业绩连降、应收账激增、募投延期，祥生医疗分红维稳难掩经营焦虑

Core Viewpoint - Despite a decline in both revenue and net profit for 2024, Xiangsheng Medical (688358.SH) continues to face pressure in its performance for the first three quarters of this year, yet has decided to implement a cash dividend to stabilize investor confidence [1][2]. Financial Performance - For the first three quarters of this year, Xiangsheng Medical reported revenue of approximately 343 million yuan, a year-on-year decrease of 5.27%, and a net profit attributable to shareholders of 105 million yuan, down 2.23% [2][3]. - The company's revenue for 2024 was 469 million yuan, reflecting a 3.13% decline, while the net profit decreased by 4.08% to 141 million yuan [2][3]. - The cash dividend proposed is 3 yuan per 10 shares, amounting to a total of 33.56 million yuan, which represents 35.73% of the net profit for the period [2]. Accounts Receivable - As of the end of the third quarter of 2025, Xiangsheng Medical's accounts receivable reached 198 million yuan, an increase of 22% from the previous year, indicating growing pressure on cash flow [3]. Project Delays - Two key fundraising projects, "Research and Innovation and Marketing Operations Base Construction" and "Innovation and Development Reserve Fund," have been postponed to the end of 2026 due to uncontrollable construction factors and quality control needs [1][5]. - The delay in these projects may hinder the company's research and market positioning, impacting its long-term competitiveness [1][5][7]. Market Sentiment - The decision to maintain cash dividends amidst declining performance aims to bolster investor confidence, although previous announcements of significant shareholder reductions have affected market sentiment [3][4].