Sou Hu Cai Jing·2025-08-31 05:46Core Viewpoint - Spring Medical (688236) has shown significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance despite a slight decline in stock price recently [1][3][5]. Stock Performance - As of August 29, 2025, Spring Medical's stock closed at 22.35 yuan, down 1.41% from the previous week [1]. - The stock reached a peak of 23.17 yuan on August 26 and a low of 21.05 yuan on August 28 [1]. - The current market capitalization is 8.573 billion yuan, ranking 43rd in the medical device sector and 2148th in the A-share market [1]. Shareholder Changes - As of June 30, 2025, the number of shareholders decreased to 5,906, a reduction of 1,261 or 17.59% from March 31, 2025 [2]. - The average number of shares held per shareholder increased from 40,200 to 48,800, with an average holding value of 907,900 yuan [2]. Financial Performance - For the first half of 2025, Spring Medical reported a main revenue of 488 million yuan, a year-on-year increase of 28.27% [3][5]. - The net profit attributable to shareholders was 114 million yuan, up 44.85% year-on-year, while the net profit excluding non-recurring items reached 106 million yuan, increasing by 61.09% [3][5]. - In Q2 2025, the main revenue was 258 million yuan, reflecting a 62.85% year-on-year growth, and the net profit attributable to shareholders was 56.4 million yuan, up 136.7% [3][9]. Company Announcements - The company’s board and supervisory board confirmed the accuracy and completeness of the half-year report, which is unaudited [4]. - No profit distribution or capital increase plans were proposed in the report [4]. Asset and Equity Overview - Total assets amounted to 3.489 billion yuan, a slight increase of 0.67% from the previous year [5]. - The net assets attributable to shareholders were 2.908 billion yuan, up 3.11% [5]. - The cash flow from operating activities was 141 million yuan, compared to a negative 69.1 million yuan in the same period last year [5]. Shareholding Structure - The top two shareholders, Shi Chunbao and Yue Shujun, hold 31.34% and 24.88% of shares respectively, and are spouses [6]. - Other major shareholders include Panmao (Shanghai) Investment Center with 4.50% and Panxin (Shanghai) Investment Center with 0.65% [6]. Board Resolutions - On August 29, 2025, the board approved the half-year report and various financial management proposals, with all resolutions receiving unanimous support [7][10]. - The supervisory board agreed to use up to 700 million yuan of idle raised funds for cash management, focusing on safe and liquid investment products [10]. Fund Utilization - As of June 30, 2025, the net proceeds from the initial public offering amounted to 1.067 billion yuan, with 505 million yuan allocated to investment projects and 570 million yuan for cash management [11].