立方制药2025年中报简析：净利润同比增长16.53%

Core Insights - The company reported a net profit increase of 16.53% year-on-year for the first half of 2025, despite a decline in total revenue [1] - Total revenue for the company was 732 million yuan, a decrease of 4.8% compared to the previous year [1] - The gross margin decreased to 64.25%, down 10.18% year-on-year, while the net margin improved to 12.5%, an increase of 26.51% [1] Financial Performance - Total revenue for 2024 was 769 million yuan, while for 2025 it was 732 million yuan, reflecting a decline of 4.8% [1] - The net profit attributable to shareholders increased from 77.43 million yuan in 2024 to 90.23 million yuan in 2025, marking a growth of 16.53% [1] - The company's operating cash flow per share rose to 0.51 yuan, a 24.5% increase year-on-year [1] Cost and Expenses - Total expenses for sales, management, and finance amounted to 336 million yuan, accounting for 45.85% of revenue, a decrease of 14.97% year-on-year [1] - Financial expenses saw a significant increase of 111.6%, attributed to rising costs at the subsidiary Norite [3] - Research and development expenses increased by 49.22%, primarily due to higher clinical trial costs [3] Profitability Metrics - The company's return on invested capital (ROIC) was reported at 7.82%, indicating average capital returns [3] - The historical median ROIC since the company went public is 16.1%, suggesting better investment returns in previous years [3] - The net profit margin for the previous year was 10.04%, indicating average value addition from products or services [3] Market Expectations - Analysts project the company's performance for 2025 to reach 212 million yuan, with an average earnings per share estimate of 1.11 yuan [3]