福安药业2025年中报简析：净利润同比下降47.74%

Financial Performance - The company reported a significant decline in net profit, down 47.74% year-on-year, with a total revenue of 921 million yuan, a decrease of 35.76% compared to the previous year [1] - In Q2, the total revenue was 453 million yuan, reflecting a year-on-year decline of 27.39%, while the net profit for the same period was 44.07 million yuan, down 53.1% [1] - The gross margin decreased to 37.14%, a drop of 30.41% year-on-year, and the net margin fell to 12.25%, down 18.58% [1] Key Financial Metrics - The company’s operating expenses, including sales, management, and financial costs, totaled 205 million yuan, accounting for 22.31% of revenue, a decrease of 36.14% year-on-year [1] - Earnings per share (EPS) decreased to 0.1 yuan, down 44.44% year-on-year, while operating cash flow per share dropped significantly to 0.05 yuan, a decline of 75.28% [1] - The company’s return on invested capital (ROIC) was reported at 5.36%, indicating a generally weak capital return performance over recent years [3] Business Model and Market Position - The company’s business model is primarily driven by marketing, which requires careful analysis of the underlying factors influencing this drive [3] - Historical data indicates that the company has experienced weak investment returns, with a median ROIC of 4.52% over the past decade and two years of losses since its IPO [3]