华东医药增长告急：64％传统业务托底乏力，91亿元应收款高悬

Core Viewpoint - The growth data disclosed in the 2025 mid-year report of Huadong Medicine appears robust but conceals deep-seated concerns regarding its business structure and development quality, facing dual challenges of reliance on traditional business and lack of innovation transformation [2][3] Business Performance - Traditional distribution business dominates, accounting for over 60% of revenue, while innovative business contributes less than 5% [3][11] - Revenue increased by only 3.39% year-on-year to 21.67 billion yuan, following a 12.02% growth in the same period of 2023, marking two consecutive years of weak growth [3][6] - Net profit reached 1.80 billion yuan, up 6.82% year-on-year, with a significant slowdown compared to 17.25% growth in 2024 [3][6] - The medical beauty segment, once seen as a growth engine, has faced declines due to various internal and external factors, contributing minimally to overall growth [2][4] Segment Analysis - The pharmaceutical commercial segment generated approximately 14 billion yuan, accounting for 64.48% of total revenue, but with a low gross margin of about 6.7%, indicating limited profitability [7] - The manufacturing segment, which includes pharmaceutical industrial and industrial microbiology, reported revenue of about 8.6 billion yuan, a 9.5% increase, being the only segment with double-digit growth [7] - Medical beauty business revenue fell by 17.5% to 1.11 billion yuan, primarily due to competition and market conditions [8][9] Financial Indicators - Accounts receivable reached 9.13 billion yuan, a 14.63% increase, with a ratio of accounts receivable to profit at 259.96% [11][12] - Inventory value stood at 5.03 billion yuan, with a declining turnover rate from 3.25 to 2.92 times, indicating weakened inventory digestion capability [14] - Goodwill increased to 2.96 billion yuan, up 14% from the previous year, raising concerns about potential impairment risks [16]