Beijing Tiantan Biological Products (600161) H2 2025 earnings summary

Executive summary

• Revenue reached ¥6.17 billion in 2025, up 2.26% year-over-year, driven by higher sales volume despite lower product prices and increased impairment provisions.

• Net profit attributable to shareholders was ¥1.09 billion, down 29.59% year-over-year, mainly due to price declines, increased impairment, and reduced interest income.

• Gross margin for the biopharmaceutical segment was 43.75%, down 10.92 percentage points from the prior year.

• The company maintained its leading domestic position in blood product production, R&D, and sales channels.

Financial highlights

• Operating income: ¥6.17 billion, up 2.26% year-over-year.

• Net profit attributable to shareholders: ¥1.09 billion, down 29.59% year-over-year.

• Operating cash flow: ¥338.75 million, down 58.68% year-over-year due to changes in sales credit policy and higher tax payments.

• Basic and diluted EPS: ¥0.55, down 29.59% year-over-year.

• Gross margin: 43.75%, down 10.92 percentage points year-over-year.

• R&D investment: ¥350.36 million, 5.68% of revenue, with 58.82% capitalized.

Outlook and guidance

• The company expects continued industry challenges in the short term due to policy changes, price pressure, and inventory buildup, but sees long-term growth potential from demographic trends and increased clinical demand.

• Strategic focus includes expanding plasma collection, accelerating R&D and new product launches, enhancing production efficiency, and international market expansion.

• 2026 targets include plasma collection of 3,000 tons, further sales growth in key products, and continued investment in innovation and talent.