Yesterday (October 30th), Bloomage Biotech released its third-quarter financial report. The report shows that the company achieved a revenue of 1.146 billion yuan ($156.6 million) in the third quarter, a year-on-year decrease of 17.26%. The net profit attributable to shareholders of the listed company was 89.79 million yuan ($12.27 million), a year-on-year decrease of 56.03%.
In the first three quarters, Bloomage Biotech’s operating income was 4.221 billion yuan ($576.8 million), a decrease of 2.29% compared to the same period last year. The net profit attributable to shareholders of the listed company was 514 million yuan ($70.24 million), a decrease of 24.07% year-on-year. Bloomage Biotech stated that the decline in net profit in the first three quarters was mainly due to the decrease in operating income and comprehensive gross margin.
Of note, on October 26th, Bloomage Biotech Technology (Hainan) Co., Ltd.’s first cell culture medium production line officially went into operation. This not only signifies the first localization of Bloomage Biotech’s regenerative medicine series products but also enables the supply of cost-effective cell culture medium products to biopharmaceutical companies, medical institutions, and research institutions in the upstream of the industry chain.
Furthermore, Bloomage Biotech recently signed a formal agreement with Huiyu Investment and Huzhou Capital Investment to establish an industrial investment fund dedicated to life sciences and the broader health sector, with a total scale of 100 million yuan ($13.67 million).