光正眼科的财务难题：资产负债率居高不下，货币资金仅剩约6076万元

Core Viewpoint - Guangzheng Eye Hospital, originally focused on steel structure business, has transformed into a medical ophthalmology company but is currently facing significant challenges including high debt levels and liquidity issues [1][5][11]. Financial Performance - In the first half of the year, the company reported operating revenue of approximately 436.15 million yuan, a decrease of 9.49% year-on-year [2][3]. - The net profit attributable to shareholders was 1.42 million yuan, an increase of 11.38% compared to the same period last year [2][3]. - The company experienced a significant decline in net profit in the second quarter, with a reported net profit of approximately 845,200 yuan, down 95.77% year-on-year [3][4]. Debt and Liquidity - As of the end of the first half, Guangzheng Eye Hospital's asset-liability ratio reached 90.25%, indicating a high level of debt [5][6]. - The current ratio was reported at 0.367 and the quick ratio at 0.322, both of which are below 1, suggesting potential short-term liquidity issues [6][7]. - The company's cash and cash equivalents decreased to 60.76 million yuan from 67.69 million yuan at the beginning of the period [9]. Revenue Composition - Over 90% of the company's revenue is derived from the medical sector, with approximately 399 million yuan from medical services, accounting for 91.5% of total revenue [4]. - Within the medical sector, cataract and refractive projects contributed 33.82% and 32.71% of revenue, respectively [4]. Asset Management - The company has a significant amount of accounts receivable, totaling 162 million yuan, which constitutes over 40% of current assets [10]. - The goodwill on the balance sheet amounts to 243 million yuan, with a cumulative impairment provision of 37.4 million yuan [10]. Competitive Landscape - The ophthalmology service sector is becoming increasingly competitive, and Guangzheng Eye Hospital needs to enhance its brand influence and resource reserves to differentiate itself from leading institutions [11].