NIPT红海求生录：安诺优达研发缩水、营销开路，在亏损中赴港闯关

Core Viewpoint - The non-invasive prenatal testing (NIPT) market is experiencing significant challenges due to industry-wide price reductions and a decline in newborn numbers, leading to a shift from growth competition to intense market share battles [2][6] Company Overview - Annoroad, established in 2012, focuses on molecular diagnostics and IVD medical devices, offering clinical sequencing solutions, IVD test kits, sequencing instruments, and bioinformatics analysis software [3] - Despite holding multiple certifications, Annoroad has struggled to achieve profitability, reporting continuous revenue growth but also increasing losses from 67 million RMB in 2022 to 29 million RMB in the first half of 2025 [3][4] Revenue Structure - Annoroad's revenue is heavily reliant on clinical sequencing solutions, which accounted for over 63% of total revenue during the reporting period, with NIPT test kits being a significant contributor [4][6] - The company’s market share in NIPT is 15.5% by sample volume and 14.6% by revenue, significantly lower than the leading competitor, which holds 50.7% [4][6] Market Challenges - The NIPT business of leading companies like BGI and Berry Genomics has faced a sharp decline in profitability, impacting Annoroad's revenue potential as well [6] - Annoroad's gross margin for clinical sequencing has decreased from 43.4% in 2022 to 38.1% in the first half of 2025, indicating pressure on profitability [6] Product Development - Annoroad's new CNV-seq test kit gained approximately 32% market share shortly after approval in 2024, but its revenue contribution remains below 2% [6][7] - The company is also focusing on higher-margin life science research projects, which improved the gross margin of this segment from 15.7% in 2022 to 26.4% in the first half of 2025, although overall revenue contribution has decreased [7] Strategic Shift - Annoroad has shifted from a research-driven approach to a marketing-driven strategy, with R&D expenses dropping by 64% from 2022 to 2024, while sales and distribution expenses increased by 84% [8] - This change in financial structure may raise concerns in the market regarding the company's focus on marketing over research [8] Future Outlook - The company has acknowledged in its prospectus that it expects to continue incurring losses in the foreseeable future, reflecting ongoing challenges in achieving profitability [10]