科美诊断2025年中报简析：净利润同比下降68.24%

Core Viewpoint - The recent financial report of Kemei Diagnostics (688468) indicates a significant decline in both revenue and net profit for the first half of 2025, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 was 165 million yuan, a decrease of 27.03% year-on-year [1]. - The net profit attributable to shareholders was 24.34 million yuan, down 68.24% compared to the previous year [1]. - In Q2 2025, total revenue was 83.32 million yuan, also reflecting a 27.04% decline year-on-year [1]. - The net profit for Q2 2025 was 9.80 million yuan, showing a substantial decrease of 74.38% year-on-year [1]. Profitability Metrics - The gross margin was reported at 67.71%, a reduction of 12.28% year-on-year [1]. - The net profit margin fell to 14.79%, down 56.48% compared to the previous year [1]. - Total selling, administrative, and financial expenses amounted to 52.36 million yuan, which is 31.81% of revenue, an increase of 11.86% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) decreased to 0.06 yuan, a decline of 68.42% year-on-year [1]. - The net asset value per share increased slightly to 3.47 yuan, up 1.86% year-on-year [1]. - Operating cash flow per share was reported at 0.10 yuan, down 48.7% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) was 7.54%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 10.14%, suggesting a generally good investment return despite some poor performance years [3]. - The company has experienced two years of losses since its IPO, indicating a fragile business model [3]. Debt and Cash Position - The company maintains a healthy cash asset position, which is crucial for its debt repayment capabilities [3].