第一医药2025年中报简析：增收不增利

Core Insights - First Pharmaceutical (600833) reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 997 million yuan, up 11.58% year-on-year - Net profit attributable to shareholders was 14.02 million yuan, down 89.19% year-on-year - In Q2 2025, total revenue was 493 million yuan, a 14.27% increase year-on-year, while net profit dropped 90.09% to 9.29 million yuan [1] Profitability Metrics - Gross margin stood at 16.54%, a decrease of 1.4% year-on-year - Net margin fell to 1.44%, down 90.1% year-on-year - Total selling, administrative, and financial expenses amounted to 160 million yuan, accounting for 16.04% of revenue, a decrease of 2.04% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 0.25 yuan, up 480.91% year-on-year - Cash and cash equivalents rose to 371 million yuan, an 8.08% increase year-on-year - Accounts receivable decreased to 158 million yuan, down 34.10% year-on-year [1] Investment and Financing Activities - Short-term borrowings decreased by 48.0% due to repayment - Investment activities saw a significant decline in cash flow, down 608.72% due to increased investment in financial products [4] Business Model and Historical Performance - The company's return on invested capital (ROIC) was 11.06%, indicating average capital returns - Historical data shows a median ROIC of 5.96% over the past decade, with three years of losses since its IPO, suggesting a fragile business model [4] Accounts Receivable Concerns - The accounts receivable to profit ratio reached 96.86%, indicating potential liquidity issues [5]