麦澜德（688273）2025年中报简析：增收不增利

Core Viewpoint - 麦澜德 reported an increase in revenue but a decrease in profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1]. Financial Performance - Total revenue for the first half of 2025 reached 241 million yuan, a year-on-year increase of 5.62% [1]. - Net profit attributable to shareholders was 63.92 million yuan, down 11.96% year-on-year [1]. - In Q2 2025, total revenue was 123 million yuan, a decline of 0.89% compared to the same quarter last year [1]. - Q2 net profit was 24.06 million yuan, reflecting a significant drop of 33.76% year-on-year [1]. - Gross margin stood at 70.9%, down 2.87% year-on-year, while net margin decreased to 26.7%, down 19.66% [1]. - Total expenses (selling, administrative, and financial) amounted to 73.48 million yuan, accounting for 30.46% of revenue, an increase of 9.33% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) decreased to 0.65 yuan, down 10.9% year-on-year [1]. - Operating cash flow per share was 0.29 yuan, a decline of 36.68% year-on-year [1]. - The company's return on invested capital (ROIC) was 7.34%, indicating average capital returns [4]. Market Position and Investment Interest - The company is held by a notable fund manager, with recent increased holdings, indicating continued interest from institutional investors [3]. - The largest fund holding the company is 华夏稳增混合, with a total scale of 1.146 billion yuan and a recent net value decline of 1.79% [5]. Business Model and Market Dynamics - The company's business model is primarily driven by marketing efforts, necessitating further analysis of the underlying drivers [4]. - The pelvic floor rehabilitation business is mainly composed of an in-hospital market, which accounts for over 85% of the customer base, while the out-of-hospital market has seen a decline due to fertility rates [6].