Bio-Thera(SH:688177) Zheng Quan Zhi Xing·2025-08-21 22:55Financial Performance - Company reported total revenue of 442 million yuan, an increase of 9.84% year-on-year [1] - Net profit attributable to shareholders was -125 million yuan, an increase of 47.25% year-on-year [1] - In Q2, total revenue was 235 million yuan, a decrease of 2.23% year-on-year, while net profit was -31.6 million yuan, an increase of 73.19% year-on-year [1] - Gross margin increased by 16.38% to 77.76%, while net margin improved by 51.98% to -28.27% [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 162 million yuan, accounting for 36.65% of revenue, an increase of 9.96% year-on-year [1] - Sales expenses increased by 18.84% due to higher promotional costs related to domestic sales of specific products [9] - Management expenses rose by 43.7% due to increased transportation losses and depreciation [9] Cash Flow and Investments - Operating cash flow per share was -0.0 yuan, an increase of 98.71% year-on-year, indicating improved cash flow from sales [1][10] - Investment activities generated a net cash flow decrease of 41.42% due to increased purchases of financial products [11] - Financing activities saw a net cash flow decrease of 96.42% due to reduced cash from borrowings and increased debt repayments [11] Asset and Liability Changes - Accounts receivable increased by 37.2% due to higher revenue [3] - Fixed assets increased by 56.6% due to the capitalization of the R&D and marketing center project [5] - Short-term borrowings decreased by 99.86% as the company repaid bank loans [7] Business Model and Historical Performance - Company relies heavily on R&D for its performance, necessitating careful examination of the underlying drivers [13] - Historical financial performance shows a median ROIC of -37.69%, indicating poor investment returns [12] - The company has reported losses in 8 out of 10 years since its listing, raising concerns about its financial sustainability [12]