Marubi Biotech (603983) 2025 Annual Report Brief: Revenue Growth but Profitability Decline

According to financial data compiled from publicly available information by Securities Star, Meisheng Bio (603983) recently released its 2025 annual report. According to the financial statements, Meisheng Bio increased revenue but did not increase profit. As of the end of this reporting period, the company’s total operating revenue was RMB 3.459 billion, up 16.48% year over year, while the net profit attributable to shareholders was RMB 247 million, down 27.63% year over year. Judging by single-quarter data, in the fourth quarter the total operating revenue was RMB 1.009 billion, down 0.84% year over year, and the net profit attributable to shareholders in the fourth quarter was RMB 3.3469 million, down 96.75% year over year.

This data is below most analysts’ expectations. Previously, analysts generally expected that the company’s net profit for 2025 would be around RMB 386 million, with a profit.

All the key performance indicators released with this earnings report are mediocre. Among them, gross margin was 74.29%, up 0.79% year over year; net profit margin was 7.13%, down 38.13% year over year; selling expenses, administrative expenses, and finance expenses totaled RMB 2.20 billion; the combined “three expenses” as a percentage of revenue was 63.58%, up 9.2% year over year; net assets per share were RMB 8.31, down 1.46% year over year; operating cash flow per share was RMB 0.68, down 8.87% year over year; and earnings per share were RMB 0.62, down 27.06%.

The Securities Star price-and-valuation investment circle earnings report analysis tool shows:

• Business evaluation: Last year the company’s ROIC was 5.69%, with an average capital return. Last year’s net profit margin was 7.13%; after accounting for all costs, the added value of the company’s products or services is generally average. Based on statistical analysis from historical annual report data, since the company’s listing, the median ROIC has been 27.27%, and investment returns have been good. Among the worst years, 2022’s ROIC was 4.61%, and investment returns were average. The company’s historical earnings reports have been relatively good (Note: the company has been listed for less than 10 years; the longer the listing period, the greater the reference significance of the financial averages.).

• Business model: The company’s performance mainly relies on marketing-driven factors. It is necessary to carefully examine the actual situation behind this driving force.

• Business breakdown: Over the past three years (2023/2024/2025), the return on net operating assets was 22.4%/21.5%/20.2%, respectively; the net operating profit was RMB 278 million/342 million/RMB 247 million, respectively; and the net operating assets were RMB 1.241 billion/1.59 billion/1.22 billion, respectively.

  Over the past three years (2023/2024/2025), the company’s working capital/revenue (i.e., the funding the business needs to advance for each one yuan of revenue generated during production and operations) was -0.12/-0.08/-0.05, respectively. Among them, working capital (the company’s own outlay during production and operations) was -RMB 275 million/-RMB 248 million/-RMB 179 million, respectively, and revenue was RMB 2.226 billion/2.97 billion/3.459 billion, respectively.

The fund holding the most Meisheng Bio is the Industrial and Commercial Bank Consumption Services Hybrid A, with a current size of RMB 178 million and the latest net value of 2.442 (April 1), up 2.69% from the previous trading day. Over the past year, it has fallen 6.75%. The current fund manager of this fund is Lin Meng.

The above content is compiled by Securities Star based on publicly available information and generated by an AI algorithm (Registration No. 310104345710301240019). It does not constitute investment advice.