China Resources Boya Bio-pharmaceutical Group (300294) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 643.56 million, down 36.14% year-over-year, with net profit attributable to shareholders at RMB 51.19 million, a 77.28% decrease year-over-year, mainly due to regional procurement, medical insurance cost controls, VAT policy changes, and intensified market competition.

• Excluding the impact of amortization and related tax from the Anhui subsidiary, net profit attributable to shareholders declined 67% year-over-year.

• The company completed the divestiture of non-blood businesses and focused on core blood products, with 21 plasma stations and a 7.2% year-over-year increase in plasma collection.

Financial highlights

• Operating income: RMB 643.56 million, down 36.14% year-over-year.

• Net profit attributable to shareholders: RMB 51.19 million, down 77.28% year-over-year.

• Net profit excluding non-recurring items: RMB 17.15 million, down 89.64% year-over-year.

• Operating cash flow: -RMB 136.31 million, compared to RMB 6.95 million in H1 2025.

• Basic and diluted EPS: RMB 0.10, down 77.78% year-over-year.

• Gross margin for key products declined, with human albumin at 42.37% (-15.41pp), IVIG at 38.83% (-13.38pp), and Factor VIII at 49.28% (+22.14pp).

Outlook and guidance

• The company is advancing the construction of a large-scale intelligent blood products factory, expected to complete acceptance in 2026 and begin production after regulatory approval in 2028.

• Strategic focus remains on core blood products, R&D pipeline expansion, and internationalization.