花园生物2025年中报简析：营收净利润同比双双增长

Core Viewpoint - Garden Biologics (300401) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1]. Financial Performance - Total revenue reached 635 million yuan, up 5.86% year-on-year - Net profit attributable to shareholders was 162 million yuan, an increase of 13.67% - In Q2 alone, revenue was 309 million yuan, reflecting a 14.48% increase year-on-year, while net profit for the quarter was 65.04 million yuan, up 28.45% [1]. Profitability Metrics - Gross margin stood at 55.94%, a decrease of 2.43% year-on-year - Net margin improved to 25.43%, an increase of 7.38% year-on-year - Total selling, administrative, and financial expenses amounted to 139 million yuan, accounting for 21.87% of revenue, down 23.12% year-on-year [1]. Shareholder Value - Earnings per share (EPS) increased to 0.30 yuan, a rise of 15.38% year-on-year - Book value per share reached 5.68 yuan, up 11.64% year-on-year - Operating cash flow per share improved significantly to 0.51 yuan, an increase of 47.20% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) was 6.97%, indicating average capital returns - Historical data shows a median ROIC of 11.2% over the past decade, with the lowest recorded ROIC at 1.64% in 2015 [3]. Fund Holdings - Several funds have newly entered the top ten holdings of Garden Biologics, including: - GF Trend Optimal Flexible Allocation Mixed A with 650,000 shares - Invesco Great Wall Specialized New Heavy Chemical Optimal Stock A with 643,800 shares - China Life Asset Management Stable Honor Mixed A with 545,400 shares [4].