海南海药2025年中报简析：亏损收窄，短期债务压力上升

Core Viewpoint - Hainan Haiyao (000566) reported a decline in total revenue and a negative net profit for the first half of 2025, indicating financial challenges despite some improvements in quarterly performance [1]. Financial Performance - Total revenue for the first half of 2025 was 450 million yuan, a decrease of 24.12% year-on-year [1]. - The net profit attributable to shareholders was -158 million yuan, an increase of 20.97% year-on-year [1]. - In Q2 2025, total revenue was 244 million yuan, up 5.76% year-on-year, while the net profit attributable to shareholders was -89.94 million yuan, an increase of 51.24% year-on-year [1]. - Gross margin was 28.3%, down 16.03% year-on-year, and net margin was -38.2%, down 6.51% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 278 million yuan, accounting for 61.63% of revenue, an increase of 19.16% year-on-year [1]. Cash Flow and Debt Situation - The company faced increased short-term debt pressure, with a current ratio of 0.33 [1]. - Cash and cash equivalents were 341 million yuan, a slight increase of 0.82% year-on-year [1]. - The company’s interest-bearing debt was 2.858 billion yuan, a decrease of 14.52% year-on-year [1]. Investment Returns and Business Model - The company's historical return on invested capital (ROIC) has been weak, with a median of 1.49% over the past decade and a particularly poor ROIC of -29.55% in 2024 [3]. - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers of this approach [3]. Financial Health Indicators - Cash flow indicators suggest potential concerns, with cash as a percentage of total assets at 8.91% and cash as a percentage of current liabilities at 13.53% [4]. - The interest-bearing debt ratio reached 46.61%, indicating significant leverage [4]. - Financial expenses were notably high, with financial expenses to average operating cash flow over the past three years at 231.05% [4].