- 2025,09,15
China Securities Intelligent News‑ Chengyi Pharmaceutical (603811) released its 2026 semi‑annual report on August 27. In the first half of 2026, the company achieved total operating revenue of 432 million yuan, a year‑on‑year increase of 3.63%; net profit attributable to parent company stood at 94.8687 million yuan, down 15.61% year‑on‑year; non‑GAAP net profit reached 92.4459 million yuan, a year‑on‑year decrease of 16.83%; net cash flow generated from operating activities was 141 million yuan, dropping 0.28% compared with the same period last year. During the reporting period, the company’s basic earnings per share was 0.21 yuan, and the weighted average return on equity was 6.60%.
Based on the closing price on August 26, Chengyi Pharmaceutical’s price‑to‑earnings ratio (TTM) stood at approximately 19.23 times, price‑to‑book ratio (LF) around 2.41 times, and price‑to‑sales ratio (TTM) about 4.13 times.
According to public information, responding to the national initiative to vigorously develop the marine economy, especially marine biomedicine, the company adheres to the dual‑driven development of pharmaceutical products and health‑care products,and promotes coordinated growth of both business lines.
In terms of profitability, the company’s weighted average return on equity stood at 6.6% in H1 2026, down 2.01 percentage points year‑on‑year. Return on invested capital was 6.55% for the first half of 2026, a decrease of 1.21 percentage points compared with the same period of the previous year.
In H1 2026, net cash flow from operating activities amounted to 141 million yuan, down 0.28% year‑on‑year; net cash flow from financing activities was ‑69.5082 million yuan, an increase of 44.6198 million yuan over the prior‑year period; net cash flow from investing activities was ‑126 million yuan, compared with ‑14.685 million yuan in the same period last year.
In terms of major asset changes, as of the end of H1 2026, other current assets rose by 4164.22% compared with the end of last year, and its proportion in total assets increased by 5.14 percentage points; monetary funds decreased by 24.62%, with its share in total assets down 3.46 percentage points; fixed assets fell by 3.92%, accounting for 3.34 percentage points less of total assets; construction‑in‑progress increased by 73.82%, lifting its proportion in total assets by 1.24 percentage points.
Regarding major liability changes, at the end of H1 2026, long‑term borrowings surged 338.76% versus the end of last year, and its proportion in total assets climbed 1.09 percentage points; accrued employee compensation dropped 62.41%, representing a 1.06‑percentage‑point decline in total assets; contract liabilities grew by 183.47%, up 0.78 percentage points of total assets; short‑term borrowings increased by 65.94%, lifting its share in total assets by 0.54 percentage points.
In terms of inventory movements, as of the end of H1 2026, the book value of inventory stood at 110 million yuan, accounting for 7.75% of net assets, a decrease of 6.2834 million yuan from the end of last year. Among them, inventory impairment provision was 8.0232 million yuan, with a provision ratio of 6.79%.
In H1 2026, the company’s current ratio was 1.68 and quick ratio stood at 1.26.
Index Notes:
Price‑to‑Earnings Ratio (P/E) = Total Market Capitalization / Net Profit. The P/E ratio turns negative when the company suffers losses. Under such circumstances, P/E valuation bears limited practical value; price‑to‑book or price‑to‑sales ratio is commonly adopted instead.
Price‑to‑Book Ratio (P/B) = Total Market Capitalization / Net Assets. The P/B valuation method is widely applied for companies with volatile earnings yet relatively stable net assets.
Price‑to‑Sales Ratio (P/S) = Total Market Capitalization / Operating Revenue. P/S ratio is generally used for loss‑making or marginally‑profitable growth‑oriented enterprises.
P/E and P/S ratios in this article adopt TTM methodology, calculated based on financial data for the latest 12‑month period (including performance forecasts). P/B ratio uses LF approach based on figures from the latest financial report. Percentile calculation for all three metrics covers the period from the company’s IPO date to the latest announcement date.
When P/E or P/B ratios are negative, corresponding percentiles will not be displayed, which may result in breaks in line charts.