Tellgen(SZ:300642) Xin Lang Cai Jing·2025-11-24 06:42Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, but the revenue decline in Q3 showed notable improvement compared to earlier quarters, indicating a gradual recovery from the impact of centralized procurement [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 258 million yuan, down 19.73% year-on-year, with a net profit attributable to shareholders of 6 million yuan, down 76.33% [1]. - In Q3 2025, the company reported a revenue of 99 million yuan, a decrease of 6.36% year-on-year, and a net profit of 3 million yuan, down 83.02% [1]. Impact of Centralized Procurement - The revenue decline is primarily attributed to the impact of centralized procurement and market conditions, but the decline rate in Q3 has significantly narrowed to -6.36% from -26.25% in the first half of the year [2]. - The company expects the negative effects of centralized procurement to gradually diminish within 2025, as revenues from key products like tumor markers and HPV testing are showing signs of recovery [2]. Business Expansion - The company has accelerated its business expansion, completing the integration of its subsidiary Hebei Toukang, which allows entry into the invasive fungal disease testing market [3]. - The company announced plans to acquire Kanglu Bio, a leader in the pathology diagnosis sector, which will enhance its capabilities in molecular pathology technologies [3]. - A strategic investment in Huihe Bio is aimed at strengthening the company's position in the autoimmune disease diagnosis and treatment sector, creating a comprehensive "diagnosis-treatment-monitoring" chain [3]. Research and Development - The company maintains a high R&D expense ratio of 15.52% for the first three quarters of 2025, increasing to 17.16% in Q3, indicating a strong commitment to R&D [4]. - Several new reagent products have received medical device registration certificates, enhancing the company's product offerings in various fields, including autoimmune and coagulation testing [4].