Bloomage Biotech(SH:688363) 光大证券研究·2025-04-12 13:10Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in its financial performance and operational adjustments [2][5]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.37 billion yuan, a year-on-year decrease of 11.6%, and a net profit attributable to shareholders of 170 million yuan, down 70.6% year-on-year [2]. - For Q4 2024, the company recorded revenue of 1.5 billion yuan, a decline of 19.3% year-on-year, and a net profit of -190 million yuan, marking a shift from profit to loss [2]. - The gross profit margin for 2024 was 74.1%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 3.2%, a decrease of 6.5 percentage points year-on-year [5][6]. Group 2: Business Segments - The raw material business showed steady growth, with revenue of 1.24 billion yuan, a year-on-year increase of 9.5%, while the medical terminal business grew significantly by 32.0% to 1.44 billion yuan. However, the skin science innovation transformation business saw a decline of 31.6%, generating 2.57 billion yuan [3]. - The company’s revenue from domestic and international markets was 4.47 billion yuan and 890 million yuan, respectively, with domestic revenue decreasing by 14.9% and international revenue increasing by 8.6% [3]. - The company launched 96 raw material and synthetic biology R&D projects in 2024, resulting in the introduction of 10 new bioactive raw materials [3]. Group 3: Medical Aesthetics Business - In 2024, the company sold 11.44 million units of injectable products, a year-on-year increase of 24.5%, with significant growth in the revenue from the "Runzhi Doll Needle" product, which more than doubled [4]. - The company plans to launch more products targeting high-value areas such as the nose, chin, and eye regions within the next 1-2 years, expanding its anti-aging product matrix [4]. Group 4: Management and Strategic Changes - The company faced short-term pressure on operating performance due to management changes, increased strategic investments, and impairment provisions totaling approximately 190 million yuan [8]. - The increase in operating expenses was attributed to organizational restructuring, supply chain improvements, and strategic innovation investments exceeding 100 million yuan [8].