业绩持续恶化 热景生物2025年预亏近2.2亿元

Core Viewpoint - The company, 热景生物, is forecasting a significant decline in its 2025 financial performance, with expected revenues between 400 million to 420 million yuan, representing a year-on-year decrease of 17.79% to 21.71%, and a net loss projected between 210 million to 230 million yuan, which is an increase from the previous year's loss of 191 million yuan [2] Financial Performance - The company's revenue peaked at 3.556 billion yuan in 2022, with a profit of 944 million yuan, but has since faced two consecutive years of losses [3] - In 2024, the company reported revenues of 511 million yuan and a net loss of 191 million yuan, with a non-recurring net loss of 231 million yuan [3] - By the third quarter of 2025, revenues were 310 million yuan, a year-on-year decline of 19.8%, with a net loss of 109 million yuan [3] Industry Challenges - The in vitro diagnostic industry is facing significant challenges due to policy changes, particularly centralized procurement, which has impacted product pricing and increased competition [3][4] - The company's main business, in vitro diagnostic reagents and instruments, accounts for 99% of its revenue, and the pricing pressure has led to a decline in both single-machine revenue and output rates [3] Revenue Dynamics - In 2024, excluding non-conventional testing, the company's revenue grew by 23.10%, but reagent business revenue fell by 18.55%, with growth primarily driven by instrument sales, which saw a 262.79% increase in volume and a 289.79% increase in revenue [3] - The gross margin for instruments improved from -11.20% to 6.41% due to adjustments in sales strategy [3] Strategic Adjustments - The company shifted its sales strategy in the second half of 2023 to a model that combines sales and deployment, responding to increased demand from hospitals [4] - However, this strategy has led to a lag in reagent sales growth, which increased by only 8.24% compared to a 13.21% growth in instrument sales [4] Investment in Innovation - In response to stagnant growth in its core business, the company has invested in innovative pharmaceuticals, including stakes in 舜景医药, 尧景基因, and 智源生物, but these investments have not yet generated revenue and have resulted in significant losses [5] - The company reported an investment loss of 47.63 million yuan in 2024 and has increased its stake in 舜景医药, which is now a subsidiary [5] - 舜景医药 is developing SGC001, a novel treatment for acute myocardial infarction, which has received clinical trial approval but is still in the early stages of development [5]