硕世生物2025年上半年业绩显著下滑，多项财务指标表现不佳

Core Viewpoint - The financial performance of Shuoshi Biological (688399) in the first half of 2025 is disappointing, with significant declines in key financial metrics [2][9]. Financial Performance Overview - Total revenue for the reporting period was 176 million yuan, a year-on-year decrease of 1.05% [2]. - Net profit attributable to shareholders was only 3.99 million yuan, down 86.35% year-on-year [2]. - The net profit after deducting non-recurring items recorded a loss of 28.05 million yuan, a year-on-year decline of 1219.78% [2]. Quarterly Data - In the second quarter, total revenue was 83.97 million yuan, a decrease of 2.73% year-on-year [3]. - The net profit attributable to shareholders for the second quarter was -8.83 million yuan, an increase of 18.48% year-on-year [3]. - The net profit after deducting non-recurring items for the second quarter was -22.47 million yuan, down 32.17% year-on-year [3]. Key Financial Indicators Analysis - The company's profitability has significantly weakened, with a gross margin of 62.44%, down 8.35 percentage points year-on-year [4]. - The net profit margin was 2.27%, a decrease of 86.2 percentage points year-on-year [4]. - Earnings per share were 0.05 yuan, down 85.29% year-on-year [4]. Costs and Expenses - Total sales, management, and financial expenses amounted to 96.32 million yuan, accounting for 54.86% of revenue, an increase of 8.66 percentage points year-on-year [5]. - The increase in financial expenses was primarily due to the company's shift in investment strategy, reducing bank deposits and thus decreasing interest income [5]. Asset Status - The company's cash and cash equivalents were 496 million yuan, a decrease of 69.37% year-on-year [6]. - Accounts receivable stood at 65.70 million yuan, down 7.94% year-on-year [6]. - Interest-bearing liabilities increased to 404 million yuan, up 28.43% year-on-year [6]. - The net cash flow from operating activities was negative, with operating cash flow per share at -0.01 yuan, a decrease of 100.54% year-on-year [6]. Main Business Composition - The main source of revenue for the company is diagnostic reagents, generating 151 million yuan, accounting for 85.89% of total revenue, with a gross margin of 68.36% [7]. - Revenue from purchased instruments and materials, testing instruments, testing services, and other businesses accounted for 7.19%, 3.84%, 2.24%, and 0.84% respectively, with significant variations in gross margins, particularly testing services which had a negative gross margin of -9.54% [7]. Operational Review - The company focuses on the research, production, and sales of in vitro diagnostic reagents and related testing instruments, while also expanding into the in vitro testing services sector [8]. - Despite significant investment in research and development, which accounted for 23.15% of revenue, overall performance has declined [8]. - International revenue grew by 31.32% year-on-year, indicating potential for market expansion, while domestic revenue was 169 million yuan, accounting for 96.05% of total revenue, with a gross margin of 62.03%, lower than the international business margin of 72.49% [8].