核心产品毛利降低 金城医药上半年净利骤降六成

Core Viewpoint - Jincheng Pharmaceutical (300233) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its business performance [1][2]. Financial Performance - The company achieved a revenue of 1.36 billion yuan, a decrease of 22.65% compared to the same period last year [2]. - The net profit attributable to shareholders was 43.38 million yuan, down 66.78% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 38.73 million yuan, reflecting a decline of 68.12% [2]. - The net cash flow from operating activities was 104.37 million yuan, a decrease of 40.34% compared to the previous year [2]. - Basic and diluted earnings per share were both 0.11 yuan, down 67.65% from 0.34 yuan [2]. - The weighted average return on equity was 1.16%, down from 3.50% [2]. Asset and Equity Position - Total assets at the end of the reporting period were 5.28 billion yuan, a decrease of 5.74% from the end of the previous year [2]. - The net assets attributable to shareholders were 3.70 billion yuan, down 1.84% from the previous year-end [2]. Segment Performance - Revenue from the bio-pharmaceutical and specialty raw material series products showed positive growth, while revenue from cephalosporin side-chain active ester series products, formulation products, and other pharmaceutical chemical products declined compared to the previous year [2]. - The gross profit margin for all four major product segments decreased during the first half of the year [2]. Product-Specific Insights - Revenue from cephalosporin side-chain active esters was 297.60 million yuan, down 32.20% year-on-year, with a gross margin of 29.86%, a decrease of 4.35% [3]. - Revenue from bio-pharmaceutical and specialty raw material series products was 230.20 million yuan, up 10.12%, with a gross margin of 45.99%, down 5.41% [3]. - Revenue from formulation products was 470.46 million yuan, down 29.04%, with a gross margin of 50.19%, down 6.59% [3]. - Revenue from other pharmaceutical chemical products was 361.99 million yuan, down 19.12%, with a gross margin of 16.74%, down 1.20% [3].