AMOYTOP(SH:688278) Zheng Quan Zhi Xing·2025-08-21 22:31Core Viewpoint - The recent financial report of TeBao Bio (688278) shows significant growth in both revenue and net profit for the first half of 2025, indicating a strong performance driven by increased patient acceptance of its core product, Pegasys [1][3]. Financial Performance - Total revenue reached 1.511 billion yuan, a year-on-year increase of 26.96% - Net profit attributable to shareholders was 428 million yuan, up 40.6% - In Q2 alone, revenue was 837 million yuan, reflecting a 29.91% increase year-on-year, while net profit for the quarter was 246 million yuan, up 40.01% [1]. - Gross margin stood at 92.98%, a slight decrease of 0.41%, while net margin improved to 28.33%, an increase of 10.74% [1]. - Total operating expenses were 737 million yuan, accounting for 48.76% of revenue, down 6.08% year-on-year [1]. Cash Flow and Assets - Cash flow from operating activities saw a remarkable increase of 397.97%, attributed to a significant rise in cash received from product sales [4]. - The company experienced a 42.27% increase in cash and cash equivalents due to improved collections and the redemption of financial products [2]. - Trade receivables surged by 215.76%, reflecting expanded revenue scale and increased customer bill settlements [2]. R&D and Market Strategy - R&D expenses rose by 53.46%, driven by ongoing projects and increased personnel costs [4]. - The company emphasizes a customer-centric approach in its sales strategy, focusing on unmet market needs and enhancing product differentiation through innovation [10][11]. - The pricing strategy for its long-acting growth hormone, Yipeisheng, is set at 1798 yuan per 5mg, based on market research [12]. Market Position and Future Outlook - The company has a strong return on invested capital (ROIC) of 37.11%, indicating high capital efficiency [6]. - Analysts project a revenue of 1.117 billion yuan and an earnings per share of 2.75 yuan for 2025 [8]. - The company is strategically positioned in the immune and metabolic fields, focusing on innovative solutions for major diseases [17][20]. Fund Holdings - The largest fund holding TeBao Bio is Dongfanghong Ruifeng LOF, with a scale of 1.751 billion yuan and a recent net value of 1.705, reflecting a 55.32% increase over the past year [9].