HAOHAI BIOTEC (06826) announced its interim results for 2025, reporting operating revenue of approximately RMB 1.293 billion, representing a decrease of about 7.48% compared to the same period last year. Net profit attributable to ordinary shareholders reached approximately RMB 211 million, declining by about 10.29% from the corresponding period in 2024. Basic earnings per share stood at RMB 0.91, with an interim dividend of RMB 0.40 per share.
During the reporting period, the Group maintained focus on its four core business segments: medical aesthetics, ophthalmology, orthopedics, and anti-adhesion and hemostasis products. The company actively addressed external opportunities and challenges while continuously strengthening product innovation, market expansion, and operational efficiency. Overall, the Group sustained steady development momentum.
The ophthalmology product line experienced a revenue decline of approximately RMB 83.51 million compared to the same period in 2024, representing a decrease of about 18.57%. This decline was primarily attributed to the gradual implementation of national volume-based procurement policies and weakened domestic consumer market conditions.
The medical aesthetics and wound care product line recorded revenue that was approximately RMB 58.55 million lower than the same period in 2024, marking a decline of about 9.27%. This decrease was mainly due to reduced domestic consumer demand affecting the Group's first and second-generation hyaluronic acid products, resulting in notable revenue declines.
Additionally, according to the State Administration of Taxation's "Implementation Guidelines for Value-Added Tax Policy Application to Biological Products," the relevant products manufactured by subsidiary Shanghai Qisheng are no longer classified as biological products eligible for simplified VAT calculation methods. Consequently, the VAT rate was adjusted from 3% to 13%. Since the Group could not absorb the impact of this tax rate adjustment by modifying tax-inclusive selling prices, the after-tax unit selling prices and revenue of related Shanghai Qisheng products decreased during the reporting period.
The anti-adhesion and hemostasis product line achieved revenue growth of approximately RMB 41.10 million compared to the same period in 2024, representing an increase of about 59.68%. This growth was primarily driven by the inclusion of the Group's "Kangruijiao" product in the "Shanghai Biomedicine 'New Premium Drugs and Devices' Product Catalog" (Fourth Batch) in December 2024. Products included in this catalog benefit from green channel access to Shanghai public hospitals and priority qualification for Shanghai medical insurance negotiations, accelerating entry into local medical insurance catalogs and enhancing patient payment willingness. During the reporting period, the Group swiftly completed market access for "Kangruijiao" products in Shanghai, Henan, and other regions, opening new marketing opportunities.