PARSIPPANY, N.J., Sept. 18, 2024 /PRNewswire/ -- On August 23, 2024, Bloomage released its mid-year financial report, reporting a revenue of RMB 2.811 billion (~USD 385 million) for the first half of the year. This success reflects the company's strategic transformation from a traditional raw materials supplier to a solution provider, which has driven significant growth across its raw materials and medical terminal products businesses.
Strong Performance in Raw Materials Business
Bloomage's raw materials segment continues to a core pillar of the company and demonstrate robust performance. In the first half of 2024, the raw materials business achieved a revenue of RMB 630 million (~USD 86 million), an increase of 11.02% year-on-year. Bolstered by its successful globalization strategy, Bloomage's export sales reached RMB 328 million (~USD 45 million), up by 19.30%. The overall gross profit margin for the raw materials business (excluding Forster) was 70.71%, an increase of 0.51% from the previous year. Notably, the gross profit margin for pharmaceutical-grade hyaluronic acid remained stable at 87.54%, positioning Bloomage among the highest in the industry and demonstrating its strong market competitiveness and profitability.
Strategic Shift to Solution Provider
Building on the solid foundation of its raw materials business, Bloomage is undergoing a strategic transformation from being primarily a raw material supplier to a solution provider. The company's raw materials have become an integral part of the product lines of many well-known pharmaceutical, personal care, and health food companies. Leveraging its advanced technological capabilities, Bloomage has accelerated the research and development of new raw materials.
The success of its strategic transformation is further reinforced by the increased sales of Bloomage's hyaluronic acid products and other bioactive substances. This shift marks Bloomage's steady progress ...
