Bloomage_Bio: Revenue was 2.935 billion yuan, and functional skin care products increased by 77.17%

On the evening of August 29, Bloomage Bio released its semi-annual report. In the first half of the year, the company achieved operating income of 2.935 billion yuan, a year-on-year increase of 51.58%; net profit was 473 million yuan, a year-on-year increase of 31.25%. The comprehensive gross profit margin was 77.43%.

Regarding the increase in revenue, the report explained that the sales revenue of mainly functional skin care products increased by 77.17% year-on-year, and the raw material business increased steadily by 10.97% year-on-year.

Functional skin care products lead the way, the raw material business grows steadily, and the medical terminal business slightly declines

For functional skin care products, in the first half of 2022, this business achieved a revenue of 2.127 billion yuan, a year-on-year increase of 77.17%, accounting for 72.46% of the company's main business revenue, with a gross profit margin of 78.74%, an increase of 0.02 percentage points compared to the same period last year.

The functional skin care product business has become the basic revenue of Bloomage Bio. In the first half of the year, the operating income of this business segment has exceeded Bethany by 2.05 billion yuan. If nothing else, the revenue of Bloomage Bio's functional skin care products will exceed Bethany this year.

On the whole, the four major brands of Runbaiyan, Quadi, Mibel, and BM muscle activity have been formed, and the advantages of category differentiation are becoming more and more prominent. On the basis of continuing to maintain rapid growth. Judging from the growth rate in the above table, the revenue of Runbaiyan, Quadi, and Mibel has increased rapidly year-on-year. It is worth mentioning that BM Muscle relies on scientific and technological strength and product strength to support, and the "brown rice fermentation broth" quickly broke the circle. The year-on-year growth rate of revenue was as high as 445.75%.

Among the four major brands, "Bio-MESO Muscle Activating Brown Rice Muscle Base Essence", "Quady 5D Hyaluronic Acid Rejuvenating Essence", "Quady 5D Compound Acid Anti-Acne Serum", "Baiyan Hyaluronic Acid" The 6 single-product series of 6 single-product series, namely "Water Moisturizing Serum", "Quadi Shurun Muscle Stabilizing Oil Suspension Serum" and "Baiyan Hyaluronic Acid Barrier Conditioning Serum", achieved sales revenue of over 100 million or about 100 million yuan in the first half of the year.

According to the financial report, the proportion of Douyin channel of Bloomage Bio’s skin care products business has increased to about 30%. At present, the four major brands have formed online marketing channels on two core platforms, Tmall and Douyin, while continuing to expand other platform channels such as WeChat, Youzan, JD.com, Kuaishou, and Xiaohongshu.

In terms of raw material business, in the first half of 2022, the revenue was 461 million yuan, a year-on-year increase of 10.97%, accounting for 15.69% of the company's main business revenue. The overall gross profit margin of the raw material business was 72.39%, of which the gross profit margin of pharmaceutical-grade hyaluronic acid raw materials remained at a relatively high level of 87.06%.

In terms of medical terminal business, in the first half of 2022, the revenue was 300 million yuan, a year-on-year decrease of 4.53%, accounting for 10.21% of the company's main business income, and the gross profit margin was 81.93%. Among them, skin medical products achieved revenue of 208 million yuan, a year-on-year decrease of 5.37%. Orthopedic injection products realized revenue of RMB 69.02 million, a year-on-year increase of 21.66%. The decrease was mainly due to the impact of the new crown pneumonia epidemic, and the sales of medical terminal products in the second quarter were affected to varying degrees.

In terms of functional food business, in the first half of 2022, the revenue will be 44.3658 million yuan, which will achieve substantial growth under a low base, and the business structure will be initially opened.

C-end business, heavy marketing is lazy

As of now, Bloomage Bio and Amic, two hyaluronic acid leaders, have handed over their transcripts for the first half of the year. It is inevitable to make comparisons in the same section. From the current comparison, Amic has achieved an overtake in net profit when its revenue is less than 30% of Bloomage Bio.
This may be related to the high sales expenses incurred by Bloomage Bio's C-end business, which are always eating up profits.