Bloomage 2024 Mid-Year Report: International Raw Materials Sales Surpass Domestic Chinese Market's for the First Time

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Sep 11, 2024, 09:00 ET

PARSIPPANY, N.J., Sept. 11, 2024 /PRNewswire/ -- Bloomage, a global leader in hyaluronic acid and other bioactive substance innovations, showcased robust growth in its raw materials business in its newly released 2024 mid-year financial report. The company reported a total revenue of RMB 2.811 billion (～ USD 393.54 million) for the first half of the year, with a net profit of RMB 342 million (～ USD 47.88 million) attributed to shareholders. Revenue from the raw materials business reached RMB 630 million (～ USD 88.2 million), an increase of 11.02% year-on-year, and accounted for 22.47% of the company's main business revenue.

Bloomage's export sales of raw materials reached RMB 328 million (～ USD 45.92 million), a 19.30% increase from the previous year and, for the first time, comprising 52.06% of the total raw materials revenue. This growth is largely driven by Bloomage's strategic focus on expanding its presence in key international markets such as Europe, Japan, and the Americas.

Since its founding in 2000, Bloomage has pursued an international strategy, successfully expanding its reach to over 70 countries and regions and serving more than 4,000 global customers. Today, Bloomage's raw materials are integral to the product lines of numerous well-established pharmaceutical, personal care, and health food companies worldwide.

"2024 is a year of success for Bloomage as our international market sales have surpassed that of our domestic Chinese market sales for the first time," said Songyan Zou, Vice President of Business Operations at Bloomage. " Expanding into global markets has driven innovation and product upgrades, allowing us to anticipate future trends and maintain a leading position. We are building a truly international company with global market reach, a broad vision, and a comprehensive supply chain network."

Product Quality and Innovation: Building a Strong Market Position

Bloomage's rapid global expansion is supported by continuous technological innovation and a strong commitment to product quality. Over the past decade, Bloomage has pioneered the microbial fermentation for the large-scale production of low molecular weight hyaluronic acid, offering over 200 specifications of hyaluronic acid products ranging from 800 to 4,000 kDa. This innovative approach has significantly strengthened Bloomage's product competitiveness across all markets.

Leveraging its advanced technological capabilities, Bloomage accelerated the development of new raw materials. Following the successful introduction of nine bioactive raw material products in 2023, including recombinant human collagen III and ultrapure ergothioneine, Bloomage launched six new bioactive ingredients in the first half of 2024. In the first half of 2024, Bloomage increased its R&D investment by 7.4%, surpassing RMB 200 million (～ USD 28 million), accounting for 7.13% of the total revenue.

Bloomage ensures the highest quality across its bioactive products, from pharmaceutical to cosmetic and food-grade materials. The company meets stringent international standards—such as US cGMP and ICH Q7 for pharmaceutical-grade products, ISO9001 and EFfCI for cosmetics, and HACCP and FSSC22000 for food-grade materials—while achieving certifications from global regulatory bodies including the FDA, MFDS, and PMDA. This commitment to quality enables Bloomage to serve diverse markets with confidence, continually driving innovation and maintaining a strong competitive edge globally.

Transformation to a Solutions Provider

Moving beyond its role as a raw material supplier, Bloomage has transformed into a solutions provider. The company has developed a complete efficacy evaluation and formulation application technology service system, offering full-cycle solutions from concept innovation and formulation development to efficacy verification and product launch.

This strategic evolution has enhanced Bloomage's personal care raw materials business, which continues to see strong growth in both client numbers and scale of collaboration. Furthermore, the nutrition and health raw materials business has expanded its product offerings through both self-innovation and strategic partnerships, aligned with global health trends and diverse customer needs. This approach has successfully helped the segment reach a 45.60% increase in revenue year-over-year.

Expanding International Presence and Customer-Centric Strategy

The pharmaceuticals, medical devices, cosmetics and dietary supplement sectors all face unique challenges that vary by region. To help its clients succeed with tailored solutions, Bloomage has further strengthened its international presence with subsidiaries in the United States, France, Japan, South Korea, Singapore, and other key markets. By localizing operations and forming an efficient "triangular" management organization consisting of client managers, solution experts, and delivery specialists, Bloomage has bolstered the responsiveness and capabilities in supporting international clients.

Commitment to ESG and Sustainable Development

Bloomage is committed to environmental, social, and corporate governance (ESG) principles. The company consistently adheres to a green development philosophy, optimizing product design and production processes while exploring new pathways for comprehensive resource and energy utilization. Utilizing advanced technologies like microbial fermentation, Bloomage significantly reduced its resource consumption and environmental impact compared to traditional production techniques. In addition, Bloomage has established national-level green factories and automated "dark factories", enhancing production efficiency and advancing the transition towards more sustainable, low-carbon production.

In recognition of its dedication to sustainability, Bloomage achieved its highest EcoVadis rating in August 2024, earning the Bronze Medal with a score of 58, including an impressive score of 80 in the environmental protection category. This accomplishment reflects the company's commitment to minimizing environmental impact and advancing sustainable practices.

About Bloomage

Since its founding in 2000, Bloomage has grown into a leading international company specializing in the research, development, production, and sale of hyaluronic acid and other bioactive substances for the cosmetic, functional foods, and pharmaceutical industries. Bloomage's commitment to quality, innovation, and sustainable innovations have established the company as a trusted name for some of the world's most renowned brands. It now serves more than 4,000 customers in over 70 countries.

Media Contact:

Cecilia Qian
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SOURCE Bloomage