Ping An Securities: Maintains a "strongly recommended" rating for Fish Leaping Medical, bullish on the company's continuous growth capabilities.

Ping An Securities research report pointed out that Yuwell Medical achieved a net profit of 1.203 billion yuan attributable to the mother in the first half of 2025, a year-on-year increase of 7.37%, and in Q2 alone, the company achieved a net profit of 578 million yuan attributable to the mother, a year-on-year increase of 25.43%. The performance growth is in line with expectations, with impressive performance in blood sugar and AED businesses; overseas business is steadily advancing, becoming an important driver of performance growth. The company is gradually building an integrated health management ecosystem of "hardware + software + data", and in the first half of 2025, it launched the Yuwell AIAgent application to provide an important interface to increase user stickiness. The company is a leading enterprise in the domestic medical device industry, with significant product and quality advantages. The "Yuwell" brand is deeply rooted in people's hearts, and the scale of each product business continues to expand, with the product categories constantly expanding and the company's comprehensive competitive and overall risk resistance capabilities significantly improving. Considering the company's continuously growing comprehensive strength, continuous introduction of new products, and rapid development of overseas business, we are optimistic about the company's sustainable growth capability, and maintain a "strong buy" rating.