金石亚药2025年中报简析：净利润同比增长67.71%，盈利能力上升

Core Insights - The company Jinshi Yiyao (300434) reported a total revenue of 492 million yuan for the first half of 2025, a decrease of 5.8% year-on-year, while the net profit attributable to shareholders increased by 67.71% to 65.74 million yuan [1] - The second quarter of 2025 showed a revenue of 200 million yuan, reflecting a year-on-year increase of 25.77%, and a net profit of 2.89 million yuan, up 105.72% year-on-year [1] - The company's profitability improved, with a slight increase in gross margin and a significant rise in net margin [1] Financial Performance - Total revenue for 2025 was 492 million yuan, down from 522 million yuan in 2024, marking a decline of 5.8% [1] - Net profit attributable to shareholders rose to 65.74 million yuan from 39.20 million yuan, an increase of 67.71% [1] - The gross margin was 56.89%, a slight increase of 0.05% year-on-year, while the net margin improved significantly to 13.09%, up 79.86% [1] - Total expenses (selling, administrative, and financial) amounted to 172 million yuan, accounting for 34.95% of revenue, down 8.62% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents increased to 408 million yuan, a rise of 55.30% from 263 million yuan [1] - Accounts receivable rose to 107 million yuan, an increase of 18.44% from 90.76 million yuan [1] - The company’s interest-bearing debt surged to 133 million yuan, a significant increase of 403.44% from 26.37 million yuan [1] Earnings and Shareholder Metrics - Earnings per share (EPS) increased to 0.16 yuan from 0.10 yuan, reflecting a growth of 67.73% [1] - The net asset value per share rose to 6.19 yuan, up 3.78% from 5.96 yuan [1] - Operating cash flow per share improved significantly to 0.37 yuan from -0.22 yuan, a rise of 265.86% [1] Business Evaluation - The company's return on invested capital (ROIC) was 3.32%, indicating weak capital returns [3] - The historical median ROIC since listing is 6.74%, with a notably poor performance in 2020, where ROIC was -28.39% [3] - The company's business model relies heavily on marketing, necessitating further investigation into the underlying drivers of this approach [3] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 117.15% [3]