# Shanghai RAAS Blood Products (002252.SHE)

Canonical: https://gigainvestors.com/s/002252.SHE

Analysis as of: 2026-10-16T07:37:35.793Z. Financial observations: FY2005–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 4.95 per share; close as of 2026-10-15.

Estimated value: low CNY 2.95 per share, central CNY 3.33 per share, high CNY 3.83 per share. Buy at or below the central value CNY 3.33 per share. Valuation as of 2026-10-16T07:37:35.793Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 1.61×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.84×

- FY2017: 0.52×

- FY2018: -0.97×

- FY2019: 0.28×

- FY2020: 0.54×

- FY2021: 0.36×

- FY2022: 0.35×

- FY2023: 0.28×

- FY2024: 0.33×

- FY2025: 0.26×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 19.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.1%

- ROIC, second-lowest year: 6.1%

- Typical minus recent gross margin: 19.3 pp

- Typical gross margin (annual median): 56.7%

- Recent gross margin (lower of latest and 3-year median): 37.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.8%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 74.3%

- FY2017: 32.2%

- FY2018: -32.0%

- FY2019: 14.0%

- FY2020: 7.6%

- FY2021: 7.2%

- FY2022: 9.4%

- FY2023: 8.8%

- FY2024: 10.1%

- FY2025: 6.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 8.4B

- Net income, five-year total: CNY 8.7B

- Return on incremental invested capital: 1.7%

- Working capital / revenue, annual change: -5.8 pp

- Working capital / revenue, change between three-year averages: -49.2 pp

- Working capital / revenue, final three-year average: 65.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.93×

- FY2025: 0.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 32.2% vs 8.8%

- Per-share earnings: 0.29 to 0.27 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.9%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: CNY -73B

- Cumulative retained earnings: CNY 7.6B

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.0%

- Per-share value change: CNY -0.02

- Per-share value, starting three-year median: CNY 0.29

- Per-share value, ending three-year median: CNY 0.27

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.5%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 4.4B

- Cumulative net income, 10 years: CNY 12B

- ROIC, first three-year median: 32.2%

- ROIC, last three-year median: 8.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.33

- FY2017: CNY 0.17

- FY2018: CNY -0.31

- FY2019: CNY 0.13

- FY2020: CNY 0.20

- FY2021: CNY 0.19

- FY2022: CNY 0.28

- FY2023: CNY 0.27

- FY2024: CNY 0.33

- FY2025: CNY 0.24

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 4.4%

- Receivables to sales index (DSRI): 1.45×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.4%

- FY2017: 3.9%

- FY2018: -15.6%

- FY2019: -2.2%

- FY2020: 0.6%

- FY2021: 0.0%

- FY2022: 0.5%

- FY2023: -1.6%

- FY2024: 8.0%

- FY2025: 4.4%

## Holders

## Price story

Down 38% since Dec 2023 · sales -10.1%

Story as of 2026-10-16T10:00:09.264Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

### Sales · FY2024–2025

sales -10.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 2.3B 

- FY2017: CNY 1.9B 

- FY2018: CNY 1.8B 

- FY2019: CNY 2.6B 

- FY2020: CNY 2.8B 

- FY2021: CNY 4.3B 

- FY2022: CNY 6.6B 

- FY2023: CNY 8.0B 

- FY2024: CNY 8.2B 

- FY2025: CNY 7.3B 

### Gross margin · FY2025

gross margin 37.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 63.7% 

- FY2017: 63.4% 

- FY2018: 65.8% 

- FY2019: 63.8% 

- FY2020: 61.6% 

- FY2021: 51.7% 

- FY2022: 44.0% 

- FY2023: 40.5% 

- FY2024: 40.4% 

- FY2025: 37.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are CNY 7.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2025: revenue 7348183033; grossProfit 2745801558; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002252.SHE: Shanghai RAAS Blood Products Co., Ltd., together with its subsidiaries, produces and sells blood products in China and internationally. The company offers ALBURAAS, which is albumin prepared from human plasma; GAMARAAS, a human immunoglobulin product for intravenous injections; HEMORAAS, a human coagulation factor VIII product; PROTHORAAS, a human prothrombin complex; FIBRORAAS, a human fibrinogen; FIBINGLURAAS, a fibrin sealant for humans; and THROMBIRAAS, a human thrombin product. It also provides specific immune, human tetanus immunoglobulin, human rabies immunoglobulin, human immunoglobulin, hepatitis B human immunoglobulin, and other blood products. The company exports its products. Shanghai RAAS Blood Products Co., Ltd. was founded in 1988 and is headquartered in Shanghai, China.

### Why customers stay

Margins ranged from 37.4% to 40.5% during 2023–25; it earns 9.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2023: grossProfit / revenue = 40.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2024: grossProfit / revenue = 40.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2025: grossProfit / revenue = 37.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); 10-year return on capital observations [[2016,0.7427940367063514],[2017,0.32151042972661853],[2018,-0.3199849059158185],[2019,0.13962814688207867],[2020,0.07592423773690647],[2021,0.07216380049250032],[2022,0.09433140183552535],[2023,0.08812551741568418],[2024,0.10096594986432259],[2025,0.060673161012126005]]; median 0.09122845962560477. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 478 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2016: growth capex 35225412; upkeep 112259768; owner earnings 1613153635. Growth capex / owner earnings = 0.02183636526349829.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2017: growth capex 0; upkeep 157844463; owner earnings 821245730. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2019: growth capex 6370694; upkeep 148464982; owner earnings 607893717. Growth capex / owner earnings = 0.010479947105622084.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2020: growth capex 93517342.91015047; upkeep 158244750.08984953; owner earnings 1318225650.9101505. Growth capex / owner earnings = 0.07094183218600147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2021: growth capex 50539945; upkeep 154068102; owner earnings 1293678970.854. Growth capex / owner earnings = 0.039066836625346796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2022: growth capex 45397114; upkeep 180331892; owner earnings 1879720808.4. Growth capex / owner earnings = 0.02415098763451024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2023: growth capex 290404153; upkeep 160392384; owner earnings 1779178118.376. Growth capex / owner earnings = 0.1632237660752457.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2024: growth capex 57621701.49595761; upkeep 349528091.5040424; owner earnings 2040734619.4379575. Growth capex / owner earnings = 0.028235764193497787.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2025: growth capex 0; upkeep 379015817; owner earnings 1437062175.912. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); Dividend observations: [[2016,172431956],[2017,218446114.9],[2018,166587000],[2019,1595083],[2020,67779608],[2021,168549374],[2022,188742061],[2023,202223637],[2024,439854694.5],[2025,317875597]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); FY2025: cash repurchases 478007824 CNY.

### Are managers owners

Insiders own 32.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002252.SHE SharesStats.PercentInsiders = 32.474 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual decline was 2.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.793Z); Ten-year compound average after fade. Initial solved rate 0.07536423692967953. Price 4.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.29084441292899477 → FY2025 0.21810128927981107. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 21.72 per share

- 2016-11: CNY 21.39 per share

- 2016-12: CNY 23.09 per share

- 2017-01: CNY 22.32 per share

- 2017-02: CNY 20.92 per share

- 2017-03: CNY 20.56 per share

- 2017-04: CNY 20.27 per share

- 2017-05: CNY 20.27 per share

- 2017-06: CNY 20.27 per share

- 2017-07: CNY 20.27 per share

- 2017-08: CNY 20.27 per share

- 2017-09: CNY 20.81 per share

- 2017-10: CNY 20.16 per share

- 2017-11: CNY 19.77 per share

- 2017-12: CNY 19.85 per share

- 2018-01: CNY 19.75 per share

- 2018-02: CNY 19.54 per share

- 2018-03: CNY 19.54 per share

- 2018-04: CNY 19.54 per share

- 2018-05: CNY 19.54 per share

- 2018-06: CNY 19.54 per share

- 2018-07: CNY 19.54 per share

- 2018-08: CNY 19.54 per share

- 2018-09: CNY 19.54 per share

- 2018-10: CNY 19.54 per share

- 2018-11: CNY 19.54 per share

- 2018-12: CNY 8.01 per share

- 2019-01: CNY 5.82 per share

- 2019-02: CNY 9.74 per share

- 2019-03: CNY 9.61 per share

- 2019-04: CNY 9.48 per share

- 2019-05: CNY 7.09 per share

- 2019-06: CNY 6.95 per share

- 2019-07: CNY 7.05 per share

- 2019-08: CNY 8.25 per share

- 2019-09: CNY 7.80 per share

- 2019-10: CNY 7.43 per share

- 2019-11: CNY 7.17 per share

- 2019-12: CNY 7.42 per share

- 2020-01: CNY 8.00 per share

- 2020-02: CNY 9.11 per share

- 2020-03: CNY 7.79 per share

- 2020-04: CNY 8.47 per share

- 2020-05: CNY 8.14 per share

- 2020-06: CNY 8.45 per share

- 2020-07: CNY 10.33 per share

- 2020-08: CNY 9.00 per share

- 2020-09: CNY 8.22 per share

- 2020-10: CNY 8.52 per share

- 2020-11: CNY 8.44 per share

- 2020-12: CNY 7.40 per share

- 2021-01: CNY 7.23 per share

- 2021-02: CNY 7.64 per share

- 2021-03: CNY 7.44 per share

- 2021-04: CNY 7.99 per share

- 2021-05: CNY 7.65 per share

- 2021-06: CNY 7.49 per share

- 2021-07: CNY 7.34 per share

- 2021-08: CNY 6.94 per share

- 2021-09: CNY 6.82 per share

- 2021-10: CNY 6.60 per share

- 2021-11: CNY 6.55 per share

- 2021-12: CNY 6.82 per share

- 2022-01: CNY 6.73 per share

- 2022-02: CNY 6.68 per share

- 2022-03: CNY 5.99 per share

- 2022-04: CNY 5.40 per share

- 2022-05: CNY 5.63 per share

- 2022-06: CNY 5.93 per share

- 2022-07: CNY 5.77 per share

- 2022-08: CNY 5.84 per share

- 2022-09: CNY 5.33 per share

- 2022-10: CNY 5.44 per share

- 2022-11: CNY 5.54 per share

- 2022-12: CNY 6.34 per share

- 2023-01: CNY 6.22 per share

- 2023-02: CNY 6.20 per share

- 2023-03: CNY 6.43 per share

- 2023-04: CNY 6.57 per share

- 2023-05: CNY 6.72 per share

- 2023-06: CNY 7.51 per share

- 2023-07: CNY 7.13 per share

- 2023-08: CNY 7.11 per share

- 2023-09: CNY 6.96 per share

- 2023-10: CNY 6.98 per share

- 2023-11: CNY 7.95 per share

- 2023-12: CNY 8.00 per share

- 2024-01: CNY 6.43 per share

- 2024-02: CNY 7.20 per share

- 2024-03: CNY 7.10 per share

- 2024-04: CNY 7.18 per share

- 2024-05: CNY 7.10 per share

- 2024-06: CNY 7.82 per share

- 2024-07: CNY 7.70 per share

- 2024-08: CNY 7.17 per share

- 2024-09: CNY 7.90 per share

- 2024-10: CNY 7.36 per share

- 2024-11: CNY 7.52 per share

- 2024-12: CNY 7.22 per share

- 2025-01: CNY 6.97 per share

- 2025-02: CNY 6.76 per share

- 2025-03: CNY 6.86 per share

- 2025-04: CNY 6.71 per share

- 2025-05: CNY 6.81 per share

- 2025-06: CNY 6.87 per share

- 2025-07: CNY 6.90 per share

- 2025-08: CNY 6.88 per share

- 2025-09: CNY 6.69 per share

- 2025-10: CNY 6.74 per share

- 2025-11: CNY 6.63 per share

- 2025-12: CNY 6.34 per share

- 2026-01: CNY 6.30 per share

- 2026-02: CNY 6.29 per share

- 2026-03: CNY 5.82 per share

- 2026-04: CNY 5.56 per share

- 2026-05: CNY 5.31 per share

- 2026-06: CNY 4.34 per share

- 2026-07: CNY 5.18 per share

- 2026-08: CNY 4.87 per share

- 2026-09: CNY 5.32 per share

- 2026-10: CNY 4.95 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.98 per share, central CNY 3.47 per share, high CNY 3.90 per share

- FY2017: low CNY 3.14 per share, central CNY 4.05 per share, high CNY 4.59 per share

- FY2018: low CNY 1.93 per share, central CNY 2.16 per share, high CNY 2.48 per share

- FY2019: low CNY 3.45 per share, central CNY 4.78 per share, high CNY 5.56 per share

- FY2020: low CNY 2.69 per share, central CNY 3.70 per share, high CNY 4.29 per share

- FY2021: low CNY 3.04 per share, central CNY 4.16 per share, high CNY 4.81 per share

- FY2022: low CNY 4.40 per share, central CNY 6.02 per share, high CNY 6.97 per share

- FY2023: low CNY 5.30 per share, central CNY 7.31 per share, high CNY 8.49 per share

- FY2024: low CNY 5.46 per share, central CNY 7.51 per share, high CNY 8.70 per share

- FY2025: low CNY 3.34 per share, central CNY 3.76 per share, high CNY 4.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:19.745Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.