Western Securities Co.,Ltd. issued a research report stating that it expects GAUSH MEDITECH (02407) to achieve revenues of RMB 1.564 billion, RMB 1.715 billion, and RMB 1.875 billion for 2025-2027, representing year-over-year growth of 9.48%, 9.67%, and 9.33% respectively. Net profit attributable to shareholders is projected at RMB 135 million, RMB 180 million, and RMB 214 million, with year-over-year growth of 45.85%, 33.71%, and 18.99% respectively. The firm maintains its "buy" rating.

In H1 2025, the company achieved total operating revenue of RMB 653 million, up 1.72% year-over-year, with net profit attributable to shareholders of RMB 38 million, up 33.37% year-over-year, and gross margin increasing by 1.86 percentage points.

The report notes that GAUSH MEDITECH's "Global 4+2" R&D layout and continuous R&D investment have continuously expanded its proprietary product portfolio. H1 2025 proprietary product revenue reached RMB 203 million, up 14.04% year-over-year, with its share of total revenue increasing by 3.36 percentage points to 31.09%. Among these, self-manufactured intraocular lens revenue contributed RMB 171 million, up 11.4% year-over-year, mainly due to improved customer coverage and usage volume brought by the national procurement policy for intraocular lenses, as well as stable growth in overseas intraocular lens business.

Distribution product revenue was RMB 327 million, down 6.81% year-over-year, accounting for 50.09% of total revenue. Additionally, the company's technical services business maintained steady growth.

As of H1 2025, the company's Greater China technical services team comprised 135 technical engineers, with the technical services team serving nearly 14,000 person-times and operating 13 technical service centers across Greater China (including one in Hong Kong). Technical services revenue was RMB 119 million, up 8.26% year-over-year, with its share increasing by 1.10 percentage points to 18.24%.

The firm noted that as of H1 2025, the company employed 252 R&D and production personnel, accounting for approximately 28.0% of total employees. Domestic R&D and production bases are located in Shenzhen, Suzhou, Wuxi, and Wenzhou, while overseas R&D and production bases are situated in the Netherlands and Germany. The company has made significant investments in R&D for intraocular lenses and orthokeratology lenses, ophthalmic surgical equipment and consumables, electrophysiology equipment and consumables, ophthalmic surgical knives, optometry equipment, and dry eye diagnostic equipment.

H1 2025 R&D expenses totaled RMB 43.4 million, up 23.6% year-over-year, representing 21.4% of proprietary product revenue.