药石科技2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - The financial performance of the company shows mixed results, with revenue growth but a significant decline in net profit, indicating potential challenges in cost management and operational efficiency [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 920 million yuan, a year-on-year increase of 23.48% compared to 745 million yuan in 2024 [1]. - Net profit attributable to shareholders was 72.5 million yuan, down 26.54% from 98.7 million yuan in the previous year [1]. - Gross margin decreased to 31.05%, down 24.05% year-on-year, while net margin fell to 7.88%, a decline of 40.51% [1]. - The company reported a significant increase in operating cash flow per share, which rose by 240.51% to 2.34 yuan [1]. Accounts Receivable and Cash Management - Accounts receivable amounted to 299 million yuan, representing a decrease of 25.27% from 400 million yuan in the previous year, but still high at 136.06% of net profit [1][5]. - The company improved cash management, leading to a 14.51% increase in cash and cash equivalents [3]. Cost Structure and Expenses - Total sales, management, and financial expenses were 136 million yuan, accounting for 14.77% of revenue, a decrease of 18.81% year-on-year [1]. - Operating costs increased by 44.0%, attributed to revenue growth and changes in business structure [3]. Production Capacity and Orders - The company maintains a production capacity utilization rate of 60-70%, which is considered reasonable for the industry [7]. - New orders have been increasing, with overseas orders accounting for 60-70% and domestic orders for 30-40% [7][8]. Investment and Future Outlook - The company has over 70 clinical phase III and commercialization projects, with a growing proportion of strategic clients contributing to future revenue [8]. - Analysts expect the company's performance in 2025 to reach 217 million yuan, with an average earnings per share of 1.09 yuan [5].