亚虹医药2025年中报简析：营收上升亏损收窄

Core Viewpoint - Recently, Yahuang Pharmaceutical (688176) reported its 2025 mid-year financial results, showing revenue growth and a reduction in losses compared to the previous year [1]. Financial Performance - The total operating revenue for the company reached 130 million yuan, an increase of 61.8% year-on-year [1]. - The net profit attributable to shareholders was -162 million yuan, improving by 11.84% year-on-year [1]. - In Q2, the operating revenue was 69.14 million yuan, up 23.08% year-on-year, while the net profit attributable to shareholders was -78.68 million yuan, an increase of 22.2% year-on-year [1]. - Gross margin stood at 73.17%, down 6.86% year-on-year, while the net margin was -130.54%, an increase of 42.99% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 163 million yuan, accounting for 124.94% of revenue, a decrease of 2.96% year-on-year [1]. - The company's cash flow per share was -0.34 yuan, an increase of 20.0% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -17.43% since its listing, and the worst year being 2019 with a ROIC of -452.96% [3]. - The company has reported losses in 7 out of 10 years since its listing, indicating a generally unfavorable investment outlook [3]. Debt and Cash Flow - The company has a healthy cash asset position, but its operating cash flow has been negative over the past three years, averaging -130.32% of current liabilities [4]. - The accounts receivable increased significantly by 132.4% year-on-year, raising concerns about cash flow management [1][4]. Product Development - The company is advancing its product APL-1702, which is aimed at treating high-grade squamous intraepithelial lesions (HSIL) in patients aged 18 and above, with the application for market approval currently under review [5]. - The potential market for HSIL treatment in China is estimated at around 2.1 million patients, with expectations for continued growth over the next decade [5]. - The company is preparing for commercialization, including market accessibility studies and policy communications to enhance patient benefits [5].