Kinetic Medical(SZ:300326) Zheng Quan Zhi Xing·2025-08-26 23:08Core Viewpoint - ST凯利 reported a year-on-year increase in both revenue and net profit for the 2025 mid-year report, indicating a positive growth trend despite some declines in profitability ratios [1] Financial Performance - The total operating revenue for the 2025 mid-year report reached 546 million yuan, a year-on-year increase of 14.75% [1] - The net profit attributable to shareholders was 43.81 million yuan, reflecting a year-on-year increase of 44.88% [1] - In the second quarter, the operating revenue was 281 million yuan, up 22.46% year-on-year, while the net profit attributable to shareholders was 22.05 million yuan, an increase of 13.9% [1] Profitability Metrics - The gross profit margin was 50.59%, a decrease of 0.78% year-on-year [1] - The net profit margin stood at 8.11%, down 5.95% compared to the previous year [1] - Total sales, management, and financial expenses amounted to 197 million yuan, accounting for 36.07% of revenue, which is an increase of 6.03% year-on-year [1] Shareholder Metrics - The earnings per share (EPS) was 0.06 yuan, representing a year-on-year increase of 44.79% [1] - The operating cash flow per share was 0.06 yuan, up 38.68% year-on-year [1] - The net asset value per share was 3.86 yuan, a decrease of 4.43% year-on-year [1] Debt and Asset Management - The company reported a significant increase in interest-bearing liabilities, which rose by 79.97% to 255 million yuan [1] - Cash and cash equivalents decreased by 30.59% to 286 million yuan [1] - Accounts receivable decreased by 19.12% to 195 million yuan [1] Business Model and Historical Performance - The company's business model relies heavily on marketing-driven performance, which requires further investigation into the underlying drivers [2] - Historical data indicates a median Return on Invested Capital (ROIC) of 7.43% over the past decade, with a notably poor performance in 2020, where ROIC was -3.6% [1]