事件：公司发布2025 年半年报度报告。2025 年上半年，公司实现营业收入2.10亿元，同比增长9.85%； 归母净利润0.69 亿元，同比增长39.71%；扣非归母净利润0.64 亿元，同比增长46.30%。其中，2025 年 Q2 实现营收1.15 亿元，同比增长10.23%；归母净利润0.36 亿元，同比增长29.56%；扣非归母净利润 0.33 亿元，同比增长36.27%。 点评： 25Q2 营收稳步增长，经营管理效率有所提升：25Q2 营业收入、归母净利润和扣非归母净利润皆同比增 长，主要因为国内康复医疗服务及康复医疗器械需求持续增长，并且公司的康复核心产品矩阵日趋丰 满，使得公司产品销量增加。25Q2,公司销售费用率为19.35%，同比下降7.68pct，主要因为职工薪酬、 股份支付费用的减少；管理费用率为8.99%,同比下降2.00pct；经营管理效率有所提升。 风险提示：康复科建设放缓；新品研发失败或者市场推广不利；医疗政策风险等。 坚持研发创新驱动，产品持续丰富迭代：25Q2 公司的研发费用0.11 亿元，占营业收入的9.45%。2025 上半年，公司一方面继续投入于电刺激、磁刺激等公司具 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved steady revenue growth in Q2 2025, with a revenue of 210 million yuan, representing a year-on-year increase of 9.85%, and a net profit attributable to shareholders of 69 million yuan, up 39.71% year-on-year [1] - The growth is attributed to the continuous demand for rehabilitation medical services and devices, alongside an expanding product matrix [2] - The company is focusing on R&D innovation, with R&D expenses amounting to 11 million yuan, which is 9.45% of revenue, and is enhancing its product offerings in traditional and emerging technology platforms [2][3] - The company is also accelerating its international expansion, with positive feedback from participation in international exhibitions, indicating potential for overseas business growth [3] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 115 million yuan, a 10.23% increase year-on-year, and a net profit of 36 million yuan, up 29.56% year-on-year [1] - For the first half of 2025, the company’s revenue was 210 million yuan, with a net profit of 69 million yuan, reflecting a 39.71% increase [1] Operational Efficiency - The sales expense ratio decreased to 19.35%, down 7.68 percentage points year-on-year, while the management expense ratio fell to 8.99%, down 2.00 percentage points, indicating improved operational efficiency [2] R&D and Product Development - The company continues to invest in R&D, focusing on traditional technology platforms and new product registrations, which strengthens its market position [2] - The company is enhancing the performance and applicability of its PicoV picosecond laser products through increased R&D investment [2] Market Expansion - The company aims to provide leading products and solutions for pelvic and postpartum rehabilitation, as well as mental and neurological rehabilitation, to ensure stable performance growth [3] - The international market is seen as a new growth engine, with ongoing efforts to gain product access qualifications [3] Profit Forecast and Valuation - The profit forecast for 2025-2026 has been slightly adjusted downwards due to increased industry competition, with net profit estimates of 131 million yuan and 151 million yuan for 2025 and 2026, respectively [3] - The current price corresponds to a PE ratio of 39 for 2025, 34 for 2026, and 28 for 2027 [3]