# Bloomage Biotechnology (688363.SHG)

Canonical: https://gigainvestors.com/s/688363.SHG

Analysis as of: 2026-10-16T07:40:07.508Z. Financial observations: FY2012–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

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

Share price: CNY 33.30 per share; close as of 2026-10-15.

Estimated value: low CNY 8.58 per share, central CNY 9.45 per share, high CNY 10.61 per share. Buy at or below the central value CNY 9.45 per share. Valuation as of 2026-10-16T07:40:07.508Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% 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: 0

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.44×

- FY2017: 0.35×

- FY2018: 0.42×

- FY2019: 0.37×

- FY2020: 0.29×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.12×

- FY2024: 0.04×

- FY2025: 0.11×

### moat: fail

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

- Recent gross margin fell 6.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 23.0%

- ROIC, second-lowest year: 6.6%

- Typical minus recent gross margin: 6.4 pp

- Typical gross margin (annual median): 76.7%

- Recent gross margin (lower of latest and 3-year median): 70.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.4%

- ROIC including acquisitions, ten-year median: 20.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.4%

- FY2017: 26.5%

- FY2018: 52.0%

- FY2019: 39.5%

- FY2020: 22.0%

- FY2021: 24.1%

- FY2022: 20.7%

- FY2023: 10.5%

- FY2024: 2.8%

- FY2025: 6.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.52×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 1.5B

- Net income, five-year total: CNY 2.8B

- Return on incremental invested capital: 4.6%

- Working capital / revenue, annual change: -2.9 pp

- Working capital / revenue, change between three-year averages: -19.0 pp

- Working capital / revenue, final three-year average: 18.2%

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

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: -0.41×

- FY2024: -1.98×

- FY2025: 1.08×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 28.4% vs 6.6%

- Per-share earnings: 0.60 to 0.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Diluted shares, 10-year annual growth: 3.2%

- Diluted shares, 5-year annual growth: -0.3%

- Per-share value growth: 0.1%

- Per-share value change: CNY 0.01

- Per-share value, starting three-year median: CNY 0.60

- Per-share value, ending three-year median: CNY 0.61

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 709M

- Cumulative net income, 10 years: CNY 5.0B

- ROIC, first three-year median: 28.4%

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.73

- FY2017: CNY 0.60

- FY2018: CNY 0.99

- FY2019: CNY 1.36

- FY2020: CNY 1.33

- FY2021: CNY 1.64

- FY2022: CNY 2.01

- FY2023: CNY 1.23

- FY2024: CNY 0.36

- FY2025: CNY 0.61

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.6%

- FY2017: -6.4%

- FY2018: -0.9%

- FY2019: 4.4%

- FY2020: -1.0%

- FY2021: -6.6%

- FY2022: 3.9%

- FY2023: -1.3%

- FY2024: -4.5%

- FY2025: -3.9%

## Holders

## Price story

Down 80% since Oct 2021 · sales -21.8%

Story as of 2026-10-16T10:00:11.218Z; price observation 2026-10-15.

Price needs cash profits to grow 19.5% a year for ten years

### Sales · FY2024–2025

sales -21.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 733M 

- FY2017: CNY 818M 

- FY2018: CNY 1.3B 

- FY2019: CNY 1.9B 

- FY2020: CNY 2.6B 

- FY2021: CNY 4.9B 

- FY2022: CNY 6.4B 

- FY2023: CNY 6.1B 

- FY2024: CNY 5.4B 

- FY2025: CNY 4.2B 

### Gross margin · FY2025

gross margin 70.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 76.7% 

- FY2017: 74.8% 

- FY2018: 79.5% 

- FY2019: 79.3% 

- FY2020: 80.6% 

- FY2021: 77.4% 

- FY2022: 76.7% 

- FY2023: 72.7% 

- FY2024: 72.4% 

- FY2025: 70.3% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are CNY 4.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2025: revenue 4199089274.55; grossProfit 2953170780.54; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688363.SHG: Bloomage BioTechnology Corporation Limited develops, produces, and sells bioactive materials. It offers beauty and care products under the Hymagic-VCHA VC Hylauronic Acid; Biomeet-MarineDNA; Bioyouth-SPG Schizophyllan Gel; Hymagic-GluHA; Bloomsurfact EncapCare RP; Bloomsurfact Sodium Surfactin; Hybloom Minitrue; Bioyouth-EGT Pure Ultrapure Ergothioneine; miniHA HA-Oligo degraded by hyaluronidase; microHA Super Active Hyaluronic Acid; Hymagic-AcHA Sodium Acetylated Hyaluronate; Hymagic-4D 4D Hyaluronic Acid; Hybloom Zinc Hyaluronate; Hybloom Sodium Hyaluronate 1% Solution; Hybloom Sodium Hyaluronate; Hybloom Oligo Hyaluronic Acid; Hybloom Low Molecular Weight Sodium Hyaluronate; Hybloom Hydrolyzed Hyaluronic Acid; Hybloom High Molecular Weight Sodium Hyaluronate; Hyanutra-RH Hair Nourishing Shield; Hyafacto-PGA Super High Molecular Weight Sodium Polyglutamate; Hyafactor-PGA Sodium Polyglutamate; Hyafactor-NAG Acetyl Glucosamine; Hyacross TG100 Hyaluronic Acid Elastomer; Hyacolor Oil-dispersed Sodium Hyaluronate; Gabacare BL98T Aminobutyric Acid; cationHA-G and clear Substantive Sodium Hyaluronate; Bioyouth-Natto Natto Extract; Bioyouth-NANA N-Acetylneuraminic Acid; Bioyouth HT Silky Hyaluronic Acid; Bioyouth-EGT Pro Super Active Ergothione; Bioyouth-Brice Brown Rice Ferment Filtrate; Bioyouth-FCM Cordyceps Militaris Ferment Filtrate; Bioyouth-EGT Ergothioneine Complex; Bioyouth BLC Bluelight Care; Bioecto Ectoine; and Biobloom Microecobeauty brands. It also provides pharma and aesthetics; nutrition and health products under the Hyatrue; Bloomecto; Bloomcolla; BloomseaN; BloomStem; MitoEGT L-Ergothioneine; UltraHA J Sodium Hyaluronate; MitoPQQ Pyrroloquinoline Quinone Disodium; UltraHA-CWS Sodium Hyaluronate; HAPLEX Plus Sodium Hyaluronate; Gabarelax Gamma Aminobutyric Acid; UltraHA-GI-001 Special sodium hyaluronate for gut health; and Biovivid Collagen Peptide brands. The company was founded in 2000 and is based in Jinan, China.

### Why customers stay

Margins ranged from 70.3% to 72.7% during 2023–25; it earns 23% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2023: grossProfit / revenue = 72.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2024: grossProfit / revenue = 72.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2025: grossProfit / revenue = 70.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); 10-year return on capital observations [[2016,0.28350878905398413],[2017,0.2653768916707363],[2018,0.5198570060861848],[2019,0.395362906633699],[2020,0.22024617888511758],[2021,0.2406496904114428],[2022,0.2072533962287524],[2023,0.10519633287905786],[2024,0.027688240416338425],[2025,0.0655878632618159]]; median 0.23044793464828017. 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 266.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2016: growth capex 0; upkeep 19914096.63; owner earnings 283976366.37. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2017: growth capex 3541462.329999998; upkeep 42458314; owner earnings 222268854. Growth capex / owner earnings = 0.015933237006746787.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2018: growth capex 121541658.03999999; upkeep 46880520; owner earnings 423859980. Growth capex / owner earnings = 0.28674954884865517.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2019: growth capex 280666989.0053927; upkeep 169560709.54460734; owner earnings 476446737.45539266. Growth capex / owner earnings = 0.589083662329979.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2020: growth capex 323051315.99856275; upkeep 439723549.4514373; owner earnings 276300900.5485627. Growth capex / owner earnings = 1.169201096909864.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2021: growth capex 663750753.55; upkeep 120458325; owner earnings 768380633.938. Growth capex / owner earnings = 0.8638306644302509.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2022: growth capex 533724127.35; upkeep 162686580; owner earnings 960433996.246. Growth capex / owner earnings = 0.5557114069640815.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2025: growth capex 0; upkeep 325677846.28; owner earnings 316297773.846. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); Dividend observations: [[2016,11538130.9],[2017,15757514.7],[2018,1009781844.44],[2019,177600000],[2020,177600000],[2021,196800000],[2022,235731785],[2023,305484844.04],[2024,185929313],[2025,56078754.56]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); FY2025: cash repurchases 266761575.09999996 CNY.

### Are managers owners

Insiders own 61.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688363.SHG SharesStats.PercentInsiders = 61.826 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.5% yearly over ten years; actual growth was 12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:07.508Z); Ten-year compound average after fade. Initial solved rate 0.270714195272568. Price 33.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2129673933894334 → FY2025 0.6606265478199428. Closing-price date 2026-10-15.

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

- 2019-11: CNY 80.28 per share

- 2019-12: CNY 83.40 per share

- 2020-01: CNY 85.00 per share

- 2020-02: CNY 86.40 per share

- 2020-03: CNY 76.34 per share

- 2020-04: CNY 94.86 per share

- 2020-05: CNY 112.76 per share

- 2020-06: CNY 147.90 per share

- 2020-07: CNY 144.44 per share

- 2020-08: CNY 130.21 per share

- 2020-09: CNY 133.79 per share

- 2020-10: CNY 139.60 per share

- 2020-11: CNY 148.08 per share

- 2020-12: CNY 146.43 per share

- 2021-01: CNY 186.07 per share

- 2021-02: CNY 160.50 per share

- 2021-03: CNY 154.20 per share

- 2021-04: CNY 208.50 per share

- 2021-05: CNY 269.10 per share

- 2021-06: CNY 277.86 per share

- 2021-07: CNY 229.01 per share

- 2021-08: CNY 180.78 per share

- 2021-09: CNY 185.82 per share

- 2021-10: CNY 166.00 per share

- 2021-11: CNY 161.25 per share

- 2021-12: CNY 155.30 per share

- 2022-01: CNY 119.90 per share

- 2022-02: CNY 123.88 per share

- 2022-03: CNY 120.99 per share

- 2022-04: CNY 135.50 per share

- 2022-05: CNY 147.18 per share

- 2022-06: CNY 142.18 per share

- 2022-07: CNY 159.23 per share

- 2022-08: CNY 143.05 per share

- 2022-09: CNY 131.00 per share

- 2022-10: CNY 105.99 per share

- 2022-11: CNY 108.40 per share

- 2022-12: CNY 135.28 per share

- 2023-01: CNY 124.52 per share

- 2023-02: CNY 126.80 per share

- 2023-03: CNY 113.40 per share

- 2023-04: CNY 99.39 per share

- 2023-05: CNY 88.09 per share

- 2023-06: CNY 89.16 per share

- 2023-07: CNY 97.42 per share

- 2023-08: CNY 92.56 per share

- 2023-09: CNY 86.74 per share

- 2023-10: CNY 76.46 per share

- 2023-11: CNY 71.21 per share

- 2023-12: CNY 66.93 per share

- 2024-01: CNY 55.85 per share

- 2024-02: CNY 63.93 per share

- 2024-03: CNY 56.17 per share

- 2024-04: CNY 61.50 per share

- 2024-05: CNY 58.64 per share

- 2024-06: CNY 56.57 per share

- 2024-07: CNY 61.99 per share

- 2024-08: CNY 50.30 per share

- 2024-09: CNY 70.50 per share

- 2024-10: CNY 59.88 per share

- 2024-11: CNY 59.16 per share

- 2024-12: CNY 51.04 per share

- 2025-01: CNY 48.35 per share

- 2025-02: CNY 48.51 per share

- 2025-03: CNY 48.36 per share

- 2025-04: CNY 48.84 per share

- 2025-05: CNY 50.44 per share

- 2025-06: CNY 51.35 per share

- 2025-07: CNY 51.82 per share

- 2025-08: CNY 57.20 per share

- 2025-09: CNY 55.42 per share

- 2025-10: CNY 53.99 per share

- 2025-11: CNY 46.99 per share

- 2025-12: CNY 43.68 per share

- 2026-01: CNY 44.83 per share

- 2026-02: CNY 47.36 per share

- 2026-03: CNY 40.90 per share

- 2026-04: CNY 41.35 per share

- 2026-05: CNY 36.78 per share

- 2026-06: CNY 35.77 per share

- 2026-07: CNY 40.03 per share

- 2026-08: CNY 35.57 per share

- 2026-09: CNY 34.81 per share

- 2026-10: CNY 34.03 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 5.69 per share, central CNY 6.27 per share, high CNY 7.04 per share

- FY2017: low CNY 8.49 per share, central CNY 9.39 per share, high CNY 10.59 per share

- FY2018: low CNY 10.68 per share, central CNY 11.89 per share, high CNY 13.49 per share

- FY2019: low CNY 19.83 per share, central CNY 21.61 per share, high CNY 23.99 per share

- FY2020: low CNY 20.28 per share, central CNY 22.49 per share, high CNY 25.44 per share

- FY2021: low CNY 34.06 per share, central CNY 38.01 per share, high CNY 43.28 per share

- FY2022: low CNY 31.96 per share, central CNY 43.87 per share, high CNY 50.80 per share

- FY2023: low CNY 28.36 per share, central CNY 39.46 per share, high CNY 45.92 per share

- FY2024: low CNY 14.06 per share, central CNY 15.82 per share, high CNY 18.15 per share

- FY2025: low CNY 9.19 per share, central CNY 10.19 per share, high CNY 11.51 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

## 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.