On the evening of October 24, Boyaa Bio disclosed its Q3 2024 report, revealing that the company achieved a revenue of 1.245 billion yuan and a net profit of 413 million yuan in the first three quarters, both of which marked a decline compared to the same period last year. The company attributed this decrease primarily to its strategic decision to focus on the blood products industry, resulting in the divestment of its two major sectors, Fuda Pharmaceutical and Tianan Pharmaceutical, in the second half of 2023.

During the reporting period, the company actively promoted the construction project of its smart factory for blood products (Phase 1). Currently, the main structural works, including the manufacturing center, innovation incubation center, and packaging and warehousing center, have been capped, indicating that the project has entered a new phase. According to previous plans, the factory is expected to be fully capped by the end of this year and put into operation in the second half of 2027.

The company stated that it will continue to adhere to high standards and strict requirements in its construction principles, efficiently driving the later phases of the smart factory project, with the goal of creating a branded project in biomedicine that is recognized as a model, promoting high-quality development in the blood products industry.

In July 2024, the company’s wholly-owned subsidiaries, Taihe Plasma Station and Le Ping Plasma Station, received a “Single Plasma Collection License” from the Jiangxi Provincial Health Commission, which will enhance the company's supply capability of raw plasma.

Also in July 2024, the company held the fourth meeting of the fourth session of its eighth Board of Directors and the fourth meeting of the fourth session of its eighth Board of Supervisors, where they reviewed and approved the proposal to acquire 100% equity of Green Cross (Hong Kong) Holdings Limited. The company will utilize its own funds of 1.82 billion yuan to acquire this stake, thereby indirectly acquiring Green Cross (China) Biologics Co., Ltd., the domestic entity for blood products. As of now, the company has completed the foreign investment filing approval and is in the process of handling the equity transfer.

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