Scitop Bio(SZ:300858) Zheng Quan Zhi Xing·2025-08-20 22:41Core Viewpoint - The financial performance of Keta Bio (300858) for the first half of 2025 shows an increase in total revenue but a decline in net profit, indicating mixed results in operational efficiency and profitability [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 163 million yuan, a year-on-year increase of 18.32% compared to 138 million yuan in 2024 [1]. - Net profit attributable to shareholders was 41.21 million yuan, down 5.31% from 43.51 million yuan in the previous year [1]. - The gross profit margin decreased to 49.24%, a decline of 10.44% year-on-year, while the net profit margin fell to 25.23%, down 19.97% [1]. - The company reported a significant increase in accounts receivable, which reached 69.07 million yuan, up 23.88% from 55.58 million yuan [1]. - Operating cash flow per share decreased by 44.47% to 0.11 yuan, compared to 0.19 yuan in the previous year [1]. Cost and Expense Analysis - Total expenses (selling, administrative, and financial) amounted to 17.93 million yuan, accounting for 10.98% of revenue, which is a decrease of 7.62% year-on-year [1]. - The increase in operating costs was attributed to a 33.41% rise in costs related to the production base for animal and plant micro-ecological agents [2]. Investment and Financing Activities - The net cash flow from financing activities increased by 97.49%, primarily due to dividend distributions in the previous year [3]. - The company has seen a 73.69% increase in construction in progress, reflecting investments in the food sector's research and production base [2]. Market and Business Model Insights - The company's return on invested capital (ROIC) was reported at 3.95%, indicating weak capital returns, while the historical median ROIC since listing is 12.39% [3]. - Analysts project that the company's performance for 2025 will reach approximately 128 million yuan, with an average earnings per share of 0.49 yuan [3].