普洛药业2025年中报简析：净利润同比下降9.89%，盈利能力上升

Core Viewpoint - Prolo Pharmaceutical's recent financial report indicates a decline in revenue and net profit for the first half of 2025, while showing improvements in profitability metrics such as gross margin and net margin [1][4]. Financial Performance - Total revenue for the first half of 2025 was 5.444 billion yuan, a decrease of 15.31% year-on-year [1]. - Net profit attributable to shareholders was 563 million yuan, down 9.89% year-on-year [1]. - In Q2 2025, total revenue was 2.714 billion yuan, a decline of 15.98% year-on-year, with net profit at 315 million yuan, down 17.48% year-on-year [1]. - Gross margin improved to 25.73%, an increase of 4.18% year-on-year, while net margin rose to 10.34%, up 6.44% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 443 million yuan, representing 8.13% of revenue, an increase of 11.64% year-on-year [1]. - Cash flow from operating activities decreased significantly by 58.48%, attributed to a reduction in contract liabilities and accounts payable [3]. Asset and Liabilities - Cash and cash equivalents decreased to 3.574 billion yuan, down 9.48% year-on-year [1]. - Interest-bearing liabilities increased to 1.208 billion yuan, a rise of 15.30% year-on-year [1]. Investment and Returns - The company's return on invested capital (ROIC) was 13.02%, indicating strong capital returns, with a historical median ROIC of 12.88% over the past decade [4]. - Analysts project the company's performance for 2025 to reach 1.052 billion yuan, with an average earnings per share of 0.91 yuan [4]. Fund Management - Prolo Pharmaceutical is held by prominent fund manager Xu Yan from Dachen Fund, who has recently increased his holdings in the company [5][6]. - The largest fund holding Prolo Pharmaceutical is Dachen Rui Xiang Mixed A, with a scale of 5.194 billion yuan and a recent net value increase of 0.86% [6]. Business Outlook - The company's CDMO (Contract Development and Manufacturing Organization) business is primarily driven by overseas revenue, expected to grow significantly in the next 3 to 5 years, with projections of reaching 6 to 7 billion yuan by 2030 [7].