GemPharmatech (SH:688046) Zheng Quan Zhi Xing·2025-08-23 22:58Core Viewpoint - The recent financial report of Yaokang Biotechnology (688046) shows a mixed performance with a revenue increase but a decline in net profit, highlighting potential concerns regarding accounts receivable and overall profitability [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 375 million yuan, a year-on-year increase of 10.11% compared to 340 million yuan in 2024 [1] - Net profit attributable to shareholders was 70.91 million yuan, down 7.12% from 76.34 million yuan in the previous year [1] - The gross profit margin was 64.27%, a slight decrease of 0.39% from 64.52% [1] - The net profit margin fell to 18.92%, down 15.65% from 22.43% [1] - The company reported a significant increase in accounts receivable, which reached 415 million yuan, up 15.83% from 358 million yuan [1] - The company's cash flow from operating activities showed a remarkable increase of 135.04%, reaching 0.04 yuan per share [1] Expense and Asset Management - Total expenses (selling, administrative, and financial) amounted to 112 million yuan, accounting for 29.93% of revenue, a decrease of 2.41% from the previous year [1] - The company experienced a 32.24% decrease in cash and cash equivalents, totaling 522 million yuan, attributed to increased investments in financial products [1] - Short-term borrowings surged by 173.27%, indicating a reliance on bank loans for liquidity [8] Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 4.42%, indicating weak capital returns, while the historical median ROIC since listing stands at 10.76% [10] - The company’s business model relies heavily on research and marketing, necessitating further investigation into the sustainability of these drivers [10] - The largest fund holding Yaokang Biotechnology is Tianhong Medical Innovation A, with a current scale of 707 million yuan and a recent net value increase of 1.12% [10]