赛托生物2025年中报简析：净利润同比下降498.8%

Core Insights - The financial report of Saito Bio (300583) for the first half of 2025 shows a significant decline in net profit, down 498.8% year-on-year, with total revenue also decreasing by 10.39% [1] Financial Performance Summary - Total revenue for the first half of 2025 was 508 million yuan, a decrease from 567 million yuan in the same period of 2024, representing a decline of 10.39% [1] - The net profit attributable to shareholders was -52.69 million yuan, compared to a profit of 13.21 million yuan in the previous year, marking a decline of 498.8% [1] - The gross profit margin fell to 12.01%, down 53.45% year-on-year, while the net profit margin turned negative at -11.78%, a decrease of 614.8% [1] - Selling, administrative, and financial expenses totaled 68.58 million yuan, accounting for 13.51% of revenue, which is an 18.83% decrease from the previous year [1] - Earnings per share dropped to -0.28 yuan, a decline of 500% compared to the previous year [1] Changes in Financial Items - Right-of-use assets decreased by 84.9% due to a reduction in operating lease real estate business [3] - Lease liabilities saw a decline of 93.32%, also attributed to the decrease in operating lease real estate [3] - Other receivables decreased by 40.13% due to the timely recovery of export tax refunds [3] - Long-term deferred expenses were fully amortized, resulting in a 100% decrease [3] - Sales expenses decreased by 37.45% due to a reduction in the scope of consolidation following the sale of a foreign subsidiary [3] - Management expenses decreased by 32.13% due to both the sale of a foreign subsidiary and optimization of management processes [3] - Income tax expenses decreased by 60.99% due to a reduction in taxable income [3] Cash Flow and Debt Analysis - Net cash increase from cash and cash equivalents rose by 469.23%, driven by increased cash flow from financing activities [4] - The company has a cash flow situation that warrants attention, with cash and cash equivalents to current liabilities at only 32.36% [5] - The interest-bearing debt ratio has reached 26.27%, indicating a significant level of debt [5]