Weiguang Biological's first-half net profit plunges nearly 60 percent; 1.5 billion yuan countercyclical expansion raises capacity absorption concerns

Earnings
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Weiguang Biological's net profit attributable to shareholders in the first half of 2026 fell 58.77 percent year on year to 44.39 million yuan, while the company is simultaneously advancing a 1.5 billion yuan private placement to expand production, triggering market concerns about absorbing the new capacity. The semi-annual report shows the company achieved operating revenue of 449 million yuan, down 13.33 percent year on year; non-GAAP net profit was 43.35 million yuan, down 59.22 percent year on year; and net cash flow from operating activities turned from positive to negative at minus 115 million yuan, plunging 389.76 percent year on year. The company explained that the performance fluctuation was mainly affected by multiple factors including industry cyclical fluctuations, intensifying market competition, and value-added tax rate adjustments. Starting from January 1, 2026, the 3 percent simplified tax policy for ordinary biological products was officially abolished, and the general tax method at a uniform 13 percent rate was implemented, directly pushing up the actual tax burden on enterprises. Industry leader Tiantan Biological expects its first-half net profit attributable to shareholders to fall by about 51.75 percent year on year, and Pailin Biological forecasts a net profit decline of 53.35 percent to 66.07 percent year on year, with both citing the tax policy adjustment as one of the main reasons for the decline in performance. At the same time, Weiguang Biological's inventory balance rose from 883 million yuan at the beginning of the period to 1.01 billion yuan at the end of the period, accounting for 28.05 percent of total assets, and finished goods increased by 118 million yuan from the same period last year to 442 million yuan. Against the backdrop of high inventory, the company's 1.5 billion yuan private placement project received registration approval from the China Securities Regulatory Commission on May 18, 2026, of which 1.2 billion yuan will be invested in an intelligent industrial base project that will form an annual plasma processing capacity of 1,200 tons after completion. Industry insiders pointed out that the blood products industry has bid farewell to its dividend period, and companies need to shift from scale orientation to value orientation, proactively reduce inventory, control shipments, and improve comprehensive plasma utilization in order to weather the cycle.

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