SONOSCAPE(SZ:300633)2025-08-22 04:26Financial Performance - In the first half of 2025, the company's revenue decreased by 4.78% year-on-year, but showed significant quarter-on-quarter improvement [2] - The net profit began to release gradually, indicating a recovery trend [2] - The domestic medical equipment industry is experiencing a revival in tendering, with significant growth in ultrasound and endoscope product bids [2] Overseas Sales - Overall overseas revenue remained stable compared to the same period last year, primarily due to a high base from the previous year [3] - The company has been focusing on localizing overseas personnel and establishing overseas subsidiaries [3] - The global economic environment has not significantly impacted the company's overseas business, with actual effects being less than public concern [3] Product Development - The HD-650 endoscope has shown good market performance with small batch sales in recent months, and is expected to ramp up sales throughout the year [4] - The proportion of multi-scope configuration orders from top-tier hospitals has increased, reflecting enhanced clinical acceptance and competitiveness of the product [4] Gross Margin Outlook - The gross margin decreased by a few percentage points in the first half of 2025 compared to the previous year, but only by over 1 percentage point compared to the full year of 2024 [5] - Despite significant price reductions in some centralized procurement projects, the overall gross margin remains stable [5] - The company anticipates a stabilization of gross margin due to product structure adjustments and steady increases in new product output [5] AI Technology in Endoscopy - The HD-650 endoscope system has integrated AI capabilities, improving clinical acceptance compared to third-party devices [6] - Current AI functionalities include polyp detection and cleanliness scoring, which alleviate the workload of frontline doctors [6] - Future development will focus on complex diagnostic functions, with plans for multi-center collaborations to enhance AI capabilities [6] Strategic Direction - The company has established four core product lines: ultrasound, soft endoscopy, surgical, and IVUS, driving high-end product development through sustained R&D investment [7] - The strategy of "stabilizing existing business and pursuing new growth" aims for sustainable, high-quality growth while reducing performance volatility [7] - Existing businesses (ultrasound and endoscopy) are expected to provide stable profits and cash flow, supporting overall operations and R&D investments [7]