海特生物2025年中报简析：净利润同比下降72.1%

Core Viewpoint - Hite Bio's financial performance in the 2025 mid-year report shows significant declines in net profit and revenue, indicating potential challenges for the company moving forward [1][5]. Financial Performance Summary - The total operating revenue for Hite Bio in the 2025 mid-year report was 275 million yuan, a decrease of 3.36% compared to the previous year [1]. - The net profit attributable to shareholders was -39.18 million yuan, reflecting a year-on-year decline of 72.1% [1]. - The gross profit margin decreased to 40.74%, down 11.0% from the previous year [1]. - The net profit margin was -14.62%, a significant drop of 70.21% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 121 million yuan, accounting for 43.85% of revenue, a slight increase of 0.3% [1]. - The earnings per share were -0.30 yuan, a decrease of 76.47% compared to the previous year [1]. Cash Flow and Financial Ratios - The net cash flow from operating activities showed a drastic decline of 292.07%, primarily due to a reduction in government subsidies received [3]. - The net cash flow from financing activities decreased by 93.9%, attributed to cash dividend payments [4]. - The average operating cash flow over the past three years relative to current liabilities is only 14.48%, indicating potential liquidity concerns [7]. Investment Returns and Historical Performance - The company's historical return on invested capital (ROIC) has been generally low, with a median ROIC of 3.65% since its listing, and a particularly poor ROIC of -5.43% in 2023 [5]. - Hite Bio has reported negative net profits in four out of its seven annual reports since going public, suggesting a pattern of financial instability [5].