奥翔药业2025年中报简析：净利润同比下降5.83%

Core Viewpoint - Aoxiang Pharmaceutical (603229) reported a decline in net profit and revenue for the first half of 2025, indicating challenges in financial performance compared to the previous year [1] Financial Performance Summary - Total revenue for H1 2025 was 482 million yuan, a decrease of 2.14% year-on-year [1] - Net profit attributable to shareholders was 169 million yuan, down 5.83% year-on-year [1] - In Q2 2025, total revenue was 175 million yuan, reflecting an 8.48% decline year-on-year [1] - Q2 net profit was 50.15 million yuan, a significant drop of 25.54% year-on-year [1] Key Financial Metrics - Gross margin stood at 58.16%, a decrease of 2.76% year-on-year [1] - Net margin was 35.14%, down 3.77% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 38.91 million yuan, accounting for 8.07% of revenue, a slight increase of 0.13% year-on-year [1] - Earnings per share (EPS) was 0.20 yuan, a decrease of 9.09% year-on-year [1] - Cash flow per share was 0.05 yuan, down 16.7% year-on-year [1] Asset and Liability Overview - Cash and cash equivalents increased to 1.147 billion yuan, a rise of 15.89% year-on-year [1] - Accounts receivable decreased to 280 million yuan, down 8.62% year-on-year [1] - Interest-bearing debt rose to 331 million yuan, an increase of 64.41% year-on-year [1] Investment Return Metrics - The company's return on invested capital (ROIC) for the previous year was 7.79%, indicating average capital returns [3] - Historical median ROIC since listing is 11.16%, suggesting generally good investment returns [3] Debt Servicing Capability - The company maintains a healthy cash asset position, indicating strong debt servicing capability [3] Accounts Receivable Concern - The accounts receivable to profit ratio has reached 135.48%, suggesting potential issues in collection efficiency [4] Analyst Expectations - Analysts project 2025 earnings to be around 271 million yuan, with an average EPS forecast of 0.33 yuan [4]