专利药贡献31亿，现金流大涨215%，以岭药业中报“双优” | 看财报

Core Viewpoint - Yiling Pharmaceutical reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, showcasing resilience in a competitive market environment [2][4]. Financial Performance - The company achieved operating revenue of 4.04 billion yuan, with a net profit attributable to shareholders of 668.54 million yuan, reflecting a year-on-year increase of 26.03% [3]. - The net profit growth was accompanied by a 27.08% increase in non-recurring net profit, reaching 641.36 million yuan [3]. - Earnings per share (EPS) rose to 0.4002 yuan, marking a 26.05% increase compared to the previous year [3]. Cash Flow and Financial Health - Operating cash flow significantly improved, reaching 832.04 million yuan, a remarkable increase of 214.97% year-on-year [4]. - The accounts receivable turnover days decreased from 100.68 days to 58.48 days, indicating enhanced collection efficiency and reduced receivable risk [4]. - The company's debt-to-asset ratio decreased from 32.38% to 21.81%, and the current ratio improved from 1.49 to 2.05, reflecting a stronger financial structure [5]. Business Growth and Product Development - Revenue from patented products reached 3.13 billion yuan, with a 53.2% year-on-year growth in second-line patented products, indicating a robust product pipeline [7]. - The company increased its R&D investment to 399 million yuan, representing 9.87% of revenue, continuing to lead the industry in innovation [8]. Innovation Pipeline - Yiling Pharmaceutical has several innovative drugs in various stages of development, including three 1.1 class traditional Chinese medicine (TCM) drugs that have been submitted for new drug application and five TCM drugs in phase II clinical trials [11]. - The company has maintained a strong pace in drug approvals, with five new TCM drugs approved in the last five years, positioning itself favorably in the global pharmaceutical landscape [11].