月初还预计去年盈利，月末“变脸”预亏数千万元 万孚生物独家回应每经，称2025 年是公司的阵痛期

Core Viewpoint - Wanfu Biology (SZ300482) has revised its 2025 profit forecast from a profit of 46 million to 69 million yuan to a loss of 44.6 million to 67.6 million yuan due to a change in accounting treatment [1][3] Group 1: Financial Performance - The revised forecast indicates a year-on-year decline in net profit attributable to shareholders of 107.94% to 112.04%, compared to a profit of 562 million yuan in the same period last year [1][2] - The adjustment in accounting treatment involved recognizing approximately 113.6 million yuan of expenses related to a terminated equity incentive plan in the current period, leading to a significant drop in net profit [3] Group 2: Market and Industry Context - The IVD (in vitro diagnostics) industry is currently experiencing a downturn, with total revenue for the first three quarters of 2025 at 27.62 billion yuan, a year-on-year decrease of 14.5%, and net profit down 26.4% [4] - The company anticipates that 2025 will be a low point for both the industry and itself, but expects a rebound in 2026, describing the upcoming year as a period of "light load" and clearer growth trends [4][5] Group 3: Business Outlook - The company expects domestic business to experience a recovery, particularly in hospital-based operations, while overseas markets are projected to maintain healthy growth due to early expansion efforts [5] - New business initiatives, such as respiratory testing in the U.S., are expected to contribute to sustained growth in international markets [5]