BGI Genomics(SZ:300676) Zhi Tong Cai Jing·2025-10-10 02:36Core Viewpoint - The NIPT (Non-Invasive Prenatal Testing) market in China is experiencing significant challenges, with leading companies BGI and Berry Genomics reporting substantial revenue declines due to structural market changes and centralized procurement policies, leading to a new phase of competition in a previously high-growth sector [1][4]. Group 1: Company Performance - BGI reported a 12.82% year-on-year decline in revenue and a net loss for the first time after excluding non-recurring items [1]. - Berry Genomics experienced an 18.91% revenue decline and recorded a net loss exceeding 27 million yuan [1]. - AnuoYuda, the third-largest player in the NIPT market, has also faced challenges, with projected revenues of 251 million yuan, 270 million yuan, and 329 million yuan for 2022, 2023, and 2024 respectively, primarily driven by NIPT and CNV-seq kit sales [3][7]. Group 2: Market Dynamics - The NIPT market has shifted from a high-growth phase to a more competitive environment due to structural changes and centralized procurement, which has significantly reduced prices [1][4]. - The price of NIPT tests has dropped by over 70% due to policies implemented in regions like Beijing and Jiangsu, with the maximum effective bid set at 345 yuan [4]. - The penetration rate of NIPT kits among pregnant women in China has increased from approximately 15.4% in 2018 to about 48.8% in 2023, with expectations to reach 97.8% by 2033 [2]. Group 3: Competitive Landscape - AnuoYuda holds a market share of 12.1%, ranking third among companies providing NIPT kits, with the top three companies holding a combined market share of 78.5% [5]. - The competitive landscape is characterized by high barriers to entry, as typically only one manufacturer is selected to provide services in a given region, making it difficult for AnuoYuda to quickly increase its market share [5]. Group 4: Financial Health - AnuoYuda's financial performance shows a trend of increasing revenue but persistent net losses, with cumulative losses of approximately 462 million yuan over three and a half years [7]. - The company reported revenues of 435 million yuan, 475 million yuan, 518 million yuan, and 269 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with corresponding net losses [7][8]. - AnuoYuda's cash flow from operating activities has shown significant volatility, with net outflows of 26 million yuan and 55 million yuan in 2023 and the first half of 2025, respectively [8].