开立医疗2025上半年归母净利润暴跌72.43%，存货周转天数增长46.46%

Core Insights - The core viewpoint of the news is that Kaili Medical has experienced a significant decline in its operating performance in the first half of 2025, with indications of a potential recovery in the second quarter. Financial Performance - In the first half of 2025, Kaili Medical reported operating revenue of 964 million yuan, a year-on-year decrease of 4.78% [1] - The net profit attributable to shareholders was 47 million yuan, a substantial year-on-year decline of 72.43% [1] - The second quarter net profit attributable to shareholders was 39 million yuan, showing a significant quarter-on-quarter increase of 382.45% [1] Profitability Indicators - The net profit margin dropped from 16.84% in the first half of 2024 to 4.88% in 2025 [3] - The gross profit margin decreased from 67.43% to 62.08% [3] - The return on equity fell by 3.80 percentage points to 1.50% [3] Operational Stability - Kaili Medical faced inventory management pressures, with inventory turnover days reaching 354.68 days, an increase of 46.46% year-on-year [5] - The net cash flow from operating activities was -250 million yuan, a shift from a positive 15 million yuan in the same period of 2024 [5] - The asset-liability ratio for the first half of 2025 was 22.46%, a year-on-year decrease of 1.23 percentage points, indicating better control over debt levels [5] Institutional Holdings - As of the first half of 2025, the number of institutions holding Kaili Medical's stock was 32, a significant decrease of 312 from 344 in the same period of 2024 [8] - The highest market capitalization of Kaili Medical was 26.967 billion yuan on June 9, 2023, while the current market capitalization is 15.426 billion yuan, indicating a required stock price increase of 74.82% to reach the historical peak [8] - Despite the challenges, the stock price has increased by 21.67% year-to-date, reflecting some market confidence in the company's long-term prospects [8]