安旭生物2025年中报简析：净利润同比下降48.57%，三费占比上升明显

Core Viewpoint - Anxu Bio (688075) reported a decline in revenue and net profit for the first half of 2025, indicating financial challenges and increased operational costs [1] Financial Performance - Total revenue for the first half of 2025 was 230 million yuan, a decrease of 7.42% year-on-year [1] - Net profit attributable to shareholders was 59.31 million yuan, down 48.57% compared to the previous year [1] - Gross margin was 39.11%, a decrease of 4.19% year-on-year, while net margin fell to 25.76%, down 44.64% [1] - Total expenses (selling, administrative, and financial) reached 60.04 million yuan, accounting for 26.13% of total revenue, an increase of 87.61% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased by 64.19% to 234 million yuan, attributed to increased investments in financial products [3] - Operating cash flow per share increased significantly by 1420.52% to 0.03 yuan, due to improved collections [11] Liabilities and Debt - Short-term borrowings decreased by 100% as the company repaid its debts [4] - Other current liabilities increased by 820.77% due to dividend distribution accruals [4] Operational Insights - Revenue decline of 7.42% was influenced by customers delaying orders due to increased tariffs from the U.S. [7] - Sales expenses rose by 19.83% as the company intensified market expansion efforts [9] - Management expenses increased by 3.1% due to normal operational fluctuations [10] Business Model and Market Position - The company has nine major technology platforms in the IVD industry, focusing on various diagnostic products including drug testing and infectious disease detection [12] - The company's return on invested capital (ROIC) was 2.98%, indicating weak capital returns, while historical data shows a median ROIC of 37.7% since its listing [11]