江中药业2025年中报简析：净利润同比增长5.8%

Core Viewpoint - Jiangzhong Pharmaceutical (600750) reported a mixed performance in its 2025 mid-year financial results, with a net profit increase of 5.8% despite a decline in total revenue by 5.79% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 2.141 billion yuan, down 5.79% from 2.273 billion yuan in 2024 [1] - Net profit attributable to shareholders reached 522 million yuan, up 5.8% from 494 million yuan in the previous year [1] - The gross profit margin was 66.6%, a decrease of 0.64% year-on-year, while the net profit margin improved to 26.13%, an increase of 11.42% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 694 million yuan, accounting for 32.42% of revenue, down 11.97% year-on-year [1] - Earnings per share (EPS) increased to 0.82 yuan, up 3.8% from 0.79 yuan [1] Cash Flow and Asset Changes - Operating cash flow per share improved by 27.88% to 1.03 yuan [1] - Cash and cash equivalents increased by 33.53% to 1.529 billion yuan, attributed to an increase in large bank deposits maturing within one year [1][2] - Trade receivables rose significantly by 79.86% to 500 million yuan [1] - The company saw a dramatic increase in interest-bearing liabilities, up 15,389.60% to 158 million yuan [1] Investment and Financial Strategy - The company has increased its investment in financial products, leading to a 1399.59% rise in trading financial assets [2] - The construction in progress increased by 42.67%, indicating ongoing investment in the Jinjiang Industrial Park project [2] - The company reported a significant increase in other income by 131.95%, primarily due to government subsidies received [4] Market Position and Future Outlook - Analysts project that Jiangzhong Pharmaceutical's performance for 2025 will reach 897 million yuan, with an average EPS forecast of 1.41 yuan [5] - The company has a strong return on invested capital (ROIC) of 17.24%, indicating robust capital efficiency [4] Fund Holdings - The largest fund holding Jiangzhong Pharmaceutical is the GF Stable Growth Mixed Fund, with 15 million shares held [6] - The fund's recent performance shows a net asset value increase of 9.19% over the past year [6]