达安基因2025年中报简析：亏损收窄，三费占比上升明显

Core Viewpoint - Da An Gene's financial performance in the 2025 mid-year report shows a significant decline in revenue and a notable increase in net loss, indicating potential challenges in its business model and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 339 million yuan, a decrease of 15.44% year-on-year [1]. - The net profit attributable to shareholders was -182 million yuan, an increase in loss of 54.37% compared to the previous year [1]. - In Q2 2025, total revenue was 169 million yuan, down 16.15% year-on-year, with a net profit of -235 million yuan, reflecting a drastic decline of 554.32% [1]. - The gross margin was 33.04%, a decrease of 19.84% year-on-year, while the net margin was -56.15%, an improvement of 43.46% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 155 million yuan, accounting for 45.71% of total revenue, an increase of 88.17% year-on-year [1]. - Earnings per share were -0.13 yuan, an increase of 53.57% year-on-year, while operating cash flow per share was -0.01 yuan, a decrease of 153.35% year-on-year [1]. Business Model Insights - The company's performance is primarily driven by research and marketing efforts, necessitating a thorough examination of the underlying factors influencing these drivers [2].