前沿生物2025年中报简析：营收上升亏损收窄，盈利能力上升

Financial Performance - The company reported total revenue of 58.64 million yuan for the first half of 2025, an increase of 14.85% year-on-year [1] - The net profit attributable to shareholders was -97.35 million yuan, showing a year-on-year improvement of 39.33% [1] - In Q2 2025, total revenue reached 30.31 million yuan, up 14.78% year-on-year, while the net profit attributable to shareholders was -53.23 million yuan, an increase of 49.18% year-on-year [1] Profitability Metrics - The gross margin for the reporting period was 30.99%, reflecting a year-on-year increase of 0.91% [1] - The net margin improved to -166.02%, a significant year-on-year increase of 47.18% [1] - Total selling, administrative, and financial expenses amounted to 69.20 million yuan, accounting for 118.01% of revenue, a decrease of 19.45% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) improved to -0.26 yuan, a year-on-year increase of 39.53% [1] - The company’s net asset per share decreased to 2.79 yuan, down 11.69% year-on-year [1] - The operating cash flow per share was -0.26 yuan, a decrease of 10.13% year-on-year [1] Debt and Cash Flow Analysis - The company’s cash assets are considered healthy, but the average operating cash flow over the past three years is -72.77% of current liabilities [3] - The interest-bearing debt ratio reached 21.07%, indicating a concerning debt situation [3] - Historical data shows a median Return on Invested Capital (ROIC) of -12.89%, with the worst year being 2018 at -42.92% [3] Fund Holdings - The largest fund holding in the company is the Huatai-PineBridge Year-on-Year Stable Mixed A Fund, which holds 6,700 shares [4] - The fund's current scale is 0.86 billion yuan, with a recent net value of 1.2939 as of August 29, showing a 4.7% increase over the past year [4]