Core Viewpoint - Wanfu Biotech 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 related to a terminated equity incentive plan [1][2] Financial Performance - The revised forecast indicates a year-on-year decline of 107.94% to 112.04% compared to the previous year's profit of 562 million yuan [2] - The adjustment in accounting treatment resulted in a direct profit reduction of approximately 113.6 million yuan [2] Accounting Changes - The company decided to fully recognize the remaining equity incentive expenses of about 113.6 million yuan in the current period, which was previously considered zero due to the expectation that performance targets would not be met [2] Future Outlook - The company views 2025 as a "pain period" for both the industry and itself, but expresses optimism for a rebound in 2026 [1][4] - The IVD industry is currently facing challenges, with total revenue for the first three quarters of 2025 down 14.5% year-on-year [4] - The company anticipates a recovery in domestic business and continued growth in overseas markets, particularly in new respiratory testing businesses in the U.S. [5]