Core Insights - The company reported a revenue of 869 million yuan for the first half of 2025, representing a year-on-year growth of 21.15%, and a net profit attributable to shareholders of 163 million yuan, up 3.84% year-on-year [1] - The company is focusing on technological innovation and strategic acquisitions to accelerate the integration of AI and healthcare, enhancing its international strategy and improving its integrated diagnosis and treatment ecosystem [1][5] - The overseas business revenue grew by over 60% year-on-year, indicating a successful shift from traditional product output to a global health ecosystem model [1] Financial Performance - Revenue for the first half of 2025 reached 869 million yuan, a 21.15% increase compared to the previous year [1] - Net profit attributable to shareholders was 163 million yuan, reflecting a 3.84% year-on-year growth [1] - The company’s non-recurring net profit was 136 million yuan, up 12.19% year-on-year [1] R&D and Product Development - The company increased its R&D investment to 154 million yuan, accounting for 17.71% of its revenue, with capitalized investment rising by 30.16% [2] - Over 100 new domestic and international registration certificates were obtained, with a cumulative total of 1,700 certifications [2] - The company launched several innovative products in key areas such as respiratory diseases, genetic sequencing, and maternal and child health [2] Strategic Acquisitions and Partnerships - The company completed a full acquisition of Zhongshan Haiji for 808 million yuan, entering the health consumption sector, with Haiji achieving a revenue of 240 million yuan and a net profit of 97 million yuan, up 120% year-on-year [3] - Investments were made in Hong'an Jiyuan and Zhenmai Biotechnology to enhance grassroots medical testing and accelerate the localization of high-throughput sequencing technology [3][4] - The company is also investing in innovative technologies through associated investments, such as in Shengwei Kunteng for the development of portable molecular POCT systems [4] AI and Digital Transformation - The company is implementing an "AI + healthcare" strategy, aligning with national smart healthcare development goals [5] - AI-driven systems for infectious diseases and sequencing have been deployed, facilitating the digital transformation of medical services [5][6] - A home testing service for respiratory pathogens has been launched in multiple provinces, enhancing the accessibility of healthcare services [6] Future Outlook - The company plans to continue its innovation-driven development strategy, strengthening R&D capabilities and building an international platform to enhance competitiveness in the industry [6]

Core Viewpoint - The report from Kaiyuan Securities indicates that Wanfu Biology's performance in H1 2025 is under pressure, but international business shows steady progress, maintaining a "Buy" rating [1] Group 1: Financial Performance - In H1 2025, the company's infectious disease business revenue was 379 million yuan, a year-over-year decrease of 21.14%, primarily due to lower intensity of respiratory disease outbreaks and reduced medical burden compared to the same period last year [1] - The company is enhancing product hospital admissions and R&D iterations, with the immunochromatography analyzer FG-3000 completing development [1] Group 2: Product Development and Market Expansion - The respiratory triple test is expected to receive certification in H2 2025, while blood and digestive infectious disease businesses continue to gain momentum [1] - The company has made strategic breakthroughs in key countries across Europe, Asia, and Latin America, continuously promoting localization efforts, with subsidiaries established in Russia and the Philippines in H1 2025 [1] Group 3: Market Position and Growth Potential - The introduction of chemiluminescence business is advancing into the mid-to-high-end market, with overseas installed capacity growing rapidly year-over-year [1] - In the U.S. market, the COVID-19, influenza A and B triple test POC/OTC version received FDA 510(k) approval in January 2025, rapidly advancing sales channel coverage, which is expected to provide sustained revenue growth momentum [1] - The drug testing market is improving, and the integrated research, production, and sales layout is helping to stabilize market share [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 was 1.246 billion yuan, a year-over-year decrease of 20.92%, with a net profit attributable to shareholders of 189 million yuan, down 46.82% year-over-year. In Q2 2025, revenue was 445 million yuan, a decline of 37.64%, and net profit was 6,350 yuan, down 99.95% year-over-year [4][5] - The increase in expense ratios is attributed to a decline in revenue base, with sales expense ratio at 25.6% (+5.38 percentage points), management expense ratio at 7.34% (+0.52 percentage points), and R&D expense ratio at 13.99% (+1.46 percentage points). The gross margin was 62.87% (-1.47 percentage points) and net margin was 15.27% (-7.48 percentage points) due to industry policy adjustments affecting terminal testing volume and pricing [4][5] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 428 million, 499 million, and 600 million yuan respectively, with corresponding EPS of 0.89, 1.04, and 1.25 yuan. The current stock price corresponds to P/E ratios of 26.1, 22.3, and 18.6 times for the respective years [4][5] Summary by Sections Financial Performance - In H1 2025, the infectious disease business generated 379 million yuan (down 21.14% year-over-year), primarily due to lower respiratory disease prevalence and medical load. Chronic disease management testing revenue was 563 million yuan (down 26.06% year-over-year) due to policy adjustments affecting terminal demand [5] - Drug testing revenue increased to 145 million yuan (up 4.26% year-over-year), supported by localized operations and channel expansion, with the U.S. Amazon platform ranking first in sales [5] - The company continues to enhance its product offerings and expand into international markets, with significant growth in overseas revenue, particularly in Europe, Asia, and Latin America [6] Market Strategy - The company is focusing on developing markets, establishing subsidiaries in Russia and the Philippines in H1 2025. The introduction of chemiluminescence products is aimed at penetrating the mid-to-high-end market, with rapid growth in overseas installations [6] - In the U.S. market, the company received FDA 510(k) approval for a COVID-19 and flu testing product in January 2025, which is expected to drive revenue growth through comprehensive sales channel coverage [6]

2025年8月5日，东方生物(688298.SH)公告称，公司及全资子公司上海万子健生物、全资孙公司英国爱 可、控股子公司莱和生物取得炎症标志物检测试剂盒、COVID-19/FluA&B抗原联合检测试剂（自 测）、RapidFluA&B/RSV/AdenoAntigen Test等几款医疗器械注册证书，同时公司与客户合作于近期取 得呼吸道三联检的境外医疗器械注册证书。 同时，公司呼吸道检测、毒品检测及肿瘤标志物检测等多项产品分别在美国、英国、泰国取得主要产品 自测证书，进一步丰富了核心国际市场的产品种类或检测应用场景，有利于美国、英国、泰国等重点市 场的拓展。 公告指出，公司炎症标志物检测试剂盒的获证，进一步完善了公司在国内炎症指标检测领域的产品系 列，丰富了流式荧光（原液态生物芯片）技术平台的配套检测试剂品种，扩展了流式荧光发光法的应用 领域，有利于国内市场的整体拓展。 ...