Core Viewpoint - The recent financial report of Weikang Pharmaceutical (300878) indicates a significant decline in revenue and profit, highlighting challenges in the company's business model and financial health [1][2]. Financial Performance Summary - As of the latest report, the total revenue is 115 million yuan, a year-on-year decrease of 61.42% [1]. - The net profit attributable to shareholders is -64.22 million yuan, reflecting a year-on-year decline of 552.5% [1]. - In the second quarter, total revenue was 44.79 million yuan, down 53.84% year-on-year, with a net profit of -54.36 million yuan, a decrease of 435.99% [1]. - The gross margin is reported at 21.77%, a drop of 57.76% compared to the previous year [1]. - The net margin stands at -56.13%, a significant decline of 1143.2% year-on-year [1]. - Total expenses (selling, administrative, and financial) reached 76.46 million yuan, accounting for 66.74% of total revenue, an increase of 53.54% year-on-year [1]. - Earnings per share are reported at -0.44 yuan, a decrease of 546.63% year-on-year [1]. Asset and Liability Overview - Cash and cash equivalents decreased to 273 million yuan, down 14.84% year-on-year [1]. - Accounts receivable fell to 114 million yuan, a decline of 56.57% [1]. - Interest-bearing liabilities decreased to 272 million yuan, down 20.35% year-on-year [1]. - The net asset value per share is reported at 7.41 yuan, a decrease of 18.58% [1]. Business Model Evaluation - The company's performance is primarily driven by marketing efforts, indicating a need for a deeper analysis of the underlying factors supporting this drive [2]. - Historical data shows a median Return on Invested Capital (ROIC) of 21.68%, with the worst year (2024) showing a ROIC of -8.38%, suggesting a fragile business model [2]. - The company has experienced two loss years since its listing, indicating potential vulnerabilities in its business operations [2].
维康药业2025年中报简析：净利润同比下降552.5%，三费占比上升明显