天新药业2025年中报简析：营收净利润同比双双增长

Core Viewpoint - Tianxin Pharmaceutical (603235) reported a year-on-year increase in both revenue and net profit for the first half of 2025, although there was a decline in the second quarter figures compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 1.122 billion yuan, up 5.23% from 1.067 billion yuan in the same period of 2024 [1] - Net profit attributable to shareholders was 356 million yuan, reflecting a 3.14% increase from 345 million yuan in the previous year [1] - The second quarter saw total revenue of 503 million yuan, a decrease of 12.0% year-on-year, and net profit of 137 million yuan, down 30.45% [1] Profitability Metrics - Gross margin improved to 47.83%, an increase of 13.72% year-on-year, while net margin slightly decreased to 31.72%, down 1.98% [1] - Total selling, administrative, and financial expenses amounted to 71.5184 million yuan, representing 6.37% of revenue, a significant increase of 3588.88% [1] Shareholder Metrics - Earnings per share (EPS) rose to 0.82 yuan, a 3.8% increase from 0.79 yuan [1] - Net asset value per share increased to 10.69 yuan, up 8.16% from 9.87 yuan [1] - Operating cash flow per share improved significantly to 0.78 yuan, a 75.16% increase from 0.45 yuan [1] Investment Returns - The company's return on invested capital (ROIC) was reported at 13.09%, indicating strong capital returns [3] - Historical data shows a median ROIC of 40.01% since the company went public, with the lowest ROIC recorded in 2023 at 9.6% [3] Business Model Insights - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [3]