In the first half of 2023, the company’s functional skincare product business achieved a revenue of 1.966 billion yuan ($269.6 million), a year-on-year decrease of 7.56%.
Yesterday (August 29th), Bloomage Biotech released its 2023 half-year financial report. The company achieved a revenue of 3.076 billion yuan ($421.8 million) in the first half of the year, a year-on-year increase of 4.77%. The net profit was approximately 425 million yuan ($58.28 million), a decrease of 10.27% compared to the previous year. The basic earnings per share were 0.88 yuan ($0.12).
Bloomage Biotech stated that the sales channels for functional skincare products are mainly focused on major online platforms such as Tmall, Douyin (Chinese version of TikTok), JD.com, and Vipshop. The company has significant room for channel expansion, with a growing user base. In the future, it will further develop through private domain operations, channel sinking, and channel diversification.
In terms of business classification, the revenue from raw materials business was 567 million yuan ($77.76 million), a year-on-year increase of 23.20%. Among them, pharmaceutical-grade accounted for 38.90%, cosmetic-grade accounted for 32.74%, and food-grade accounted for 10.37%. The revenue from medical terminal business was 489 million yuan ($67.06 million), a year-on-year increase of 63.11%. The revenue from functional skincare product business was 1.966 billion yuan ($269.6 million).
In the first half of 2023, the company’s functional skincare product business achieved a revenue of 1.966 billion yuan ($269.6 million), a year-on-year decrease of 7.56%, accounting for 63.92% of the company’s main business revenue. The gross profit margin was 74.49%, a decrease of 4.25% compared to the same period last year. Among them, BIOHYALUX generated a revenue of 630 million yuan ($86.4 million). QuadHA generated a revenue of 540 million yuan ($74.06 million). MedRepair generated a revenue of 210 million yuan ($28.8 million). And Bio-MESO generated a revenue of 340 million yuan ($46.63 million).
Bloomage Biotech stated that the revenue from hyaluronic acid raw materials business achieved significant growth, mainly benefiting from the growth of pharmaceutical-grade and cosmetic-grade raw materials. The revenue from cosmetic-grade raw materials achieved steady growth due to the transformation from product provision to service provision. The company has reached full cooperation with multiple customers in customized development, product innovation, brand internationalization, and in-depth operations with benchmark customers, driving sales growth.
Bloomage Biotech also announced its plan to repurchase shares using its own funds through centralized bidding trading for employee shareholding plans or equity incentives. The total amount of funds for share repurchases will not be less than 200 million yuan (inclusive) and will not exceed 300 million yuan ($41.14 million) (inclusive). The repurchase price per share will not exceed 130.00 yuan ($17.83).
