之江生物2025年中报简析：净利润同比下降137.88%，三费占比上升明显

Financial Performance - The total revenue for ZhiJiang Bio (688317) in the 2025 mid-year report was 59.68 million yuan, a decrease of 36.91% year-on-year [1] - The net profit attributable to the parent company was -9.85 million yuan, representing a decline of 137.88% year-on-year [1] - The gross profit margin was 63.56%, down 14.76% year-on-year, while the net profit margin was -16.51%, a decrease of 160.04% year-on-year [1] - The total of selling, administrative, and financial expenses reached 26.31 million yuan, accounting for 44.09% of total revenue, an increase of 18137.82% year-on-year [1] - Earnings per share were -0.05 yuan, a decline of 135.71% year-on-year [1] Cash Flow and Debt - The company reported cash and cash equivalents of 2.506 billion yuan, a decrease of 9.42% year-on-year [1] - The accounts receivable decreased by 52.29% year-on-year to 39.89 million yuan [1] - Interest-bearing liabilities increased significantly by 12370.61% year-on-year to 2.666 million yuan [1] Business Evaluation - The company's historical median ROIC since its listing is 12.38%, with the worst year being 2024, which recorded a ROIC of -6.43% [2] - The company has experienced two years of losses since its listing, indicating a fragile business model [2] Fund Holdings - The largest fund holding ZhiJiang Bio is Dachen Jingheng Mixed A, with a scale of 397 million yuan and a recent net value of 3.405, which has increased by 97.9% over the past year [4] Research and Development - The company is focusing on vertical integration, extending its product, industry, and value chains, particularly in the development of innovative antibody drugs for cancer and autoimmune diseases [4] - The company has successfully screened several antibody drug molecules, with one entering the invention patent acceptance stage [4]