九典制药2025年中报简析：营收净利润同比双双增长

Financial Performance - Company reported a total revenue of 1.512 billion yuan for the first half of 2025, representing a year-on-year increase of 10.67% [1] - Net profit attributable to shareholders reached 291 million yuan, up 2.57% year-on-year [1] - Gross margin improved to 74.58%, an increase of 1.97% compared to the previous year [1] - Net margin decreased to 19.27%, down 7.32% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 670 million yuan, accounting for 44.29% of revenue, an increase of 1.71% year-on-year [1] Cash Flow and Financial Ratios - Operating cash flow per share decreased to 0.55 yuan, down 35.8% year-on-year [1] - The company’s return on invested capital (ROIC) was 20.24%, indicating strong capital returns [2] - Historical median ROIC since listing is 17.42%, with the lowest recorded ROIC in 2019 at 6.92% [2] Market Position and Strategy - Company is actively responding to market competition for its product, Loxoprofen Sodium Gel Patch, which has 11 competitors [3] - The company has established a comprehensive sales channel, particularly in the outpatient market, which is a new growth driver [3] - Continuous investment in research and development is emphasized to expand the product line and maintain industry leadership [3]