Core Viewpoint - Guangzhou Wanfeng Biotechnology Co., Ltd. reported its 2025 semi-annual results, showing a revenue of 1.246 billion yuan and a net profit of 189 million yuan, impacted by intensified competition and demand pressure in the in vitro diagnostic industry [1] Group 1: Financial Performance - The company achieved operating revenue of 1.246 billion yuan and a net profit attributable to shareholders of 189 million yuan in the first half of the year [1] - Revenue from toxicology testing reached 145 million yuan, representing a year-on-year growth of 4.26% [1] Group 2: Product Development and Market Strategy - In the infectious disease testing sector, the company enhanced the coverage of influenza testing products in leading medical terminals and introduced new respiratory detection products [1] - The company is expected to obtain certification for its respiratory triple detection product in the second half of 2025 [1] - In chronic disease management, the company adjusted its strategy to strengthen its hospital base, with significant growth in its chemiluminescence business through specialized projects [1] - The Ucare-6000 fully automated blood gas and biochemical analyzer was launched domestically, providing a cost-effective solution for ICU and respiratory departments [1] Group 3: International Expansion and AI Integration - The company has established a global service network covering over 150 countries and regions, with local production bases in multiple countries [2] - A strategic cooperation agreement was signed with Tencent Health to develop an AI platform for intelligent diagnostics and health management [2] - The company aims to focus on seven major disease categories, leveraging its core technology platforms in immunology, molecular diagnostics, and electrochemistry for future growth [2]

2025 年 8 月 20 日│中国内地 生物医药 公司 1H25 实现收入 12.46 亿元（yoy-20.9%）、归母净利 1.89 亿元 （yoy-46.8%），主因国内行业政策变化短期压制院端需求释放且 1H25 国 内呼吸道传染病流行强度弱于 24 年同期，叠加公司强化销售及研发投入力 度。考虑公司产品布局持续拓展且国内外销售网络积极完善，看好公司业务 长期成长性。维持"买入"。 持续强化产品推广及新品研发力度 证券研究报告 万孚生物 (300482 CH) 美国子公司领衔 1H25 整体收入增长 公司 1H25 毛利率为 62.9%（yoy-1.5pct），我们推测主因国内行业政策变 化短期影响院端检测产品价格。公司 1H25 销售/管理/研发费用率分别为 25.6%/7.3%/14.0%（yoy+5.4/+0.5/+1.5pct），公司持续完善海内外商业化 推广渠道及新品研发布局，夯实长期发展基础。 美国子公司 1H25 收入实现较快增长 1）美国子公司业务：我们推测 1H25 收入同增近 20%；考虑毒检业务基本 盘稳固，叠加呼吸道检测等新品持续发力，看好美国子公司 25 年收入实现 稳健增长 ...

传染病检测领域，公司强化流感检测产品在头部医疗终端的覆盖率，推动肺支、肺衣等呼吸道检测新品 入院，呼吸道三联检产品预计2025年下半年获证，同时在血液、消化道、虫媒传染病领域持续发力。美 国市场，快速推进呼吸道检测新品销售渠道的多元化与全覆盖。发展中国家市场，金标术前血筛等产品 销售有所突破，登革热等老品实现工艺升级。 8月19日晚，万孚生物（300482.SZ）披露半年报。今年上半年，受体外诊断行业竞争加剧与需求承压影 响，公司实现营业收入12.46亿元，归母净利润1.89亿元。面对挑战，公司坚定推进IPD变革以锻造核心 竞争力，始终以产品为根本，持续释放创新活力，夯实免疫领域优势，围绕病种布局构建中长期技术能 力。放眼全球，推动国内国际双循环，通过数智化转型对内深挖潜力要效益，全力推动业务发展。 慢病管理检测领域，公司实施策略调整进一步巩固院内基本盘，化学发光业务通过血栓、细胞因子、高 血压等特色项目突破进院，带动心标、炎症等重点项目的增项上量；电化学平台的全自动血气生化分析 仪Ucare-6000在国内上市，为等级医院ICU、呼吸科提供性价比更高的国产解决方案。在国际市场，公 司的免疫荧光稳中有升，化学 ...

Core Insights - Wanfu Biological (300482.SZ) released its semi-annual report for 2025, indicating a total of 9 institutional investors holding shares, amounting to 86.39 million shares, which represents 17.95% of the total share capital [1][2] - The proportion of shares held by institutional investors increased by 1.10 percentage points compared to the previous quarter [1] - One public fund, Donghai Social Security, increased its holdings, while another, Huabao CSI Medical ETF, saw a slight decrease in holdings [1] Institutional Holdings - The institutional investors include notable entities such as Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Bank of China - Huabao CSI Medical ETF, and Hong Kong Central Clearing Limited [1] - The total institutional holding percentage stands at 17.95%, reflecting a growing interest from institutional investors [1] Public Fund Activity - One new public fund disclosed its holdings, which is the Southern CSI 1000 ETF, while two public funds, Haifutong Xinrui Mixed A and Haifutong Xinying 6-Month Holding Period Mixed A, were not disclosed in the current period [1] - The overall activity among public funds indicates a mixed sentiment, with one fund increasing and another decreasing its holdings [1] Social Security Fund and Foreign Investment - The National Social Security Fund 118 Combination is the only new social security fund disclosed as holding shares in Wanfu Biological [2] - One foreign institution, Hong Kong Central Clearing Limited, has also newly disclosed its holdings in the company [2]

重要公告： 大智慧：公司未开展"跨境支付"等相关业务 吉比特：上半年归母净利润同比增长24.5%，拟每10股派66元 安孚科技：拟11.52亿元购买安孚能源31%股权并募集配套资金 华东医药：上半年归母净利润同比增长7.01%，拟10派3.5元 万孚生物：子公司终止与关联企业共同投资项目 沪市重要公告： 莱特光电：上半年归母净利润同比增长36.74%，拟每10股派1.8元 莱特光电（688150）公告：公司2025年上半年实现营业收入2.92亿元，同比增长18.84%；归母净利润为 1.26亿元，同比增长36.74%。基本每股收益0.31元。公司拟向全体股东每10股派发现金红利1.8元（含 税）。 大智慧：公司未开展"跨境支付"等相关业务 大智慧（601519）公告：公司股票交易连续3个交易日内日收盘价格涨幅偏离值累计超过20%。目前市 场关于"虚拟资产交易""跨境支付"等关注度较高，经公司自查，公司目前无相关资质，未开展相关业 务。除此之外，公司未发现对公司股票交易价格可能产生重大影响的其他需要澄清或回应媒体报道、市 场传闻及市场热点概念。 科力远：上半年归母净利润5121.87万元，同比增长187.23% ...

北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月19日，万孚生物发布公告称，2025年上半年实现营业 收入12.46亿元，同比下降20.92%；归属于上市公司股东的净利润为1.89亿元，同比下降46.82%；归属 于上市公司股东的扣除非经常性损益的净利润1.54亿元，同比下降52.73%。 ...

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 1.246 billion yuan, down 20.92% year-on-year, and net profit at 189 million yuan, down 46.82% [1] - The in vitro diagnostic industry faced multiple challenges, including intensified competition and reduced demand, impacting the company's performance [1] Revenue Breakdown - In the infectious disease testing segment, the company generated revenue of 379.35 million yuan, a decrease of 21.14% compared to the same period last year, attributed to lower demand for respiratory disease testing in hospitals [1] - In the chronic disease management testing segment, revenue was 563.34 million yuan, down 26.06% year-on-year, influenced by industry policy adjustments leading to reduced testing volumes and prices [2] Product Development and Innovation - The company completed the development of the FG-3000 immunochromatography analyzer, enhancing digital and intelligent solutions for colloidal gold platform testing [2] - The company launched the LA-6000 laboratory intelligent assembly line based on the FC-9000 series, expanding its terminal coverage in the chemiluminescence field [3] - The company received regulatory approval for its MSI testing kit, marking a significant innovation in the detection technology [3] R&D and Regulatory Achievements - The company invested 206.25 million yuan in R&D, obtaining 11 authorized invention patents and 22 product registration certificates during the reporting period [4] - A total of 95 new products were launched, including 93 reagent projects and 2 instruments [4]

资料显示，万孚生物主要业务聚焦于医疗器械板块下的体外诊断领域，专业从事快速诊断试剂及配套仪 器的研发、生产智造、营销及服务。 北京商报讯（记者 丁宁）8月19日晚间，万孚生物（300482）披露2025年半年报显示，公司上半年实现 营业收入12.46亿元，同比下降20.92%；归属净利润1.89亿元，同比下降46.82%。 ...

格隆汇8月19日丨万孚生物(300482.SZ)公布半年度报告，2025年上半年，公司实现营业总收入 124,565.44万元，较上年同期下降20.92%；归属于上市公司股东的净利润18,919.89万元，较上年同期下 降46.82%；归属于上市公司股东的扣除非经常性损益后的净利润15,354.79万元，较上年同期下降 52.73%。 ...

Core Viewpoint - Wanfu Biological (300482.SZ) announced the termination of an investment project aimed at establishing Hainan Anhui Technology Co., Ltd. in collaboration with its affiliate Hainan Zhongmei Enterprise Management Co., Ltd. This decision is part of the company's strategy to focus on its core business and optimize resource allocation [1] Investment Project Details - The total investment for the project was estimated at 22.5 million yuan, with Wanfu Biological's wholly-owned subsidiary Hainan Wanxin Industrial Development Co., Ltd. planning to invest 6.75 million yuan (30% share) and Hainan Zhongmei intending to invest 15.75 million yuan (70% share) [1] Strategic Considerations - The company emphasized the importance of aligning its strategic execution with business development pace, aiming for a more robust and sustainable growth trajectory by concentrating on its core business areas and improving resource allocation efficiency [1]