Bloomage Biotech(SH:688363) Xin Lang Cai Jing·2025-11-01 00:40Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 3.16 billion and net profit at 250 million, reflecting year-on-year decreases of 18.4% and 30.3% respectively [1] Group 1: Financial Performance - In Q1, Q2, and Q3 of 2025, the company achieved revenues of 1.08 billion, 1.18 billion, and 900 million respectively, with year-on-year declines of 20.8%, 18.4%, and 15.2% [1] - The net profit for Q1, Q2, and Q3 of 2025 was 100 million, 120 million, and 30 million respectively, showing a year-on-year change of -58.1%, +20.9%, and +55.6% [1] - The gross profit margin for the first three quarters of 2025 was 70.7%, a decrease of 3.2 percentage points year-on-year, while the gross profit margin for Q3 2025 was 69.9%, down 2.5 percentage points year-on-year [3] Group 2: Business Segments - The raw materials business showed steady growth, with a revenue increase of 2.69% year-on-year in Q3 2025, and a high gross margin of 84.8%, indicating strong core barriers in high-end raw materials [2] - The medical terminal business achieved revenue of 359 million in Q3 2025, a year-on-year increase of 14.51%, with the medical beauty segment contributing 229 million, up 7.88% [2] - The skin science innovation transformation business is in a deepening transition phase, with a nearly 10 percentage point decrease in sales expense ratio in Q3 2025, leading to improved overall operational quality [2] Group 3: Strategic Initiatives - The company is transitioning its brand communication from a "scale-oriented" approach to an "efficiency-oriented" one, resulting in a significant reduction in sales expense ratio [4] - The company is actively pursuing external growth, including strategic placements in companies like Saint Pharma and He Yuan Bio, to expand its product offerings in the field of small nucleic acid drugs and plant-based bioactive products [4] - The company is enhancing its global research collaborations, with strategic partnerships established for ECM-related research and joint development projects in PDRN with leading international medical beauty firms [4] Group 4: Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 380 million, 540 million, and 720 million, reflecting downward revisions of 19%, 9%, and 10% respectively [5] - The company is recognized as a leading player in the ECM field, with a strong emphasis on foundational research and product synergy, maintaining a "buy" rating despite current challenges [5]