戴维医疗2025年中报简析：净利润同比增长9.57%，盈利能力上升

Core Viewpoint - David Medical (300314) reported a mixed performance in its 2025 interim report, with a decline in total revenue but an increase in net profit, indicating improved profitability despite challenges in sales [1]. Financial Performance - Total revenue for the first half of 2025 was 251 million yuan, a decrease of 5.48% year-on-year [1]. - Net profit attributable to shareholders reached 50.98 million yuan, an increase of 9.57% year-on-year [1]. - In Q2 2025, total revenue was 130 million yuan, up 17.74% year-on-year, while net profit was 28.41 million yuan, a significant increase of 237.44% year-on-year [1]. - Gross margin improved to 58.4%, up 0.32% year-on-year, and net margin increased to 20.29%, up 15.92% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 73.16 million yuan, accounting for 29.12% of revenue, an increase of 1.58% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) rose to 0.18 yuan, a 9.6% increase year-on-year [1]. - Net asset value per share increased to 4.16 yuan, up 3.41% year-on-year [1]. - Operating cash flow per share was -0.01 yuan, a significant decrease of 607.75% year-on-year, attributed to reduced cash received from sales [1]. Cash Flow Analysis - Net cash flow from operating activities decreased by 607.75%, primarily due to a reduction in cash received from sales [1]. - Net cash flow from investing activities increased by 116.06%, driven by a rise in recovered structured deposits compared to the previous year [2]. - Net cash flow from financing activities rose by 51.39%, as cash paid for dividend distribution decreased compared to the previous year [2]. Business Evaluation - The company's return on invested capital (ROIC) was 3.99%, indicating weak capital returns [3]. - The net profit margin for the previous year was 10.87%, suggesting average value addition from products or services [3]. - Historical data shows a median ROIC of 7.56% over the past decade, with the lowest ROIC recorded in 2018 at 3.51%, reflecting generally weak investment returns [3].