Sansure Biotech(SH:688289) Zheng Quan Zhi Xing·2025-08-30 23:27Core Viewpoint - Shengxiang Biology (688289) reported a revenue increase of 21.15% year-on-year for the first half of 2025, reaching 869 million yuan, while net profit rose by 3.84% to 163 million yuan. However, the second quarter saw a decline in net profit by 6.21% compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 869 million yuan, up from 717 million yuan in 2024, marking a 21.15% increase [1]. - Net profit attributable to shareholders reached 163 million yuan, compared to 157 million yuan in 2024, reflecting a 3.84% increase [1]. - The gross profit margin decreased to 73.28%, down 5.15% year-on-year, while the net profit margin fell to 16.43%, a decline of 13.15% [1]. - Total expenses (selling, administrative, and financial) amounted to 347 million yuan, accounting for 39.94% of revenue, a decrease of 5.03% year-on-year [1]. - Earnings per share increased to 0.28 yuan, up 3.7% from 0.27 yuan in 2024 [1]. Accounts Receivable and Cash Flow - Accounts receivable reached 762 million yuan, representing a 14.24% increase from 667 million yuan in 2024, with accounts receivable to net profit ratio at 276.45% [1][6]. - Operating cash flow per share was -0.25 yuan, a significant decrease of 131.01% year-on-year [1]. Changes in Financial Items - Significant changes in financial items included a 43.93% increase in accounts receivable due to credit term adjustments and the impact of newly consolidated companies [2]. - The company experienced a 780.91% increase in short-term borrowings, attributed to the need for additional working capital loans [3]. - The net cash flow from operating activities decreased by 127.45%, primarily due to reduced government subsidies and tax refunds compared to the previous period [4]. Investment and Market Position - The company has a healthy cash asset position, indicating strong solvency [5]. - The business model relies heavily on research and marketing efforts, necessitating further investigation into the underlying drivers of these efforts [5]. - Analysts expect the company's performance in 2025 to reach 307 million yuan, with an average earnings per share forecast of 0.53 yuan [6]. Fund Holdings - The largest fund holding Shengxiang Biology is Huatai-PB Medical Health A, with a current scale of 241 million yuan and a recent net value increase of 3.52% [7].