Tellgen(SZ:300642) Xin Lang Cai Jing·2025-10-08 00:29Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to price reductions in tumor marker detection products and decreased demand for high-end tumor testing [1][2]. Financial Performance - For H1 2025, the company achieved operating revenue of 159 million yuan, a decrease of 26.25% year-on-year, and a net profit attributable to shareholders of 3 million yuan, down 58.41% [1]. - In Q2 2025, operating revenue was 84 million yuan, a decline of 31.35%, with a net profit of 2 million yuan, down 79.43% [1]. Revenue Sources - The main revenue source, reagent sales, amounted to 147 million yuan in H1 2025, reflecting a year-on-year decrease of 27.48% due to industry policy adjustments and reduced market demand for high-end tumor testing [2]. - The sales prices of tumor marker detection products and HPV testing products have decreased compared to the same period last year [2]. R&D and Product Development - The company maintains a high R&D expenditure rate of around 15%, with 70 ongoing projects across various technology platforms, including PCR and mass spectrometry [3]. - In H1 2025, the company obtained 2 new invention patents and completed the installation of 121 units of various instruments, indicating a significant improvement in installation speed compared to previous years [3]. Strategic Acquisitions - The company has completed the integration of its subsidiary, Hebei Toukeng, focusing on invasive fungal disease detection, thereby entering a new market segment [3]. - In August, the company announced plans to acquire Kanglu Bio, a leader in the pathology diagnosis field, which will enhance its capabilities in molecular pathology technologies [4]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 9 million, 13 million, and 17 million yuan, respectively, with corresponding PE ratios of 444, 293, and 224 [4]. - A DCF model estimates the company's overall valuation at 5 billion yuan, with a target price of approximately 31 yuan per share, maintaining a "recommend" rating [4].