Bloomage Biotech(SH:688363)2025-02-27 11:00Financial Performance - Total revenue for 2024 was RMB 5,370,823,906.35, a decrease of 11.60% compared to the previous year[3] - Net profit attributable to shareholders was RMB 164,315,939.59, down 72.27% year-on-year[3] - The company reported a significant decline in net profit excluding non-recurring gains and losses, amounting to RMB 101,220,042.48, a drop of 79.36%[3] Assets and Equity - Total assets at the end of the reporting period were RMB 8,630,976,709.76, reflecting a 1.90% increase from the beginning of the period[4] - Shareholder equity decreased by 2.00% to RMB 6,805,043,213.48 compared to the beginning of the period[4] Business Challenges and Strategic Adjustments - The company faced challenges in its functional skincare business due to intensified market competition and strategic adjustments, with ongoing adjustments expected to continue[5] - Management transformation costs exceeded RMB 70 million, impacting short-term profitability but aimed at long-term growth[6] - A significant impairment provision of approximately RMB 190 million was made for accounts receivable, inventory, and goodwill due to identified impairment risks[7] Strategic Investments and Future Growth - Strategic investments in innovative business areas, including regenerative medicine and functional foods, exceeded RMB 100 million, targeting future growth opportunities[6] - The company is undergoing a strategic upgrade focusing on synthetic biology and aims to enhance operational efficiency and achieve high-quality growth[8]