净利最高预降近92%！万孚生物将迎上市以来最差业绩

Core Viewpoint - Wanfu Bio (300482) is expected to report its worst performance since its listing in 2015, with a projected net profit of 46 million to 69 million yuan for 2025, representing a year-on-year decline of 87.71% to 91.81% [1][5]. Financial Performance - The projected net profit for 2025 is between 46 million and 69 million yuan, marking a significant decline compared to the previous year's profit of 56,162.85 million yuan [1][5]. - The company anticipates a net profit excluding non-recurring gains and losses to be between -7.5 million and -15 million yuan, indicating a shift from profit to loss for the first time since its listing [5][6]. Business Operations - Wanfu Bio focuses on the in vitro diagnostics sector within the medical device industry, specializing in the research, production, and marketing of rapid diagnostic reagents and related instruments [5][6]. - The decline in revenue is attributed to a drop in domestic sales, influenced by VAT rate adjustments and policy impacts on hospital business, leading to pressure on both volume and pricing [6]. Market Performance - The company's stock price has underperformed, with a cumulative decline of 9.15% in 2025, while the overall market rose by 29.87% during the same period [6]. - Compared to its peak in 2020, Wanfu Bio's stock price has decreased by over 70% [6]. Future Outlook - To reverse the declining trend in performance and stock price, the company plans to focus on product specialization, cost control, channel upgrades, accelerated overseas expansion, governance optimization, and market value management [8]. - For 2026, Wanfu Bio aims to leverage market recovery, enhance its presence in grassroots healthcare, and expand its overseas market, particularly in North America, while pursuing innovation through AI applications in pathology and clinical diagnostics [8].