Core Viewpoint - 港通医疗 (301515) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 265 million yuan, a decrease of 39.29% year-on-year [1]. - The net profit attributable to shareholders was -8.4044 million yuan, representing a decline of 154.53% year-on-year [1]. - In Q2 2025, total revenue was 241 million yuan, down 33.22% year-on-year, and the net profit attributable to shareholders was -9.9834 million yuan, a decrease of 312.13% year-on-year [1]. Cost Structure - The proportion of operating expenses (three fees) increased significantly, with total financial, sales, and management expenses reaching 38.9334 million yuan, accounting for 14.68% of total revenue, an increase of 85.64% year-on-year [1]. - The gross profit margin was 22.09%, up 28.56% year-on-year, while the net profit margin was -3.45%, a decrease of 197.7% year-on-year [1]. Balance Sheet Metrics - Cash and cash equivalents amounted to 695 million yuan, a slight increase of 0.86% year-on-year [1]. - Accounts receivable decreased to 724 million yuan, down 6.30% year-on-year [1]. - Interest-bearing liabilities rose to 266 million yuan, an increase of 88.20% year-on-year [1]. Earnings and Cash Flow - Earnings per share were -0.09 yuan, a decline of 156.13% year-on-year [1]. - Operating cash flow per share was -0.39 yuan, down 41.11% year-on-year [1]. - The net asset value per share was 12.17 yuan, a decrease of 6.77% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) was 0.64%, indicating weak capital returns [4]. - Historical data shows a median ROIC of 12.41% since the company went public, with the worst year being 2024 [4]. - The company relies heavily on research and marketing for its performance, necessitating a deeper analysis of these drivers [4].
港通医疗（301515）2025年中报简析：净利润同比下降154.53%，三费占比上升明显