Shanghai RAAS Blood Products (002252) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB 1.735bn and adjusted net profit attributable to shareholders was RMB 321.5m; both were annual lows? No: both reached year-to-date highs, while declining YoY.

• Management cited sequential improvement, with revenue rising for a second consecutive quarter and adjusted net profit growing QoQ; Q3 revenue and adjusted net profit were both 2026 highs.

• Strategy centers on plasma collection and innovation-drug development, supported by Haier’s healthcare ecosystem and a planned shift toward an integrated biologics platform.

Financial highlights

• Q3 revenue RMB 1.735bn, down 18.90% YoY; 9M revenue RMB 4.944bn, down 18.83%.

• Q3 attributable net income RMB 317.7m, down 27.93%; 9M attributable net income RMB 978.9m, down 33.44%.

• Adjusted for non-recurring items, Q3 attributable net income was RMB 321.5m, down 27.74%; 9M was RMB 947.2m, down 36.22%.

• Q3 basic and diluted EPS were RMB 0.048, each down 28.36% YoY; 9M EPS was RMB 0.148, down 33.33%.

Outlook and guidance

• Q4 priorities: accelerate target-hospital access, prepare for centralized procurement implementation, coordinate shipments, optimize inventory, strengthen operating foundations, and advance clinical and industrialization plans.

• Longer-term priorities include sustaining R&D investment, expanding indications, accelerating innovative-drug launches, and building an AI-enabled biologics platform.