据证券之星公开数据整理，近期迈得医疗（688310）发布2025年中报。截至本报告期末，公司营业总收 入1.41亿元，同比下降14.75%，归母净利润604.51万元，同比下降38.81%。按单季度数据看，第二季度 营业总收入1.01亿元，同比上升10.58%，第二季度归母净利润1684.24万元，同比上升2759.64%。本报 告期迈得医疗公司应收账款体量较大，当期应收账款占最新年报营业总收入比达42.42%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率38.93%，同比减18.96%，净利 率-1.29%，同比减130.24%，销售费用、管理费用、财务费用总计4882.83万元，三费占营收比34.63%， 同比增0.71%，每股净资产4.81元，同比减6.1%，每股经营性现金流0.68元，同比增241.93%，每股收益 0.04元，同比减33.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.65亿 | 1.41亿 | -14.75% | | 归母净利润(元) | 987.99万 | 6 ...

Financial Performance - The total revenue for Maide Medical in the 2025 mid-year report was 141 million yuan, a decrease of 14.75% year-on-year [1] - The net profit attributable to the parent company was 6.05 million yuan, down 38.81% year-on-year [1] - In Q2 2025, total revenue was 101 million yuan, an increase of 10.58% year-on-year, while net profit reached 16.84 million yuan, a significant increase of 2759.64% [1] - The gross profit margin was 38.93%, a decrease of 18.96% year-on-year, and the net profit margin was -1.29%, down 130.24% year-on-year [1] - The total of selling, administrative, and financial expenses was 48.83 million yuan, accounting for 34.63% of revenue, a slight increase of 0.71% year-on-year [1] - The earnings per share were 0.04 yuan, a decrease of 33.33% year-on-year, while the operating cash flow per share was 0.68 yuan, an increase of 241.93% year-on-year [1] Industry Context - The domestic contact lens market is dominated by four major international players: Johnson & Johnson, CooperVision, Alcon, and Bausch + Lomb [5] - The contact lens industry in mainland China is still in its early development stage, with domestic production primarily relying on Taiwanese manufacturers for processing [5] - Maide Medical has a competitive advantage due to its 20 years of technical accumulation in equipment, forming a comprehensive R&D system across multiple disciplines [5] - The company’s technological capabilities in materials science, mechanics, and various manufacturing processes provide a synergistic advantage in the contact lens business, allowing for shorter delivery cycles compared to larger Taiwanese manufacturers [5] Investment Insights - The company has shown a historical median ROIC of 12.63%, indicating good investment returns, although the worst year was 2024 with a ROIC of -3.64% [3] - The largest fund holding Maide Medical is the Guotai Juhua Value Open Mixed Fund, which has a scale of 273 million yuan and has seen a 10.14% increase over the past year [4]