奥美医疗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 - Aomei Medical (002950) reported a solid performance in its 2025 mid-year financial results, with revenue and net profit showing significant year-on-year growth, indicating improved profitability and operational efficiency [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.676 billion yuan, a year-on-year increase of 5.99% [1]. - Net profit attributable to shareholders was 200 million yuan, up 6.87% from the previous year [1]. - In Q2 2025, total revenue was 918 million yuan, reflecting a 9.87% increase year-on-year, while net profit for the quarter was 113 million yuan, a rise of 21.71% [1]. - Gross margin improved to 29.64%, an increase of 2.83% year-on-year, and net margin rose to 12.13%, up 2.46% [1]. - Total expenses (selling, administrative, and financial) amounted to 170 million yuan, accounting for 10.17% of revenue, a decrease of 14.6% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.32 yuan, a growth of 6.33% [1]. - Cash flow from operating activities showed a 5.45% increase, attributed to higher revenue [5]. - The company’s cash and cash equivalents increased significantly by 123.29%, driven by revenue growth and the redemption of financial products [8]. Cost and Expense Analysis - Operating costs rose by 4.77%, primarily due to increased revenue [3]. - Selling expenses surged by 17.59%, linked to higher employee compensation and bonuses resulting from increased revenue [3]. - Administrative expenses decreased by 5.15% due to cost-cutting measures [4]. - Financial expenses saw a dramatic decline of 191.42%, attributed to foreign exchange gains from fluctuations in the RMB/USD exchange rate [4]. Investment and Return Metrics - The company’s return on invested capital (ROIC) was reported at 9.34%, indicating average capital returns [9]. - Historical data shows a median ROIC of 12.66% since the company’s listing, with the lowest ROIC recorded in 2023 at 3.23% [9]. - The company has emphasized its commitment to shareholder returns, with cumulative cash dividends amounting to approximately 1.099 billion yuan since 2018, exceeding the net raised funds by 2.29 times [9].