*ST双成2025年中报简析：净利润减8.97%

Core Viewpoint - *ST Shuangcheng (002693) reported a decline in net profit by 8.97% for the first half of 2025, with total operating revenue decreasing by 11.35% year-on-year, indicating ongoing financial struggles and operational challenges [1]. Financial Performance Summary - Total operating revenue for 2025 was 84.12 million yuan, down from 94.89 million yuan in 2024, reflecting an 11.35% decrease [1]. - The net profit attributable to shareholders was -18.47 million yuan, compared to -16.95 million yuan in 2024, marking an 8.97% decline [1]. - The gross profit margin fell to 46.72%, a decrease of 24.34% year-on-year, while the net profit margin was -27.38%, down 7.28% [1]. - Total expenses (selling, administrative, and financial) amounted to 59.18 million yuan, accounting for 70.35% of revenue, a reduction of 10.3% [1]. - Earnings per share remained at -0.04 yuan, with a year-on-year decrease of 8.8% [1]. Cash Flow and Asset Changes - Cash and cash equivalents decreased by 89.41%, primarily due to expenditures on investments and loan repayments [3]. - Accounts receivable increased by 44.1%, attributed to new drug export payments [3]. - The company experienced a significant increase in intangible assets by 85.37%, due to drug registration approvals [3]. - The net cash flow from operating activities improved by 93.23%, driven by increased sales collections and reduced expenses [4]. Debt and Financial Health - The company’s interest-bearing debt rose by 4.05%, reaching 266.6 million yuan [1]. - The asset-liability ratio for interest-bearing liabilities stood at 26.35%, indicating a concerning level of debt relative to assets [5]. - The company has faced challenges with cash flow, as indicated by a negative average operating cash flow over the past three years [5]. Strategic Outlook - The company plans to enhance performance through increased R&D investment, expanding sales channels, optimizing marketing strategies, and improving operational efficiency [5].