YUYUE MEDICAL(SZ:002223) Di Yi Cai Jing·2025-10-27 08:37Core Viewpoint - Yuyue Medical (002223.SZ) reported a revenue increase in Q3 but faced a significant decline in net profit, indicating a "revenue growth without profit growth" scenario due to rising expenses [1] Financial Performance - Q3 revenue reached 1.886 billion yuan, a year-on-year increase of 9.63%, while net profit was 263 million yuan, down nearly 36% [1] - For the first three quarters, revenue totaled 6.545 billion yuan, up 8.58% year-on-year, with net profit at 1.466 billion yuan, a decline of 4.28% [1] - Sales expenses surged by 33.15% to 1.232 billion yuan in the first three quarters, accounting for nearly one-fifth of total revenue [1] Expense Analysis - Q3 sales expenses were 420 million yuan, a 33.3% increase year-on-year, representing 22.2% of Q3 revenue [1] - The increase in expenses is attributed to higher wages, bonuses, e-commerce platform fees, and advertising costs [1] - Management and R&D expenses also saw a rise, contributing to the overall cost structure [1] Strategic Focus - The company is increasing investments in R&D, brand building, and global network expansion [2] - Emphasis on digital and wearable product development, alongside enhancing the talent pool for innovation [2] - The company aims to strengthen its market position in blood glucose monitoring products and expand its global sales network, particularly in Southeast Asia [2] Market Outlook - Rising labor and material costs are expected to be a trend, necessitating effective cost control to maintain competitiveness [3] - Accounts receivable increased by 55.54% to 1.11 billion yuan, reflecting growth in sales volume and reasonable receivables [3] - Future revenue growth is anticipated to remain in single digits, with a current P/E ratio around 20, raising concerns about valuation and cost predictability [3]