汉森制药2025年中报简析：增收不增利

Core Insights - Hansen Pharmaceutical (002412) reported a revenue increase but a decline in net profit for the first half of 2025, with total revenue reaching 509 million yuan, up 5.91% year-on-year, while net profit dropped by 31.8% to 68.54 million yuan [1] Financial Performance - Total revenue for Q2 2025 was 240 million yuan, reflecting a 5.81% increase year-on-year, while net profit for the same quarter rose by 35.64% to 57.28 million yuan [1] - Gross margin improved to 76.78%, up 2.91% year-on-year, while net margin decreased to 13.47%, down 35.61% [1] - Total operating expenses (selling, administrative, and financial) amounted to 227 million yuan, accounting for 44.62% of revenue, a decrease of 6.5% year-on-year [1] - Earnings per share (EPS) fell to 0.14 yuan, down 31.8% year-on-year, while operating cash flow per share increased significantly by 155.49% to 0.22 yuan [1] Balance Sheet Changes - Cash and cash equivalents increased by 30.64% to 144 million yuan, while accounts receivable decreased by 2.34% to 313 million yuan [1] - Interest-bearing debt decreased by 25.60% to 67.34 million yuan [1] Variations in Financial Items - Contract liabilities decreased by 54.37% due to a reduction in cash received related to sales contracts [2] - Prepayments decreased by 40.71% as previous year-end payments for R&D and raw materials were completed [2] - Accounts payable decreased by 39.78% due to increased payments for materials [2] - Income tax expenses increased by 85.04%, reflecting a rise in corporate income tax [3] Cash Flow Analysis - Net cash flow from operating activities increased by 155.49% due to higher cash receipts from sales [4] - Net cash flow from investing activities decreased significantly by 410.22% due to increased cash outflows for bank wealth management products [4] - Net cash flow from financing activities decreased by 121.27% as bank borrowings were reduced [4] Business Evaluation - The company's return on invested capital (ROIC) was 10.19%, indicating average capital returns, with a historical median ROIC of 8.4% over the past decade [5] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers of this performance [5] Accounts Receivable Concerns - The accounts receivable situation is noteworthy, with accounts receivable to profit ratio reaching 142.34% [6]