Reducing burn rate with strong income growth and better operating efficiency 疫后客流显著增加，净利润同比增超五倍 1H23 results slightly beat; continue to implement “1+2+N”strategy Profit turnaround in 1H23 2Q rev/np +8%/14% on recurring strengths Focus on Generative AI business development 宏观环境导致中期业绩短期承压，美丽生态版图不改韧性 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