Tiantan Biological released its 2026 half-year report on the evening of August 28. Operating revenue was 2.595 billion yuan, down 16.6% year-on-year; net profit attributable to the parent was 299 million yuan, down 52.7%; and non-GAAP net profit attributable to the parent was 285 million yuan, down 53.9%. The company explained that since the second half of 2024, due to medical insurance cost control, reform of medical insurance payment methods and other factors, competition in the blood products industry has intensified and product sales prices have declined. Combined with the adjustment of value-added tax policy for biological products effective from January 1, 2026, performance has fallen. By product, the gross margins of human serum albumin, intravenous human immunoglobulin including chromatography, and other blood products fell by 11.92%, 8.15% and 9.93% respectively. By region, the domestic gross margin decreased by 9.46%, while the overseas gross margin increased by 9.45%, but domestic revenue accounted for the main portion and fell 16.56% year-on-year. The 2025 annual report showed full-year revenue of 6.168 billion yuan, up 2.26% year-on-year, and net profit attributable to the parent of 1.091 billion yuan, down 29.59%, the only year of profit decline in the past five years. As of the close on August 18, the company's share price had fallen more than 24% during the year.
Beijing Tiantan Biological Products Corp LtdFirst-half net profit halved, revenue down 16.6%, and gross margins fell across major products.
