DIRUI(SZ:300396) Hua Xia Shi Bao·2025-08-05 05:55Core Viewpoint - The company, Dirui Medical, is facing its first half-year loss due to a deep adjustment period in the in vitro diagnostics (IVD) industry, driven by significant price reductions from centralized procurement policies starting in 2024, leading to compressed profit margins across the industry [2][10]. Financial Performance - In 2024, Dirui Medical's revenue decreased by 11.63% to 1.218 billion yuan, while net profit plummeted by 48.5% to 142 million yuan [4][5]. - The company's cash flow from operating activities turned negative at -295 million yuan, a decline of 231.29% compared to the previous year [5]. - The gross profit margin for instruments fell from 33.99% to 24.26%, and for reagents, it dropped from 75.42% to 70.06% [7][8]. Industry Challenges - The IVD industry is undergoing a significant transformation, with policies leading to drastic price cuts for diagnostic reagents, some dropping by over 50% [10][13]. - Dirui Medical is experiencing dual pressure from domestic competitors and foreign brands, with its market penetration for new products remaining below 5% [10][12]. - The company is heavily reliant on imported key materials, which account for 40% of reagent production costs, complicating its cost structure [13]. Strategic Responses - Dirui Medical is leveraging resources from China Resources Group to enhance its market position, aiming to increase the penetration rate of its coagulation reagents in tertiary hospitals from 8% to 15% [12]. - The company plans to optimize inventory turnover and reduce reliance on imported high-end optical components [12]. - Despite a significant R&D investment of 130 million yuan in 2024, new products have yet to achieve scale, indicating a mismatch between R&D efforts and market demand [12][13]. Market Outlook - The ongoing industry reshuffle poses a 50% elimination risk for small and medium-sized enterprises in the IVD sector, with many facing financial difficulties [10][13]. - Differentiated competition is seen as essential for survival, with potential opportunities in niche markets such as coagulation testing and gynecological secretions [13].