同和药业2025年中报简析：增收不增利

Financial Performance - The company reported a total revenue of 427 million yuan for the first half of 2025, an increase of 11.88% year-on-year [1] - The net profit attributable to shareholders was 58.49 million yuan, a decrease of 15.91% compared to the previous year [1] - The gross margin was 31.45%, down 8.91% year-on-year, while the net margin was 13.68%, a decline of 24.84% [1] - In Q2 2025, the total revenue reached 241 million yuan, up 36.98% year-on-year, and the net profit attributable to shareholders was 37.71 million yuan, an increase of 45.08% [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 3.15%, indicating weak capital returns [3] - The historical median ROIC since the company went public is 6.78%, suggesting average investment returns [3] - The company's net profit margin last year was 14.04%, indicating high added value in products or services [3] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 18.22 million yuan, accounting for 4.26% of revenue, a decrease of 16.3% year-on-year [1] - The company’s cash flow from operations per share was 0.30 yuan, an increase of 50.94% year-on-year [1] Market and Investment Insights - The company has a significant amount of accounts receivable, with accounts receivable to profit ratio reaching 105.7% [3] - Analysts expect the company's performance in 2025 to reach 131 million yuan, with an average earnings per share of 0.31 yuan [3] Fund Holdings - The largest fund holding shares in the company is the Xiangcai Medical Health Mixed A Fund, with 235,000 shares held [4] - The fund's current scale is 0.13 billion yuan, with a recent net value of 1.711, reflecting a 2.11% increase from the previous trading day [5] External Factors - The company has a low direct export ratio to the U.S., suggesting minimal impact from U.S. tariffs on raw material exports [6] - Indirect business may be affected by U.S. tariffs, with domestic and Indian manufacturers cautious about exporting to the U.S. due to tariff uncertainties [6]