Shanghai RAAS Blood Products (002252) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached ¥2.06 billion, up 1.34% year-over-year; YTD revenue was ¥6.31 billion, up 6.39% year-over-year.

• Net profit attributable to shareholders for Q3 was ¥597 million, up 8.82% year-over-year; YTD net profit was ¥1.84 billion, up 2.81% year-over-year.

• Cash flow from operating activities for Q3 was ¥516 million, down 73.43% year-over-year due to advance payments for imported albumin.

• Major shareholder change: Haier Group, via Haiyingkang, became controlling shareholder, holding 26.58% voting rights as of July 2024.

Financial highlights

• Gross margin and net margin remained stable; basic and diluted EPS for Q3 were ¥0.090, and YTD were ¥0.277.

• Total assets at Q3-end were ¥33.36 billion, up 4.49% from year-end 2023; equity attributable to shareholders was ¥31.16 billion, up 5.15%.

• Operating costs increased 8.74% YTD, mainly due to higher sales and product mix changes.

• R&D expenses rose 44.04% YTD as several pipelines entered clinical trials.

• Investment income increased 47.34% YTD, mainly from disposal of trading financial assets.

Outlook and guidance

• 2024 interim dividend: ¥0.037 per share (pre-tax) for all shareholders, with no bonus shares or capital increase.

• Board authorized to determine future interim profit distribution based on profitability and capital needs, not exceeding 20% of net profit.