Core Viewpoint - 华厦眼科's 2025 interim report shows a steady increase in revenue and net profit, indicating a positive financial performance despite some challenges in specific areas [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 2.139 billion yuan, a year-on-year increase of 4.31% compared to 2.051 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 282 million yuan, up 6.2% from 265 million yuan in the previous year [1]. - In Q2 2025, total revenue was 1.046 billion yuan, a decrease of 2.47% year-on-year, while net profit for the same quarter rose by 20.73% to 132 million yuan [1]. - The gross profit margin was 45.2%, down 1.4% year-on-year, while the net profit margin improved to 14.04%, an increase of 5.32% [1]. - Total operating expenses were 543 million yuan, accounting for 25.39% of revenue, a decrease of 2.93% year-on-year [1]. Asset Management - Accounts receivable amounted to 338 million yuan, representing 78.96% of the latest annual net profit, indicating a significant receivables burden [1]. - Cash and cash equivalents decreased by 19.1% to 1.196 billion yuan due to the use of idle funds for cash management [1][2]. - The company reported a 675.9% increase in trading financial assets, attributed to the same cash management strategy [2]. Investment Insights - The company's return on invested capital (ROIC) was 6.79%, indicating average capital returns, with a historical median ROIC of 12.12% since its listing [2][3]. - Analysts project a net profit of 495 million yuan for 2025, with an average earnings per share estimate of 0.59 yuan [3]. Fund Management - The largest holder of 华厦眼科 shares is 中信建投轮换混合A fund, which has reduced its holdings in several funds, indicating a cautious approach [4]. - The fund manager, 栾江伟, has a total fund size of 3.344 billion yuan and ranks among the top fifty fund managers in 2024 [3][4].
华厦眼科2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大