研报掘金丨开源证券：万孚生物国际业务稳中有进，维持“买入”评级

Core Viewpoint - The report from Kaiyuan Securities indicates that Wanfu Biology's performance in H1 2025 is under pressure, but international business shows steady progress, maintaining a "Buy" rating [1] Group 1: Financial Performance - In H1 2025, the company's infectious disease business revenue was 379 million yuan, a year-over-year decrease of 21.14%, primarily due to lower intensity of respiratory disease outbreaks and reduced medical burden compared to the same period last year [1] - The company is enhancing product hospital admissions and R&D iterations, with the immunochromatography analyzer FG-3000 completing development [1] Group 2: Product Development and Market Expansion - The respiratory triple test is expected to receive certification in H2 2025, while blood and digestive infectious disease businesses continue to gain momentum [1] - The company has made strategic breakthroughs in key countries across Europe, Asia, and Latin America, continuously promoting localization efforts, with subsidiaries established in Russia and the Philippines in H1 2025 [1] Group 3: Market Position and Growth Potential - The introduction of chemiluminescence business is advancing into the mid-to-high-end market, with overseas installed capacity growing rapidly year-over-year [1] - In the U.S. market, the COVID-19, influenza A and B triple test POC/OTC version received FDA 510(k) approval in January 2025, rapidly advancing sales channel coverage, which is expected to provide sustained revenue growth momentum [1] - The drug testing market is improving, and the integrated research, production, and sales layout is helping to stabilize market share [1]