凯赛生物2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - 凯赛生物 (688065) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 1.671 billion yuan, a year-on-year increase of 15.68% [1]. - Net profit attributable to shareholders was 309 million yuan, up 24.74% year-on-year [1]. - In Q2 2025, total revenue was 895 million yuan, reflecting a 17.8% increase year-on-year [1]. - Q2 net profit attributable to shareholders was 172 million yuan, an increase of 20.77% year-on-year [1]. - Gross margin improved to 33.85%, up 8.4% year-on-year, while net margin increased to 17.01%, up 0.64% year-on-year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 36.4686 million yuan, representing 2.18% of revenue, a decrease of 23.46% year-on-year [1]. - The company’s earnings per share (EPS) increased to 0.47 yuan, up 11.9% year-on-year [1]. Asset and Liability Management - Cash and cash equivalents rose significantly to 8.72 billion yuan, an increase of 88.14% year-on-year [1]. - Interest-bearing debt decreased to 555 million yuan, down 57.67% year-on-year [1]. - The net asset value per share increased to 24.2 yuan, a rise of 25.08% year-on-year [1]. Investment and Market Position - The company's return on invested capital (ROIC) was 2.03%, indicating moderate capital efficiency [3]. - The historical median ROIC since the company’s listing is 5.21%, suggesting average investment returns [3]. - The company’s business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects [3]. Fund Holdings - The largest fund holding in 凯赛生物 is the 博时上证科创板新材料ETF, which increased its position to 311,900 shares [4]. - Other funds, such as 南方上证科创板新材料ETF and 大摩多因子策略混合, have also increased their holdings in the company [4].