Investment Rating - The report maintains a "Recommendation" rating for the company [7][11] Core Views - The company achieved a revenue of 375 million yuan in the first half of 2025, representing a year-over-year increase of 10.11%, while the net profit attributable to shareholders decreased by 7.12% to 71 million yuan [3] - The company is expanding its overseas market presence, with overseas revenue reaching 67 million yuan in the first half of 2025, primarily through self-built sales channels and a dedicated business development team [6] - The domestic market remains stable, with domestic revenue of 308 million yuan in the first half of 2025 and a steady increase in customer acquisition [6] Financial Summary - The company forecasts revenue growth from 622 million yuan in 2023 to 1.108 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [5] - Net profit is projected to increase from 159 million yuan in 2023 to 197 million yuan in 2027, with a notable recovery expected in 2025 [5][9] - The gross margin is expected to stabilize around 62-63% over the forecast period, indicating strong cost management [5][9] Performance Metrics - The company reported a gross margin of 65.30% in Q2 2025, an increase of 2.03 percentage points year-over-year [6] - The return on equity (ROE) is projected to improve from 5.1% in 2024 to 7.5% in 2027, reflecting enhanced profitability [9] - The price-to-earnings (P/E) ratio is expected to decrease from 69.5 in 2024 to 38.7 in 2027, indicating a potential increase in valuation attractiveness [9]

Core Viewpoint - The recent financial report of Yaokang Biotechnology (688046) shows a mixed performance with a revenue increase but a decline in net profit, highlighting potential concerns regarding accounts receivable and overall profitability [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 375 million yuan, a year-on-year increase of 10.11% compared to 340 million yuan in 2024 [1] - Net profit attributable to shareholders was 70.91 million yuan, down 7.12% from 76.34 million yuan in the previous year [1] - The gross profit margin was 64.27%, a slight decrease of 0.39% from 64.52% [1] - The net profit margin fell to 18.92%, down 15.65% from 22.43% [1] - The company reported a significant increase in accounts receivable, which reached 415 million yuan, up 15.83% from 358 million yuan [1] - The company's cash flow from operating activities showed a remarkable increase of 135.04%, reaching 0.04 yuan per share [1] Expense and Asset Management - Total expenses (selling, administrative, and financial) amounted to 112 million yuan, accounting for 29.93% of revenue, a decrease of 2.41% from the previous year [1] - The company experienced a 32.24% decrease in cash and cash equivalents, totaling 522 million yuan, attributed to increased investments in financial products [1] - Short-term borrowings surged by 173.27%, indicating a reliance on bank loans for liquidity [8] Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 4.42%, indicating weak capital returns, while the historical median ROIC since listing stands at 10.76% [10] - The company’s business model relies heavily on research and marketing, necessitating further investigation into the sustainability of these drivers [10] - The largest fund holding Yaokang Biotechnology is Tianhong Medical Innovation A, with a current scale of 707 million yuan and a recent net value increase of 1.12% [10]

Core Viewpoint - The supervisory board of Jiangsu Jicui Yaokang Biotechnology Co., Ltd. held its 12th meeting of the second supervisory board on August 21, 2025, to review and approve several key proposals related to the company's financial and operational status for the first half of 2025, ensuring compliance with legal and regulatory requirements [1][2]. Group 1: Meeting Overview - The meeting was convened with all three supervisory board members present, along with some senior management personnel [1]. - The meeting adhered to the relevant laws and regulations, as well as the company's articles of association [1]. Group 2: Financial Reporting - The supervisory board approved the company's 2025 half-year report and its summary, confirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [2]. - The board's vote on this matter was unanimous, with 3 votes in favor and no opposition or abstentions [2]. Group 3: Fund Management - The board approved a special report on the management and actual use of raised funds for the first half of 2025, confirming that the management of these funds is legal and compliant [2]. - The vote on this report also received unanimous approval, with 3 votes in favor [2]. Group 4: Profit Distribution - The supervisory board reviewed and approved the profit distribution plan for the first half of 2025, which considers the company's profitability, cash flow, and funding needs, ensuring reasonable returns for shareholders [3]. - This proposal is subject to further review by the shareholders' meeting [3]. Group 5: Governance Changes - The board approved the proposal to cancel the supervisory board and amend the company's articles of association, aiming to enhance the governance structure in line with the latest legal requirements [4]. - This decision also received unanimous support from the board members [4]. Group 6: Governance System Updates - The board approved the addition and revision of certain governance systems to improve the company's operational compliance and governance structure [4]. - The vote on these updates was also unanimous, with 3 votes in favor [4]. Group 7: Fund Usage - The supervisory board approved the use of the company's own funds to pay for part of the investment projects, with plans to replace these with raised funds, thereby improving fund usage efficiency [5]. - This proposal was unanimously approved by the board members [5].

? 每股分配比例：每 10 股派发现金红利人民币 0.30 元（含税），本次利润 分配不进行资本公积转增股本，不送红股。 证券代码：688046 证券简称：药康生物 公告编号：2025-056 江苏集萃药康生物科技股份有限公司 关于公司 2025 年半年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账 户中股份为基数分配利润，拟向全体股东每 10 股派发现金红利 0.30 元（含税）。 截至 2025 年 6 月 30 日，公司总股本为 410,000,000 股，其中回购专用账户的股 数为 1,009,362 股，因此本次拟发放现金红利的股本基数为 408,990,638 股，以此 计算合计拟派发现金红利 12,269,719.14 元（含税），现金分红占 2025 年半年度 归属于上市公司股东净利润的 17.30%。本次利润分配不送红股，不以资本公积 金转增股本。本次利润分配预案尚需提交公司股东大会审议。 二、公司履行的决 ...

证券代码：688046 证券简称：药康生物 公告编号：2025-060 江苏集萃药康生物科技股份有限公司 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 江苏集萃药康生物科技股份有限公司（以下简称"公司"）第二届董事会第十 三次会议于 2025 年 8 月 21 日现场结合通讯的方式召开。本次会议的通知已于 会董事 9 人，实际出席董事 9 人，其中独立董事 3 人，公司监事、高级管理人员 列席了会议。本次会议的召集、召开符合《中华人民共和国公司法》（以下简称 《公司法》）等法律法规及《江苏集萃药康生物科技股份有限公司章程》（以下简 称《公司章程》）的相关规定。 二、董事会会议审议情况 （一）审议通过《关于公司2025年半年度报告及其摘要的议案》 董事会认为，公司 2025 年半年度报告及摘要的编制和审议程序符合法律法规、 《公司章程》和公司内部管理制度的各项规定，公允地反映了公司 2025 年半年度 的财务状况和经营成果等事项，所披露的信息真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏。 ...

Core Viewpoint - The company announced the approval of a proposal to use its own funds to pay for part of the investment project costs, which will later be replaced with raised funds, ensuring the normal progress of the investment projects [1]. Group 1 - The company held its 13th meeting of the second board and the 12th meeting of the second supervisory board on August 21, 2025 [1]. - The proposal allows the company to use its own funds for part of the investment project costs during the implementation period, with a plan to replace these funds with raised funds later [1]. - The supervisory board expressed clear agreement on this matter, and the sponsor institution provided verification opinions, indicating that this matter does not require submission to the shareholders' meeting for approval [1].

按申万行业统计，药康生物所属的医药生物行业共有32家公司公布了2025半年度分配方案，派现金额最 多的是药明康德，派现金额为10.03亿元，其次是东阿阿胶、华润三九，派现金额分别为8.17亿元、7.51 亿元。（数据宝） 2025半年度医药生物行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | （%） | | 603259 | 药明康 德 | 0.00 | 3.5 | 100308.38 | 11.72 | | 0.58 | | 000423 | 东阿阿 胶 | 0.00 | 12.69 | 81720.66 | 99.94 | | 2.20 | | 000999 | 华润三 九 | 0.00 | 4.5 | 75131.47 | 41.39 | | 1.10 | 8月22日药康生物发布2025半年度分配预案，拟10派0.3元（含税），预计派现金额合计为1226.97万元。 ...

Core Viewpoint - The company announced the appointment of Mr. Liu Dan as a non-independent director candidate and a member of the strategic committee of the second board of directors [1] Group 1 - The board of directors approved the election of Mr. Liu Dan [1]

Core Insights - The company reported a total operating revenue of 374,808,989.09 yuan for the first half of 2025, reflecting a year-on-year growth of 10.11% [1] - The net profit attributable to shareholders of the listed company was 70,905,477.14 yuan, showing a year-on-year decrease of 7.12% [1] Financial Performance - Operating revenue for the first half of 2025: 374.81 million yuan, up 10.11% compared to the previous year [1] - Net profit for the same period: 70.91 million yuan, down 7.12% year-on-year [1]

Core Insights - The company reported a revenue of 375 million yuan for the first half of 2025, representing a year-on-year growth of 10.11% [1] - The net profit attributable to shareholders decreased by 7.12% to 70.91 million yuan [1] - The net profit excluding non-recurring gains and losses increased by 14.75% to 62.93 million yuan [1] - Basic earnings per share were reported at 0.17 yuan [1] - The company plans to distribute a cash dividend of 0.30 yuan per 10 shares (including tax) to all shareholders [1]