Summary of Wanfu Biological Conference Call Company Overview - **Company**: Wanfu Biological - **Industry**: AI Medical Technology and Digital Pathology Key Points and Arguments Investment and Development in AI Medical Technology - Wanfu Biological has invested in multiple companies including Saiweisen, Senqiang Technology, and Yizhun Intelligent, establishing a multimodal diagnostic framework in digital pathology and AI imaging, leading to the commercialization of AI in healthcare [2][3] - Saiweisen has achieved a leading position in pathology-assisted diagnosis, receiving the first Class III certification for cervical cytology AI software in China, implemented in over 100 medical institutions domestically and internationally [2][3] - Senqiang Technology focuses on digital pathology solutions, covering approximately 2,000 hospitals in China and 12 overseas regions, enhancing hospital workflow through hardware and intelligent software [2][6] - Yizhun Intelligent has strong competitiveness in AI imaging and ultrasound imaging, with its breast X-ray and thyroid nodule ultrasound detection software receiving the first and second Class III certifications in the industry [2][7] Market Growth and Financial Projections - Wanfu Biological expects rapid growth in domestic business in 2026, with a year-on-year growth rate exceeding 40%, and overseas business growth projected between 20% and 30% [3][29] - Core revenue is anticipated to grow by 30% year-on-year, with a profit margin target of over 20% [3][29] - Senqiang Technology forecasts sales revenue between 250 million to 300 million yuan in 2026, driven by new policies and increased overseas revenue [3][21] AI Medical Ecosystem and Future Directions - The company has built an AI medical ecosystem since 2018, combining acquisitions and internal growth, focusing on both hospital and consumer segments [3][12] - Future trends include multi-omics and multimodal diagnostics, with a strong emphasis on enhancing brand influence and operational efficiency through AI applications [13][31] Challenges and Strategic Adjustments - Wanfu Biological's performance forecast for 2025 indicates pressure due to the overall IVD industry challenges, prompting strategic adjustments such as inventory reduction and risk asset divestment [28][29] - The company has achieved significant operating cash flow, with a net cash flow of nearly 400 million yuan in 2025, indicating resilience despite challenges [29] Collaboration and Synergy - Collaboration with invested companies like Saiweisen and Senqiang Technology is crucial for market expansion and technological upgrades, enhancing the overall business ecosystem [3][21][22] AI Product Development and Market Position - Yizhun Intelligent holds six Class III certifications for AI products, demonstrating its leadership in the field and commitment to rapid commercialization [11][22] - The company aims to increase the paid hospital ratio for its AI products to 80%-90% and enhance repeat purchase rates across multiple disease categories [11] Regulatory and Market Dynamics - The digital pathology sector is rapidly evolving, with significant policy changes creating a market capacity of 5 billion yuan due to new regulations on slide uploads [9][10] - Saiweisen's dual sales model includes traditional software sales and SaaS subscription services, adapting to different market needs [15][19] Additional Important Insights - The digital pathology solutions market is characterized by a shift towards automation and standardization, with Senqiang Technology leading in comprehensive digital pathology solutions [8][9] - The AI medical field is seen as a critical area for future growth, with Wanfu Biological committed to enhancing its capabilities and market presence through strategic investments and partnerships [31][32]

Core Viewpoint - The performance decline of Wanfu Biological is attributed to the dual constraints of centralized procurement and industry regulations in the IVD sector, significantly impacting pricing and sales volume [1][13][17]. Financial Performance - Wanfu Biological's 2025 earnings forecast indicates a net profit of 46 million to 69 million yuan, representing a year-on-year decline of 87.71% to 91.81% [1][14]. - For the first three quarters of 2025, the company reported a main revenue of 1.69 billion yuan, down 22.52% year-on-year, and a net profit of 134 million yuan, down 69.32% [2][15]. - The third quarter alone saw a main revenue of 445 million yuan, a decline of 26.66% year-on-year, with a net loss of approximately 55.46 million yuan [2][15]. Market Conditions - The IVD market in China experienced a 5.9% decline in size during the first three quarters of 2025, with the biochemical and immunological sectors showing the most significant downturn [20]. - The A-share IVD sector reported total revenue of 27.62 billion yuan, down 14.5% year-on-year, and a net profit of 4.49 billion yuan, down 26.4% [20]. Pricing and Procurement Impact - The IVD industry is facing significant price pressure due to centralized procurement, with some product prices dropping by over 70% [17]. - As of 2024, five rounds of provincial alliance centralized procurement have been completed, covering core products and regions [17]. Regulatory Environment - New policies from the National Health Commission aim to standardize inspection and testing results across medical institutions, which may further impact sales volumes by reducing unnecessary repeat tests [5][19]. - The "minimum necessary" principle has been emphasized in recent regulations, mandating a review of clinical necessity for various testing projects [6][19]. Accounts Receivable Concerns - Wanfu Biological's accounts receivable have surged, with turnover days increasing from 32 days in 2022 to 172 days in 2023, raising concerns about potential impairment risks [12][22]. - As of the last report, accounts receivable amounted to 1.046 billion yuan, accounting for approximately 60% of the company's revenue [22]. Business Segmentation - Chronic disease detection is the largest business segment for Wanfu Biological, contributing 44.66% of revenue, while infectious disease detection accounts for 34% [22][23]. - Both segments have seen significant revenue declines, with chronic disease management revenue dropping by 26.06% and infectious disease revenue by 21.14% year-on-year [22]. Future Outlook - The impact of centralized procurement is expected to persist until 2026, with ongoing challenges anticipated for Wanfu Biological's performance [1][21]. - The company is focusing on stabilizing its overseas business, which is seen as a crucial support for sustainable growth [25].

Core Viewpoint - The medical device sector experienced a decline of 1.58% on January 16, with Kangzhong Medical leading the losses, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index decreased by 0.18% [1]. Group 1: Market Performance - The medical device sector's stocks showed mixed performance, with notable gainers including Huakang Clean (20.01% increase) and Yirui Technology (4.60% increase) [1]. - Conversely, Kangzhong Medical saw a significant drop of 8.60%, followed by Huada Zhizao with a decline of 6.61% [2]. - The overall trading volume in the medical device sector was substantial, with Huakang Clean achieving a transaction amount of 707 million yuan [1]. Group 2: Capital Flow - The medical device sector experienced a net outflow of 1.395 billion yuan from major funds, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Specific stocks like Huakang Clean had a net inflow of 58.17 million yuan from major funds, while retail investors showed a net outflow of 46.88 million yuan [3]. - The capital flow dynamics indicate a shift in investor sentiment, with retail investors actively participating despite the overall sector decline [2][3].

Core Viewpoint - Wanfu Bio experienced a stock price decline of 2.03% on January 16, with a current price of 21.20 CNY per share and a market capitalization of 9.923 billion CNY [1] Group 1: Stock Performance - Year-to-date, Wanfu Bio's stock price has increased by 7.34%, with a 3.82% rise over the last five trading days and a 6.53% increase over the last 20 days, while it has decreased by 1.58% over the last 60 days [1] - As of September 30, the number of shareholders for Wanfu Bio is 42,400, a decrease of 5.59% from the previous period, with an average of 10,160 circulating shares per person, an increase of 5.94% [2] Group 2: Financial Performance - For the period from January to September 2025, Wanfu Bio reported a revenue of 1.690 billion CNY, a year-on-year decrease of 22.52%, and a net profit attributable to shareholders of 134 million CNY, down 69.32% year-on-year [2] - Since its A-share listing, Wanfu Bio has distributed a total of 1.213 billion CNY in dividends, with 601 million CNY distributed over the last three years [3] Group 3: Shareholder Composition - As of September 30, 2025, among the top ten circulating shareholders, Huabao Zhongzheng Medical ETF holds 8.1927 million shares, a decrease of 1.3623 million shares from the previous period, while Southern Zhongzheng 1000 ETF holds 2.6442 million shares, a decrease of 20,900 shares [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3] Group 4: Company Overview - Wanfu Bio, established on November 13, 1992, and listed on June 30, 2015, is located in Guangzhou, Guangdong Province, and specializes in the research, production, and sales of rapid diagnostic reagents and instruments related to POCT [1] - The company's main business revenue composition includes chronic disease testing (45.93%), infectious disease testing (30.93%), drug abuse testing (11.82%), pregnancy and reproductive health testing (11.27%), and other (0.04%) [1]

（文章来源：证券日报） 证券日报网讯 1月14日，万孚生物发布公告称，公司第五届董事会第二十一次会议审议通过《关于向下 修正"万孚转债"转股价格的议案》。 ...

（编辑 丛可心） 证券日报网讯 1月14日，万孚生物发布公告称，公司决定将"万孚转债"转股价格由27.00元/股向下修正 为21.10元/股，预计2026年1月15日生效。触发条件为2025年12月9日至29日连续三十个交易日中至少十 五个交易日收盘价低于当期转股价80%（21.60元/股），公司已履行董事会及股东大会审议程序。 ...

证券日报网讯 1月14日，万孚生物发布公告称，公司2026年第一次临时股东会审议通过《关于董事会提 议向下修正可转换公司债券转股价格的议案》《关于修订及相关议事规则的议案》。 （文章来源：证券日报） ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | | 广州万孚生物技术股份有限公司 关于向下修正可转换公司债券转股价格的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1.债券代码：123064；债券简称：万孚转债 2.修正前转股价格：27.00 元/股 3.修正后转股价格：21.10 元/股 4.修正后转股价格生效日期：2026 年 1 月 15 日 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经深交所同意，公司 6.00 亿元可转换公司债券于 2020 年 9 月 23 日起在深 交所挂牌交易，债券简称"万孚转债"，债券代码"123064"。 （三）可转债转股期限 本次发行的可转换公司债券转股期自可转换公司债券发行结束之日（2020 年 9 月 7 日）起满六个月后的第一个交易日起至可转换公司债券到期日止，即 2021 年 3 月 8 日至 2026 年 8 月 31 日。 （四）可转债转股价格调整 ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | | 表决结果：同意 8 票；反对 0 票；弃权 0 票。 广州万孚生物技术股份有限公司 第五届董事会第二十一次会议决议公告 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 董事会第二十一次会议(以下简称"本次会议")于2026年1月14日下午16:00 在公司会议室以现场与通讯相结合的方式召开，因情况紧急，为保证董事会工 作的顺利衔接和平稳运行，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 8 名， 实到 8 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。 经与会董事认真审议，本次会议通过以下议案： 一、审议通过《关于向下修正"万孚转债"转股价格的议案》 根据《广州万孚生物技术股份有限公司向不特定对象发行可转换公 ...

现场检查报告 泰联合证券有限责任公司 关于广州万孚生物技术股份有限公司 2025 年度持续督导工作现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为广州万孚生物技术股份有限公司（以下简称"万孚生物" 或"公司"）2020 年度向不特定对象发行可转换公司债券的持续督导阶段的保荐 机构、2022 年度创业板向特定对象发行股票的保荐机构，于 2025 年 12 月 30 日 对万孚生物 2025 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司：万孚生物 | | --- | | 保荐代表人姓名：沈钟杰 联系电话：010-56839400 | | 保荐代表人姓名：丁明明 联系电话：010-56839400 | | 现场检查人员姓名：沈钟杰、毕成 | | 现场检查对应期间：2025 年度 | | 年 月 日 现场检查时间：2025 12 30 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：核查公司 ...