Shanghai RAAS Blood Products (002252) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥7.35 billion, down 10.13% year-over-year; net profit attributable to shareholders was ¥1.58 billion, down 28.10% year-over-year.

• Gross margin for blood products was 37.47%, a decrease of 3.18 percentage points from the previous year.

• The company completed the acquisition of Nanyue Bio, expanding plasma station resources and regional coverage.

• R&D investment reached ¥223 million, focusing on innovative biologics and pipeline expansion.

• The company maintained a strong market position, ranking among the top three in plasma collection and product diversity.

Financial highlights

• Operating income: ¥7.35 billion, down 10.13% year-over-year.

• Net profit attributable to shareholders: ¥1.58 billion, down 28.10% year-over-year.

• Basic and diluted EPS: ¥0.24, down 27.27% year-over-year.

• Total assets at year-end: ¥37.78 billion, up 12.34% from the previous year.

• Net assets attributable to shareholders: ¥32.46 billion, up 1.66% year-over-year.

• Operating cash flow: -¥329 million, improved from -¥482 million last year.

Outlook and guidance

• The company will continue its dual-engine strategy of plasma expansion and innovative biologics, leveraging digital transformation and AI.

• Plans include further expansion of plasma stations, accelerated R&D for new biologics, and enhanced digital operations.

• Focus on high-value product development and international market expansion.