Boya Biotech (300294) 2025 Annual Report Brief Analysis: Revenue Growth Without Profit Increase, Accounts Receivable Rise

According to publicly available data compiled by Securities Star, Boya Bio (300294) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 2.059 billion yuan, an increase of 18.69% year-over-year, while net profit attributable to shareholders was 113 million yuan, a decrease of 71.61% year-over-year. Looking at quarterly data, in the fourth quarter, total operating revenue was 585 million yuan, up 19.47% year-over-year, while net profit attributable to shareholders was -230 million yuan, down 1,365.52% year-over-year. During this period, Boya Bio’s accounts receivable increased, with a year-over-year growth rate of 75.56%.

This data fell below most analyst expectations, as analysts previously anticipated a net profit of approximately 515 million yuan for 2025.

The financial indicators released in this report are average. The gross profit margin was 49.89%, down 22.83% year-over-year; net profit margin was 5.47%, down 76.07% year-over-year; total sales, management, and financial expenses amounted to 633 million yuan, with the three expenses accounting for 30.75% of revenue, a decrease of 8.13% year-over-year; net asset value per share was 14.75 yuan, down 0.66%; operating cash flow per share was 0.12 yuan, down 79.6%; earnings per share was 0.22 yuan, down 72.15%.

Securities Star’s valuation analysis tool shows:

• Business Evaluation: The company’s ROIC last year was 1.34%, indicating weak capital returns. The net profit margin was 5.47%, and after accounting for all costs, the added value of the company’s products or services is average. Historically, over the past 10 years, the median ROIC was 6%, indicating relatively weak investment returns, with the worst year being 2025 at 1.34%. Overall, the company’s historical financial performance is average.
• Debt-paying Ability: The company’s cash assets are very healthy.
• Business Model: The company’s performance mainly relies on marketing-driven growth. It is necessary to carefully analyze the actual drivers behind this.
• Business Breakdown: Over the past three years (2023/2024/2025), net operating asset return rates were 14.1%, 11.2%, and 3%, respectively; net operating profits were 215 million, 397 million, and 113 million yuan; net operating assets were 1.525 billion, 3.551 billion, and 3.72 billion yuan.

Over the past three years (2023/2024/2025), working capital to revenue ratios were 0.24, 0.63, and 0.63, respectively; working capital (funds invested by the company in production and operations) was 633 million, 1.101 billion, and 1.289 billion yuan; revenue was 2.652 billion, 1.735 billion, and 2.059 billion yuan.

The financial report review tool indicates:

1. It is recommended to monitor the company’s accounts receivable status (accounts receivable/profit ratio reaching 698.62%).

Recently, some well-known institutions have raised the following questions about the company:

Question: What are the main directions and layout of the company’s “14th Five-Year Plan” strategy?

Answer: During the “14th Five-Year Plan” period, China Resources Boya Bio aims to strengthen, optimize, and expand the China Resources big health sector’s only blood product platform. Guided by the spirit of the 20th National Congress and subsequent plenary sessions, the company firmly implements China Resources Group’s “1246” model and focuses on “Four Reshapes” to tackle challenges in a complex and changing market environment, leading academically and managing historical risks. The company will continue to develop in four areas: plasma station expansion, terminal control, R&D innovation, and internationalization. Specifically, it will: 1) Expand plasma collection by leveraging China Resources Group and third-party collaborations, manage plasma collection areas regionally, and enhance publicity through new media and intelligent methods to maintain plasma growth above industry rates; 2) Strengthen terminal control by upholding academic leadership and managing agents meticulously to improve hospital terminal control; 3) Focus on market and clinical needs, deepen R&D across all product lines, promote new indications, and explore non-blood product fields through existing channels; 4) Explore international blood product markets, “go global and bring in,” to boost performance.

The above content is compiled from publicly available information by Securities Star, generated by AI algorithms (Network Information Backup 310104345710301240019), and does not constitute investment advice.