聚焦2025半年报| “护城河”成空谈？核心产品走低亚宝药业上半年营收净利双降

Core Viewpoint - The financial performance of Yabao Pharmaceutical for the first half of 2025 shows a significant decline in revenue and net profit compared to the previous year, primarily due to decreased sales in key product lines and wholesale business [1][2]. Financial Performance Summary - The company reported an operating income of 1.139 billion yuan, a decrease of 21.08% year-on-year [2]. - The net profit attributable to shareholders was 174 million yuan, down 2.99% from the previous year [1][2]. - The total profit for the period was 212 million yuan, reflecting a slight decrease of 0.18% [2]. - The net cash flow from operating activities was 327 million yuan, which is a decline of 4.34% compared to the previous year [2]. - The net assets attributable to shareholders at the end of the reporting period were 2.799 billion yuan, down 3.22% from the end of the previous year [2]. - Total assets amounted to 3.454 billion yuan, a decrease of 2.55% [2]. Product and Market Overview - Yabao Pharmaceutical is the first listed company in the pharmaceutical industry of Shanxi Province, with a product range that includes pediatric, chronic disease, and special medical fields [3]. - Key products in the pediatric field include the anti-swelling and pain relief patch and children's throat relief oral liquid, while the injection of Betahistine Hydrochloride is a major product in the chronic disease sector [3].