China Resources Boya Bio-pharmaceutical Group (300294) Q3 2026 earnings summary

Executive summary

• 9M revenue fell 42.54% YoY to ¥846.9m; net profit attributable to shareholders fell 81.82% to ¥62.3m, reflecting market pressures and the change in consolidation after the Nanjing Xinbai disposal.

• Strategy shifted further toward blood products, with Nanjing Xinbai’s 100% equity sale completed in June and a new plasma collection license secured in August.

Financial highlights

• Q3 revenue was ¥203.4m, down 56.37% YoY; attributable net profit was ¥11.1m, down 90.52%, while adjusted net profit was ¥13.0m, down 70.72%.

• 9M attributable net profit was ¥62.3m, down 81.82%; adjusted net profit was ¥30.1m, down 85.64%, excluding non-recurring gains and losses.

• 9M operating profit was ¥11.8m versus ¥342.3m a year earlier; total revenue was ¥846.9m versus ¥1,473.9m.

• Sales, management and R&D expenses declined 32.23%, 33.26% and 50.68% YoY, respectively, to ¥198.6m, ¥147.5m and ¥18.2m.

Segment performance

• Following the Nanjing Xinbai sale, the business is focused on blood products; the divested subsidiary is no longer consolidated from June 2026.

• Dalate Banner plasma station received a single-plasma collection license in August, supporting raw plasma supply capacity; the station’s losses increased and weighed on minority interests.