21.88亿！新华医疗最新财报发布

Core Viewpoint - The company reported a resilient performance in revenue despite profit pressure, with significant improvement in operating cash flow and continued increase in R&D investment, reflecting its strategic focus on a dual business model of "manufacturing + medical services" [2]. Financial Overview - The company achieved operating revenue of approximately 6.978 billion yuan in the first three quarters of 2025, a slight decrease of 6% year-on-year. The net profit attributable to shareholders was about 434 million yuan, down 29.61% year-on-year, while the net profit excluding non-recurring gains and losses was 370 million yuan, a decline of 38.98% [3]. - In Q3 alone, the company reported operating revenue of approximately 2.188 billion yuan [3]. Revenue Structure - The revenue decline was primarily due to a drop in the trading segment, while the medical equipment and hospital business showed relative resilience. Profit adjustments were linked to reduced investment income and rigid cost inputs [4]. Cash Flow Improvement - The company reported a significant improvement in operating cash flow, with a net inflow of approximately 220 million yuan in the first three quarters, representing a year-on-year increase of over 7 times. This improvement indicates better receivables management and a more balanced order and execution rhythm between manufacturing and services [4]. Manufacturing Business - The manufacturing segment includes surgical equipment, disinfection systems, imaging, and IVD devices, with ongoing investments in hardware and system solutions. R&D investment reached 322 million yuan in the first three quarters, continuing to grow, indicating a commitment to long-term technological and product expansion [7]. Hospital Services - The hospital management and medical technology services have shown steady recovery this year, with surgical and examination volumes gradually returning to healthy levels, supporting the revenue structure. The hospital services business provides a buffer against fluctuations in the medical equipment segment due to macroeconomic investment cycles [9]. Profitability and Cost Structure - Profitability is under pressure due to reduced investment income and high baseline costs from R&D and operations. However, gross margins remained stable, and signs of cost structure optimization are emerging. The company prioritizes long-term value over short-term profit fluctuations [10]. Strategic Progress - The company's strategic focus is becoming more systematic, with key areas including: 1. Strengthening the equipment platform with a focus on disinfection, surgical equipment, and expanding imaging and IVD products [11]. 2. Enhancing medical-engineering collaboration through smart hospital solutions [12]. 3. Deepening hospital services with regional medical collaboration centers and technical management models [13]. 4. Upgrading to intelligent and digital systems, forming a closed loop of "equipment + digital systems + maintenance" [14]. Conclusion - The financial report reflects a "pressured but stable" performance, with slight revenue adjustments, profit fluctuations, significant cash flow improvements, and sustained R&D investments. This indicates a strategic accumulation of strength for a company focused on both equipment and service in the medical sector, navigating through industry cycles with a long-term perspective [15].