亚太药业2025年中报简析：净利润同比增长1820.97%，三费占比上升明显

Core Viewpoint - The recent financial report of Asia-Pacific Pharmaceutical (002370) shows a significant decline in total revenue but a remarkable increase in net profit, indicating a complex financial situation with rising costs impacting overall performance [1]. Financial Performance - Total revenue for the first half of 2025 was 152 million yuan, a decrease of 31.48% year-on-year [1]. - Net profit attributable to shareholders reached 105 million yuan, an increase of 1820.97% year-on-year [1]. - In Q2 2025, total revenue was 87.52 million yuan, down 19.86% year-on-year, while net profit was 113 million yuan, up 1233.32% year-on-year [1]. - Gross margin was 31.66%, a slight decrease of 0.58% year-on-year, while net margin surged to 69.16%, an increase of 2703.45% year-on-year [1]. Cost Structure - The combined expenses (selling, administrative, and financial) accounted for 55.54% of total revenue, an increase of 84.8% year-on-year, totaling 84.46 million yuan [1]. - The company’s financial expenses relative to operating cash flow have reached 115.46% over the past three years, indicating potential concerns regarding financial management [3]. Asset Management - Cash assets remain healthy, with cash and cash equivalents reported at 625 million yuan, down 8.91% year-on-year [1][2]. - Accounts receivable increased by 29.81% year-on-year, reaching 96.91 million yuan, which raises concerns as it represents 283.04% of profit [3]. Shareholder Metrics - Earnings per share (EPS) increased to 0.14 yuan, a rise of 1300.00% year-on-year [1]. - Book value per share rose to 1.51 yuan, an increase of 106.1% year-on-year [1]. - Operating cash flow per share decreased to 0.04 yuan, down 29.66% year-on-year [1]. Business Model and Market Position - The company’s performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors influencing this drive [2]. - Historical data indicates a weak return on invested capital (ROIC) of 4.16% last year, with a median ROIC of 4.38% over the past decade, suggesting challenges in capital efficiency [1].