迈得医疗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

Core Insights - The recent financial report of Maide Medical (688310) shows a decline in total revenue and net profit for the first half of 2025 compared to the previous year, with total revenue at 141 million yuan, down 14.75%, and net profit at 6.0451 million yuan, down 38.81% [1] - However, the second quarter of 2025 saw a recovery with total revenue of 101 million yuan, an increase of 10.58%, and net profit of 16.8424 million yuan, a significant rise of 2759.64% year-on-year [1] - The company has a high accounts receivable ratio, with accounts receivable accounting for 42.42% of total revenue [1] Financial Performance - Total revenue for 2024 was 165 million yuan, while for 2025 it decreased to 141 million yuan, reflecting a decline of 14.75% [1] - Net profit for 2024 was 9.8799 million yuan, which fell to 6.0451 million yuan in 2025, a decrease of 38.81% [1] - The gross profit margin decreased to 38.93% in 2025 from 48.04% in 2024, a drop of 18.96% [1] - The net profit margin turned negative at -1.29% in 2025, down from 4.27% in 2024, a decline of 130.24% [1] - Total expenses (selling, administrative, and financial) amounted to 48.8283 million yuan, accounting for 34.63% of revenue, a slight increase of 0.71% year-on-year [1] Investment and Market Position - The company has a significant amount of accounts receivable, which decreased to 117 million yuan in 2025 from 140 million yuan in 2024, a decline of 16.79% [1] - The company’s return on invested capital (ROIC) has been historically variable, with a median ROIC of 12.63% since its listing, but a poor performance in 2024 with an ROIC of -3.64% [3] - Maide Medical's competitive advantage in the domestic contact lens market lies in its comprehensive R&D system, which integrates multiple disciplines and has over 20 years of technical accumulation [5] - The company is positioned in a market dominated by international players, but its shorter delivery times compared to larger Taiwanese OEMs may provide a competitive edge [5] Fund Holdings - The largest fund holding Maide Medical is the Guotai Juhua Value Open Mixed Fund, which holds 200,000 shares and has recently entered the top ten holdings [4] - The fund has a scale of 273 million yuan and a recent net value increase of 0.49% [4]