Yifeng Pharmary(SH:603939) Zheng Quan Zhi Xing·2025-08-29 22:42Core Insights - Yifeng Pharmacy (603939) reported a slight decline in total revenue for the first half of 2025, with a total revenue of 11.722 billion yuan, down 0.34% year-on-year, while net profit attributable to shareholders increased by 10.32% to 880 million yuan [1][3]. Financial Performance - The company's gross margin improved to 40.47%, an increase of 1.04% year-on-year, and the net profit margin rose to 8.07%, up 10.35% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 3.5 billion yuan, accounting for 29.86% of revenue, a decrease of 1.36% year-on-year [1]. - Earnings per share (EPS) increased by 10.61% to 0.73 yuan, while operating cash flow per share decreased by 13.83% to 1.29 yuan [1]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 11.65%, indicating average capital returns, with a historical median ROIC of 10.28% since its listing [3]. - The net profit margin for the previous year was 6.87%, suggesting that the added value of the company's products or services is average [3]. Cash Flow and Receivables - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 91.54% [4]. - Accounts receivable have reached 104.7% of profits, indicating potential issues with cash collection [4]. Fund Holdings - The largest fund holding Yifeng Pharmacy is the Anxin Value Select Stock A, with 2.5933 million shares, which has increased its position [5]. - Other funds, such as Penghua Quality Governance LOF and Huafu Growth Trend Mixed A, have also increased their holdings in Yifeng Pharmacy [5].