IMEIK(SZ:300896) Zheng Quan Zhi Xing·2025-08-19 23:21Core Viewpoint - The recent financial report of Aimeike (300896) shows a significant decline in both revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges for the company moving forward [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.299 billion yuan, a decrease of 21.59% year-on-year from 1.657 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 789 million yuan, down 29.57% from 1.121 billion yuan in the previous year [1]. - The gross margin was 93.44%, a decline of 1.56% compared to 94.91% in 2024, while the net margin fell to 60.9%, down 10.01% from 67.68% [1]. - The total of selling, administrative, and financial expenses reached 219 million yuan, accounting for 16.83% of total revenue, which is a 50.22% increase year-on-year [1]. Cash Flow and Asset Management - Operating cash flow per share decreased by 43.09% to 2.16 yuan, compared to 3.8 yuan in 2024 [1]. - The company’s cash and cash equivalents dropped by 43.20% to 1.175 billion yuan, down from 2.068 billion yuan [1]. - Accounts receivable increased by 42.90% to 213 million yuan, indicating potential issues with cash collection [1]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 26.49%, indicating strong capital returns [4]. - Analysts project that the company’s revenue for 2025 will reach 1.814 billion yuan, with an average earnings per share estimate of 5.99 yuan [4]. Fund Holdings - The largest fund holding Aimeike shares is the Huabao CSI Medical ETF, which holds 5.061 million shares and has seen a recent increase in its position [5]. - Other funds have varied their positions, with some increasing and others decreasing their holdings in Aimeike [5].