Investment Rating - The investment rating for Xiangsheng Medical (688358) is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and profitability potential, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company reported a revenue of 236 million yuan for the first half of 2025, reflecting a year-over-year decline of 4.61%, primarily due to global geopolitical conflicts, currency fluctuations, and trade barriers affecting traditional export markets. However, revenue showed a positive growth of 1.37% in Q2 2025 compared to Q1 2025 [2]. - The gross profit margin remained stable at 60.65% in H1 2025, with expectations of improved profitability as the revenue share from high-end intelligent ultrasound products increases [2]. - The company is focusing on AI and robotics to enhance growth opportunities, with significant R&D investment of 37.61 million yuan, representing 15.93% of revenue. The launch of the SonoAI solution aims to upgrade ultrasound diagnostics across various clinical applications [2]. - Revenue projections for 2025-2027 are estimated at 534 million, 626 million, and 728 million yuan, with corresponding net profits of 165 million, 192 million, and 222 million yuan, indicating growth rates of 13.9%, 17.3%, and 16.3% respectively [2][3]. Financial Summary - For 2025, the expected total revenue is 534 million yuan, with a year-over-year growth rate of 13.9%. The projected net profit is 165 million yuan, reflecting a growth rate of 17.6% [3]. - The gross margin is expected to be around 58.9% in 2025, with a gradual increase to 59.4% by 2027 [3]. - The earnings per share (EPS) is projected to be 1.47 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.32 [3].