同仁堂2025年中报简析：增收不增利

Core Viewpoint - Tong Ren Tang (600085) reported an increase in revenue but a decrease in profit for the first half of 2025, indicating a challenging financial environment for the company [1] Financial Performance - Total revenue for the first half of 2025 reached 9.769 billion yuan, a slight increase of 0.06% year-on-year - Net profit attributable to shareholders was 945 million yuan, down 7.39% year-on-year - In Q2 2025, total revenue was 4.493 billion yuan, a decrease of 0.05% year-on-year, while net profit was 363 million yuan, down 18.38% year-on-year [1] Profitability Metrics - Gross margin stood at 44.29%, an increase of 0.89% year-on-year - Net margin decreased to 13.67%, down 11.92% year-on-year - Total selling, administrative, and financial expenses amounted to 2.51 billion yuan, accounting for 25.69% of revenue, an increase of 7.18% year-on-year [1] Cash Flow and Earnings - Earnings per share (EPS) was 0.69 yuan, a decrease of 7.39% year-on-year - Operating cash flow per share significantly increased to 1.42 yuan, up 13139.22% year-on-year - Net asset value per share rose to 9.79 yuan, an increase of 0.76% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 9.31%, indicating average capital returns - Historical data shows a median ROIC of 10.81% over the past decade, with the lowest being 9.29% in 2020 [3] Fund Holdings - The largest fund holding Tong Ren Tang is the Huatai-PineBridge CSI Traditional Chinese Medicine ETF, with 3.1597 million shares, which has reduced its holdings [4] - Other funds have shown varied changes in their positions, with some maintaining and others reducing their stakes in the company [4]