大博医疗2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - The financial performance of Dabo Medical (002901) shows significant growth in revenue and profit for the first half of 2025, indicating a strong recovery and improved profitability metrics compared to the previous year [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 1.21 billion yuan, a year-on-year increase of 25.55% [1] - Net profit attributable to shareholders was 244 million yuan, up 76.69% year-on-year [1] - Gross margin improved to 71.01%, an increase of 6.21% compared to the previous year [1] - Net margin rose to 21.42%, reflecting a 36.92% increase year-on-year [1] - Operating cash flow per share increased by 96.3% to 0.63 yuan [1] Cost Management - Total selling, administrative, and financial expenses amounted to 378 million yuan, accounting for 31.23% of revenue, down 13.55% year-on-year [1] - Significant reductions in short-term and long-term borrowings were noted, with decreases of 31.26% and 14.83% respectively, due to loan repayments [2] Market Position and Strategy - The company has increased its market share due to improved domestic and international sales, attributed to a rise in market penetration [2] - The company is focusing on innovation and R&D to enhance product quality and meet clinical needs, particularly in the orthopedic sector [9][10] - Dabo Medical's overseas business generated approximately 217 million yuan in revenue for 2024, accounting for 10.16% of total revenue, indicating a growing international presence [12] Future Outlook - Analysts project the company's performance for 2025 to reach a net profit of 484 million yuan, with an average earnings per share of 1.17 yuan [6] - The company plans to strengthen its market position in both orthopedic and non-orthopedic fields, aiming for higher market shares in trauma, spine, joint, and sports medicine [13] - Dabo Medical is open to potential overseas acquisitions to enhance its competitive strength in international markets [12]