"牛股"常山药业获私募元素基金青睐。 11月22日，常山药业公告，公司控股股东高树华拟向重庆元素私募证券投资基金管理有限公司（代 表"元素致远行千里一号私募证券投资基金"，简称"元素基金"）转让所持公司4600万股股份，占总股本 的5.01%，转让价格为46.25元/股，交易总金额高达21.28亿元。 作为此次交易的受让方，元素基金虽规模不大，但已数次在二级市场现身。2023年末，元素基金曾一举 以10亿元拿下东阳光约1.5亿股股份，2024年12月，其已经将这部分股份转让，浮盈约2.44亿元。此外， 元素基金还曾投资汇通能源、游族网络等上市公司。 需要注意的是，当前正值常山药业股价高位。因公司在研产品艾本那肽受到投资者关注，被列为"减肥 药概念股"的常山药业2025年以来股价累计涨幅达192.25%，自2023年9月的股价低点以来更是暴涨近12 倍。 不过，常山药业的基本面与资本的热烈追捧形成了鲜明对比。公司自2023年以来持续亏损，艾本那 肽"神药"最终能否转化为实实在在的业绩，仍是未知数。 实控人高位套现21亿 市值537亿的常山药业，遭实控人高树华大额套现。 11月22日，常山药业公告称，公司控股股东 ...

Core Viewpoint - The financial performance of Changshan Pharmaceutical (300255) for the first half of 2025 shows a decline in revenue and an increase in net loss, indicating financial stress and operational challenges [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 492 million yuan, a decrease of 13.42% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was -29.09 million yuan, an improvement of 37.98% year-on-year [1]. - The gross margin was 14.54%, down 8.28% year-on-year, while the net margin was -7.37%, an increase of 10.82% [1]. - The total of selling, administrative, and financial expenses was 104 million yuan, accounting for 21.19% of revenue, a decrease of 12.23% year-on-year [1]. - The current ratio was 0.79, indicating increased short-term debt pressure [1]. Key Financial Metrics - Cash and cash equivalents decreased by 35.71% to 218 million yuan [3]. - Accounts receivable increased by 10.89% to 332 million yuan [3]. - Interest-bearing liabilities rose by 2.95% to 2.461 billion yuan [3]. - Earnings per share improved to -0.03 yuan, a 40% increase year-on-year [1]. Operational Insights - The decline in revenue was attributed to decreased sales of heparin raw materials and low molecular weight heparin preparations [3]. - Significant changes in financial items included a 30.92% increase in accounts receivable and a 26.21% increase in short-term borrowings [3]. - The company experienced a 65.43% reduction in selling expenses due to changes in marketing strategies [3]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 13.95%, primarily due to reduced cash receipts from sales [3]. - The company’s cash flow situation is concerning, with cash and cash equivalents only covering 10.07% of current liabilities [5]. - The interest-bearing debt ratio reached 53.42%, indicating a high level of leverage [5]. Historical Performance Context - The company's historical return on invested capital (ROIC) has been weak, with a median of 7.03% over the past decade and a particularly poor ROIC of -23.95% in 2023 [4]. - The company has reported losses in two of the last ten years, reflecting a fragile business model [4].