Shanghai RAAS Blood Products (002252) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥4.25 billion, up 9.02% year-over-year, with net profit attributable to shareholders at ¥1.24 billion, a 0.15% increase year-over-year.

• Gross margin for blood products was 40.88%, down 1.74 percentage points year-over-year, mainly due to higher import albumin sales and exchange rate impacts.

• Haier Group became the controlling shareholder in July 2024, integrating Shanghai RAAS into its healthcare ecosystem.

• The company remains a leading blood products manufacturer in China, with 44 plasma stations and a comprehensive product portfolio.

Financial highlights

• Operating income: ¥4.25 billion, up 9.02% year-over-year; net profit attributable to shareholders: ¥1.24 billion, up 0.15%.

• Operating cash flow: -¥47.55 million, down from ¥1.43 billion in H1 2023, mainly due to advance payments for imported albumin.

• Basic and diluted EPS: ¥0.187, up 1.63% year-over-year.

• Total assets: ¥32.37 billion, up 1.39% from year-end 2023; net assets attributable to shareholders: ¥30.75 billion, up 3.75%.

• Gross margin for self-produced albumin: 46.21%; for imported albumin: 17.86%.

Outlook and guidance

• The company expects continued growth driven by aging demographics, increased clinical demand, and ongoing expansion of plasma collection.

• Haier Group's support is expected to enhance R&D, clinical translation, and digital transformation.

• Focus remains on expanding plasma sourcing and product innovation, with international market expansion for immunoglobulin products.