Bloomage Biotech(SH:688363) Cai Jing Wang·2025-08-27 01:13Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a decrease in income from its skin science innovation transformation business [1] Financial Performance - Revenue for the first half of 2025 decreased by 19.57% to 2.261 billion yuan, while net profit attributable to shareholders fell by 35.38% to 221 million yuan [1] - In Q2 2025, the company achieved revenue of 1.183 billion yuan, a year-on-year decline of 18.44%, but net profit increased by 20.89% to 119 million yuan [1] - The company recorded a credit impairment loss and asset impairment loss of approximately 48.37 million yuan in Q2 2025 [1] Business Segments - The raw material business generated revenue of 626 million yuan, a slight decrease of 0.58%, accounting for 27.70% of total revenue [1] - The medical terminal business reported revenue of 673 million yuan, down 9.44%, representing 29.77% of total revenue [2] - The skin science innovation transformation business saw revenue drop by 33.97% to 912 million yuan, making up 40.36% of total revenue [3] Product and Brand Development - The overall gross margin for the raw material business (excluding First) was 66.34%, with medical-grade hyaluronic acid raw materials achieving a gross margin of 85.09% [2] - The First brand generated revenue of 56.58 million yuan, a growth of 61.28%, while the Huaxi brand remained stable at 569 million yuan [2] - The company is focusing on product structure optimization and has introduced new products like the "All-in-One Repair Essence" and CT50 series targeting anti-aging [4][5] Market Strategy - The company is shifting from a sales logic driven by traffic to a brand communication logic based on scientific validation [3] - The company aims to enhance brand trust through deep interactions with consumers on platforms like Xiaohongshu and WeChat, creating a marketing loop from content to sales conversion [3] - The company has optimized its organizational structure to improve operational efficiency and reduce costs [5]