Beijing Tiantan Biological Products (600161) H1 2026 earnings summary

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.