China Resources Boya Bio-pharmaceutical Group (300294) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥1.73 billion, down 34.58% year-over-year, mainly due to the divestiture of non-core businesses and industry price pressure.

• Net profit attributable to shareholders rose 67.18% to ¥397 million, driven by a low base in 2023 due to asset impairment and improved core business profitability.

• The company completed the acquisition of Green Cross Hong Kong, expanding its blood product business and increasing its plasma station count to 21.

• Cash dividend payout for 2024 totals ¥161 million, representing 40.65% of net profit.

Financial highlights

• Operating income: ¥1.73 billion, down 34.58% year-over-year.

• Net profit attributable to shareholders: ¥397 million, up 67.18% year-over-year.

• Operating cash flow: ¥300 million, down 53.29% year-over-year.

• Basic and diluted EPS: ¥0.79, up 68.09% year-over-year.

• Gross margin for blood products: 65.11%.

• Fourth quarter net loss due to a ¥72.6 million goodwill impairment on Nanjing Xinbai Pharmaceutical.

Outlook and guidance

• Strategic focus remains on scaling up the blood product business, optimizing plasma station network, and accelerating R&D for new products.

• Targeting further expansion in plasma collection and continued integration of acquired assets.

• Plans to divest non-blood product businesses and improve operational efficiency.