内容概要：血气分析作为临床诊疗必需的高技术检验项目，其应用正逐步从大医院走向基层医院，从中 心实验室、中心ICU走向相关的专业科室，比如呼吸科、心胸外科等，检测需求已呈现常态化，据比地 招标网数据显示，2023年我国血气分析仪采购总量达965台，同比增长22.77%，采购总金额达0.95亿 元，同比增长9.20%，2024年，受医保控费力度等诸多因素影响，我国血气分析仪采购量有所下滑， 2025年上半年我国血气分析仪采购数量进一步降至469台，同比减少42.9%，采购金额进一步降至0.22亿 元，同比减少68.1%，其中，华东地区占比最大，高达20.85%，其次为西北地区和西南地区，分别占 19.60%和19.08%，我国血气分析仪市场进入深度调整期。 上市企业：理邦仪器（300206）、万孚生物（300482） 相关企业：雷度米特医疗设备（上海）有限公司、沃芬医疗器械商贸（北京）有限公司、深圳市康立生 物医疗有限公司、武汉明德生物科技股份有限公司、南京普朗医疗设备有限公司、斯马特诊断技术（成 都）有限公司、梅州康立高科技有限公司、西安维安实业有限公司 血气分析仪分类 二、发展历程 20世纪80年代-90年代 ...

格隆汇12月11日丨万孚生物(300482.SZ)公布，近日，公司收到深圳市优美利投资管理有限公司（简 称"优美利投资"）的告知函，截至2025年12月11日收盘，优美利投资管理的证券投资基金合计持有"万 孚转债"1,230,467张，占公司可转债发行总量的20.51%。 ...

格隆汇12月11日丨万孚生物(300482.SZ)公布，近日，公司收到深圳市优美利投资管理有限公司（简 称"优美利投资"）的告知函，截至2025年12月11日收盘，优美利投资管理的证券投资基金合计持有"万 孚转债"1,230,467张，占公司可转债发行总量的20.51%。 ...

（文章来源：证券日报） 证券日报网讯 12月8日晚间，万孚生物发布公告称，公司董事会同意将不向下修正"万孚转债"转股价格 的期限由"2025年10月22日至2026年1月21日"调整为"2025年10月22日至2025年12月8日"。下一触发转股 价格修正条件的期间预计从2025年12月9日重新起算，若再次触发"万孚转债"转股价格向下修正条款， 届时公司将按照相关规定履行审议程序，决定是否行使"万孚转债"转股价格的向下修正权利。 ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | | 特别提示： 关于调整不向下修正"万孚转债"转股价格期限的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 公司董事会同意将不向下修正"万孚转债"转股价格的期限由"2025 年 10 月 22 日至 2026 年 1 月 21 日"调整为"2025 年 10 月 22 日至 2025 年 12 月 8 日"。 下一触发转股价格修正条件的期间从 2025 年 12 月 9 日重新起算，若再次触发"万 孚转债"转股价格向下修正条款，届时公司将按照相关规定履行审议程序，决定 是否行使"万孚转债"转股价格的向下修正权利。 广州万孚生物技术股份有限公司（以下简称"公司"）于 2025 年 12 月 8 日 召开了第五届董事会第十八次会议，审议通过了《关于调整不向下修正"万孚转 债"转股价格期限的议案》，具体情况如下： 一、可转换公司债券基本情况 经中国证券监督管理委员会"证监许可[2 ...

广州万孚生物技术股份有限公司 | 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | | 第五届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广州万孚生物技术股份有限公司（以下简称"公司"或"本公司"）第五届 董事会第十八次会议于 2025 年 12 月 8 日下午 15:00 在公司会议室以通讯的方 式召开，因情况紧急，为保证董事会工作的顺利衔接和平稳运行，公司第五届 董事会第十八次会议(以下简称"本次会议")经全体董事一致同意豁免会议通 知时限要求，会议通知于同日以电话、口头等方式送达全体董事。会议应到董 事 7 名，实到 7 名，出席会议人数符合《公司法》和《公司章程》规定。会议 由公司董事长王继华女士主持。 鉴于目前公司二级市场股价表现，并综合考虑未来经营发展等多方面因素， 为维护全体投资者的利益，公司董事会同意调整不向下修正"万孚转债"转股 价格的期限，将不向下修正"万孚转债"转股价格的期限由" ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the domestic market and the need for operational optimization [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.69 billion yuan, down 22.52% year-on-year, and a net profit attributable to shareholders of 134 million yuan, down 69.32% [1]. - In Q3 2025, the revenue was 445 million yuan, a decrease of 26.66%, with a net loss of 55 million yuan compared to a profit of 80 million yuan in the same period last year [1]. Industry Challenges - The domestic market is facing phase-specific pressures, including: 1. Centralized procurement affecting the pricing of certain medical products [2]. 2. Adjustments in terminal charging policies that may pose risks of price reductions for non-procurement projects [2]. 3. Changes in diagnostic-related groups (DRG) impacting overall testing volumes in hospitals [2]. Company Initiatives - In response to market pressures, the company is actively optimizing its operations by: 1. Strengthening cash flow management [2]. 2. Divesting from less profitable business segments [2]. 3. Implementing operational reforms to enhance efficiency and organizational vitality [2]. 4. Aligning its core product matrix and channel layout with policy directions to capitalize on market opportunities in grassroots testing capabilities [2]. International Expansion - The company’s international business is entering a phase of realization, with steady growth in Q3 2025, driven by: 1. The introduction of new technology platforms and instruments in key markets [3]. 2. Expansion into mid-tier markets through various new business lines [3]. 3. Localizing supply chains and operations, including the establishment of overseas subsidiaries and plans for forward warehouses [3]. - The U.S. subsidiary is focusing on integrating research, production, and sales in the North American toxicology market, with local production capabilities established [3]. Future Growth Prospects - The respiratory business is expected to contribute significantly to revenue growth, with long-term supply agreements signed with major U.S. clients [4]. - Projections for net profit attributable to shareholders for 2025-2027 are 160 million, 330 million, and 400 million yuan, respectively, with corresponding price-to-earnings ratios of 60, 30, and 25 [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [23]. Core Insights - The company's domestic business is experiencing temporary pressure, while its overseas operations are entering a phase of realization of results. For the first three quarters of 2025, the company reported a revenue of 1.69 billion yuan, a decrease of 22.52%, and a net profit attributable to shareholders of 134 million yuan, down 69.32% [1][7]. - In Q3 2025, the company recorded a revenue of 445 million yuan, a decline of 26.66%, and a net loss of 55 million yuan, compared to a profit of 80 million yuan in the same period last year [1][7]. Financial Performance Summary - Total revenue for 2024 is projected at 3,065 million yuan, with a year-on-year growth rate of 10.8%. However, for 2025, revenue is expected to drop to 2,223 million yuan, reflecting a decline of 27.5% [3]. - The net profit attributable to shareholders is forecasted to be 562 million yuan in 2024, with a significant drop to 162 million yuan in 2025, representing a year-on-year decrease of 71.2% [3]. - The earnings per share (EPS) is expected to decrease from 1.20 yuan in 2024 to 0.35 yuan in 2025 [3]. Business Strategy and Market Position - The company is actively optimizing its operations in response to domestic market pressures, including cash flow management and divesting from less profitable segments. It aims to enhance operational efficiency and align its product matrix with policy directions to capture market opportunities in grassroots testing capabilities [7]. - The international business is gradually entering a growth phase, with steady contributions from the international department and the U.S. subsidiary. The company has established a local production capacity in the U.S. and is focusing on expanding its market share in North America, particularly in toxicology and respiratory testing [7]. Valuation and Price Target - The report estimates the company's overall valuation at 13.1 billion yuan, corresponding to a target price of approximately 28 yuan per share, based on a discounted cash flow (DCF) model [7].

北京商报讯（记者 王寅浩 宋雨盈）12月2日，万孚生物发布公告称，公司于近日收到国家药品监督管理 局颁发的医疗器械注册证，名称为呼吸道合胞病毒抗原、呼吸道腺病毒抗原、肺炎支原体抗原联合检测 试剂（乳胶法），预期用途为体外定性检测人口咽拭子样本中呼吸道合胞病毒（RSV）抗原、呼吸道腺 病毒（ADV）抗原、肺炎支原体（MP）抗原，有效期至2030年11月3日。 ...

Core Viewpoint - Wanfu Bio (300482) has received a medical device registration certificate from the National Medical Products Administration for a combined test kit for respiratory syncytial virus, adenovirus, and Mycoplasma pneumoniae antigens, marking a significant advancement in the field of respiratory infection diagnostics [1] Group 1 - The newly certified test kit utilizes latex agglutination method for rapid detection of multiple respiratory pathogens [1] - This product is part of the company's strategic expansion in the in vitro diagnostic sector for respiratory infections [1] - The test kit aims to provide a more convenient and efficient solution for clinical diagnosis of respiratory infections [1]