Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on domestic market challenges and strong overseas growth opportunities [1][2][3][4]. Domestic Market Performance - The domestic market is under pressure due to policy impacts, but large-scale installations are ongoing, laying a foundation for long-term growth. In H1 2025, domestic revenue was 1.229 billion yuan, down 12.81% year-on-year, with reagent revenue decreasing by 18.96% and instrument revenue increasing by 18.18% [2]. - The company completed the installation of 774 units, with large machines accounting for 74.81% and coverage rates for tertiary hospitals at 47.6% and for top-tier hospitals at 63.5% [2]. Overseas Market Performance - The overseas market showed strong growth, with revenue reaching 0.952 billion yuan, up 19.57% year-on-year. The reagent business grew by 36.86% due to increased installation volumes, with 1,971 units sold, and high-end models making up 77.02% of sales [3]. Financial Performance and Profitability - The company increased its sales and R&D investments, leading to temporary pressure on profits due to a higher proportion of low-margin products. The overall gross margin decreased to 68.44%, down 4.17 percentage points, and the net profit margin fell to 35.29%, down 5.56 percentage points [4]. - The company expects revenue for 2025-2027 to be 4.888 billion, 5.625 billion, and 6.477 billion yuan, with year-on-year growth rates of 7.78%, 15.07%, and 15.16%, respectively. Net profits are projected to be 1.866 billion, 2.183 billion, and 2.571 billion yuan, with corresponding growth rates of 2.06%, 16.98%, and 17.79% [4].