Shanghai RAAS Blood Products (002252) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was ¥1.51 billion, down 24.75% year-over-year due to VAT policy changes, industry policies, market competition, and channel inventory adjustments.

• Net profit attributable to shareholders was ¥316 million, a 43.85% year-over-year decline, mainly from VAT policy impact, strategic business adjustments, and continued R&D investment.

• Sequentially, both revenue and net profit improved compared to Q4 2025, reflecting early results from operational transformation.

Financial highlights

• Operating cash flow was ¥161 million, down 79.3% year-over-year.

• Basic and diluted EPS were ¥0.048, down 43.53% year-over-year.

• Gross margin and operating profit margin declined due to lower product prices and higher R&D expenses.

• Total assets at quarter-end were ¥37.98 billion, up 0.53% from year-end 2025.

Outlook and guidance

• The company will continue to focus on plasma sourcing, innovation in biopharmaceuticals, and digital transformation.

• Plans to accelerate new drug launches and expand indications, leveraging the Haier health ecosystem.