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东星医疗2025年中报简析:净利润同比下降36.47%,公司应收账款体量较大

Financial Performance - The company's total revenue for the first half of 2025 was 183 million yuan, a decrease of 14.17% year-on-year [1] - The net profit attributable to shareholders was 30.29 million yuan, down 36.47% year-on-year [1] - In Q2 2025, total revenue was 105 million yuan, a decline of 13.66% year-on-year, with net profit of 18.23 million yuan, down 34.4% [1] - The gross profit margin was 46.77%, a decrease of 2.1% year-on-year, while the net profit margin was 16.18%, down 27.2% [1] - Total operating expenses (selling, administrative, and financial) amounted to 54.64 million yuan, accounting for 29.81% of revenue, an increase of 16.68% year-on-year [1] Balance Sheet and Cash Flow - The company's cash and cash equivalents decreased by 68.30% to 63.49 million yuan [1] - Accounts receivable stood at 83.57 million yuan, a decrease of 9.38% year-on-year, but accounted for 85.78% of net profit [1][3] - Interest-bearing liabilities increased significantly by 528.41% to 89.40 million yuan [1] Return on Investment - The company's return on invested capital (ROIC) was 4.17%, indicating weak capital returns [3] - The historical median ROIC since the company went public is 7.89%, suggesting average investment returns [3] - The net profit margin for the previous year was 22.25%, indicating high added value in products or services [3]