Xin Lang Cai Jing·2025-09-01 10:29Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintained strong cash flow and profitability metrics, indicating resilience despite market challenges [2][5]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.134 billion yuan, a year-on-year decrease of 24.15% - Net profit was 389 million yuan, down 29.46% compared to the previous year - Operating cash flow was 538 million yuan, exceeding net profit by 149 million yuan, reflecting high-quality cash flow [2]. Business Segment Performance - Nephrology Sector: Sales revenue from nephrology products reached 784.97 million yuan, accounting for 69.20% of total revenue. The KHA series products generated 79.98 million yuan in sales, up 27.34% year-on-year, while pHA series sales increased by 374.22% to 11.75 million yuan [3]. - Hepatology Sector: Revenue from hepatology products was 131.53 million yuan, representing 11.59% of total revenue [3]. - Critical Care Sector: Sales in this area totaled 142.31 million yuan, making up 12.54% of total revenue, with a notable 36.15% increase in sales from the CA series [3]. - Blood Purification Equipment: Revenue was 19.34 million yuan, accounting for 1.71% of total revenue [3]. - International Business: Overseas revenue reached 34.44 million yuan, representing 3.04% of total revenue, with products used in over 2,000 hospitals across 98 countries [3]. Research and Development - The company invested 97 million yuan in R&D, which is 8.59% of revenue, and obtained 15 new patents during the reporting period [4]. - Two products received CE certification under the latest EU MDR regulations, and a new product for medical waste disposal was registered [4]. Dividend and Social Responsibility - The company distributed a cash dividend of 620 million yuan (including tax), with a payout ratio exceeding 75% [4]. - It contributed 19.17 million yuan in cash and materials for public welfare projects during the reporting period [4]. Future Outlook - The company anticipates a decline in revenue due to price adjustments and high base effects from the previous year, but plans to deepen its focus on blood purification and expand both domestic and international markets [5]. - The company is exploring new business areas related to metabolic cardiovascular diseases and has initiated a clinical study on plasma adsorption in stroke patients [5]. - The company aims to maintain a stable and sustainable dividend policy, having distributed a total of 4.07 billion yuan since its IPO [5].