誉衡药业2025年中报简析：净利润同比增长7.56%

Core Insights - Yuheng Pharmaceutical (002437) reported a net profit increase of 7.56% year-on-year for the first half of 2025, despite a decline in total revenue [1] - The company's total revenue for the reporting period was 1.1 billion yuan, down 9.97% year-on-year, while the net profit attributable to shareholders reached 134 million yuan [1] Financial Performance - Total revenue for Q2 2025 was 548 million yuan, a decrease of 12.72% year-on-year, with a net profit of approximately 74.17 million yuan, up 2.04% year-on-year [1] - Gross margin stood at 47.29%, down 12.47% year-on-year, while net margin increased to 12.5%, up 16.06% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 352 million yuan, accounting for 31.98% of revenue, a decrease of 22.15% year-on-year [1] - Earnings per share (EPS) was 0.06 yuan, reflecting a 10.25% increase year-on-year, while operating cash flow per share was 0.07 yuan, down 22.27% year-on-year [1] Historical Performance - The company's return on invested capital (ROIC) was 11.11% last year, indicating average capital returns [3] - Historical data shows a median ROIC of 5.7% over the past decade, with a particularly poor performance in 2019, where ROIC was -41.1% [3] - The company has reported losses in two of its 14 annual reports since going public, suggesting a fragile business model [3] Business Model - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors behind this drive [4] Cash Flow and Financial Health - The cash flow situation is a point of concern, with cash and cash equivalents covering only 87.9% of current liabilities [5]