Recently, Bloomage BioTechnology Corporation Limited, once a market darling with a market cap exceeding 100 billion yuan under the halo of being a "hyaluronic acid leader," is facing a dual test of capital and performance. Frequent share reductions by major shareholders, consecutive declines in performance, and a significant shrinkage in market capitalization—this former star enterprise in the industry is attempting to find a way out through drastic, "cutting-off-the-arm" style adjustments. However, the path out of the trough remains fraught with thorns.
Since October 2024, China Life Chengda, the second-largest shareholder of Bloomage BioTechnology, has frequently reduced its holdings, with its stake dropping from 7.15% all the way to 4.01%. As of January 2025, it had cashed out approximately 769 million yuan through two large-scale reductions. Such concentrated and substantial减持行为 is seen by the market as a strong signal of capital "exiting," reflecting institutional investors' cautious attitude towards the company's short-term prospects.
Shareholder reductions are often not isolated actions; they typically imply underlying concerns about a company's growth potential, industry competitiveness, or governance structure. Against the backdrop of performance pressure, major shareholder减持 has further shaken market confidence and intensified downward pressure on the stock price. As of the latest close, Bloomage BioTechnology's total market capitalization has shrunk to approximately 22.2 billion yuan, a far cry from its peak of 100 billion.
Financial data shows that Bloomage BioTechnology's revenue and net profit have entered a downward trajectory. In 2024, revenue fell by 11.61% year-on-year, while net profit attributable to shareholders plummeted by 70.59%; for the first three quarters of 2025, revenue continued to decline by 18.36%, with net profit down 30.29% year-on-year. Although net profit showed some year-on-year recovery in the second and third quarters of 2025, this was mainly attributable to cost-cutting measures and other "belt-tightening" efforts, while the revenue scale continues to contract.
To address the challenges, Bloomage BioTechnology has initiated a series of business contraction actions: dissolving its research institute, cutting multiple brand lines, including closing sub-brands such as "Runxihe," "Runxiquan," and "Demarun," and focusing resources on core brands like "Biohyalux" and "QuadHA." While this "focus on the main business" adjustment represents a rational pullback, it also exposes the ineffectiveness of the company's previous diversified expansion, testing its brand cultivation and market conversion capabilities.
The reforms promoted by founder Yan Zhao after her return, while showing initial results in cost control and achieving a phase of "stopping the bleeding," have yet to demonstrate a sustainable "blood-making" capability. The current profit recovery relies more on internal management optimization rather than revenue expansion driven by market growth or product innovation.
It is noteworthy that Bloomage BioTechnology is still advancing R&D projects in the field of synthetic biology, such as injectable-grade recombinant collagen and VAHA, which have entered the trial production stage, with new raw material products also being planned. If these initiatives can be transformed into new products with market competitiveness, they might potentially open a second growth curve for the company. However, the journey from R&D to mass production and finally to commercial success still requires overcoming multiple hurdles related to technology, market, and cost.
The predicament faced by Bloomage BioTechnology reflects the typical challenges encountered by many high-growth enterprises entering a period of adjustment: the receding of capital enthusiasm, the transformation of growth models, and the disconnect between old and new businesses. Although the company has taken the crucial step of "slimming down and focusing," transitioning from "cost reduction" to "revenue generation," and achieving "blood-making" after "stopping the bleeding," still requires substantive breakthroughs in building the competitiveness of core brands and the commercial conversion of R&D成果. Whether Bloomage BioTechnology can regain its former glory through "iron-fisted reforms" and "technological沉淀" is something the market is still waiting for clearer signals on.
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