迈得医疗（688310）2025年中报简析：净利润同比下降38.81%，公司应收账款体量较大

Financial Performance - The total revenue for Maide Medical in the 2025 mid-year report was 141 million yuan, a decrease of 14.75% year-on-year [1] - The net profit attributable to the parent company was 6.05 million yuan, down 38.81% year-on-year [1] - In Q2 2025, total revenue was 101 million yuan, an increase of 10.58% year-on-year, while net profit reached 16.84 million yuan, a significant increase of 2759.64% [1] - The gross profit margin was 38.93%, a decrease of 18.96% year-on-year, and the net profit margin was -1.29%, down 130.24% year-on-year [1] - The total of selling, administrative, and financial expenses was 48.83 million yuan, accounting for 34.63% of revenue, a slight increase of 0.71% year-on-year [1] - The earnings per share were 0.04 yuan, a decrease of 33.33% year-on-year, while the operating cash flow per share was 0.68 yuan, an increase of 241.93% year-on-year [1] Industry Context - The domestic contact lens market is dominated by four major international players: Johnson & Johnson, CooperVision, Alcon, and Bausch + Lomb [5] - The contact lens industry in mainland China is still in its early development stage, with domestic production primarily relying on Taiwanese manufacturers for processing [5] - Maide Medical has a competitive advantage due to its 20 years of technical accumulation in equipment, forming a comprehensive R&D system across multiple disciplines [5] - The company’s technological capabilities in materials science, mechanics, and various manufacturing processes provide a synergistic advantage in the contact lens business, allowing for shorter delivery cycles compared to larger Taiwanese manufacturers [5] Investment Insights - The company has shown a historical median ROIC of 12.63%, indicating good investment returns, although the worst year was 2024 with a ROIC of -3.64% [3] - The largest fund holding Maide Medical is the Guotai Juhua Value Open Mixed Fund, which has a scale of 273 million yuan and has seen a 10.14% increase over the past year [4]