LBPMedicine(SH:688393) Zheng Quan Shi Bao Wang·2025-04-21 11:11Core Insights - Anbiping's annual report for 2024 highlights a strategic focus on optimizing revenue structure and enhancing R&D innovation despite facing industry policy adjustments and intensified market competition [1] Group 1: Financial Performance - The company achieved a revenue of 471 million yuan, reflecting a slight year-on-year decline of 5.33%, but with a significant optimization in business structure [1] - Revenue from purchased products decreased by 31.28%, while the proportion of self-produced products continued to rise, strengthening the core business moat [1] - The immunohistochemistry (IHC) and fluorescence in situ hybridization (FISH) platforms showed impressive performance, with revenue growth exceeding 20%, becoming new engines for performance growth [1] Group 2: R&D and Product Development - The company invested 60.06 million yuan in R&D, accounting for 12.76% of revenue, focusing on pathology digitization and tumor companion diagnostics [2] - Multiple industry "firsts" were achieved, including the approval of the first domestic FISH platform ALK gene rearrangement detection kit for crizotinib companion diagnostics [2] - The IHC platform developed a complete solution for breast cancer detection, with three types of antibody kits successfully launched, enhancing clinical personalized treatment decisions [2] Group 3: Market Expansion and Strategic Initiatives - The company engaged in a three-in-one model of "remote pathology + digital products + medical testing institutions" to deepen participation in the sinking of medical resources [3] - Revenue from co-construction business increased by 90% year-on-year, with partnerships established with 60 hospitals and agreements with 23 medical alliances [3] - The company completed a comprehensive upgrade of its digital slice scanning system, addressing differentiated needs from grassroots to top-tier hospitals [3] Group 4: International Market Development - The company accelerated its expansion into Japan, Southeast Asia, and the Middle East, obtaining 8 product certificates in Vietnam and 8 CE certificates during the reporting period [4] - Participation in international exhibitions and collaboration with local medical institutions for technology promotion are helping to establish a global access system [4] - The company's integrated solution of "reagents + automated equipment + AI interpretation" is gaining recognition in emerging markets, contributing innovative pathways to address the uneven distribution of pathology resources in developing countries [4]