Innovation Medical(SZ:002173) Sou Hu Cai Jing·2025-09-03 15:16Core Viewpoint - The AI Fund Zhongyin Innovation Medical Mixed A (007718) reported a profit of 1.055 billion yuan for the first half of 2025, with a weighted average profit per fund share of 0.7264 yuan, and a net asset value growth rate of 54.08% [2] Fund Performance - As of September 2, 2025, the fund's unit net value was 2.418 yuan, with a recent three-month net value growth rate of 36.41%, ranking 12 out of 138 comparable funds [5] - The fund's six-month net value growth rate was 73.73%, ranking 8 out of 138, and the one-year growth rate was 105.10%, ranking 7 out of 135 [5] - Over the past three years, the fund's net value growth rate was 83.83%, ranking 2 out of 108 [5] Fund Management Insights - The fund manager, Zheng Ning, oversees four funds, all of which have positive returns over the past year [2] - The fund's management anticipates a moderate economic slowdown in the U.S. with a potential rise in inflation, influenced by tax cuts and regulatory relaxations under uncertain Trump policies [2] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 71.41 times, compared to the industry average of 120.96 times [10] - The weighted average price-to-book (P/B) ratio was about 5.97 times, while the industry average was 4.07 times [10] - The weighted average price-to-sales (P/S) ratio was approximately 10.65 times, against an industry average of 6.52 times [10] Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.11%, and the weighted average net profit growth rate was 29.65% [17] - The weighted annualized return on equity was 0.08% [17] Risk and Return Metrics - As of June 30, 2025, the fund's Sharpe ratio over the past three years was 0.6073, ranking 4 out of 105 comparable funds [25] - The maximum drawdown over the past three years was 40.72%, with the largest quarterly drawdown occurring in Q1 2024 at 27% [27] Fund Composition - As of June 30, 2025, the fund had a total scale of 1.266 billion yuan, with 24,000 holders collectively owning 683 million shares [32][35] - The fund's turnover rate over the last six months was approximately 88.46%, consistently below the industry average for two years [38] - The fund's top ten holdings have consistently exceeded 60% concentration over the past two years, with major stocks including Innovent Biologics, Kelun-Biotech, and Hengrui Medicine [41]