蓝帆医疗（002382）2025年中报简析：亏损收窄，短期债务压力上升

Financial Performance - The company's total revenue for the first half of 2025 was 2.781 billion yuan, a decrease of 7.49% year-on-year [1] - The net profit attributable to shareholders was -135 million yuan, an increase of 15.88% year-on-year [1] - In Q2 2025, total revenue was 1.303 billion yuan, down 16.0% year-on-year, and the net profit attributable to shareholders was -212 million yuan, a decline of 245.53% year-on-year [1] Key Financial Ratios - Gross margin was 14.34%, a decrease of 11.46% year-on-year [1] - Net margin was -5.14%, an increase of 8.36% year-on-year [1] - The ratio of selling, administrative, and financial expenses to revenue was 15.56%, an increase of 0.42% year-on-year [1] Cash Flow and Debt - Cash flow per share was 0.33 yuan, an increase of 407.48% year-on-year [1] - The current ratio was 0.89, indicating increased short-term debt pressure [1] - The company had interest-bearing liabilities of 5.16 billion yuan, an increase of 2.50% year-on-year [1] Historical Performance and Business Model - The company's historical median ROIC over the past 10 years was 7.21%, indicating weak investment returns [4] - The company has reported losses in three out of its 14 annual reports since going public, suggesting a fragile business model [4] - The business relies heavily on R&D and marketing, necessitating careful examination of the underlying drivers [4]