Getein Biotech(SH:603387) Zheng Quan Zhi Xing·2025-08-30 23:27Core Viewpoint - The financial performance of 基蛋生物 (603387) for the first half of 2025 shows a significant decline in revenue and net profit compared to the previous year, indicating challenges in the domestic market and potential issues with accounts receivable management [1][6]. Financial Performance Summary - Total revenue for the first half of 2025 was 513 million yuan, a decrease of 17.0% year-on-year [1]. - Net profit attributable to shareholders was 109 million yuan, down 25.88% from the previous year [1]. - The gross margin was 69.36%, slightly up by 0.14% year-on-year, while the net margin fell to 20.05%, a decrease of 17.95% [1]. - The total of selling, administrative, and financial expenses was 146 million yuan, accounting for 28.39% of revenue, a slight decrease of 0.92% year-on-year [1]. - Earnings per share decreased to 0.21 yuan, down 27.59% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 786 million yuan, representing 177.8% of the latest annual net profit, indicating a high level of receivables relative to profit [1][14]. - Operating cash flow per share was 0.29 yuan, down 9.74% year-on-year, reflecting reduced cash inflows from sales [1][10]. Changes in Financial Items - Significant changes in financial items included a 15.79% increase in trading financial assets due to an increase in investment bank financial products [2]. - A 42.15% decrease in accounts receivable financing was noted, attributed to a reduction in bank acceptance bills [2]. - Short-term borrowings increased by 18.87%, indicating a rise in short-term debt [3]. Cost Management - Operating costs decreased by 17.26%, in line with the drop in revenue [7]. - Sales expenses fell by 22.91% due to cost control measures, including reductions in travel and promotional expenses [7]. - Research and development expenses decreased by 9.66%, reflecting improved management and optimization of R&D projects [9]. Business Model and Market Position - The company's performance is primarily driven by R&D and marketing efforts, necessitating a thorough examination of the underlying factors influencing these drivers [13]. - The return on invested capital (ROIC) for the previous year was 5.96%, indicating average capital returns, with a historical median ROIC of 21.97% since its listing [12].