China Resources Boya Bio-pharmaceutical Group (300294) H2 2025 earnings summary

Executive summary

• Focused on blood products as core business, with gradual divestment of non-blood product operations.

• Maintained stable supply of raw plasma and optimized production processes to ensure product quality and yield.

• Completed the sale of 80% equity in the loss-making subsidiary Boyaxinhe to improve business focus.

Financial highlights

• Revenue for 2025 was ¥2,059 million, up 18.69% year-over-year.

• Net profit attributable to shareholders was ¥112.7 million, down 71.61% year-over-year.

• Net profit excluding non-recurring items was -¥7.76 million, a significant decline from ¥301.6 million in 2024.

• Operating cash flow was ¥61.2 million, down 79.60% year-over-year.

• Fourth quarter net profit was negative due to impairment of intangible assets and goodwill.

Outlook and guidance

• Strategic vision to become a world-class blood products company, with continued focus on core blood product business.

• Ongoing construction of a smart factory to enhance production efficiency and quality.