美迪凯2025年中报简析：增收不增利

Core Viewpoint - Meidike (688079) reported a revenue increase but continued to face losses, indicating challenges in profitability despite a 35.05% year-on-year revenue growth to 291 million yuan in the first half of 2025 [1] Financial Performance - Total revenue for the first half of 2025 reached 291 million yuan, up 35.05% from 215 million yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -50.63 million yuan, a slight decrease of 0.09% compared to -50.59 million yuan in the previous year [1] - The gross margin was 20.57%, down 4.15% year-on-year, while the net margin improved to -17.49%, an increase of 29.88% [1] - Total expenses (selling, administrative, and financial) amounted to 48.72 million yuan, accounting for 16.76% of revenue, a decrease of 6.67% year-on-year [1] - Earnings per share remained at -0.13 yuan, with operating cash flow per share increasing by 53.67% to 0.19 yuan [1] Business Model and Investment Returns - The company's business model relies heavily on capital expenditures, which raises concerns about the sustainability and efficiency of these investments [2] - Historical data shows a median Return on Invested Capital (ROIC) of 13.45%, but the worst year recorded a ROIC of -4.22%, indicating volatility in investment returns [2] Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents covering only 12.96% of current liabilities [3] - The interest-bearing debt ratio has reached 33.31%, highlighting potential financial strain [3] Research and Development - In 2024, the company employed approximately 150 dedicated R&D personnel, representing 13.49% of the total workforce, with R&D expenses totaling 107.72 million yuan, or 22.19% of sales revenue [4]