仙琚制药2025年中报简析：净利润同比下降9.26%

Core Viewpoint - Xianju Pharmaceutical (002332) reported a decline in net profit by 9.26% year-on-year for the first half of 2025, with total revenue also decreasing by 12.56% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 1.869 billion yuan, down 12.56% from 2.138 billion yuan in 2024 - Net profit attributable to shareholders was 308 million yuan, a decrease of 9.26% from 340 million yuan in the previous year - In Q2 2025, total revenue was 861 million yuan, reflecting a 21.72% decline year-on-year, while net profit for the quarter was 164 million yuan, down 12.89% [1] Profitability Metrics - Gross margin improved to 63.16%, an increase of 15.17% year-on-year - Net margin decreased to 15.84%, down 2.6% from the previous year - Total selling, administrative, and financial expenses amounted to 707 million yuan, representing 37.84% of revenue, an increase of 29.78% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents were reported at 1.314 billion yuan, a slight increase of 0.14% from 1.312 billion yuan - Accounts receivable rose to 660 million yuan, up 5.97% from 622 million yuan - Interest-bearing debt surged to 370 million yuan, a significant increase of 116.74% from 171 million yuan [1] Earnings Per Share - Earnings per share (EPS) decreased to 0.31 yuan, down 9.26% from 0.34 yuan in the previous year - Operating cash flow per share was reported at -0.00 yuan, a drastic decline of 100.35% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 6.23%, indicating average capital returns - Historical data shows a median ROIC of 8.99% over the past decade, with the lowest ROIC recorded in 2024 [3] Fund Holdings - The largest fund holding Xianju Pharmaceutical is the Fortune Optimized Enhanced Bond A/B, with 4.2 million shares newly entered into the top ten holdings - The fund's current scale is 1.999 billion yuan, with a recent net value of 2.098, reflecting a 1.13% decline from the previous trading day and a 47.85% increase over the past year [4]