浙江震元2025年中报简析：净利润同比增长29.27%，三费占比上升明显

Core Insights - Zhejiang Zhenyuan (000705) reported a significant decline in total revenue for the first half of 2025, with a year-on-year decrease of 34.49% to 1.283 billion yuan, while net profit attributable to shareholders increased by 29.27% to 56.26 million yuan [1][3] - The company's financial metrics showed a mixed performance, with a notable increase in gross margin to 25.42% and net margin to 4.38%, but a substantial rise in operating expenses [1][4] - The company is focusing on its core pharmaceutical business, including raw material production and innovative synthetic biology projects, which are expected to drive future growth [5][8] Financial Performance - Total revenue for 2025 was 1.283 billion yuan, down from 1.959 billion yuan in 2024, a decrease of 34.49% [1] - Net profit increased to 56.26 million yuan from 43.52 million yuan, reflecting a growth of 29.27% [1] - Gross margin improved to 25.42%, up 32.1% year-on-year, while net margin rose to 4.38%, an increase of 90.06% [1] - Operating expenses totaled 259 million yuan, accounting for 20.21% of revenue, a rise of 35.13% [1][4] Changes in Financial Items - Accounts receivable decreased by 45.16% due to the exclusion of Zhenyuan Pharmaceutical from the consolidated financial statements following a capital increase [3] - Contract assets dropped by 100% for the same reason, while inventory fell by 26.99% [3] - Long-term equity investments surged by 38,224.93% as Zhenyuan Pharmaceutical was reclassified [3] - Cash flow from operating activities decreased by 95.36%, attributed to reduced sales collections [4] Business Strategy and Outlook - The company is enhancing its pharmaceutical distribution and production capabilities, focusing on strategic partnerships, particularly with China Resources [5][7] - The synthetic biology project is expected to begin trial production in 2025, aiming to capture a share of the high-end amino acid market [6][9] - The company plans to leverage its existing biopharmaceutical expertise to advance its synthetic biology initiatives, which align with national strategic industry policies [8][9]