中国医药2025年中报简析：净利润同比下降16.19%

Financial Performance - China Medical's net profit decreased by 16.19% year-on-year, with total revenue of 17.076 billion yuan, down 6.71% [1] - For Q2, total revenue was 8.813 billion yuan, a decline of 7.51%, and net profit was 128 million yuan, down 37.81% [1] - Gross margin was 10.43%, a decrease of 4.3%, while net margin was 2.2%, down 15.35% [1] - Total expenses (selling, administrative, and financial) amounted to 1.025 billion yuan, accounting for 6.0% of revenue, a decrease of 9.92% [1] Key Financial Ratios - Earnings per share (EPS) was 0.20 yuan, down 16.2% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 4.27%, indicating weak capital returns [3] - The historical median ROIC over the past decade was 9.52%, suggesting average investment returns [3] Cash Flow and Receivables - Cash flow per share was -0.37 yuan, an increase of 26.5% year-on-year [1] - The ratio of cash and cash equivalents to current liabilities was only 26.34%, indicating potential liquidity concerns [4] - Accounts receivable reached 2756.59% of profit, raising concerns about collection efficiency [4]