联环药业2025年中报简析：增收不增利

Group 1 - The core viewpoint of the article highlights that Lianhuan Pharmaceutical (600513) has experienced revenue growth but a significant decline in profit, with total revenue reaching 1.285 billion yuan, a year-on-year increase of 14.12%, while net profit attributable to shareholders was -40.0284 million yuan, a year-on-year decrease of 163.65% [1] - In Q2, the company reported total revenue of 658 million yuan, reflecting a year-on-year increase of 9.99%, but the net profit attributable to shareholders was -63.0879 million yuan, a year-on-year decline of 307.92% [1] - The financial indicators show a gross margin of 38.8%, down 23.88% year-on-year, and a net margin of -2.52%, down 139.01% year-on-year [1] Group 2 - The company's return on invested capital (ROIC) for the previous year was 5.58%, indicating generally weak capital returns, with a median ROIC of 7.46% over the past decade [2] - The company's business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers of these aspects [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 22.49%, and the average operating cash flow over the past three years to current liabilities at just 7.97% [2]