Chinese Biotech Firm Bloomage Biotech's Revenue in Q1 2023 Exceeds CNY 1.3 Bn, Up 4% YoY

Consumer Discretionary Author: Zhisheng Wang, Yiran Xing Editor: Yiran Xing May 09, 2023 05:07 PM (GMT+8)

At present, Bloomage Biotech has established a full industrial chain business system for bioactive materials, from raw materials to medical terminal products, functional skin care products, and functional foods, serving the global pharmaceutical, cosmetics, and food industries.


Bloomage Biotechnology Corporation Limited (hereinafter referred to as "Bloomage Biotech", Chinese: 华熙生物), headquartered in Jinan, Shandong Province, recently released its 2022 annual report and 2023 quarterly report. In 2022, the company achieved revenue of CNY 6.36 billion (USD 918.6 million), an increase of 28.53% year-on-year, and net profit attributable to its parent reached CNY 971 million, 12.0% higher than in the previous year. In Q1 2023, the company generated operating revenue of CNY 1.31 billion, up 4.01% over the previous year, and a net profit of 200 million yuan, an increase of 0.37% from the same period last year.

Founded in 2000, Bloomage Biotech is a leading global biotechnology and biomaterial company, focusing on the development and industrialization of bioactives that contribute to life and health, such as functional sugars, proteins, peptides and amino acids. At present, the company's business mainly covers bioactive raw materials, medical end products and consumer end products (functional skin care products and functional foods); among which, functional skin care products have become the largest contributor to Bloomage Biotech’s main business revenue segment. In 2022, the company's functional skin care products achieved revenue of CNY 4.61 billion, an increase of 38.80% year-on-year, accounting for 72.45% of the main business revenue and a gross margin of 78.37%.

Bloomage Biotech has been engaged in the deployment of a globalization strategy since its inception, and has successfully marketed raw materials on a global scale. The company has established several subsidiaries in various countries and regions, including the United States, France, and Japan. As the world's largest manufacturer of hyaluronic acid, Bloomage Biotechl has obtained CEP certification in the EU and DMF registration in the U.S., consolidating its position in the international market. In 2022, Bloomage Biotech's overseas raw material sales revenue reached CNY 426 million, up 21.24% year-on-year. According to the "Global and China’s Hyaluronic Acid (HA) Industry Market Research Report" released by world-renowned market research institute Frost & Sullivan, in 2022, Bloomage Biotech has a market share of 70% in China and a market share of 44% in the world, ranking first in the world.

The major competitors of Bloomage Biotech in the biotechnology industry include Chinese companies such as Imeik (Chinese: 爱美客), Sisram Medical (Chinese: 复锐医疗科技), and Huadong Medicine (Chinese: 华东医药), as well as international players such as AbbVie Inc. from the U.S. and L'Oreal from France.

According to Frost & Sullivan, the global hyaluronic acid market of the biotechnology industry will maintain a 12.3% compound annual growth rate (CAGR) in the next five years. Zhao Yan, Chairman and General Manager of Bloomage Biotech, said that in the face of this trend, Bloomage Biotech will increase its investment in R&D, hoping that the company will thrive through ongoing innovation and technology to expand its application and market boundaries, and provide strong momentum for the rapid, sustainable, and healthy development of this industry. In 2022, Bloomage Biotech invested CNY 388 million in R&D, an increase of 36.52% year-on-year.

As of press time, Huaxin Bio closed at CNY 95.57 apiece, with a market cap of CNY 46.02 billion.