灵康药业（603669）2025年中报简析：营收上升亏损收窄

Core Viewpoint - Lingkang Pharmaceutical (603669) reported an increase in revenue and a reduction in losses for the first half of 2025, indicating a positive trend in financial performance despite ongoing challenges [1]. Financial Performance Summary - Total operating revenue reached 172 million yuan, a year-on-year increase of 21.3% [1]. - Net profit attributable to shareholders was -35.73 million yuan, improving by 11.55% year-on-year [1]. - In Q2 2025, operating revenue was 121 million yuan, up 88.01% year-on-year, while net profit attributable to shareholders was -17.11 million yuan, an increase of 29.75% year-on-year [1]. Key Financial Metrics - Gross margin stood at 17.88%, a decrease of 60.33% year-on-year [1]. - Net margin was -20.82%, an improvement of 27.08% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 61.80 million yuan, accounting for 36.01% of revenue, down 39.34% year-on-year [1]. - Earnings per share were -0.05 yuan, reflecting a 16.67% improvement year-on-year [1]. Significant Changes in Financial Items - The decrease in trading financial assets by 57.0% was due to the maturity of financial products [3]. - Prepayments decreased by 91.96% as a result of reduced advance payments for goods [3]. - Accounts receivable increased by 224.22%, indicating a rise in outstanding payments [3]. - Inventory rose by 75.09% due to increased purchases [3]. - The company reported a significant increase in accounts payable by 68.35%, attributed to higher outstanding procurement payments [3]. Cash Flow and Debt Analysis - The net cash flow from operating activities showed a significant decline of 78.86%, primarily due to reduced maturity redemptions of financial products [4]. - Financing activities generated a net cash flow increase of 102.22%, as the company reduced loan repayments [4]. - The company has a historical average of negative operating cash flow, raising concerns about its liquidity and debt management [4].