1H23 results slightly beat; continue to implement “1+2+N”strategy Profit turnaround in 1H23 2Q rev/np +8%/14% on recurring strengths New-car GPM may bottom out in 2H23E Focus on Generative AI business development PD-1医保适应症扩展，玛仕度肽值得关注 首次扭亏为盈，看好长期收入增量及利润释放潜力 创新药收入占比提升至25%，创新研发持续加码 渠道持续拓展，盈利显著修复 垃圾处置量高增，新能源业务展露头角