莱美药业2025年中报简析：净利润同比下降2462.45%

Core Viewpoint - Laimei Pharmaceutical (300006) reported a significant decline in net profit for the first half of 2025, with a year-on-year decrease of 2462.45%, indicating severe financial distress and operational challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 377 million yuan, down 1.19% from 382 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -31.38 million yuan, a drastic drop from a profit of 1.33 million yuan in the previous year [1]. - The gross margin decreased to 55.63%, down 14.54% year-on-year, while the net margin fell to -7.66%, a decline of 432.76% [1]. - Total expenses (selling, administrative, and financial) amounted to 208 million yuan, accounting for 55.12% of revenue, a decrease of 13.84% year-on-year [1]. - Earnings per share were -0.03 yuan, a significant drop of 2384.62% compared to the previous year [1]. Cash Flow and Asset Management - Operating cash flow per share was -0.00 yuan, a decrease of 100.6% year-on-year, indicating severe cash flow issues [1]. - The company reported a 61.17% increase in interest-bearing liabilities, rising from 258 million yuan to 416 million yuan [1]. - The net cash flow from operating activities decreased by 100.6%, reflecting reduced cash receipts from sales and services [4]. Changes in Financial Items - Investment properties increased by 36.87% due to the expansion of rental space by a subsidiary [3]. - Long-term borrowings decreased by 39.87% as some were reclassified to current liabilities [3]. - Other current assets fell by 40.35% due to a reduction in prepaid and deductible taxes [3]. Operational Insights - The company’s business model relies heavily on marketing, necessitating a thorough examination of the underlying drivers of this approach [7]. - Historical data indicates a median Return on Invested Capital (ROIC) of -2.04% over the past decade, with a particularly poor performance in 2020 at -10.1% [6]. Recommendations - Attention should be given to the company's cash flow situation, as the average operating cash flow over the past three years is only 16.94% of current liabilities [8].