Shanghai RAAS Blood Products 上海莱士
7 significant filings since 30 May 2026: 6 on buyback and 1 on dividend. The latest, on 10 Sep 2026: 回购报告书. 1 unverified report logged, the latest on 17 Sep 2026.
自 30 May 2026 起有 7 份重大公告：buyback 6 份、dividend 1 份。最新一份（10 Sep 2026）：回购报告书。记录了 1 条未经核实的报道，最新一条见于 17 Sep 2026。
As of 25 Sep 2026 截至2026年9月25日
Shanghai RAAS Blood Products, listed in 2008, operates in the biologics industry. The company reported lower revenue and profit in 2025 compared to 2024, with revenue at RMB7.35bn and attributable net profit at RMB1.58bn, down 10.1% and -28.1% respectively. Margins and returns remain positive, with a 37.4% gross margin and 4.9% ROE. However, operating cash flow per share was negative at -RMB0.05 in 2025, indicating cash outflows from operations. The company is controlled by 海尔集团公司 through its subsidiary. Recent share price performance shows a one-year decline of 24.9%. While leverage is low with liabilities to assets at 13.5%, the negative operating cash flow raises concerns about cash generation despite reported profits.
上海莱士2008年上市，属于生物制品行业。公司2025年营业收入为73.48亿元，归母净利润为15.77亿元，同比分别下降10.1%和28.1%。毛利率为37.4%，净资产收益率为4.9%，盈利能力指标仍为正。但2025年每股经营现金流为-0.05元，显示经营活动产生现金流出。公司由海尔集团公司通过子公司海盈康(青岛)医疗科技有限公司控制。近期股价一年涨跌幅为-24.9%。资产负债率为13.5%，财务杠杆较低。尽管盈利，但经营现金流为负，反映现金生成能力存在压力。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company faces a risk from operating cash outflow. 公司面临经营活动现金流为负的风险。 | Despite reporting net profit, the company generated negative operating cash flow per share at -RMB0.05 in 2025, narrowed from -RMB0.07 in 2024. This indicates that earnings are not translating into cash, which could affect liquidity and internal funding capacity. 尽管公司2025年实现净利润，但每股经营现金流为-0.05元，较2024年的-0.07元有所收窄，仍为现金流出。这表明盈利未能转化为现金，可能影响流动性及内源融资能力。 |
- Change in attributable net profit for the full year 2026
2026全年归母净利润变动 - Operating cash flow per share in the 2026 annual report
2026年报每股经营现金流 - Revenue trend in the 2026 full-year results
2026全年收入走势
- Company: Shanghai RAAS Blood Products 上海莱士, Shenzhen Stock Exchange 002252; industry Biologics; listed 23 Jun 2008.
公司：上海莱士，深圳证券交易所 002252；行业：生物制品；上市日期：2008年6月23日。 - Close on 24 Sep 2026 RMB5.02; close on 24 Sep 2025 RMB6.75, RMB6.69 in today's terms; one-year change, adjusted for distributions and share changes -24.9%.
2026年9月24日收盘价5.02元；2025年9月24日收盘价6.75元（前复权6.69元）；一年涨跌幅（复权）-24.9%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB4.31 to RMB6.86.
52周区间（前复权）4.31元至6.86元。 - Market capitalisation RMB33.09bn; P/E TTM 27.4; price to book 1.02x.
总市值330.95亿元；市盈率（TTM）27.4；市净率1.02倍。 - Revenue 2025 RMB7.35bn; 2024 RMB8.18bn; change -10.1%.
营业收入2025年73.48亿元；2024年81.76亿元；同比-10.1%。 - Attributable net profit 2025 RMB1.58bn; 2024 RMB2.19bn; change -28.1%.
归属于母公司股东的净利润2025年15.77亿元；2024年21.93亿元；同比-28.1%。 - Net profit excluding non-recurring items, 2025 change -24.3%.
2025年扣除非经常性损益后的净利润同比-24.3%。 - Basic EPS 2025 RMB0.24; 2024 RMB0.33.
基本每股收益2025年0.24元；2024年0.33元。 - Operating cash flow per share 2025 -RMB0.05; 2024 -RMB0.07; operating cash flow to net profit -0.21x.
每股经营现金流2025年-0.05元；2024年-0.07元；经营现金流与净利润之比-0.21倍。 - 2025 gross margin 37.4%; net margin 21.5%; ROE 4.9%.
2025年毛利率37.4%；净利率21.5%；净资产收益率4.9%。 - At 30 Jun 2026: liabilities to assets 13.5%; current ratio 4.49; quick ratio 2.12; receivable days 109; inventory days 474.
截至2026年6月30日：资产负债率13.5%；流动比率4.49；速动比率2.12；应收账款周转天数109；存货周转天数474。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB3.21bn, change -18.8%; attributable net profit RMB661.2m, change -35.8%; operating cash flow per share RMB0.06.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入32.09亿元，同比-18.8%；归母净利润6.61亿元，同比-35.8%；每股经营现金流0.06元。 - Ownership: controlling shareholder 海盈康(青岛)医疗科技有限公司; actual controller 海尔集团公司; largest holder at 25 Aug 2026: 海盈康(青岛)医疗科技有限公司, 23.47%.
股权：控股股东：海盈康(青岛)医疗科技有限公司；实际控制人：海尔集团公司；2026年8月25日第一大股东：海盈康(青岛)医疗科技有限公司，持股23.47%。 - Latest distribution: ex-date 24 Jun 2026, cash RMB0.03 per share.
最近一次分配：除权除息日2026年6月24日，每股现金0.03元。 - Acquisitions and equity transfers filed in the last 12 months: 1; largest consideration not shown.
近12个月披露的收购与股权转让：1项；最大对价未披露。 - Aurelian Grade D, score 46.5 of 100, graded within a peer group of 58 companies in its industry; no rank among peers is given.
金源评级D，得分46.5（满分100），于行业同业58家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。