乐心医疗2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Financial Performance - The company reported a total revenue of 521 million yuan for the first half of 2025, an increase of 4.57% year-on-year [1] - The net profit attributable to shareholders reached 42.29 million yuan, reflecting a year-on-year increase of 21.35% [1] - In Q2 2025, total revenue was 248 million yuan, showing a slight decline of 0.74% compared to the same quarter last year [1] - The net profit for Q2 2025 was 19.35 million yuan, down 8.67% year-on-year [1] - The gross margin was 35.0%, a decrease of 4.37% year-on-year, while the net margin improved to 7.91%, an increase of 19.89% [1] Financial Ratios - The company's return on invested capital (ROIC) was 4.83% last year, indicating weak capital returns [2] - The historical median ROIC since the company went public is 6.02%, with a notably poor ROIC of -3.85% in 2022 [2] - The company’s cash assets are reported to be very healthy, indicating good debt repayment capability [2] Accounts Receivable - The accounts receivable amount is significant, with accounts receivable reaching 330.81% of the net profit for the latest reporting period [1][4] Business Model - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [3]