康基医疗(09997) - 2025 - 中期业绩

Financial Highlights Kangji Medical's H1 2025 unaudited results show 8.3% revenue growth to RMB496.6 million, but 7.0% profit decline to RMB265.8 million due to reduced other income and higher associate losses; no interim dividend is recommended Key Financial Data for H1 2025 (RMB thousands) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 496,555 | 458,413 | 8.3 | | Gross Profit | 392,361 | 363,123 | 8.1 | | Profit for the Period | 265,760 | 275,686 | (3.6) | | Profit Attributable to Owners of the Parent | 265,760 | 285,847 | (7.0) | | Non-IFRS Adjusted Net Profit Attributable to Owners of the Parent | 224,097 | 274,873 | (18.5) | | Basic Earnings Per Share (RMB) | 22.56 cents | 24.39 cents | (7.5) | | Diluted Earnings Per Share (RMB) | 22.56 cents | 24.39 cents | (7.5) | - Revenue growth was primarily attributable to increased sales of disposable products[2] - The decrease in profit attributable to owners of the parent was mainly due to a decrease in other income and gains and an increased share of loss from associate Weijing Medical[2] - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[3] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue increased by 8.3% to RMB496.6 million, and gross profit increased by 8.1% to RMB392.4 million; however, profit for the period and profit attributable to owners of the parent both decreased due to lower other income and gains, increased loss from an associate, and higher income tax expense Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 496,555 | 458,413 | | Cost of Sales | (104,194) | (95,290) | | Gross Profit | 392,361 | 363,123 | | Other Income and Gains | 81,497 | 115,403 | | Selling and Distribution Expenses | (37,898) | (39,062) | | Administrative Expenses | (37,658) | (50,854) | | Research and Development Costs | (33,874) | (43,354) | | Share of Loss of an Associate | (19,542) | (5,868) | | Finance Costs | (46) | (614) | | Profit Before Tax | 324,876 | 327,733 | | Income Tax Expense | (59,116) | (52,047) | | Profit for the Period | 265,760 | 275,686 | | Profit Attributable to Owners of the Parent | 265,760 | 285,847 | | Total Comprehensive Income for the Period | 263,320 | 277,540 | - Other income and gains decreased year-on-year from RMB115,403 thousand in 2024 to RMB81,497 thousand in 2025[4] - Share of loss of an associate significantly increased from RMB5,868 thousand in 2024 to RMB19,542 thousand in 2025[4] Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets slightly decreased, with total non-current assets decreasing and total current assets increasing; cash and cash equivalents significantly grew, but investments in an associate decreased, while total current liabilities substantially increased, mainly due to higher other payables and accruals Interim Condensed Consolidated Statement of Financial Position (RMB thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Non-Current Assets | 777,727 | 854,645 | | Total Current Assets | 2,278,162 | 2,063,645 | | Total Assets Less Current Liabilities | 2,612,492 | 2,657,686 | | Total Current Liabilities | 443,397 | 260,604 | | Total Non-Current Liabilities | 18,108 | 28,791 | | Net Assets | 2,594,384 | 2,628,895 | | Cash and Cash Equivalents | 1,707,184 | 1,126,799 | | Inventories | 128,697 | 108,219 | | Trade Receivables | 278,478 | 271,949 | | Investments in an Associate | 345,331 | 377,797 | | Other Payables and Accruals | 359,953 | 150,320 | - Cash and cash equivalents increased from RMB1,126,799 thousand as of December 31, 2024, to RMB1,707,184 thousand as of June 30, 2025[6] - Total current liabilities significantly increased from RMB260,604 thousand as of December 31, 2024, to RMB443,397 thousand as of June 30, 2025, primarily due to an increase in other payables and accruals[7] Interim Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash generated from operating activities was RMB199.2 million, a year-on-year decrease; net cash from investing activities shifted from a net inflow to a net outflow, mainly due to increased fixed deposits and purchases of financial assets; cash outflow from financing activities decreased, and the net increase in cash and cash equivalents was significantly lower than the prior year Interim Condensed Consolidated Statement of Cash Flows (RMB thousands) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 199,227 | 221,722 | | Net Cash (Used in)/Generated from Investing Activities | (66,343) | 1,213,364 | | Net Cash Used in Financing Activities | (4,658) | (35,692) | | Net Increase in Cash and Cash Equivalents | 128,226 | 1,399,394 | | Cash and Cash Equivalents at End of Period | 1,535,846 | 2,915,728 | - Net cash from investing activities shifted from a net inflow of RMB1,213,364 thousand in the same period of 2024 to a net outflow of RMB66,343 thousand in the same period of 2025, mainly impacted by an increase in fixed deposits and purchases of financial assets measured at fair value[9] - Cash and cash equivalents at the end of