泽璟制药2025年中报简析：增收不增利

Core Viewpoint - ZaiJing Pharmaceutical (688266) reported a significant increase in revenue but continued to incur losses, with total revenue reaching 376 million yuan, a year-on-year increase of 56.07%, while net profit attributable to shareholders was -72.8 million yuan, a decline of 9.42% [1] Financial Performance - Total revenue for Q2 was 208 million yuan, up 57.04% year-on-year, while net profit for the same period was -44.5 million yuan, down 64.74% [1] - Gross margin stood at 89.67%, a decrease of 3.31% year-on-year, and net margin was -20.12%, an increase of 37.54% year-on-year [1] - Total sales, management, and financial expenses amounted to 236 million yuan, accounting for 62.8% of revenue, an increase of 15.17% year-on-year [1] - Earnings per share were -0.28 yuan, a decrease of 12.0% year-on-year, and operating cash flow per share was -0.06 yuan, down 115.12% year-on-year [1] Changes in Financial Items - Accounts receivable decreased by 100% due to the collection of receivables [2] - Right-of-use assets decreased by 44.77% due to adjustments based on lease agreements [3] - Other non-current assets increased by 737.57% due to increased prepayments for construction equipment [3] - Accounts payable increased by 72.78% due to an increase in bank acceptance bill settlements [4] - Contract liabilities changed due to the recognition of advance payments [6] - Other payables decreased by 57.26% due to installment payments for equity transfer to minority shareholders of subsidiary GENSUN [7] - Long-term borrowings increased by 183.42% due to new acquisition loans [9] Cash Flow and Debt Analysis - Operating cash flow showed a significant decline of 115.12%, impacted by differences in installment collections for exclusive marketing rights [11] - Investment cash flow decreased by 275.18% due to increased investment in the construction of the R&D production center [11] - Financing cash flow decreased by 41.59% due to installment payments for equity transfer to minority shareholders [11] Market Position and Future Outlook - The company has a poor historical return on invested capital (ROIC), with a median ROIC of -37.15% since its listing, indicating weak investment returns [11] - Analysts expect the company's performance in 2025 to be -20.21 million yuan, with an average earnings per share of -0.08 yuan [12] - The company has recently received attention for its new drug, JikaXini tablets, which has been approved for treating myelofibrosis, marking a significant milestone in its product pipeline [14]