Workflow
昊海生科2025年中报简析:净利润同比下降10.29%,公司应收账款体量较大
Zheng Quan Zhi Xing·2025-08-23 22:58

Core Viewpoint - Haohai Biological Technology (688366) reported a decline in both revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in its financial performance and operational efficiency [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.304 billion yuan, a decrease of 7.12% year-on-year [1] - Net profit attributable to shareholders was 211 million yuan, down 10.29% year-on-year [1] - In Q2 2025, total revenue was 686 million yuan, reflecting a 9.57% decline year-on-year [1] - Q2 net profit attributable to shareholders was 121 million yuan, a decrease of 12.33% year-on-year [1] - Gross margin stood at 70.17%, a slight decrease of 0.49% year-on-year [1] - Net margin was 15.46%, down 0.24% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 566 million yuan, accounting for 43.39% of revenue, an increase of 3.38% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 2.562 billion yuan, down 3.93% year-on-year [1] - Accounts receivable slightly decreased to 333 million yuan, a decline of 0.92% year-on-year [1] - Interest-bearing liabilities increased to 416 million yuan, up 3.19% year-on-year [1] - Net asset value per share was 24.06 yuan, a decrease of 0.37% year-on-year [1] - Earnings per share fell to 0.91 yuan, down 9.90% year-on-year [1] - Operating cash flow per share was 1.3 yuan, a decrease of 6.89% year-on-year [1] Cash Flow Analysis - Net cash flow from investing activities showed a significant decline of 455.44%, primarily due to net outflows related to new large bank deposits [2] - Net cash flow from financing activities decreased by 87.47%, attributed to the absence of cash inflows from new share issuance and increased cash outflows related to share buybacks and privatization activities [2] Business Evaluation - The company's Return on Invested Capital (ROIC) for the previous year was 5.01%, indicating average capital returns [3] - Historical data shows a median ROIC of 8.49% since the company went public, suggesting a generally favorable investment return [3] - The company's net profit margin was reported at 13.95%, indicating a high value-added from its products or services [3] Business Model Insights - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors influencing this drive [4]