Bloomage Biotech(SH:688363) Xin Lang Cai Jing·2025-04-16 04:35Core Viewpoint - The company reported a significant decline in its 2024 full-year performance, with revenue dropping by 11.6% to 5.371 billion yuan and net profit decreasing by 70.6% to 174 million yuan, indicating challenges in its skincare business and increased one-time costs related to strategic adjustments [1][2]. Financial Performance - For the full year of 2024, the company achieved revenue of 5.371 billion yuan, a decrease of 11.6%, and a net profit of 174 million yuan, down 70.6%. The adjusted net profit was 107 million yuan, reflecting a decline of 78.1% [1]. - In Q4 2024, revenue was 1.496 billion yuan, down 19.3%, with a net loss of 188 million yuan and an adjusted net loss of 219 million yuan [2]. Business Adjustments - The skincare business is undergoing a strategic repositioning, now named "Skin Science Innovation Transformation," with a focus on enhancing its biotechnology attributes. The revenue for the skincare segment is projected to decline by 31.6% to 2.569 billion yuan in 2024 [2][3]. - The company is initiating its third strategic upgrade, focusing on life sciences and restructuring its organization to enhance market responsiveness and problem-solving capabilities [3]. Growth Areas - The medical aesthetics segment is experiencing significant growth, with medical terminal business revenue reaching 1.44 billion yuan, up 32.0%, and skincare medical products revenue increasing by 43.6% to 1.073 billion yuan. The company expects continued growth in this area, particularly with new product approvals anticipated in H1 2025 [3]. - The raw materials business reported revenue of 1.236 billion yuan, an increase of 9.5%, with international raw material revenue growing by 17.7% to 608 million yuan [3]. Cost Structure - The company faced increased one-time costs due to strategic adjustments, including 70 million yuan in stock incentive consulting fees and over 100 million yuan in investments for innovative businesses. Inventory and goodwill impairments amounted to approximately 189 million yuan [2][4]. - The gross margin for 2024 was 73.6%, up 0.8 percentage points, driven by a higher proportion of high-margin pharmaceutical-grade products [4]. Future Outlook - The company is expected to see a recovery in its medical aesthetics business, driven by successful product launches and increased market penetration. The performance of the skincare business will be a critical indicator of the company's operational turnaround [5].