On the evening of April 10, Bloomage Biotech (Shanghai stock code: 688363) released its 2024 annual report. According to the data, the company achieved operating income of 5.371 billion yuan during the reporting period, a year-on-year decrease of 11.61%; The net profit attributable to shareholders of listed companies was 174 million yuan, a year-on-year decrease of 70.59%, the lowest level since the company's listing.

Reading Finance noticed that Bloomage Biotech's performance has declined for two consecutive years, and the company's revenue and net profit will decrease by 4.45% and 38.97% year-on-year in 2023, respectively.

According to the data, Bloomage Biotechnology Co., Ltd. was established in 2000 and listed on the Science and Technology Innovation Board in 2019 with an issue price of 47.79 yuan per share, which is known as "the first share of hyaluronic acid" by the market.

In terms of quarters, Bloomage Biotech suffered a loss in the fourth quarter of 2024, with a net profit attributable to shareholders of listed companies of -188 million yuan and a non-net profit of -219 million yuan. It is worth mentioning that China Life Chengda (Shanghai) Health Industry Equity Investment Center (Limited Partnership), the major shareholder of Bloomage Biotech, reduced its holdings and cashed out about 341 million yuan in the fourth quarter.

In terms of products, the sales revenue of Bloomage Biotech's skin science innovation and transformation business declined significantly, with a decrease of 31.62%. In this regard, the company said that it was affected by various factors such as intensified market competition, industrial cycle fluctuations and strategic adjustments.

In addition, Bloomage Biotech said that during the reporting period, the organizational structure upgrade of the company's management change, the reform of the salary system, the cost of consulting companies and equity incentive expenses exceeded 70 million yuan, which affected the short-term profit and loss. At the same time, the company made a large impairment provision of about 189 million yuan for related assets with signs of impairment.

In terms of personnel, Bloomage Biotech's recent changes in senior management have attracted market attention. On March 20, Bloomage Biotech announced that the company's deputy general manager Liu Aihua's retirement and re-employment contract is about to expire, and it will not be renewed after expiration, and he will no longer hold any position in the company in the future; Xu Guixin and Luan Yizheng will also no longer serve as deputy general managers and will become vice presidents of business. Bloomage Biotech emphasized that the company is undergoing management reforms, and in order to adjust the management structure and streamline the management level, it has decided to reduce the number of non-statutory requirements for the position of deputy general manager.

In the secondary market, Bloomage Biotech hit a high of 313.10 yuan per share in July 2021. Now, its share price has fallen eighty percent from its peak value, and as of the 10th, it closed up 1.45% at 49.10 yuan per share, with a total market value of 23.65 billion yuan.