近日，印度东部西孟加拉邦暴发尼帕病毒（Nipah virus）疫情，陆续报告5例确诊病例。这是一种罕见 的蝙蝠传播病原体，世界卫生组织将其列为有大流行潜力的"优先病原体"，致死率高达40%-75%，且目 前全球无获批疫苗与特效药。 这场数千里之外的公共卫生事件，在A股市场迅速引发一场来去如风的资本风暴。受消息刺激，体外诊 断（IVD）概念板块（BK251338）热度在1月26日骤然攀升，收涨2.59%，凯普生物、之江生物、迈克 生物触及20cm涨停，万孚生物涨超16%。 然而，狂热仅持续一日。27日板块回调0.91%，28日跌幅扩大至2.63%，较26日高点回落3.85%，近80只 成分股中仅3只微涨，"一日游"行情特征明显。截至今日午间休盘，体外诊断概念报1257.85点，跌 0.69%。 这一"脉冲式"行情的起落，反映了资本市场对突发公共卫生事件的短期反应模式。更深层的启示在于， 经历过从业绩爆发到需求退潮完整周期的IVD行业，需摆脱对偶发事件的依赖，回归长期价值。从当前 产业动态来看，行业的价值逻辑已明确转向政策推动、健康服务需求持续增长以及技术升级驱动的产品 迭代。 防疫概念短炒 尼帕病毒的高致死率， ...

经济参考报 记者 曾德金 近日，广州万孚生物技术股份有限公司（简称"万孚生物"，300482.SZ）发布的2025年度业绩预告预 计，2025年归属于上市公司股东的净利润为4600万元至6900万元，同比下降91.81%至87.71%；扣除非 经常性损益后的净利润为-1500万元至-750万元，同比下降103.02%至101.51%。 《经济参考报》记者注意到，这或将是万孚生物自2015年上市以来最差的业绩表现：2025年归属于上市 公司股东的净利润将创下上市以来新低，而年度扣除非经常性损益后的净利润将出现上市后首次亏损。 公司称，其海外市场业务稳健发展，将为公司整体的可持续增长提供支撑点。 万孚生物是"现场即时检测（POCT）"领域的龙头企业，主要业务聚集于医疗器械行业的体外诊断 （IVD）领域，专业从事快速诊断试剂及配套仪器的研发、生产智造、营销及服务。公司产品销往全球 150多个国家和地区。万孚生物于2015年在深圳证券交易所创业板上市，是国内POCT第一股。 万孚生物对2025年业绩变动的原因作了说明称，公司主营业务收入同比下滑，主要原因是国内收入下 滑，一方面增值税税率调整影响，另一方面院内业务受到 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 19 yuan [2][8]. Core Insights - The company reported a revenue of 507 million yuan for H1 2025, a decrease of 14.08% year-on-year, and a net profit attributable to shareholders of 122 million yuan, down 29.27% [2][8]. - In Q2 2025, the company achieved a revenue of 292 million yuan, reflecting a growth of 2.71% compared to the previous quarter, and a net profit of 68 million yuan, up 5.00% [2][8]. - The international business showed robust growth, with international revenue reaching 175 million yuan, an increase of 9.01%, and accounting for 34.6% of total revenue [2][8]. - The IVD (in vitro diagnostics) business faced short-term pressure, with revenue of 386 million yuan, down 17.60%, while the treatment and rehabilitation business remained relatively stable with revenue of 111 million yuan, down 2.37% [2][8]. - The overall gross margin decreased to 64.7%, with IVD gross margin at 67.15% and treatment and rehabilitation gross margin at 60.32% [2][8]. - The company significantly improved its performance in Q2 2025, with a 35.8% increase in revenue and a 26.46% increase in net profit compared to Q1 2025 [2][8]. - The forecast for net profit attributable to shareholders for 2025-2027 is 290 million, 340 million, and 390 million yuan, respectively, with corresponding PE ratios of 21, 18, and 16 [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,148 million, 1,174 million, 1,342 million, and 1,546 million yuan, respectively, with year-on-year growth rates of 0.2%, 2.3%, 14.3%, and 15.2% [4][8]. - The net profit attributable to shareholders for the same years is projected at 345 million, 292 million, 337 million, and 390 million yuan, with growth rates of 5.1%, -15.4%, 15.6%, and 15.5% [4][8]. - The company’s total market capitalization is 6.05 billion yuan, with a total share capital of approximately 428.49 million shares [5][8].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter with positive growth in both revenue and net profit [1][4]. Financial Performance - For 2025 H1, the company achieved revenue of 507 million yuan, a decrease of 14.08%, and a net profit attributable to shareholders of 122 million yuan, down 29.27% [1]. - In Q2 2025, revenue was 292 million yuan, an increase of 2.71%, and net profit attributable to shareholders was 68 million yuan, up 5.00% [1][4]. - The overall gross margin for H1 2025 was 64.7%, down 5.12 percentage points, with IVD gross margin at 67.15% and treatment and rehabilitation gross margin at 60.32% [3]. Business Segments - International business showed growth, with international revenue reaching 175 million yuan, up 9.01%, and accounting for 34.6% of total revenue [2]. - Domestic revenue was 332 million yuan, a decline of 22.74%, primarily due to policy impacts and reduced market demand [2]. - IVD business revenue was 386 million yuan, down 17.60%, while treatment and rehabilitation business revenue was 111 million yuan, down 2.37% [2]. Research and Development - The company increased R&D investment, with R&D expenses reaching 113 million yuan, up 11.77%, and R&D expense ratio rising to 22.27%, an increase of 5.15 percentage points [3]. Future Outlook - The company expects net profit attributable to shareholders for 2025-2027 to be 290 million, 340 million, and 390 million yuan, reflecting a year-on-year change of -15.4%, +15.6%, and +15.5% respectively [4]. - A target price of approximately 19 yuan is set for 2026, based on a 24 times valuation [4].

Core Viewpoint - Getein Biotech, Inc. reported a decline in revenue and net profit for the first half of 2025, with a focus on maintaining a strong position in the in vitro diagnostics (IVD) market despite challenges [1][2]. Financial Performance - Revenue for the first half of 2025 was approximately RMB 512.69 million, a decrease of 17% compared to RMB 617.67 million in the same period last year [2]. - Total profit for the period was RMB 110.53 million, down 33.49% from RMB 166.18 million year-on-year [2]. - Net profit attributable to shareholders was RMB 108.81 million, reflecting a 25.88% decline from RMB 146.81 million in the previous year [2]. - The company proposed a cash dividend of RMB 0.9 per 10 shares, amounting to a total distribution of approximately RMB 45.64 million, which represents 41.95% of the net profit for the period [1]. Industry Overview - The global IVD market is projected to reach USD 109.2 billion in 2024 and is expected to grow significantly, driven by factors such as policy support, aging populations, and rising chronic disease rates [4][5]. - In China, the IVD market has experienced rapid growth due to increased healthcare demand, improved medical insurance coverage, and advancements in domestic technology [5][6]. - The POCT segment is one of the fastest-growing areas in the IVD market, driven by the convenience and speed of testing, with significant potential for future growth [6]. Company Strategy and Product Development - The company has established eight major technology platforms, including POCT, chemiluminescence, biochemical detection, and molecular detection, to meet clinical needs [7][9]. - Getein has transitioned from a single POCT product line to a diverse range of products, including high-throughput and automated solutions for various healthcare settings [9][10]. - The company is actively expanding its market presence both domestically and internationally, with a focus on building a robust sales network through partnerships with over 3,000 distributors [12][13]. Regulatory and Market Position - As of June 30, 2025, the company held a total of 3,245 product registration certificates, with 460 of these being domestic [11][12]. - Getein's products are now available in 67 countries and regions, with a total of 2,785 product import licenses obtained [12][11]. - The company is committed to maintaining high-quality standards in production, adhering to ISO13485 quality management systems, and ensuring compliance with medical device regulations [14][15].

Core Viewpoint - The company, Dirui Medical, is facing its first half-year loss due to a deep adjustment period in the in vitro diagnostics (IVD) industry, driven by significant price reductions from centralized procurement policies starting in 2024, leading to compressed profit margins across the industry [2][10]. Financial Performance - In 2024, Dirui Medical's revenue decreased by 11.63% to 1.218 billion yuan, while net profit plummeted by 48.5% to 142 million yuan [4][5]. - The company's cash flow from operating activities turned negative at -295 million yuan, a decline of 231.29% compared to the previous year [5]. - The gross profit margin for instruments fell from 33.99% to 24.26%, and for reagents, it dropped from 75.42% to 70.06% [7][8]. Industry Challenges - The IVD industry is undergoing a significant transformation, with policies leading to drastic price cuts for diagnostic reagents, some dropping by over 50% [10][13]. - Dirui Medical is experiencing dual pressure from domestic competitors and foreign brands, with its market penetration for new products remaining below 5% [10][12]. - The company is heavily reliant on imported key materials, which account for 40% of reagent production costs, complicating its cost structure [13]. Strategic Responses - Dirui Medical is leveraging resources from China Resources Group to enhance its market position, aiming to increase the penetration rate of its coagulation reagents in tertiary hospitals from 8% to 15% [12]. - The company plans to optimize inventory turnover and reduce reliance on imported high-end optical components [12]. - Despite a significant R&D investment of 130 million yuan in 2024, new products have yet to achieve scale, indicating a mismatch between R&D efforts and market demand [12][13]. Market Outlook - The ongoing industry reshuffle poses a 50% elimination risk for small and medium-sized enterprises in the IVD sector, with many facing financial difficulties [10][13]. - Differentiated competition is seen as essential for survival, with potential opportunities in niche markets such as coagulation testing and gynecological secretions [13].