浙江医药2025年中报简析：净利润同比增长113.52%，盈利能力上升

Financial Performance - Zhejiang Medicine reported total revenue of 4.323 billion yuan for the first half of 2025, a decrease of 1.87% year-on-year [1] - The net profit attributable to shareholders reached 673 million yuan, an increase of 113.52% year-on-year [1] - The gross profit margin improved to 39.82%, up 12.5% year-on-year, while the net profit margin increased to 14.45%, up 149.25% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 557 million yuan, accounting for 12.88% of revenue, a decrease of 24.4% year-on-year [1] - The company reported a significant increase in operating cash flow per share to 0.83 yuan, up 281.2% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 84.42% to 2.709 billion yuan due to higher sales collections [1] - Accounts receivable rose by 13.57% to 1.585 billion yuan, indicating a potential concern regarding receivables management [1] - The company’s total liabilities increased by 13% to 905.1 million yuan [1] Investment and Returns - The return on invested capital (ROIC) for the previous year was 9.14%, indicating average capital returns [8] - The average earnings per share (EPS) forecast for 2025 is 1.14 yuan, with analysts expecting a net profit of 1.092 billion yuan [8] Shareholder Information - Several funds have newly entered the top ten shareholders of Zhejiang Medicine, indicating growing interest from institutional investors [9]