达仁堂营收下滑却利润暴涨 扣非仅贡献三成利润

Core Viewpoint - The company achieved a significant increase in net profit despite a decline in revenue, primarily due to the sale of equity in a subsidiary, indicating a strategic shift in asset management [1][3]. Financial Performance - The company reported a revenue of 2.65 billion yuan for the first half of 2025, a decrease of 33.15% compared to the same period last year [2]. - The net profit attributable to shareholders reached 1.93 billion yuan, marking a substantial increase of 193.08% year-on-year [1][2]. - The total profit for the period was approximately 2.27 billion yuan, which is a 203.22% increase from the previous year [2]. Profitability Analysis - The significant rise in net profit was largely due to a tax-adjusted gain of 1.31 billion yuan from the transfer of a 12% stake in Tianjin Schering Pharmaceutical Co., Ltd. [3]. - The net profit excluding non-recurring gains was 596 million yuan, reflecting a decrease of 5.93% year-on-year, primarily due to the absence of investment income from the previously held stake in Tianjin Schering [3]. - After adjusting for the impact of the subsidiary's investment income, the net profit excluding non-recurring items increased by 12.86% [3]. Asset Management - As of the end of the reporting period, accounts receivable reached 1.23 billion yuan, representing a year-on-year increase of 62.07% [3][4]. - The company's total assets amounted to approximately 12.85 billion yuan, a growth of 19.36% compared to the previous year [2][4]. - The net assets attributable to shareholders increased by 12% to approximately 8.78 billion yuan [2][4].