康泰生物2025年中报简析：增收不增利

Core Viewpoint - 康泰生物 reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - Total revenue reached 1.392 billion yuan, a year-on-year increase of 15.81% [1] - Net profit attributable to shareholders was 37.53 million yuan, down 77.3% year-on-year [1] - Gross margin decreased to 75.95%, down 9.34% year-on-year [1] - Net margin fell to 2.7%, a decrease of 80.36% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 643 million yuan, accounting for 46.22% of revenue, a decrease of 4.77% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased by 31.42% to 0.07 yuan [1][4] - Cash and cash equivalents decreased by 50.05% due to bank loan repayments and cash dividend distributions [1][2] - Accounts receivable increased by 3.94% to 2.913 billion yuan [1] Investment and R&D - R&D expenditure increased by 41.52% as some projects entered Phase III clinical trials [3] - The company’s investment activities saw a net cash flow increase of 99.23% due to reduced asset-related investments [5] Market Position and Fund Holdings - The company’s return on invested capital (ROIC) was 1.92%, indicating weak capital returns historically [6] - Major funds holding 康泰生物 include 嘉实中证疫苗与生物技术ETF, which increased its holdings [9]