近期亨迪药业（301211）发布2025年中报，证券之星财报模型分析如下： 经营业绩概览 从主营业务构成来看，非甾体抗炎类产品收入为1.6亿元，占总收入的68.06%，毛利率为15.27%；心血 管类产品收入为3776.06万元，占总收入的16.08%，毛利率高达71.83%；其他类产品收入为2080.97万 元，占总收入的8.86%，毛利率为8.44%；抗肿瘤类产品收入为1641.92万元，占总收入的6.99%，毛利率 为-11.32%。 发展回顾与展望 报告期内，公司研发投入为15,876,209.56元，较上年同期下降17.72%。公司取得了布洛芬缓释胶囊、托 拉塞米注射液和布洛芬混悬液的《药品注册证书》，并在多个项目上取得进展。此外，公司全资子公司 武汉百科药物通过了FDA cGMP现场检查，公司再次获得高新技术企业认定。 总体来看，亨迪药业在2025年上半年面临较大的经营压力，业绩下滑显著，费用激增拖累了盈利能力。 未来，公司需要进一步优化成本结构，提升产品毛利率，以恢复盈利水平。 公司的毛利率为21.9%，同比减少了39.16%；净利率为7.9%，同比减少了72.1%。每股收益为0.06元， 同比 ...

Core Insights - The company reported a slight decline in revenue and net profit for 2024, indicating challenges in market competition and operational efficiency [1][2][3] Financial Performance - Revenue for 2024 was 795.29 million yuan, a decrease of 2.63% from 816.77 million yuan in the previous year [2] - The net profit attributable to shareholders was 206.79 million yuan, down 18.55% from 253.90 million yuan [3] - R&D expenses increased by 28.65% to 100.42 million yuan, representing 12.63% of revenue [9][8] Revenue Breakdown - The raw materials and intermediates segment saw a revenue decline of 3.11%, while technical service fees increased by 8.08% [2] - Specific product categories like antibacterial and gout medications experienced significant revenue drops of 21.56% and 15.76%, respectively [2] - Domestic sales grew by 5.14% to 332.89 million yuan, while export sales fell by 7.24% to 462.18 million yuan [2] Profitability Metrics - Basic earnings per share decreased by 19.35% to 0.25 yuan, reflecting reduced shareholder returns [4] - The decline in net profit was attributed to decreased revenue and increased costs, including R&D and management expenses [3] Expense Analysis - Sales expenses decreased by 7.64% to 16.75 million yuan, primarily due to a significant reduction in commission expenses [5] - Management expenses rose by 6.16% to 106.45 million yuan, driven by increases in employee salaries and consulting fees [6] Cash Flow Insights - Net cash flow from operating activities decreased by 19.80% to 177.93 million yuan, indicating potential operational efficiency issues [11] - Investment cash flow improved, with a net cash flow of -119.97 million yuan, reflecting more cautious investment decisions [13] - Financing cash flow saw a significant decline of 123.03% to -108.22 million yuan, highlighting changes in funding sources [14] R&D and Innovation - The company maintained a strong focus on R&D, with 76 ongoing projects and a commitment to innovation through collaboration with academic institutions [9][10] - R&D personnel accounted for 40.61% of the total workforce, emphasizing a youthful and highly educated team [10] Overall Assessment - Despite facing revenue and profit pressures, the company is investing in R&D to drive future growth [23] - The company must address risks related to product quality, innovation, and market competition to ensure sustainable development [23]