新光药业2025年中报简析：净利润同比增长25.09%，盈利能力上升

Core Viewpoint - New Light Pharmaceutical (300519) reported a mixed performance in its 2025 mid-year financial results, with a decline in total revenue but an increase in net profit and profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 was 141 million yuan, a decrease of 3.6% year-on-year [1] - Net profit attributable to shareholders reached 31.91 million yuan, an increase of 25.09% year-on-year [1] - In Q2 2025, total revenue was 47.69 million yuan, up 4.44% year-on-year, while net profit was 7.37 million yuan, up 175.12% year-on-year [1] Profitability Metrics - Gross margin improved to 36.6%, reflecting a year-on-year increase of 7.64% [1] - Net margin increased to 22.64%, showing a year-on-year growth of 29.77% [1] - The total of selling, administrative, and financial expenses was 9.46 million yuan, accounting for 6.71% of revenue, down 38.08% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) rose to 0.20 yuan, a 25.0% increase year-on-year [1] - Operating cash flow per share was 0.23 yuan, reflecting a year-on-year increase of 35.76% [1] - Net asset value per share increased to 5.09 yuan, up 1.15% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) was 3.79% last year, indicating weak capital returns [3] - Historical data shows a median ROIC of 13.56% since the company went public, suggesting better investment returns in the past [3] Debt and Liquidity - The company maintains a healthy cash position, with cash assets reported as robust [4]