Core Viewpoint - The company reported its 1H25 performance, which met expectations despite a slight decline in overall revenue, with specific growth in non-North American markets [1][2]. Revenue Performance - Total revenue for 1H25 was $165 million, a year-on-year decrease of 1.9% [1]. - Revenue by region showed robust growth outside North America, with Asia-Pacific revenue at $65.82 million (YoY +17.6%), North America at $56.60 million (YoY -15.6%), Europe at $23.83 million (YoY -0.8%), Middle East and Africa at $13.91 million (YoY -9.7%), and Latin America at $5.32 million (YoY -15.8%) [1]. Business Segments - Medical aesthetics revenue for 1H25 was $138 million, down 7.8%, primarily due to economic challenges in North America and the Middle East and Africa [2]. - Injection filler revenue surged to $14.38 million, reflecting a 218.1% increase, driven by expanded sales regions and direct sales networks [2]. - Service and other revenue decreased to $13.40 million, down 9.9% [2]. Product Pipeline and Commercialization - The company is expanding its product pipeline, with expectations for the commercialization of DaxibotulinumtoxinA (long-acting botulinum) in mainland China in the second half of the year [2]. - The company launched Universkin by Alma, the world's first AI-assisted personalized skincare system, which has seen rapid uptake in the U.S. market [2]. Profit Forecast and Valuation - Due to revenue pressures in certain overseas markets, the company has revised its adjusted net profit forecasts for 2025 and 2026 down by 24.3% and 19.8% to $36.05 million and $41.49 million, respectively [2]. - The current stock price corresponds to adjusted P/E ratios of 9.6x and 8.3x for 2025 and 2026, with a target price maintained at HKD 6.00, implying a potential upside of 5.3% [2].

Financial Performance - Sisram Medical's revenue decreased by 1.9% year-over-year to $165.5 million in H1 2025 [9, 71], but excluding North America, revenue grew 7.1% YoY [71] - Gross profit margin decreased by 2.4 percentage points to 60.0% [9, 71], due to product mix and decreased North America revenue [71] - Injectables revenue increased significantly by 218.1% year-over-year [9, 79], driven by geographical expansion and commercialization efforts [80] - Net profit decreased by 31.9% [70] Regional Performance - North America revenue decreased by 15.6% [10, 75] due to market headwinds [75] - APAC revenue increased by 17.6% [10, 75] due to the "Go-Direct" strategy [75] - Europe revenue declined slightly by 0.8% [75], but new EBD platforms saw notable growth [75] - Middle East and Africa revenue decreased by 9.7% [76] due to geopolitical tensions [76] Strategic Initiatives - The company is preparing for the launch of DAXXIFY in mainland China in H2 2025 [13, 45, 86] - The company is expanding global penetration of Alma Harmony, Alma IQ, and Universkin by Alma [86] - The company is driving injectables portfolio Revanesse and Profhilo growth in key markets [86] - The company is developing direct-sales offices in strategic regions [86]

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].