Zheshang Securities: Maintaining a "buy" rating on Yu Yue Medical, expecting growth in revenue and profits for the whole year.

In the first half of the year, Fish Leap Medical's net profit attributable to mother was 1.203 billion yuan, a year-on-year increase of 7.4%; among which, the net profit attributable to mother in Q2 was 578 million yuan, a year-on-year increase of 25%, and the profit growth rate has recovered compared to the previous quarter. Among them, overseas revenue in the first half of 2025 was 607 million yuan, a year-on-year increase of 26.6%. With the continuous high growth of overseas revenue, the bank believes that the income and profit growth in the second half of 2025 can be expected as demand recovers and channels expand. In terms of products, new products such as blood sugar and AED are still expected to achieve high growth. In the first half of 2025, the company's revenue from respiratory therapy solutions, blood sugar and point-of-care testing, home health testing, clinical equipment and rehabilitation business, and emergency rescue sectors increased by 1.9%, 20%, 15%, 3.3%, and 31% year-on-year, respectively. Among them, the respiratory therapy sector has shown a positive growth trend in revenue driven by the high growth of revenue from ventilators and overseas expansion, while the blood sugar and emergency rescue sectors continue to show high growth trends. The company is currently in a period of overseas channel expansion and new product promotion. In 2025, sales expenses may continue to increase, but with cost reduction and efficiency improvement and economies of scale, net profit margin is expected to remain at a relatively high level. The company's "hold" rating is maintained.