山河药辅2025年中报简析：增收不增利

Core Viewpoint - Shanhe Pharmaceutical Auxiliary (300452) reported a mixed financial performance for the first half of 2025, with revenue growth but a decline in net profit [1] Financial Performance Summary - Total operating revenue reached 471 million yuan, a year-on-year increase of 4.65% [1] - Net profit attributable to shareholders was 93.03 million yuan, down 2.61% year-on-year [1] - In Q2 2025, operating revenue was 223 million yuan, up 5.06% year-on-year, while net profit was 45.86 million yuan, a slight increase of 0.31% [1] - Gross margin decreased to 32.32%, down 3.4% year-on-year, and net margin fell to 19.8%, down 7.48% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 35.03 million yuan, accounting for 7.44% of revenue, a decrease of 1.31% year-on-year [1] - Earnings per share (EPS) was 0.40 yuan, down 2.44% year-on-year, while operating cash flow per share increased significantly by 108.53% to 0.34 yuan [1] Cash Flow Analysis - Net cash flow from operating activities increased by 108.53%, attributed to higher cash receipts from sales and tax refunds [2] - Net cash flow from investing activities decreased by 176.15%, due to increased cash payments for purchasing financial products and construction projects [2] Business Evaluation - The company's return on invested capital (ROIC) was 10.53%, indicating average capital returns, with a historical median ROIC of 14.43% since its listing [2] - The net profit margin for the previous year was 13.66%, suggesting a high added value for products or services [2] - The company has a healthy cash asset position, but attention is needed on accounts receivable, which reached 112.27% of profit [2]