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Beijing Tiantan Biological Products (600161) investor relations material
Beijing Tiantan Biological Products H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was RMB 2.60 billion, down 16.56% year-over-year; net profit attributable to shareholders was RMB 298.91 million, down 52.75% year-over-year.
Gross margin for biopharmaceuticals was 35.84%, a decrease of 2.16 percentage points year-over-year.
The company maintained its leading domestic market position in blood products, with a 20% market share in plasma collection.
Dividend proposal: RMB 1 (pre-tax) per 10 shares, totaling RMB 197.74 million.
Financial highlights
Operating income: RMB 2.60 billion, down 16.56% year-over-year.
Net profit attributable to shareholders: RMB 298.91 million, down 52.75% year-over-year.
Operating cash flow: RMB 289.36 million (positive turnaround from -RMB 201.90 million in H1 2025).
Basic and diluted EPS: RMB 0.15, down 52.75% year-over-year.
Gross margin for human albumin: 29.10% (down 9.99 percentage points); for IVIG: 41.67% (up 4.84 percentage points).
Outlook and guidance
The company expects continued pressure on sales and profitability due to intensified competition, price declines, and VAT policy changes.
Long-term growth drivers include expanded clinical indications, R&D in recombinant and high-value products, and international market expansion.
- Q1 profit and revenue dropped significantly on VAT and price pressures, despite subsidy gains.600161
Q1 2026 - Net profit dropped 29.59% on flat revenue as margins and cash flow declined amid policy headwinds.600161
H2 2025 - Net profit fell 22.16% year-over-year despite 9.62% revenue growth, with margins under pressure.600161
Q3 2025 - Revenue up 9.47%, net profit down 12.88%, with higher dividends and ongoing expansion.600161
H1 2025 - Net profit rose 18.52% year-over-year, but Q3 profit declined 7.44%.600161
Q3 2024 - Net profit surged 28.12% on higher margins and robust plasma business growth.600161
H1 2024 - Revenue up 7.84%, but net profit down 22.90% and operating cash flow negative.600161
Q1 2025 - Net profit jumped 39.42% on strong sales and plasma collection growth.600161
H2 2024
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