Hengsheng Qianhai Fund was established in 2016 and currently has an asset management scale of 16.47 billion yuan, ranking 126 out of 210 [2] - The fund's asset management scale for non-monetary public funds is 16.468 billion yuan, ranking 109 out of 210 [2] - The fund manages 54 public funds, ranking 100 out of 210, with 7 fund managers, ranking 126 out of 210 [2] - The best-performing public fund product in the past year is Hengsheng Qianhai High-end Manufacturing Mixed A, with a latest net value of 0.96 and a growth of 89.37% over the past year [2] - The latest public fund product raised by the fund is Hengsheng Qianhai Ruifeng Mixed A, which is a mixed-type equity fund, with a concentrated subscription period from August 18, 2025, to September 5, 2025 [2]

Group 1: Dekoli - The company is experiencing rapid growth in computing power demand, but faces challenges with insufficient production capacity and supply chain resources, leading to order delivery issues [1] - Revenue from data communication products is increasing, with access and data products accounting for nearly 40% of total revenue; however, telecom business revenue has decreased by approximately 8% year-on-year [1] - A new factory is expected to be operational in the second half of the year, which is anticipated to improve the situation; OCS products have received orders worth millions [1] - The company's factory in Thailand is projected to start production after the 2026 Spring Festival, with some clients already certified [1] - The company emphasizes enhancing core competitiveness to address uncertainties in tariff policies [1] Group 2: Xinmai Medical - The company reported a revenue of 714 million yuan and a net profit of 315 million yuan during the reporting period, with a proposed cash dividend of 1.3 yuan per share, totaling 157 million yuan [1] - The Cratos product was launched domestically in March, with a listing price below 100,000 yuan, and its promotion is exceeding expectations; Hector has received custom certification in the EU and has completed clinical implants in multiple countries [1] - Research and development investment is expected to be around 10% this year, maintaining a range of 10%-15% in the future [1] - Overseas revenue has increased by over 95% year-on-year, accounting for 17% of total revenue, primarily due to the consolidation of Lombard and organic growth, with plans to expand coverage from 45 to 60 countries next year [1] - High-margin products such as Talos, Cratos, and Fontus are set to be launched internationally [1] Group 3: Green Fund - Green Fund was established in 2016, with total assets under management of 25.643 billion yuan, ranking 110 out of 210 in public funds [2] - The fund has 61 public funds under management, ranking 91 out of 210, and employs 12 fund managers, ranking 97 out of 210 [2] - The best-performing public fund product in the past year is the Green High Dividend Preferred Mixed A, with a latest net value of 1.84 and a growth of 118.24% over the past year [2] - The latest public fund product launched is the Green Technology Growth Mixed A, which is equity-oriented and has a subscription period from August 8, 2025, to November 7, 2025 [2]

Investment Rating - The report maintains a "Recommendation" rating for the company [1][8] Core Views - The company is experiencing revenue decline due to domestic price reductions but is expanding its market presence both domestically and internationally. The overseas sales revenue for H1 2025 reached 1.23 billion yuan, a year-on-year increase of 95.22%, accounting for 17.25% of total revenue [5][8] - The company is focused on continuous innovation and product development, with several new products recently approved for the market. The gross profit margin for H1 2025 was 69.19%, a decrease of 7.38 percentage points year-on-year, but is expected to stabilize as new products are launched [6][8] - The company has adjusted its net profit forecasts for 2025-2027 to 6.22 billion yuan, 7.64 billion yuan, and 9.33 billion yuan respectively, reflecting confidence in its growth potential driven by innovative products and international market expansion [8] Financial Performance Summary - For H1 2025, the company reported operating revenue of 714 million yuan, a year-on-year decrease of 9.24%, and a net profit of 315 million yuan, down 22.03% year-on-year. The second quarter alone saw revenues of 382 million yuan and a net profit of 185 million yuan, representing a year-on-year decline of 15.61% [4][8] - The company’s revenue projections for the upcoming years are as follows: 1,206 million yuan in 2024, 1,519 million yuan in 2025, 1,908 million yuan in 2026, and 2,399 million yuan in 2027, with expected growth rates of 32.4% in 2023 and 25.9% in 2025 [6][11] - The company maintains a strong financial position with a total market value of 13.4 billion yuan and a low debt ratio of 11.9% [7][11]