Zhende Medical(SH:603301) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Zhendemedical (603301) reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 2.1 billion yuan, an increase of 2.83% year-on-year [1] - Net profit attributable to shareholders was 128 million yuan, down 20.7% year-on-year [1] - In Q2 2025, total revenue was 1.109 billion yuan, up 2.79% year-on-year, while net profit was 76.52 million yuan, a decrease of 12.76% year-on-year [1] - Gross margin stood at 34.19%, a decrease of 3.45% year-on-year, and net margin was 6.22%, down 24.05% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 480 million yuan, accounting for 22.85% of revenue, an increase of 8.38% year-on-year [1] - Earnings per share were 0.48 yuan, down 20.0% year-on-year, while operating cash flow per share increased by 41.18% to 0.6 yuan [1] Accounts Receivable and Debt - The company has a high level of accounts receivable, with accounts receivable amounting to 720 million yuan, which is 187.05% of the latest annual net profit [1][2] - Interest-bearing debt increased significantly by 51.35% to 1.423 billion yuan [1] Business Model and Market Position - The company's performance is primarily driven by marketing efforts, indicating a need for careful analysis of the underlying factors [2] - Historical data shows that the company's return on invested capital (ROIC) has been generally average, with a median ROIC of 11.91% since its listing [1] Fund Holdings - The largest fund holding Zhendemedical is the China Merchants Social Responsibility Mixed A Fund, which holds 1.367 million shares and has recently entered the top ten holdings [3] - The fund has shown a significant increase of 61.14% over the past year [3]