万孚生物（300482）：业绩短期承压，静待扰动消退后发展向好

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.246 billion yuan in the first half of 2025, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 189 million yuan, down 46.8% year-on-year [1][3] - The report highlights that the toxicology testing business is recovering, while infectious disease and chronic disease testing are under pressure. The toxicology testing revenue reached 145 million yuan, an increase of 4.3% year-on-year, with strong sales on platforms like Amazon in the U.S. [3] - The company is expected to see a recovery in revenue from respiratory disease testing as new products gain certification in both domestic and U.S. markets [3] - The report anticipates that the company's revenue will be 2.668 billion yuan in 2025, with a year-on-year growth rate of -12.9%, followed by 3.081 billion yuan in 2026 and 3.520 billion yuan in 2027, with respective growth rates of 15.5% and 14.2% [4] Financial Summary - For the first half of 2025, the company's gross profit margin was 62.87%, a decrease of 1.47 percentage points year-on-year, attributed to a higher proportion of lower-margin toxicology tests and domestic medical reform policies [3] - The company’s operating cash flow was -56 million yuan, a year-on-year decline of 128.1% [1] - The projected earnings per share (EPS) for 2025 is 0.84 yuan, with a price-to-earnings (P/E) ratio of 27.66 times based on the closing price on August 20, 2025 [4]