福元医药2025上半年净利润下滑7.83%，存货周转天数增长11.31%

Core Viewpoint - Fuyuan Pharmaceutical reported a decline in revenue and profit for the first half of 2025, indicating challenges in its operational performance [1][3]. Financial Performance - The company achieved an operating revenue of 1.634 billion yuan, a year-on-year decrease of 1.3% [1]. - The net profit attributable to shareholders was 268 million yuan, down 7.83% year-on-year [1]. - The net profit margin fell from 17.66% in the first half of 2024 to 16.43% [3]. - The gross profit margin decreased from 66.69% to 66.49%, marking a continuous decline over four years [3]. - Return on equity decreased by 0.51 percentage points to 7.36% [3]. Operational Efficiency - Inventory turnover days increased to 116.34 days, up 11.31% from the previous year, indicating challenges in inventory management [5]. - The net cash flow from operating activities was 218 million yuan, down from 346 million yuan in the same period last year, reflecting weakened cash return capability [5]. - The debt-to-asset ratio for the first half of 2025 was 23.46%, a decrease of 0.24 percentage points year-on-year, suggesting a reduced debt burden [5]. Institutional Holdings - The number of institutions holding Fuyuan Pharmaceutical shares decreased significantly from 75 in 2024 to 8, a reduction of 67 institutions, indicating a notable decline in institutional investor participation [7]. - The company's market capitalization reached a peak of over 20 billion yuan in July 2021, while the current market cap stands at 14.784 billion yuan, requiring a 35% increase in stock price to return to historical highs [7].