业绩变脸，这家核酸试剂公司或被“*ST”

Core Viewpoint - Mingde Biological's stock price plummeted due to a sudden revision of its 2025 performance forecast, indicating a significant shift from previous expectations [3][4]. Group 1: Performance Forecast Revision - Mingde Biological announced a revised forecast for 2025, expecting a net loss attributable to shareholders of between 15 million to 25 million yuan, with a net loss excluding non-recurring gains and losses projected at 100 million to 140 million yuan [3][4]. - This revision contrasts sharply with the earlier forecast made on January 30, which estimated a net profit of approximately 12 million to 18 million yuan, and a net loss excluding non-recurring items of about 78 million to 98 million yuan [3][4]. Group 2: Risk of Delisting - The company may face a risk warning for delisting, as it anticipates negative values for total profit, net profit, and net profit excluding non-recurring gains and losses, with revenue expected to fall below 300 million yuan [4][5]. Group 3: Factors Behind Performance Decline - The decline in performance is attributed to slow collection of accounts receivable, leading to a cautious approach in revenue recognition [5]. - The company is conducting impairment tests on assets showing signs of impairment, which has further adjusted the net profit downward [5]. - Factors impacting performance include bad debt losses from accounts receivable, reduced government subsidies, and profit compression due to centralized procurement in the in vitro diagnostic reagent industry [5]. Group 4: Accounts Receivable Situation - As of the first three quarters of 2025, Mingde Biological's accounts receivable stood at 653 million yuan, approximately 2.88 times the company's revenue [6].