Beijing Tiantan Biological Products: Profit dragged by price downtrend; Q226 pre-results remain pressured

Research evidence excerpt

Beijing Tiantan Biological Products: Profit dragged by price downtrend; Q226 pre-results remain pressured

Global Research

15 July 2026abc

First Read

EquitiesBeijing Tiantan Biological Products

Profit dragged by price downtrend; Q226 pre- China

results remain pressured Pharmaceuticals

12-month rating Neutral

12m price target Rmb13.40

Q226 pre-results remain depressed; profitability weakened significantly

Prior : Rmb15.00

Tiantan announced H126 pre-results, including NP to parent of Rmb305m, down

51.75% YoY, lagging behind the results in the same period of previous years. Q226 NP Price (15 Jul 2026) Rmb12.59

to parent slid c53.8% YoY to cRmb179m, slightly below our expectation (-42.6% YoY). RIC: 600161.SS BBG: 600161 CH

We mainly attribute the weaker results to lower product prices and margins (coupled

Trading data and key metrics

with the impact of value-added tax hike for biological products effective 1 Jan 2026),

which may indicate that the blood product industry has entered a correction cycle. 52-wk range Rmb21.06-11.41

Market cap. Rmb24.9b/US$3.68b

Price downtrend a key pressure amid intensifying competition/policy Shares o/s 1,977m (ORDA)

headwinds Free float 45%

From an industry perspective, with further medical insurance cost control and DRG/DIP Avg. daily volume ('000) 12,269

payment reform progressing, medical institutions have become more disciplined in Avg. daily value (m) Rmb160.2

purchasing and using blood products since H224, leading to decelerating overall Common s/h equity (12/26E) Rmb12.2b

demand growth. Meanwhile, with plasma station expansion driving supply growth in P/BV (12/26E) 2.0x

recent years, competition for selected products has intensified, weighing on the Net debt to EBITDA (12/26E) NM

industry’s pricing system.