英科医疗（300677）2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Insights - In the recent interim report for 2025, the company reported a total revenue of 4.913 billion yuan, an increase of 8.9% year-on-year, and a net profit attributable to shareholders of 710 million yuan, up 21.02% year-on-year [1] - The second quarter showed a total revenue of 2.42 billion yuan, a year-on-year increase of 4.79%, and a net profit of 358 million yuan, up 2.55% year-on-year [1] - The company's profitability improved, with a gross margin of 24.23%, an increase of 10.65% year-on-year, and a net margin of 14.79%, up 12.72% year-on-year [1] Financial Performance - Total operating expenses, including sales, management, and financial expenses, amounted to 429 million yuan, representing 8.74% of revenue, which is an increase of 108.64% year-on-year [1] - Earnings per share (EPS) reached 1.12 yuan, a year-on-year increase of 24.44% [1] - The company's net asset per share was 27.33 yuan, up 6.86% year-on-year, and operating cash flow per share was 1.13 yuan, an increase of 165.56% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 4.65%, indicating a relatively weak capital return, while the net profit margin was 15.66%, suggesting high added value in products or services [3] - Historical data shows a median ROIC of 11.49% since the company went public, with the lowest ROIC recorded in 2023 at 1.01% [3] - The company has a healthy cash asset position, but its performance heavily relies on capital expenditures, necessitating careful monitoring of capital spending projects [3] Debt and Cash Flow Analysis - The average operating cash flow over the past three years is only 4.91% of current liabilities, indicating potential cash flow concerns [3] - The interest-bearing asset-liability ratio has reached 44.74%, and the ratio of interest-bearing debt to the average operating cash flow over the past three years is 20.04% [3] - Accounts receivable have reached 93.01% of profit, highlighting a potential risk in receivables management [3] Fund Holdings - The largest fund holding in the company is the GF聚瑞混合A, with 3.3198 million shares held, remaining unchanged [4] - Other funds have shown varied movements, with some reducing their holdings while others have increased their positions [4] - The fund's recent performance indicates a 70.23% increase over the past year, with a current scale of 1.464 billion yuan [4]