China Resources Boya Bio-pharmaceutical Group (300294) H1 2024 earnings summary

Executive summary

• Revenue for 1H2024 reached RMB128.60 billion, up 4.7% year-over-year, with net profit rising 10.2% to RMB5.54 billion.

• Net profit attributable to owners declined 2.9% to RMB2.61 billion; EPS was RMB0.41.

• Interim dividend declared for the first time: RMB0.083 per share and ¥1.60 per 10 shares.

• Operating cash flow improved significantly, narrowing the outflow to RMB1.02 billion from RMB3.77 billion.

• Acquired Green Cross (Hong Kong) for ¥1.82 billion to expand plasma supply.

Financial highlights

• Gross profit increased 5.9% to RMB20.93 billion; gross margin rose to 16.3%.

• Net profit margin improved to 4.3%; net profit growth outpaced revenue growth.

• Total assets grew to RMB266.36 billion; total equity reached RMB97.12 billion.

• Operating income: ¥895.74 million, down 41.87% year-over-year due to divestitures.

• Cash and equivalents: ¥3.25 billion, up 66% from year-end 2023.

Outlook and guidance

• Focus on high-quality growth, digitalization, green transformation, and expanding plasma collection.

• Integration of Green Cross (China) expected to boost plasma supply and product pipeline.

• Continued investment in R&D for new products and process improvements.