祥生医疗业绩承压仍高比例分红，募投项目延期引担忧

Core Viewpoint - Despite a decline in revenue and net profit for two consecutive years, the company has decided to implement a cash dividend, which is interpreted by the market as an effort to stabilize investor confidence [1][5]. Financial Performance - In the first three quarters of 2025, the company achieved 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% year-on-year [2][7]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares (including tax), totaling 33.56 million yuan, which accounts for 35.73% of the net profit for the period [2][7]. - The accounts receivable increased significantly to 198 million yuan, a 22% rise compared to the end of the previous year, indicating a slowdown in sales collection and pressure on operating cash flow [2][6]. Strategic Projects - The company announced delays in two core fundraising projects, "Research and Innovation and Marketing Operations Base Construction" and "Innovation and Development Reserve Fund," pushing completion dates from the end of 2025 to the end of 2026 [3][8]. - As of November 2025, the investment progress for these projects was 86.39% and 77.03%, respectively, with delays attributed to uncontrollable factors in construction and quality control needs [3][8]. Governance Challenges - The current situation reflects a common governance challenge faced by many growth-oriented listed companies: balancing short-term shareholder returns with long-term development needs during periods of performance volatility [4][9]. - While the company attempts to maintain investor relations through dividends, previous disclosures of major shareholder reduction plans have impacted market sentiment, indicating a lack of solid confidence [4][9]. - The delay in fundraising projects may slow down technological upgrades and market responsiveness, increasing uncertainty in a rapidly evolving industry landscape [4][9].