天域生物2025年中报简析：净利润同比增长73.68%，公司应收账款体量较大

Core Viewpoint - Tianyu Biological (603717) reported a mixed financial performance for the first half of 2025, with a decline in total revenue but a significant increase in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 412 million yuan, a decrease of 2.62% year-on-year [1] - Net profit attributable to shareholders reached 10.82 million yuan, an increase of 73.68% year-on-year [1] - In Q2 2025, total revenue was 187 million yuan, down 11.87% year-on-year, while net profit was -2.95 million yuan, a decline of 5.38% year-on-year [1] - The gross margin was 14.63%, a decrease of 1.97% year-on-year, while the net margin improved to 7.73%, an increase of 138.86% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 58.23 million yuan, accounting for 14.12% of revenue, an increase of 19.65% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 158 million yuan, down 12.17% year-on-year [1] - Accounts receivable stood at 340 million yuan, a decrease of 4.45% year-on-year, representing 42.36% of total revenue [1] - Interest-bearing liabilities decreased to 1.248 billion yuan, down 8.67% year-on-year [1] - Book value per share was 1.83 yuan, a decrease of 18.84% year-on-year [1] - Earnings per share increased to 0.04 yuan, up 73.49% year-on-year [1] - Operating cash flow per share improved to 0.31 yuan, an increase of 55.07% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been generally low, with a median of 6.66% since its listing, and a particularly poor ROIC of -24.52% in 2023 [1] - The company has reported losses in five out of its seven annual reports since going public, indicating a challenging financial history [1]