Bloomage Biotechnology Corporation Limited (688363)

Equity Analysis Report | Sector: Beauty Care—Medical Aesthetics—Medical Aesthetics Consumables (concept tags include Synthetic Biology, Medical Aesthetics, Cosmetics, Medical Devices) | Report Date: September 13, 2026 | Closing Price of September 11, 2026 (Latest Trading Day)

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

The most decision-relevant fact is that Bloomage Biotechnology's operations remained in a restructuring phase during the first half of 2026: it recorded operating revenue of RMB 1.756 billion, down 22.32% year-on-year; net profit attributable to shareholders of RMB 153 million, down 30.82% year-on-year; and non-GAAP net profit attributable to shareholders of RMB 129 million, down 25.49% year-on-year. The decline was mainly driven by a halving of revenue in the Skin Science Innovation Transformation business, which recorded revenue of RMB 448 million, down 50.88% year-on-year, while the company also proactively cut marketing spend and optimized its product mix. In Q2 2026, revenue and net profit attributable to shareholders improved quarter-on-quarter, but still declined 21.64% and 25.91% year-on-year respectively, and an earnings inflection point cannot yet be confirmed.

The company's business structure is being reshaped. The raw materials business recorded H1 2026 revenue of RMB 638 million, up 1.87% year-on-year, of which international market raw material revenue was RMB 344 million, up 4.05% year-on-year; the medical terminal business recorded revenue of RMB 599 million, down 10.99% year-on-year, but sales volume of Class III medical devices reached approximately 4.28 million units and sales volume of mesotherapy products reached approximately 2.98 million units, up 85% and more than 150% year-on-year respectively; the Nutritional Science Innovation Transformation business recorded revenue of RMB 61 million, up 59.71% year-on-year. However, gross margins for raw materials and medical terminals were 57.95% and 80.63% respectively, both down from the same period last year, dragging the overall gross margin down to 67.95%.

In 2025, the company's net profit attributable to shareholders grew 67.59% to RMB 292 million, but operating revenue declined 21.82% over the same period; the growth was mainly driven by compression of selling and administrative expenses, and cannot be directly equated with a fundamental turnaround on the revenue side. Net operating cash flow in H1 2026 was RMB 524 million, up 140.08% year-on-year, but the company explained that this change was mainly related to compression of expenses and procurement spending, and against the backdrop of declining profits it still needs to be observed in conjunction with subsequent operational recovery.

As of September 11, 2026, the company's share price closed at RMB 33.91, close to the 52-week low of RMB 32.92, having fallen about 4.9% cumulatively in early September, and below the estimated MA5, MA10 and MA20 ranges, with capital flows relatively weak. Current valuation differs by methodology: dynamic PE of approximately 53x, TTM PE of approximately 73x, and PB of approximately 2.30x, representing a high PE state under a low earnings base; market pricing remains relatively dependent on future earnings recovery and volume ramp-up in medical aesthetics and new raw material businesses.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Raw materials business (raw material products): H1 2026 revenue of RMB 638 million, accounting for 36.32%, up 1.87% year-on-year, gross margin 57.95% (down 4.1 pct year-on-year); of which international market raw material revenue was RMB 344 million, accounting for 54.06% of the raw materials business, up 4.05% year-on-year. Full-year 2025 revenue was RMB 1.210 billion, down 2.15% year-on-year, accounting for 28.83% of main business, gross margin 61.83%; of which overseas raw materials were RMB 627 million, up 3.03% year-on-year, accounting for 51.83% of raw materials
• Medical terminal business (medical terminal products): H1 2026 revenue of RMB 599 million, accounting for 34.10%, down 10.99% year-on-year, gross margin 80.63% (down 0.9 pct year-on-year); of which dermatological medical products were RMB 426 million, Class III medical device sales volume approximately 4.28 million units (up 85% year-on-year), mesotherapy product sales volume approximately 2.98 million units (up more than 150% year-on-year). Full-year 2025 revenue was RMB 1.369 billion, down 4.89% year-on-year, accounting for 32.64%, gross margin 80.59%; of which dermatological medical products were RMB 938 million, down 12.55% year-on-year
• Skin Science Innovation Transformation business (formerly functional skincare): H1 2026 revenue of RMB 448 million, accounting for 25.50%, down 50.91% year-on-year, gross margin 62.74% (down 7.0 pct year-on-year); the company cites proactive strategic adjustment, product mix optimization, and marketing cutbacks. Full-year 2025 revenue was RMB 1.487 billion, down 42.11% year-on-year, accounting for 35.45%, gross margin 67.61% (this business accounted for as much as 47.84% in 2024)
• Nutritional Science Innovation Transformation business (functional foods): H1 2026 revenue of RMB 61 million, up 59.71% year-on-year, driven by blockbuster products such as ergothioneine; full-year 2025 revenue was RMB 108 million, up 31.24% year-on-year
• Other businesses: H1 2026 approximately RMB 69.15 million + RMB 2.58 million
• By region (H1 2026): domestic RMB 1.380 billion (78.59%), overseas RMB 373 million (21.26%/21.29%); full-year 2025: China RMB 3.300 billion (78.59%), overseas RMB 895 million (21.32%)
• H1 2026 overall: revenue RMB 1.756 billion (down 22.32% year-on-year), net profit attributable to shareholders RMB 153 million (down 30.82% year-on-year), non-GAAP net profit RMB 129 million (down 25.49% year-on-year), overall gross margin 67.95% (down 3.0 pct year-on-year), selling/administrative/R&D expense ratios 34.1%/12.9%/12.1%. Full-year 2025: revenue RMB 4.199 billion (down 21.82% year-on-year), net profit attributable to shareholders RMB 292 million (up 67.59% year-on-year), non-GAAP net profit RMB 186 million (up 73.76% year-on-year), operating cash flow RMB 627 million

2.3 Position in Industry Chain Upstream and Downstream, Cost and Profit Structure

III. Financial Data and Valuation Analysis

3.1 Recent Operating Results

The latest financial report is the 2026 Interim Report, disclosed 2026-08-27, with data from CS.com.cn, Stockstar, and Securities Times consistently across three sources. The 2025 Annual Report was disclosed 2026-04-22. Final 2024 annual report data shows net profit attributable to shareholders of RMB 174 million (-70.59%); its 2024 preliminary earnings report (2025-02-27) had disclosed net profit attributable to shareholders of RMB 164 million (-72.27%), and the annual report shall prevail. Historical revenue/net profit (2021–2025) is sourced from Investing.com and BOCHK etnet; the "net profit" in etnet/investing is total net profit including minority interests (e.g., 2024 total net profit of RMB 168 million vs. attributable RMB 174 million, with the difference arising from minority interest gains/losses), which differs slightly from the commonly used A-share "net profit attributable to shareholders" methodology, and the distinction must be made when citing. H1 2026 by business: raw material products RMB 638 million (+1.87%), medical terminal products RMB 599 million (-10.99%), Skin Science Innovation Transformation business RMB 448 million (-50.88%), Nutritional Science Innovation Transformation RMB 61 million (+59.71%).

H1 2026 revenue declined 22.32% year-on-year and net profit attributable to shareholders declined 30.82% year-on-year; the main reasons for the decline (company's stated basis): ① revenue in the Skin Science Innovation Transformation business halved (from RMB 912 million in the prior-year period to RMB 448 million, -50.88%), driving a revenue decrease of RMB 505 million and a gross profit decrease of approximately RMB 412 million; ② financial expenses shifted from net income of RMB 15.4897 million in the prior-year period to net expense of RMB 16.3730 million (foreign exchange shifted from a gain of RMB 14.4468 million to a loss of RMB 15.4151 million); ③ government subsidies fell from RMB 48.838 million to RMB 22.3253 million. Q2 2026 revenue was down 21.64% year-on-year but up 11.74% quarter-on-quarter, and net profit attributable to shareholders was down 25.91% year-on-year but up 36.32% quarter-on-quarter, improving sequentially while still declining year-on-year, and the research notes explicitly state that "an inflection point has not yet been confirmed." H1 2026 net operating cash flow was RMB 524 million (+140.08%), mainly an accounting effect of expense and procurement compression, moving opposite to the profit decline, and must be interpreted with caution. In 2025, net profit attributable to shareholders rose 67.59% year-on-year, but the research notes explicitly caution that this growth was entirely driven by expense compression (selling expenses -38.52%, administrative expenses -17.72%), while revenue over the same period fell 21.82%, and this cannot be equated with a fundamental turnaround; revenue has now declined by double digits for a second consecutive year. H1 2026 overall gross margin was 67.95% (-3.04 pct), net margin 8.72% (-1.05 pct), basic EPS RMB 0.32 (-30.43%), weighted average ROE 2.14% (-1.04 pct), R&D investment RMB 212 million (12.07% of revenue, +1.85 pct).

3.2 Earnings Forecasts

Institutional forecasts suffer from severe time-lag mismatches and must be prominently flagged: the "2026 average net profit of RMB 431 million, corresponding to approximately +47.4% year-on-year" aggregated by Tonghuashun iFinD was mostly formed before the H1 report (2025-11 to 2026-05), has been falsified by the H1 2026 results (both revenue and profit declining), is clearly lagging and no longer reliable, and is for reference only. After the H1 report in late August/early September, Guotai Haitong Securities on 2026-08-28 lowered its 2026–2028 EPS to RMB 0.87/1.13/1.31 (down RMB 0.44/0.63 from prior values respectively); CICC on 2026-09-01 lowered its 2026 EPS to RMB 0.73 (this item comes from a single source, "Jingzhuan Duoying," and should be verified against CICC's original report). Guotai Haitong EPS of RMB 0.87 × 482 million shares ≈ 2026 net profit of RMB 419 million; CICC EPS of RMB 0.73 × 482 million shares ≈ RMB 352 million; both are key derivations in the research notes and must be labeled as "derived," not official. If full-year 2026 net profit is taken as RMB 419 million, then H2 2026 would need to achieve approximately RMB 266 million (H1 was only RMB 153 million), implying H2 nearly doubling versus H1, which is aggressive against a backdrop of still-declining revenue and represents the part of the forecast with the greatest uncertainty. Individual institutions' 2026 net profit forecasts: CICC RMB 438 million, Guolian Minsheng RMB 396 million, Great Wall Securities RMB 383 million, China Galaxy RMB 351 million, Zhongtai RMB 453 million, Kaiyuan RMB 391 million, Western RMB 519 million, Founder RMB 511 million (mostly forecasts before the H1 report).

3.3 Valuation Levels and Institutional Ratings

Share price/market cap (as of approximately early September 2026, sources: Baidu Gushitong, Sohu Securities): share price approximately RMB 33.91, total market cap RMB 16.334 billion, free-float market cap RMB 16.334 billion (fully circulating), total share capital 482 million shares. The date of this price is not clearly indicated in either source, representing the greatest timing uncertainty in this report. 52-week range: RMB 32.92–61.85 (source: Investing.com), with the current price near the 52-week low. Valuation multiples (based on the closing price of 2026-08-27, source: CSI Zhixun/CS.com.cn): P/E (TTM) approximately 77.31x; P/B (LF) approximately 2.44x; P/S (TTM) approximately 4.69x. Self cross-verification based on RMB 33.91 and TTM methodology: TTM net profit attributable to shareholders ≈ RMB 224 million (2025 full year 292 + H1 2026 153 − H1 2025 approximately 221) → PE (TTM) ≈ 73x; TTM revenue ≈ RMB 3.695 billion (Sohu notes "revenue TTM RMB 3.695 billion, -23.4%") → PS ≈ 4.4x; net assets attributable to shareholders RMB 7.09 billion → PB ≈ 2.3x; broadly consistent with the methodology disclosed on 8/27 (differences arise from different share price dates). Other indicators (Sohu Securities, reporting period 2026-06-30): net asset per share RMB 14.72, debt-to-asset ratio 19.78%, enterprise value RMB 17.262 billion, enterprise value/non-GAAP net profit 121.5x, ROE (TTM) 3.1%, ROIC (TTM) 3.1%, goodwill RMB 171 million, major shareholder pledge ratio 0.02%, cumulative dividend payout ratio over the past three years 30.7%. Valuation interpretation: PE (TTM) of approximately 73–77x is significantly above its historical norm (Capital Securities on 2026-02-02 noted the then share price corresponded to 2025/26/27 PE of approximately 70/41/36x based on a share price of approximately RMB 48.81), mainly because earnings are at a historical trough (2024–2025 net profit attributable to shareholders was only RMB 170–290 million, far below the 2022 peak of RMB 970 million). The stock currently represents a "high PE, low earnings base" type of valuation, where PE has weak reference value and the market prices it more on PS or earnings recovery expectations. Target prices diverge extremely widely and sample methodologies differ: domestic brokerages RMB 47–60 vs. foreign institutions RMB 25–34; Investing consensus target RMB 39.70; directional conclusions depend on sample selection and must be disclosed side by side. The research notes suggest using Guotai Haitong's RMB 48/CICC's RMB 48 as the latest anchors, with older samples for reference only. Note also methodological differences: 2024 "total net profit RMB 168 million" and "attributable RMB 174 million" coexist (due to minority interest gains/losses); 2024 preliminary report RMB 164 million vs. annual report RMB 174 million.

IV. Recent News and Announcements

4.1 Bloomage Biotechnology (688363) 2026 Interim Report Disclosure

On 2026-08-28, the 2026 Interim Report was disclosed: operating revenue RMB 1.756 billion, down 22.32% year-on-year; net profit attributable to shareholders RMB 153 million, down 30.82% year-on-year; non-GAAP attributable RMB 129 million, down 25.49% year-on-year; basic EPS RMB 0.32; overall gross margin 67.95%, down 3.04 pct year-on-year; net operating cash flow RMB 524 million, up 140.08% year-on-year; the company did not propose a profit distribution/capital reserve capitalization plan. Q2 standalone revenue was approximately RMB 927 million (down 21.64% year-on-year), attributable profit approximately RMB 88 million (down 25.91% year-on-year), up 36.32% quarter-on-quarter. By business: raw materials RMB 638 million (+1.87%, of which international raw materials RMB 344 million, +4.05%, accounting for 54.06% of raw materials); medical terminals RMB 599 million (-11.0%, Class III device sales volume approximately 4.28 million units, +85%); Skin Science Innovation Transformation RMB 448 million (-50.88%, mainly due to proactive strategic adjustment and marketing cutbacks); Nutritional Science Innovation Transformation RMB 61 million (+59.71%). Sources: Sina Finance announcements, Cailian Press/China Economic Net, CS.com.cn, China Fund News, consistent across multiple sources.

4.2 Bloomage Biotechnology 2026 Q1 Report Disclosure

On 2026-04-30, the 2026 Q1 report was disclosed: revenue RMB 829 million (down 23.06% year-on-year), net profit attributable to shareholders RMB 64,654,700 (down 36.55% year-on-year), EPS RMB 0.14. On the same day, it also included the "Announcement on Requesting Shareholders' Meeting to Authorize the Board to Issue Shares to Specific Targets via Simplified Procedure" (potential refinancing authorization). Also according to the 2026 Q1 report, controlling shareholder Huaxi Xinyu held 24 million shares through a credit securities account and 264.019 million shares through an ordinary account; at the end of the reporting period, the company's special repurchase account held 3,315,538 shares (0.69%). Sources: East Money performance data, Stockstar announcements.

4.3 Bloomage Biotechnology 2025 Annual Report and Related Annual Announcements Disclosed in Concentration

On 2026-04-23, the 2025 Annual Report and related annual announcements were disclosed in concentration: 2025 net profit attributable to shareholders RMB 292.06 million, up approximately 67.59% year-on-year; revenue approximately RMB 4.199 billion, down 21.82% year-on-year. 2025 profit distribution plan: RMB 1.90 per 10 shares (RMB 0.19 per share), totaling approximately RMB 90,888,900, accounting for 31.12% of net profit attributable to shareholders; no capitalization, no bonus shares. On the same day, it also disclosed the resolution of the 6th meeting of the 3rd Board of Directors, reappointment of the accounting firm, changes in accounting policies, the 2026 compensation plan for directors, supervisors and senior management, the 2025 sustainability report, and the "Announcement on the Provision for Large Asset Impairment for 2025" (the specific impairment amount was not shown on the retrieved pages, and the original text must be checked). Sources: CNINFO PDF, Sohu, CFI.cn announcement list.

4.4 Bloomage Biotechnology 2025 Annual Earnings Preview (January–February 2026)

The Capital Securities (Hong Kong) report dated 2026-02-02 was titled "Reform Shows Initial Results; 2025 Net Profit Expected to Grow 55%-84%," and the actual 2025 net profit attributable to shareholders growth of +67.59% year-on-year falls within that range, providing mutual corroboration. Source: Sina Finance research report page.

4.5 Abnormal Data Alert: IRM Platform Q&A on the H1 2026 Earnings Preview

A Q&A on the Shenzhen Stock Exchange Interactive Easy/CNINFO IRM platform (questionId=2312912046933000192, dated 2026-07-14) stated that "the 2026 H1 earnings preview has been disclosed, and 2026 H1 net profit attributable to shareholders is expected to grow 104.79%–180.24% year-on-year." This statement is seriously inconsistent with the -30.82% year-on-year net profit attributable to shareholders in the official interim report dated 2026-08-28, and is judged likely to be an input error or mismatched with another matter; there is only this single source with no second-party corroboration, and it is flagged as abnormal data—do not cite the "+104.79%~180.24%" figure in the report.

4.6 Controlling Shareholder and Concerted Parties Share Donation and Equity Change

On 2026-05-12, the "Announcement on Controlling Shareholder Fulfilling Donation Agreement and Donating Part of the Company's Shares Without Compensation" was disclosed (controlling shareholder Huaxi Xinyu donated part of its shares without compensation). On 2026-05-30, the "Announcement on Controlling Shareholder and Its Concerted Parties' Equity Change Crossing the 5% Integer Multiple" and the "Simplified Equity Change Report" were disclosed. The specific number and percentage of donated/reduced shares were not given in the retrieved summaries and must be confirmed by checking the original PDF. Sources: China Capital Market Statutory Information Disclosure Platform, CFI.cn.

4.7 Guoshou Chengda Reduction Plan Completed (Historical)

Guoshou Chengda (Guoshou Chengda (Shanghai) Health Industry Equity Investment Center, a pre-IPO shareholder): on 2024-10-08 disclosed a reduction plan, holding 7.15%, intending to reduce no more than 12.042 million shares (no more than 2.50% of total share capital); on 2024-11-11 disclosed a提示性 announcement that reduction reached 1%; on 2025-01-27 the reduction plan period expired, with a cumulative reduction of 1.14% of shares. Sources: Zhitong Caijing, Securities Times, Stockstar announcement list, consistent across multiple sources.

4.8 Share Repurchase Progress and Not Fully Verified Data Alert

Historical repurchases: as of 2024-03-05, cumulative repurchase of 2.71 million shares, spending RMB 183 million; as of 2024-06-28, cumulative repurchase of 3.3155 million shares, spending RMB 220 million. As of 2026-03-31, the special repurchase securities account held 3,315,538 shares, and GuruFocus shows TTM repurchase cash outflow of 0 as of 2026-03. New repurchase signs appeared in 2026: a Q&A on the CNINFO IRM platform (2026-05-22, questionId=2273624219975008256) stated that "the company disclosed on May 13, 2026 that 2026 share repurchases had reached 14,000,650 shares." This 14 million shares differs greatly from the 3.3155 million shares as of 2026-03-31 (cumulative basis), and may correspond to a new repurchase round launched in 2026, but it appears only in a single IRM platform reply and has not been cross-confirmed by the full announcement text/exchange page, and is flagged as not fully verified. Sources: GuruFocus, Stockstar announcement list, IRM platform.

4.9 Product Registration, Production, and New Raw Material Progress (2026)

July 2026: The Korean regenerative injectable product JUVELOOK (a "collagen-stimulating" type regenerative material) represented by the company was approved for domestic launch; on the same day, the self-developed "Runzhi·Xianran" was approved (expanding indications to the back of the hand). Sources are brokerage research report relays (Shenwan Hongyuan, Kaiyuan Securities), not the original announcement. The Weihai PDRN/PN workshop went into production in August 2026 (source: relayed from a CICC report). New raw material registration progress: BLOOMSAS salidroside obtained US Self-GRAS certification and launched in the US; lacto-N-neotetraose (LNnT) and 3'-sialyllactose sodium salt (3'-SL) were approved as new domestic food additive varieties; 2'-FL completed US Self-GRAS certification. Sources: Shanghai Securities News/China Securities Network, interim report. It is recommended to further verify against company announcements/NMPA approvals.

4.10 "Improving Quality, Increasing Efficiency and Rewarding Returns" Special Action Plan and Assessment Report

On 2026-04-23, the "2026 'Improving Quality, Increasing Efficiency and Rewarding Returns' Special Action Plan" was disclosed; on 2026-08-28, the "Semi-Annual Assessment Report on the 2026 'Improving Quality, Increasing Efficiency and Rewarding Returns' Special Action Plan" was disclosed. Source: CFI.cn announcement list.

4.11 Corporate Governance, Personnel Changes, and Accounting Policy Changes

On 2026-04-23, the "Announcement on the Resignation of Core Technical Personnel" was disclosed (consistent with Guo Xueping's retirement departure on 2025-01-02 and Ma Shouwei's resignation on 2024-04-01; core technical personnel changes have been relatively frequent, representing a risk point requiring continuous attention); on the same day, an accounting policy change announcement was disclosed. Sources: CFI.cn, Stockstar announcement list.

4.12 Shareholders' Meeting and Implementation of 2025 Annual Equity Distribution

On 2026-05-26, a notice convening the 2025 Annual Shareholders' Meeting was issued; on 2026-06-17, the shareholders' meeting resolutions and legal opinion were disclosed; on 2026-07-07, the 2025 annual equity distribution implementation announcement and the differentiated dividend legal opinion were disclosed. Source: CFI.cn.

4.13 Investor Relations Activities: August 27, 2026 Analyst Meeting

On 2026-08-27 at 19:30, an online analyst meeting was held (participating institutions: Shenwan Hongyuan, Founder, Guotai Haitong, Orient, Zhongtai, GF, Guolian Minsheng, Everbright, Tianfeng, Caitong), with the record disclosed on 2026-08-28; at the meeting, the "Four Reshapings" and "Double Growth" strategies and progress on the Bloomage Engine AI platform were emphasized. In addition, on 2026-05-14, the company participated in the 2026 Shandong Jurisdiction Listed Companies Investor Online Collective Reception Day event. Sources: East Money announcements, statutory information disclosure platform.

4.14 September 10, 2026 Capital Flows (Corroborating Latest News)

On 2026-09-10, main-force capital recorded a net outflow of RMB 1,704,800, hot money recorded a net outflow of RMB 299,100, and retail recorded a net inflow of RMB 2,003,900; the closing price that day was RMB 34.51, down 0.63%. This falls within the technical analysis domain and is cited here only as "latest news" corroboration. Source: Stockstar.

4.15 M&A and Major Capital Operations

This round of retrieval did not identify any new major M&A/restructuring announcements in 2026; the only verifiable capital operation is the "requesting shareholders' meeting to authorize the board to issue shares to specific targets via simplified procedure" (potential small-scale refinancing authorization, 2026-04-30). Note: not exhaustive; confirmation requires checking the full text of exchange announcements item by item.

4.16 Changes in Brokerage Views (Post-Interim Report, for Reference)

After the interim report, multiple institutions lowered earnings forecasts (all are "forecasts," not official data): Shenwan Hongyuan (2026-08-28) maintained "Overweight," expecting 26–28 attributable profit of RMB 404/461/540 million (previously 432/504/600); Kaiyuan Securities (2026-08-28) maintained "Buy," expecting 26–28 attributable profit of RMB 294/343/373 million (previously 391/503/607); CICC (2026-09-01) maintained "Outperform," lowering 26/27 net profit by 19% to RMB 350/420 million, and lowering the target price by 20% to RMB 48.0. Note that forecast ranges differ considerably across institutions (2026 attributable profit RMB 294 million vs. RMB 404 million), reflecting each institution's own methodology, not a consensus. Sources: Sina research report pages and Stockstar research report express.

4.17 Recent Key Themes and Uncertainty List

As of August–September 2026, the main themes in "Recent News and Announcements" are: the 2026 interim report continuing the downturn but improving sequentially, aggressive cost reduction (both selling/administrative expenses declining year-on-year, operating cash flow +140%), proactive contraction of the skincare business, layout for volume ramp-up of new medical aesthetics products (JUVELOOK/Runzhi·Xianran) and new raw materials such as PDRN/recombinant collagen, controlling shareholder donation/equity change, finalization of the 2025 annual dividend, and changes in core technical personnel. Main uncertainties: 1) The IRM platform's "2026 H1 net profit attributable to shareholders expected to grow 104.79%~180.24%" is seriously inconsistent with the official interim report's -30.82%, judged to be abnormal data—do not use; 2) "2026 repurchases reached 14,000,650 shares" comes only from a single IRM source and is inconsistent with the cumulative repurchase of 3.3155 million shares as of 2026-03-31, requiring verification via official repurchase progress announcements; 3) The specific number of shares/percentage for the controlling shareholder's "donation of shares without compensation" and "equity change crossing the 5% integer multiple" were not obtained in the summaries, requiring checking the original announcement PDFs; 4) The specific amount of the 2025 "provision for large asset impairment" was not obtained, requiring checking the original text; 5) Information such as product approvals (JUVELOOK/Runzhi·Xianran in July 2026) and the Weihai PDRN/PN workshop going into production in August comes from brokerage research report relays, and it is recommended to further verify against company announcements/NMPA approvals; 6) This round of retrieval was subject to frequency limits, and incremental announcements from September 2026 onward (e.g., the Q3 report expected on 2026-11-04) have not yet been covered; supplementary retrieval is recommended.

4.18 Summary of Source Links

Source links that appeared during the research process: Baidu Gushitong finance.baidu.com/stock/ab-688363; East Money F9 f9.eastmoney.com/html/688363.SH.html; Sohu Securities q.stock.sohu.com/cn/688363/index.shtml; Sina Finance interim report announcement http://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?CompanyCode=80077616&gather=1&id=12562600; Cailian Press/China Economic Net http://finance.ce.cn/stock/gsgdbd/202608/t20260828_3177042.shtml; CS.com.cn https://www.cs.com.cn/ssgs/01/2026/08/28/detail_2026082810035059.html; China Fund News https://www.chnfund.com/article/2cb1583a-fa71-e00d-1c95-3a23551a2002; East Money performance data https://emdata.eastmoney.com/nbjb/detail.html?fc=688363; Stockstar Q1 report announcement http://stock.stockstar.com/notice/SN2026043000016930.shtml and https://wap.stockstar.com/detail/SN2026043000016930; CNINFO PDF http://static.cninfo.com.cn/finalpage/2026-04-23/1225151655.PDF; Sohu https://business.sohu.com/a/1013248192_120988533; CFI.cn announcement list https://data.cfi.cn/quote.aspx?stockid=93376&contenttype=ggqw&client=phone; Capital Securities research report http://stock.finance.sina.com.cn/stock/go.php/vReport_Show/kind/lastest/rptid/823366900210/index.phtml; China Capital Market Statutory Information Disclosure Platform http://sgt.cnstock.com/m/jyts_gg?stockcode=688363; Zhitong Caijing https://www.zhitongcaijing.com/content/detail/1191324.html; Securities Times https://stcn.com/article/detail/1342577.html; Stockstar announcement list http://news.stockstar.com/info/dstock_688363_c76_p1.shtml; GuruFocus https://www.gurufocus.cn/stock/CN02ZA/term/repurchase_of_stock; IRM Q&A https://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=2312912046933000192 and https://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=2273624219975008256; Shenwan Hongyuan research report http://stockfinance.sina.cn/stock/go.php/paper/reportid/841290748887/index.phtml; Kaiyuan Securities research report http://stock.finance.sina.com.cn/stock/go.php/vReport_Show/kind/search/rptid/841240383384/index.phtml; CICC research report http://stockfinance.sina.cn/stock/go.php/paper/reportid/841577048926/index.phtml; China Securities Network https://www.cnstock.com/commonDetail/777643; East Money announcement https://data.eastmoney.com/notices/detail/688363/AN202608281828631454; Stockstar capital flows https://wap.stockstar.com/detail/RB2026091000037726.

V. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Bloomage Biotechnology (688363.SH) closed at RMB 33.91 on September 11, 2026, down 1.74% that day, closing in the recent lowest area. Since early September, the stock has continued to decline slowly, falling approximately 4.9% cumulatively over 9 trading days, in a weak consolidation pattern within a medium-term downtrend. The share price has fallen below MA5 (approximately RMB 34.7), MA10 (approximately RMB 35.0), and MA20 (approximately RMB 35.4–35.6, estimated value), with short- and medium-term moving averages in a bearish alignment; East Money Qian Gu Qian Ping shows MACD, KDJ, RSI, BOLL, and WR all currently without obvious signals, with a composite score of 62.28 slightly below the industry average. Jiufang Zhitou shows the KD indicator D value at 18.01 with signs of oversold (single source, not cross-verified), and the TradingView technical rating is "Sell." The current price of RMB 33.91 is only about 3% from the 52-week low of RMB 32.92 and approximately 45% below the 52-week high of RMB 61.85, near the 52-week low area. On the capital side, main-force capital has been predominantly net outflow over the past two weeks, with a turnover rate of only 0.30%~0.48% and turnover shrinking to RMB 49 million–80.5 million, indicating notably narrowed liquidity. Note: P/E differs considerably across sources (dynamic 53.45/TTM 72.92/static 55.93), no valid current BOLL value was obtained, the top ten circulating shareholders details were not verified, and there is uncertainty in the P/E and moving average data; it is recommended to make independent judgments based on multiple sources.

5.3 Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is purely a subjective scenario projection based on the closing data of September 11, 2026 and historical prices and technical indicators, does not constitute investment advice, and you should make independent judgments in light of the latest market information and bear investment risks yourself.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively higher weight, approximately 60% (subjective judgment, not statistical probability)): The share price fluctuates narrowly within the RMB 33.8–35.0 range, between the first support of RMB 33.8–34.0 and the short-term resistance of RMB 34.7–35.0. Trigger conditions: stable broader market environment, no obvious movement in the medical aesthetics/pharmaceutical biotech sector, turnover maintained at the normal level of RMB 50–80 million, and slowing main-force capital outflow. Technical indicators currently generally show no clear signals, and this scenario is most consistent with the logic of continuation of the status quo.
• Weaker downside (moderate weight (subjective judgment, not statistical probability)): If the first support area of RMB 33.8–34.0 is effectively broken below, it may further test the strong support of RMB 32.9–33.0 (near the 52-week low of RMB 32.92). Trigger conditions: continued net outflow of main-force capital, turnover shrinking below RMB 50 million or declining on increased volume, sector or broader market weakness, or negative news catalysts. If the strong support area of RMB 32.9–33.0 is effectively broken below, it would create a new 52-week low, with no clear technical support reference below.
• Rebound and strengthening (relatively low weight (subjective judgment, not statistical probability)): If it stabilizes above the short-term resistance range of RMB 34.7–35.0 on increased volume, it may test upward the MA20 estimated range of RMB 35.4–35.6 and the main-force 20-day cost area of RMB 35.86. Trigger conditions: turnover continuously expanding to above RMB 100 million, main-force capital turning to net inflow, strength in the medical aesthetics/pharmaceutical biotech sector, or positive catalysts (such as earnings improvement, repurchases, institutional increases, etc.). The oversold signs in KD (single source) provide some technical backdrop for a potential rebound, but volume confirmation is needed.

③ Capital and Liquidity Background

Liquidity background: On September 11, 2026, the turnover rate was only 0.42%, with turnover of RMB 68,385,400; in recent days, the turnover rate has been 0.30%~0.48%, with turnover of RMB 49–80.5 million. Compared with earlier periods, on May 11, 2026, turnover was RMB 226 million with a turnover rate of 1.13%; on May 27, turnover was RMB 154 million with a turnover rate of 0.88%; on July 29, turnover was RMB 104 million with a turnover rate of 0.57%. Current daily turnover is only about 1/3–1/4 of the May level, indicating notably shrunken liquidity. For a stock with a market cap of RMB 16.3 billion, daily turnover of less than RMB 100 million is relatively thin, with East Money's five-level bid/ask orders mostly in the tens to low hundreds of lots, limited order book depth, and large buy/sell orders prone to slippage. On capital flows, main-force capital has been predominantly net outflow over the past two weeks (approximately -RMB 1.826 million on 9/11, -RMB 1.7048 million on 9/10, -RMB 1.9374 million on 9/9, with net outflows on many days from late August to early September), with no sign of sustained incremental capital. On margin trading, as of September 8, 2026, the margin financing balance was RMB 523 million, accounting for 3.07% of free-float market cap, and the securities lending balance was RMB 4.849 million, with 137,900 shares outstanding; on September 11, the margin trading balance was RMB 520 million, accounting for 3.19% of the free float (market average 3.95%), down 0.55% from the previous trading day. On shareholder concentration, this retrieval did not obtain the latest top ten circulating shareholders details, and this part of the data could not be verified (the only clue: as of 2025-06-30, Guotai CSI Medical ETF had held 29,854,300 shares of Bloomage Biotechnology, source Dazhihui webf10, a relatively early time point that does not represent the current structure, and shareholder data typically lags by more than one quarter, so the current structure may have changed). This is a data gap that should be flagged, and it is recommended to separately verify later whether the latest top ten circulating shareholders include public funds/social security/QFII, or only the controlling family and PE-type investors.

Volume confirmation signal: The recent normal daily turnover is RMB 50–80 million. If single-day turnover continuously expands to above RMB 100 million (i.e., a clear increase from the current normal level) and is accompanied by net inflow of main-force capital, this can be regarded as a signal of genuine capital entry; if volume increases but main-force capital still shows net outflow, be wary of the risk of a volume-driven decline.

④ Points to Watch (Observation Thoughts Only, Not Trading Instructions)

• Watch whether the share price can hold the first support area of RMB 33.8–34.0 (corresponding to the intraday low of RMB 33.82 on 9/11 and the key level of RMB 34.00 mentioned by Jiufang Zhitou), and whether the strong support of RMB 32.9–33.0 (near the 52-week low of RMB 32.92) is effectively broken below.
• Watch whether the short-term resistance range of RMB 34.7–35.0 (near MA5/MA10) can be stabilized on increased volume, with further resistance referencing the MA20 estimated range of RMB 35.4–35.6 and the main-force 20-day cost area of RMB 35.86.
• Watch whether single-day turnover can continuously expand to above RMB 100 million and be accompanied by net inflow of main-force capital, as a confirmation signal of capital entry.
• Watch main-force capital flow and changes in the margin trading balance, and whether the KD oversold signs (single source, not cross-verified) receive volume confirmation for a rebound.

The above scenario projections are based on the closing data of September 11, 2026 and historical prices and technical indicator calculations; short-term share prices will also be disturbed by multiple factors such as news, capital flows, and the broader market environment; technical indicators themselves have lag and limitations and do not constitute a guarantee of actual future trends, nor do they constitute buy or sell recommendations. Please make independent judgments in light of the latest market information and bear investment risks yourself. Some of the moving average data cited in this section are self-calculated/estimated values, P/E methodologies differ across sources, no valid current BOLL value was obtained, and the top ten circulating shareholders details were not verified; the relevant data carries uncertainty and should be independently verified across multiple sources. The above content represents observation thoughts, not trading instructions.

VI. Industry Landscape and Competitor Analysis

VII. Risk Warnings

• Risk of decline in the Skin Science Innovation Transformation business: This business recorded H1 2026 revenue of RMB 448 million, down 50.88% year-on-year, a decrease of approximately RMB 505 million and approximately RMB 412 million in gross profit versus the prior-year period; if revenue still fails to recover after proactive marketing contraction and product mix adjustment, it may continue to drag down the company's overall performance.
• Risk of weaker-than-expected recovery in the medical terminal business: H1 2026 medical terminal revenue was RMB 599 million, down 10.99% year-on-year; although sales volumes of Class III medical devices and mesotherapy products grew rapidly, the volume growth has not yet translated into business revenue growth, and the medical terminal gross margin declined 0.9 percentage points year-on-year.
• Risk of declining gross margin and profitability: H1 2026 overall gross margin was 67.95%, down 3.04 percentage points year-on-year, net margin was 8.72%, and weighted average ROE was 2.14%; gross margins for raw materials, medical terminals, and the Skin Science business all declined versus the same period, and if product mix and price competition persist, profit recovery may be weaker than revenue recovery.
• Risk to the sustainability of expense-compression-driven profit growth: In 2025, net profit attributable to shareholders grew 67.59% year-on-year, but revenue declined 21.82% year-on-year, with selling expenses down 38.52% and administrative expenses down 17.72%; if subsequent expense compression room narrows while revenue has not yet recovered, profit growth may be difficult to sustain.
• Risk of industrialization of new medical aesthetics products and new raw materials: Progress on JUVELOOK, "Runzhi·Xianran," the PDRN/PN workshop, and several new food additive raw materials comes mostly from brokerage research report relays or staged information disclosed by the company, and subsequent registration, production, sales, and volume ramp-up progress still needs to be observed; the related layout carries the risk of commercialization falling short of expectations.
• Earnings forecast and valuation risk: The current TTM PE is approximately 73x and dynamic PE approximately 53x, while institutional 2026 net profit forecasts range from approximately RMB 294 million to RMB 404 million, with considerable divergence; if earnings recovery falls short of market expectations, the high PE and low earnings base may increase valuation volatility.
• Share price and liquidity risk: On September 11, 2026, the share price was RMB 33.91, close to the 52-week low of RMB 32.92 and below short- and medium-term moving averages; turnover that day was approximately RMB 68.3854 million with a turnover rate of 0.42%, and recent turnover and turnover rates have been generally low; if it breaks below the RMB 33.8–34.0 and RMB 32.9–33.0 areas, the market may face further downside and large-trade slippage risk.
• Governance and information verification risk: The company recently disclosed the resignation of core technical personnel, and the specific details of certain information such as the controlling shareholder's share donation, equity change, and 2026 repurchase quantity have not been fully verified; in addition, the IRM platform once showed earnings preview data seriously inconsistent with the official interim report, and use of related information must be based on official announcements.

VIII. Conclusion and Outlook

The company's medium- to long-term growth logic mainly comes from business structure adjustment and reserves of new products and new raw materials: volume growth in medical terminal products, progress on products such as JUVELOOK and "Runzhi·Xianran," production commencement at the Weihai PDRN/PN workshop, and progress on new raw materials such as LNnT, 3'-SL, and 2'-FL, providing potential support for subsequent growth; the international raw materials business continues to grow, and the Nutritional Science Innovation Transformation business is also in a relatively rapid growth stage. R&D investment accounted for 12.07% of H1 2026 revenue, and the company is also advancing the "Four Reshapings" and "Double Growth" strategies and AI platform construction.

However, at this stage the growth logic still needs to be validated by operating data. After the sharp contraction of the Skin Science Innovation Transformation business, whether the medical terminal and raw materials businesses can fill the revenue and gross profit gap, whether new medical aesthetics products can achieve sustained volume ramp-up, and whether profits after expense compression can be converted into revenue growth will determine the quality of the earnings recovery. Institutions generally lowered earnings forecasts after the interim report, with 2026 net profit attributable to shareholders forecast range of approximately RMB 294 million to RMB 404 million, a wide divergence; for some of these forecasts to materialize, they imply a notable increase in H2 profit versus H1, representing high forecast uncertainty.

Overall, the company is in a transition stage from scale expansion to business reshaping and quality growth; current financial performance still reflects a coexistence of year-on-year declines in revenue and profit with improved cash flow, while technicals show weak consolidation at low levels. Going forward, focus should be on whether the Skin Science business stops declining, whether volume ramp-up in medical terminals and new raw materials can improve the revenue structure and gross margin, and whether trading volume and capital flows can validate fundamental improvement, rather than judging that a turnaround has been established based solely on expense declines or single-quarter sequential improvement.

Data Sources

• 688363 Bloomage Biotechnology
• Bloomage Biotechnology (688363)_Stock Overview_Stock Price_Real-Time Quotes_Charts_News_Commentary_Earnings_FinScope-AI Makes Investing Simpler
• Bloomage Biotechnology (688363.SH) In-Depth F9-PC_HSF9 Profile
• In-Depth F9: Bloomage Biotechnology (688363)
• Stock Market Express: Bloomage Biotechnology (688363) Main Force Capital Net Sell of RMB 1.7048 Million on September 10 - Stockstar
• Bloomage BioTechnology Corp. Ltd. A Financials | 688363 | Barron's - Bloomage BioTechnology Corp. Ltd. A
• Initiation of Coverage, Assigned Strong Recommend Rating
• Bloomage Biotechnology: 33.91 -1.74% -0.60 688363 Sohu Securities
• Bloomage BioTechnology
• Bloomage Biotechnology (688363) Main Business_Stockstar
• Skin Science Business "Shrinks," Bloomage Biotechnology's H1 Revenue and Net Profit Both Decline, Overall Gross Margin Continues to Fall in Recent Years
• Earnings Express|Bloomage Biotechnology's H1 2026 Net Profit Falls More Than 30%, Skin Science Business Revenue Halved Dragging Down Performance - Stockstar
• Bloomage Biotechnology H1 Net Profit Approximately RMB 153 Million, Down 30.82% Year-on-Year
• Bloomage Biotechnology (688363) Revenue Composition
• Bloomage Biotechnology (688363): Short-Term Profitability Slightly Under Pressure, Medical Aesthetics and New Raw Material Layout Continues to Break Through
• Bloomage Biotechnology's Net Profit Grew 67.59% Last Year, Shifting from Scale Expansion to Quality Growth
• Bloomage Biotechnology Interim Report: PDRN Enters Growth Track, Medical Aesthetics Echelon Construction Advances Steadily - Bloomage Biotechnology Interim Report: PDRN Enters Growth Track, Medical Aesthetics Echelon Construction Advances Steadily
• Bloomage Biotechnology (688363) Revenue Composition
• A-Share-Research Report Details
• Bloomage Biotechnology (688363): Attributable Profit Up More Than 67%, Strategic Transformation Expected to Help 2026 Performance Improve_ Jiufang Zhitou
• Research on the Value Creation Path of Corporate Diversified Operations from the Resource-Based Perspective — Taking Bloomage Biotechnology as an Example
• Development Characteristics of China's Hyaluronic Acid Industry from the Perspective of Leading Enterprises - Corporate Product Layout and Finance - Your application has been submitted successfully
• Whole-Industry-Chain Strategy Evaluation Based on the Balanced Scorecard — Taking Bloomage Biotechnology as an Example
• [Bloomage Biotechnology 2019 Annual Report: Revenue Up 49.3% Year-on-Year, Net Profit Attributable to Shareholders Up 38.2% to Approximately RMB 590 Million_