China Resources Boya Bio-pharmaceutical Group (300294) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥1.01 billion, up 12.51% year-over-year, while net profit attributable to shareholders dropped 28.68% to ¥225 million due to lower gross margins and increased amortization from acquisitions.

• The company remains a leading domestic plasma product manufacturer, with 21 plasma stations and a 7.2% year-over-year increase in plasma collection, outpacing industry growth.

• Strategic focus on core plasma business, divestment of non-core assets, and ongoing expansion of plasma collection capacity.

Financial highlights

• Operating income: ¥1,007,772,870, up 12.51% year-over-year.

• Net profit attributable to shareholders: ¥225,340,908, down 28.68% year-over-year.

• Operating cash flow: ¥6,946,369, down 96.72% year-over-year.

• Basic and diluted EPS: ¥0.45, down 28.57% year-over-year.

• Gross margin on key products declined, notably for albumin and immunoglobulin.

• Non-recurring gains totaled ¥59.79 million, mainly from government subsidies and asset disposals.

Outlook and guidance

• The company expects continued pressure on core product prices due to industry supply-demand shifts and policy reforms.

• Ongoing investment in R&D and intelligent manufacturing to support long-term competitiveness.

• Expansion of international markets, with new product registrations and GMP certifications abroad.