The blood products industry is under mounting pressure, and the "Blood King of China" cannot escape the downward trend either.

Even the "Blood King of China" cannot withstand industry fluctuations.

On the evening of August 24, Shanghai RAAS (002252.SZ) released its "performance report" for the first half of 2026. During the reporting period, the company achieved operating revenue of 32.09 billion yuan, a year-on-year decline of 18.79%; the attributable net profit reached 6.61 billion yuan, a year-on-year drop of 35.80%.

The predicament of Shanghai RAAS is not an isolated case. In fact, in the first half of 2026, the blood product industry suffered widespread "blood loss". Companies including Weiguang Bio (002880.SZ), PaiLin Bio (000403.SZ), and Boya Bio (300294.SZ) all recorded performance declines of varying degrees. These companies generally mentioned that their performance declines are mainly affected by factors such as national value-added tax related policies, industry policies, market competition, and active channel inventory adjustment.

For Shanghai RAAS, in addition to the pressure on performance, the 8.199 billion yuan of goodwill recorded on the company's books as a result of previous large-scale expansion is also a problem that cannot be ignored.

Regarding issues related to the decline in revenue of the company's albumin business, the progress of the "non-plasma dependent" strategy, the response to goodwill risks, and the progress of integration with Nanyue Bio, Times Finance contacted Shanghai RAAS for interviews via phone and email, and no reply was received as of press time.

In the secondary market, the share price of Shanghai RAAS has continued to decline. On August 25, the company's stock closed up 1.87% at 4.90 yuan per share, with the latest market value of 32.304 billion yuan. Since 2026, the cumulative decline in the company's share price has reached 22.12%.

Performance Decline of the "Blood King of China"

Public information shows that Shanghai RAAS, founded in 1988, is the first Sino-foreign joint venture blood product enterprise in China, and listed on the Shenzhen Stock Exchange in 2008. The operating revenue and net profit scale of Shanghai RAAS have long ranked first among A-share listed blood product companies, from which the title of "Blood King of China" comes.

The semi-annual report shows that at present, Shanghai RAAS has built 6 blood product production bases covering Shanghai, Zhengzhou, Hefei, Wenzhou, Nanning and Hengyang. The company's products cover 12 varieties of three major categories: albumin, immunoglobulin and coagulation factors. It is one of the few blood product enterprises in China that can extract six components from plasma, and also one of the domestic manufacturers with the most complete varieties of coagulation factor products in the same industry.

In terms of performance, specifically, in the first half of 2026, the revenue from blood product production and sales of Shanghai RAAS was 3.161 billion yuan, a year-on-year decrease of 19.40%; the revenue from testing equipment and reagents was 47.3446 million yuan, a year-on-year increase of 58.06%.

By product, the operating revenue of imported albumin, the core revenue source of the company, was 1.435 billion yuan, accounting for 44.71% of the company's total revenue, down 24.42% year on year; the operating revenue of self-produced albumin was 483 million yuan, down 28.82% year on year.

In fact, the performance decline of blood product companies has become a common phenomenon in the first half of 2026.

In the first half of 2026, PaiLin Bio achieved operating revenue of 830 million yuan, a year-on-year decrease of 15.88%; the attributable net profit was 84.301 million yuan, a year-on-year decline of 64.25%; Boya Bio achieved operating revenue of 644 million yuan, down 36.14% year on year; the attributable net profit was 51.1887 million yuan, a year-on-year drop of 77.28%; Weiguang Bio achieved operating revenue of 449 million yuan, a year-on-year decrease of 13.33%; the attributable net profit was 44.3859 million yuan, down 58.77% year on year.

In addition, the performance forecast shows that in the first half of 2026, Tiantan Bio (600161.SH) expects its attributable net profit to decline by more than 50% year on year.

For the reasons of performance decline, relevant companies generally mentioned the impact of factors such as national value-added tax related policies, industry policies, market competition, and active channel inventory adjustment.

The research report of Wanlian Securities states that the blood product sector has been under collective industry pressure in the past two years, with no profit growth despite revenue growth. The release of industry capacity and weakening demand lead to inventory backlog, and the mismatch between supply and demand is the main reason for the performance decline. Meanwhile, superimposed with factors such as falling product prices and the impact of DRG/DIP payment reform on in-hospital demand, blood product enterprises in China that are highly dependent on the two varieties of human albumin and intravenous immunoglobulin are facing performance pressure and are vulnerable to the impact of prices or policies.

Goodwill Exceeding 8 Billion Yuan Hangs High, the Second Growth Curve Has Not Yet Taken Shape

In addition to the performance decline, the high goodwill of Shanghai RAAS has always been the focus of market attention.

Public information shows that since its listing, Shanghai RAAS has successively acquired companies including Banghe Pharmaceutical (now renamed Zhengzhou RAAS), Tonglu Bio and Zhejiang Haikang. In March 2025, the company even announced that it would spend 4.2 billion yuan in cash to acquire 100% equity of Nanyue Bio, paying a premium of nearly 400% for the company with a book net asset of only about 839 million yuan, forming a goodwill of about 3 billion yuan.

The semi-annual report shows that as of the end of the first half of 2026, the goodwill of Shanghai RAAS is still as high as 8.199 billion yuan.

In the semi-annual report, Shanghai RAAS also mentioned that "if there are major adverse changes in the future operating conditions of Zhengzhou RAAS, Tonglu Bio, Guangxi RAAS, Zhejiang Haikang and Nanyue Bio, there may be a risk of goodwill impairment, which will adversely affect the current profit and loss of the company."

Shanghai RAAS stated in its semi-annual report that the company adheres to the development strategy of simultaneously advancing "plasma expansion" and "plasma independent" development. At present, the company pins its hope for the second growth curve on innovative drugs.

According to the semi-annual report, the SR604 injection independently developed by Shanghai RAAS is a First-in-Class (global first) targeted therapeutic new drug for hemophilia, and it is also the world's first monoclonal antibody product for hemophilia targeting activated protein C.

However, the semi-annual report shows that the phase III clinical preparation work for the relevant indications of SR604 is in progress. Long R&D cycle and high investment in the innovative drug industry are common phenomena, and it is still unknown when SR604 can be approved for listing to contribute commercial revenue to the company.

While disclosing its performance, Shanghai RAAS also saw personnel changes. On August 25, Shanghai RAAS announced that Chen Leqi, the financial director of the company, resigned for personal reasons, and will no longer hold any position in the company and its subsidiaries after resignation, and Jiang Lan took over the position of financial director.

Personal resume information shows that Jiang Lan has previously served in Haier Group, Haier Financial Control, Innocare and other Haier-related companies for more than 20 years.

In June 2024, Haier Yingkang (Qingdao) Medical Technology Co., Ltd. (hereinafter referred to as "Haier Yingkang"), a subsidiary of Haier Group, completed the delivery of transferring 20% of the shares of Shanghai RAAS held by Grifols for 12.5 billion yuan. At the same time, Grifols entrusted the voting rights corresponding to the remaining 437 million shares it holds to Haier Group for exercise, accounting for 6.58% of the total share capital of the company. Haier Group became the actual controller of Shanghai RAAS, and Shanghai RAAS was thus included in the "Innocare" big health sector of Haier Group.

In December 2024, Haier Bio once planned to absorb and merge Shanghai RAAS, but the transaction came to an abrupt halt after the suspension of trading for 10 trading days.

This article is from the WeChat official account "Times Finance APP" (ID: tf-app), the authors are Zhang Jie and Wen Siting, and it is published by 36Kr with authorization.