KANGHUA BIOLOGICAL(SZ:300841) Zheng Quan Zhi Xing·2025-08-26 22:39Core Viewpoint - Kanghua Biological's recent financial report for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges ahead for the company [1]. Financial Performance - Total revenue for the first half of 2025 was 484 million yuan, a decrease of 34.7% year-on-year [1]. - Net profit attributable to shareholders was 115 million yuan, down 62.64% compared to the previous year [1]. - In Q2 2025, total revenue was 346 million yuan, reflecting a year-on-year decline of 19.49% [1]. - Q2 net profit attributable to shareholders was 93.81 million yuan, a decrease of 40.28% year-on-year [1]. - The gross margin was 92.78%, down 2.08% year-on-year, while the net margin was 23.67%, down 42.79% [1]. - Total expenses (selling, administrative, and financial) amounted to 254 million yuan, accounting for 52.44% of total revenue, an increase of 51.39% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) for the first half of 2025 was 0.88 yuan, a decline of 61.76% year-on-year [1]. - Operating cash flow per share was 0.49 yuan, down 62.36% year-on-year [1]. - The company's return on invested capital (ROIC) for the previous year was 10.68%, with a median ROIC since listing of 25.46% [3]. Shareholder and Fund Activity - The largest fund holding Kanghua Biological is the Huaxia Industry Prosperity Mixed Fund, which has a scale of 7.261 billion yuan and has seen a 85.53% increase over the past year [5]. - The fund manager is Zhong Shuai, and the fund's latest net value is 4.3354 as of August 26 [5]. Control Change - A recent change in control involves Wanke Xin Biological acquiring shares from Wang Zhentao and Aokang Group, resulting in Wanke Xin holding 29.9893% of voting rights [6]. - This change is pending regulatory reviews and is expected to enhance the company's competitive strength [6].