Core Viewpoint - Anxu Bio (688075) reported a decline in revenue and net profit for the first half of 2025, indicating financial challenges and increased operational costs [1] Financial Performance - Total revenue for the first half of 2025 was 230 million yuan, a decrease of 7.42% year-on-year [1] - Net profit attributable to shareholders was 59.31 million yuan, down 48.57% compared to the previous year [1] - Gross margin was 39.11%, a decrease of 4.19% year-on-year, while net margin fell to 25.76%, down 44.64% [1] - Total expenses (selling, administrative, and financial) reached 60.04 million yuan, accounting for 26.13% of total revenue, an increase of 87.61% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased by 64.19% to 234 million yuan, attributed to increased investments in financial products [3] - Operating cash flow per share increased significantly by 1420.52% to 0.03 yuan, due to improved collections [11] Liabilities and Debt - Short-term borrowings decreased by 100% as the company repaid its debts [4] - Other current liabilities increased by 820.77% due to dividend distribution accruals [4] Operational Insights - Revenue decline of 7.42% was influenced by customers delaying orders due to increased tariffs from the U.S. [7] - Sales expenses rose by 19.83% as the company intensified market expansion efforts [9] - Management expenses increased by 3.1% due to normal operational fluctuations [10] Business Model and Market Position - The company has nine major technology platforms in the IVD industry, focusing on various diagnostic products including drug testing and infectious disease detection [12] - The company's return on invested capital (ROIC) was 2.98%, indicating weak capital returns, while historical data shows a median ROIC of 37.7% since its listing [11]

2025 年 8 月 20 日│中国内地 生物医药 公司 1H25 实现收入 12.46 亿元（yoy-20.9%）、归母净利 1.89 亿元 （yoy-46.8%），主因国内行业政策变化短期压制院端需求释放且 1H25 国 内呼吸道传染病流行强度弱于 24 年同期，叠加公司强化销售及研发投入力 度。考虑公司产品布局持续拓展且国内外销售网络积极完善，看好公司业务 长期成长性。维持"买入"。 持续强化产品推广及新品研发力度 证券研究报告 万孚生物 (300482 CH) 美国子公司领衔 1H25 整体收入增长 公司 1H25 毛利率为 62.9%（yoy-1.5pct），我们推测主因国内行业政策变 化短期影响院端检测产品价格。公司 1H25 销售/管理/研发费用率分别为 25.6%/7.3%/14.0%（yoy+5.4/+0.5/+1.5pct），公司持续完善海内外商业化 推广渠道及新品研发布局，夯实长期发展基础。 美国子公司 1H25 收入实现较快增长 1）美国子公司业务：我们推测 1H25 收入同增近 20%；考虑毒检业务基本 盘稳固，叠加呼吸道检测等新品持续发力，看好美国子公司 25 年收入实现 稳健增长 ...