Shanghai RAAS Blood Products (002252) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 2.01 billion, down 2.45% year-over-year; net profit attributable to shareholders was RMB 566 million, down 25.2% year-over-year.

• Basic and diluted EPS were RMB 0.085, a 25.44% decrease year-over-year.

• Operating cash flow increased 3.29% year-over-year to RMB 776 million.

Financial highlights

• Gross margin remained stable; operating profit was RMB 675 million, down from RMB 916 million year-over-year.

• R&D expenses decreased 33.98% year-over-year to RMB 33.1 million.

• Investment income dropped 66.37% due to absence of one-time gains from prior year.

• Cash and cash equivalents at period end were RMB 2.33 billion.

Outlook and guidance

• Acquisition of Nanyue Biopharmaceutical expected to expand plasma collection and strengthen regional leadership in Hunan.

• Management expects enhanced product pipeline and improved competitiveness post-acquisition.