Sansure Biotech(SH:688289) Xin Lang Cai Jing·2025-09-02 08:45Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth driven by strategic acquisitions and product innovations, despite some challenges in traditional diagnostic business segments [1][2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 869 million yuan, representing a year-over-year increase of 21.15%, and a net profit attributable to shareholders of 163 million yuan, up 3.84% year-over-year [1]. - The second quarter of 2025 saw revenue of 393 million yuan, with a year-over-year growth of 20.59%, but net profit decreased by 6.21% to 70.98 million yuan [1]. Business Segments - The integration of Zhongsheng Haiji has significantly boosted performance, contributing 240 million yuan in revenue and 97 million yuan in net profit, marking a 120% year-over-year increase [2]. - Excluding the impact of the consolidation of Zhongsheng Haiji and Hong'an Jiyuan, the company's revenue in the first half of 2025 would have declined by approximately 10%, primarily due to domestic centralized procurement and VAT rate adjustments [2]. Strategic Initiatives - The company is focusing on international expansion, establishing subsidiaries in key markets such as Indonesia, France, the UK, the Philippines, the US, and Canada, leading to over 60% year-over-year growth in overseas revenue [2]. - The company is advancing its "diagnosis + treatment" strategy through strategic acquisitions and R&D, aiming to create a comprehensive ecosystem that includes instruments, reagents, therapeutic drugs, and third-party testing [3]. Future Outlook - Revenue projections for 2025-2027 are 1.836 billion, 2.183 billion, and 2.526 billion yuan, with year-over-year growth rates of 25.9%, 18.9%, and 15.8% respectively [3]. - Expected net profits for the same period are 310 million, 407 million, and 499 million yuan, with respective growth rates of 12.7%, 31.2%, and 22.6% [3].