Core Viewpoint - Anbiping (688393.SH), known as the "first stock in pathological diagnosis," reported its worst half-year performance since its listing, with a significant revenue drop due to the ongoing impact of centralized procurement in the IVD industry [2][3] Company Performance - In the first half of 2025, Anbiping's revenue fell by 30.11% year-on-year to 159 million yuan, and net profit shifted from a profit of 16.36 million yuan in the same period last year to a loss of 12.49 million yuan [2][3] - The core product, HPV testing, saw prices cut by over 50% due to centralized procurement, leading to a 70.71% decline in revenue from this segment [3] Industry Context - The entire IVD industry is experiencing a downturn, with established companies like Dirui Medical forecasting losses for the first time in 11 years, and Maike Biological reporting an 83.12% drop in net profit [3] - Centralized procurement led by Anhui resulted in an average price drop of 53.9% across 25 provinces, with some products seeing reductions of up to 73% [3] Strategic Initiatives - Anbiping is pursuing three strategic paths: building pathology services, embracing digital transformation, and expanding into international markets [5] - The pathology co-construction business showed a rare positive performance, with revenue increasing by 44.49% year-on-year to 11.69 million yuan, marking it as a strategic focus for the company [5] - The digital transformation initiative aims to enhance existing product lines with AI, with projected revenue from this segment exceeding 10 million yuan in 2024, growing over 80% [5] International Expansion - Anbiping received CE certification for 13 IHC and 1 LBP products in the first half of the year and has begun sending samples to multiple countries [6] - While partnerships have been established in several countries, significant challenges remain in product registration and local operations, making it difficult to achieve substantial overseas revenue in the short term [6] Shareholder Activity - Original shareholders have been continuously reducing their stakes, with their ownership dropping from 13.84% to below 5% over two years, signaling potential concerns about the company's transformation efforts [7]