Upon closer examination of JinMed's recent financial performance, its revenue is not as undesirable as recently discussed. Despite a slight decrease in revenue for the fiscal year 2022 compared to the fiscal year 2021, there was still a commendable growth of 19% compared to the fiscal year 2020. This achievement is particularly noteworthy given the stringent policies and trade measures implemented during the COVID-19 pandemic in 2022, underscoring JinMed's clear overall revenue growth trend.

Taking a further examining at this interim report following the easing of the pandemic, while the report reveals a year-on-year revenue growth of only 8.3% and a net profit growth of 44.1% for the first half of 2023, it is important to consider that the financial report is denominated in US dollars, without factoring in the impact of foreign exchange gains or losses. In reality, excluding external factors, JinMed witnessed an impressive increase by 18.7% and net profit by 57.9% during the first half of the fiscal year 2023, signifying its consistent out-performance industry average growth the past three years.

After analyzing the revenue performance, let us delve into the growth prospects. The aging population in both China and Japan has created a consistent demand for medical assistive devices, particularly wheelchairs. According to a report by Frost & Sullivan, the total sales of wheelchairs in Japan have witnessed a compound annual growth rate of 12.2% from 2016 to 2020. Projections indicate that this growth rate is expected to further escalate to a remarkable 21.3% over the next five years. Considering China and Japan's status as pivotal markets for JinMed, these prospects highlight substantial opportunities for advancement.

According to the company's prospectus and recent disclosures, JinMed is actively expanding its sales channels and business scope. On one hand, it is proactively expanding its research and development efforts, further establishing its presence in the wheelchair market segment. This includes the development of a new generation of ultra-lightweight portable electric wheelchairs, thereby enhancing the market competitiveness of its core products. On the other hand, the company has also expressed its intention to strengthen sales in both European and American markets. Furthermore, it has embarked on ventures related to developing shared wheelchair-related infrastructure and other shared medical products, breaking away from solely selling shared wheelchairs to customers as done previously. Additionally, leveraging its strengths, the company is diversifying into various businesses such as domestic elderly electric mobility vehicles, intelligent bathing products, beauty products, and respiratory devices.

JinMed's interim report for this year has successfully overcome the challenges posed by external factors. With the further expansion of the wheelchair market and diversification of business development, there exists immense potential for revenue growth. Given the high expectations for an increase, the company's high valuation is a justified reflection of its performance.