Lyon released a research report stating that HYGEIA HEALTH (06078) recorded a 16% year-on-year decline in sales revenue for the first half of the year, with operating profit falling 42%, net profit dropping 36%, and adjusted net profit decreasing 34%, in line with previous guidance. The performance decline was primarily attributed to the impact of Group Purchasing Organization (GPO) drug procurement, implementation of Diagnosis Related Groups (DRG), and macroeconomic uncertainty. The firm believes that improving utilization rates at existing hospitals to drive margin improvement is currently the priority focus. Lyon has revised down its revenue forecasts for 2025-2027 by 18% to 26%, and lowered net profit projections by 19% to 27%. The target price has been slightly reduced from HK$17.3 to HK$17, while maintaining an "Outperform" rating.