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硕世生物上半年净利骤降背后:产品价格承压,研发投入减少

Core Viewpoint - The company Shuoshi Biological (688399) reported a significant decline in performance for the first half of 2025, despite reaching a new high in stock price earlier in the year [1][2]. Financial Performance - The company achieved operating revenue of approximately 176 million yuan, a year-on-year decrease of 1.05% [2]. - The net profit attributable to shareholders was about 3.99 million yuan, down 86.35% compared to the previous year [2]. - The total profit for the period was approximately 7 million yuan, reflecting a decline of 78.37% [2]. - The net cash flow from operating activities was negative, amounting to -575.64 thousand yuan, a decrease of 100.77% [2]. - The company's net assets at the end of the reporting period were approximately 3.25 billion yuan, a slight increase of 0.13% from the previous year [2]. Business Overview - Shuoshi Biological focuses on the research, production, and sales of in vitro diagnostic reagents and related testing instruments, expanding into in vitro testing services [1]. - The company has over 700 products used in various fields, including infectious disease prevention, clinical testing, and population screening [1]. - The in vitro diagnostic reagent business accounted for 85.89% of total revenue in the first half of 2025, down from 90.25% in the same period last year [3]. Industry Context - The in vitro diagnostic industry is experiencing intense competition, with companies increasing R&D investments to develop more efficient and accurate diagnostic products [3]. - Despite existing barriers to entry, the industry's high profit margins and growth potential are attracting more capital, which may intensify competition [3]. R&D and Future Plans - R&D investment decreased by 13.11% year-on-year, amounting to approximately 40.64 million yuan, with the proportion of R&D spending relative to revenue dropping from 26.36% to 23.15% [4]. - The number of R&D personnel also declined from 144 to 128 [4]. - The company plans to distribute a cash dividend of 34 yuan per 10 shares, totaling approximately 285 million yuan [4]. - To support international development, the company intends to invest 3 million USD in establishing a subsidiary in Brazil [4].