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 ...

在上市第十年之际，万孚生物（300482）将交出一份上市以来业绩最差的成绩单。 万孚生物2025年业绩预告显示，公司2025年预计归属净利润为4600万元至6900万元，同比预降87.71%至91.81%。这也 将是万孚生物自2015年上市以来的最差业绩。 针对2025年业绩变动的原因，万孚生物表示，公司主营业务收入同比下滑，主要原因是国内收入下滑，一方面受增值 税税率调整影响，另一方面院内业务受到医疗行业政策影响，量价承压。 此外，万孚生物表示，归属净利润同比下滑，有以下几方面原因，一是由于国内市场终端降价、产品结构变化，合并 报表毛利率下降；二是公司为了夯实产品竞争力，开拓新市场、新应用场景，仍然维持了较高的研发支出和销售费 用；三是对于非核心的、盈利能力较弱的业务进行剥离，产生了一定的减值损失。 值得一提的是，2025年万孚生物在海外市场取得了不错的成绩。万孚生物表示，国内市场，基层医疗市场胶体金和荧 光产品线收入下滑，盈利减少。而海外市场业务稳健发展，为公司整体的可持续增长提供了重要支撑点。其中，在北 美市场，呼吸道业务的导入带来明显增量，与美国大客户基于呼吸道三联检产品签署长期供货协议，为美国呼吸道 ...

在海外市场，万孚生物业务持续增长，海外收入占比首次超过国内业务，为公司可持续增长提供了重要 支撑。公司深化重点国家本地化进程，在国际市场的中小实验室份额占比持续提升。在北美市场，呼吸 道业务的导入带来明显增量，与美国大客户签署呼吸道三联检产品长期供货协议，为美国呼吸道传染病 业务的战略布局打下坚实基础。 2025年底，万孚生物进入新品收获期，多个重要单品获得注册证。在投资和生态建设层面，公司直投的 数字化和AI病理项目在国家医疗卫生新政的引领下，迎来了业务的快速增长。公司研发申报的"出凝血 疾病智能辅助分析软件"成功入选由工信部"2025年人工智能医疗器械创新任务揭榜挂帅单位名单"，标 志着公司在AI辅助诊疗领域的战略布局取得实质性突破，为后续满足临床需求及商业化应用奠定坚实 基础。 万孚生物表示，2026年公司将以发光和分子产品线推动医院中心实验室的持续渗透和收入迅速改善。在 海外市场，公司将继续发挥品牌和渠道优势，扩大覆盖实现增长。在创新层面，公司将借助利好政策， 通过已有AI布局和突破，在病理和临床诊断方面实现商业化落地。 中证报中证网讯(记者武卫红)1月9日晚，万孚生物（300482）发布2025年度 ...

Group 1: Medical Device Registration - The company announced that its subsidiary, Shanghai Wanzijian Biotechnology Co., Ltd., and Healgen Scientific LLC have recently obtained medical device registration certificates in China, Australia, and Singapore [1] - The registration of these products enhances the variety of the company's flow cytometry technology platform and expands the market for respiratory triple detection products internationally [1] Group 2: Board of Directors Changes - The company reported the resignation of independent director Li Bo due to personal work reasons and has proposed Chen Junze as a candidate for the independent director position [4][5] - Chen Junze's qualifications and independence have been verified and will be submitted for shareholder approval [5][6] Group 3: Shareholder Meeting Notification - The company will hold its second extraordinary general meeting of 2025 on November 20, 2025, with both on-site and online voting options available [7][9] - The meeting will discuss various proposals that have been approved by the board and disclosed in previous announcements [12]

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant updates, including capital increases, product approvals, control changes, and sales performance, which may present investment opportunities and risks for investors [2]. Group 1: Corporate Announcements - Jilin Chemical Fiber's controlling shareholder has completed a capital increase, raising registered capital from 0.809 billion to 2.508 billion yuan, with the municipal state-owned assets supervision and administration commission's stake increasing to 67.09% [3]. - Lepu Medical has received NMPA registration approval for its rechargeable implantable deep brain stimulation system, aimed at treating symptoms in advanced Parkinson's disease patients [4]. - Zhenai Home has announced a potential change in control, leading to a temporary suspension of its stock trading starting November 5, 2025 [5][6]. - Jiushi Media reported a 20% cumulative price deviation over three trading days, clarifying that its main business does not involve trending concepts and that operations remain normal [7]. - Dongfang Bio's subsidiary has obtained medical device registrations in China, Australia, and Singapore, expanding its product offerings and market reach [8]. - Haichuang Pharmaceutical has completed the enrollment of the first participants in the Phase II clinical trial for its HP515 drug, targeting metabolic-associated fatty liver disease [9]. - Huguang Co. plans to use 280 million yuan of idle funds for cash management, including structured deposits and large-denomination certificates of deposit [10]. - Fuyao Glass has changed its legal representative from Cao Dewang to his son, Cao Hui [11][12]. Group 2: Sales Performance - Yutong Bus reported a 5.62% year-on-year decline in October sales, with total sales for the year increasing by 5.87% [13]. - Qianli Technology's October sales of new energy vehicles increased by 111.44%, with total production and sales for the year showing significant growth [14]. Group 3: Shareholding Changes - Saike Xide's major shareholder has completed a reduction of 825,195 shares, raising 22.8396 million yuan [15]. - Guodian Nanrui has repurchased 20.9475 million shares, using a total of 462 million yuan [16]. - Ucloud plans to repurchase shares worth 8 to 10 million yuan for employee incentives, although the implementation is pending [17][18]. - Huaxi Biological's shareholder plans to reduce their stake by 2% through market transactions [19]. - Weidi Co. reported a reduction in shareholding by major shareholders, decreasing from 27.66% to 26.82% [20]. - Suli Co. plans to reduce its stake by 0.4816% due to funding needs [21]. - Huarong Co. intends to repurchase shares worth 40 million to 125 million yuan for employee stock ownership plans [22]. Group 4: Major Contracts - Far East Co.'s subsidiary signed contracts exceeding 1 billion yuan in October, which are expected to positively impact future performance [24][25]. - Quanyuan Co. won a 148 million yuan project for aviation drinking water supply, anticipated to enhance future business performance [26]. - Guoji Automobile's subsidiary secured an 809 million yuan project for a new energy vehicle lightweight component factory, expected to positively influence its operations [27].

Core Viewpoint - The company, Dongfang Biological (688298), announced that its subsidiary, Shanghai Wanzijian Biotechnology Co., Ltd., and Healgen Scientific LLC have recently obtained medical device product registration certificates in China, Australia, and Singapore, enhancing the product variety of its flow fluorescence technology platform and expanding the international market for respiratory triple detection products [1]. Group 1 - The company has received medical device product registration certificates for multiple products [1] - The registration enhances the variety of products available on the company's flow fluorescence technology platform [1] - The respiratory triple detection products will help expand the company's international market presence [1]

Core Viewpoint - Company is facing challenges in the in vitro diagnostic (IVD) industry due to intensified competition and demand pressure, leading to a decline in revenue and profit in the first half of 2025 [2][10]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.246 billion yuan, a year-on-year decrease of 20.92%, and a net profit attributable to shareholders of 189 million yuan, down 46.82% [10]. - The second quarter of 2025 saw a single-quarter revenue of 445 million yuan, a decline of 37.64%, and a net profit of only 6.35 thousand yuan, down 99.95% [10]. - The company's accounts receivable at the end of the first half of 2025 stood at 1.19 billion yuan, slightly up from 1.12 billion yuan at the beginning of the year but down 12.5% from 1.36 billion yuan at the end of the first quarter [4]. Group 2: Business Strategy and Development - The company is focusing on IPD transformation to strengthen core competitiveness and is committed to innovation in the immunology field while expanding its technical capabilities [2]. - The company is implementing a strategy of "combination, internationalization, and digitalization" to become a globally trusted IVD enterprise [4]. - The international department has expanded its operations to over 150 countries and regions, with a focus on local operations and increasing the proportion of local employees [4][5]. Group 3: Product Development and Market Expansion - In the infectious disease testing sector, the company is enhancing the coverage of flu testing products and pushing for the introduction of new respiratory disease detection products [3]. - The company has launched the Ucare-6000 fully automated blood gas and biochemical analyzer in the domestic market, providing cost-effective solutions for hospitals [3]. - The company is also focusing on the North American toxicology testing market, achieving significant sales on platforms like Amazon [3][7]. Group 4: Future Outlook - The company anticipates a stable development in its fluorescence business and aims to enhance its product offerings in grassroots medical institutions [8]. - The international department's performance in the first half of 2025 has laid a solid foundation for achieving annual performance targets [9]. - The company is committed to addressing external pressures through strategic adjustments and is optimistic about opportunities in international markets, particularly in the "Belt and Road" regions and the U.S. market [9].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with a year-over-year revenue decrease of 20.9% and a net profit drop of 46.8% [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.246 billion yuan and a net profit of 189 million yuan, with a significant decline in operating cash flow to -56 million yuan [1] - For Q2 2025, the company reported revenue of 445 million yuan, down 37.64% year-over-year, and a net profit of 6 million yuan, reflecting a 99.95% decrease [1] Group 2: Business Segment Analysis - The drug testing business showed recovery with a revenue of 145 million yuan, up 4.3% year-over-year, benefiting from a strong position on Amazon in the U.S. [2] - Infectious disease testing revenue was 379 million yuan, down 21.1% year-over-year, attributed to lower respiratory disease prevalence compared to the previous year [2] - Chronic disease management testing generated 563 million yuan, down 26.1% year-over-year, impacted by medical procurement policies, but future growth is expected with platform upgrades [2] Group 3: Profitability and Innovation - The company's gross margin for H1 2025 was 62.87%, a decrease of 1.47 percentage points year-over-year, primarily due to a higher proportion of lower-margin drug testing [3] - The company is pursuing a dual-track R&D strategy focusing on expanding existing product lines and developing new technology platforms, which is expected to enhance its market position in POCT [3] Group 4: Revenue Forecast - Projected revenues for 2025-2027 are 2.668 billion, 3.081 billion, and 3.520 billion yuan, with year-over-year growth rates of -12.9%, 15.5%, and 14.2% respectively [4] - Expected net profits for the same period are 403 million, 500 million, and 615 million yuan, with respective growth rates of -28.2%, 24.1%, and 23.0% [4]

Financial Performance - In the first half of 2025, the company achieved revenue of 1.246 billion CNY and a net profit of 189 million CNY, impacted by intensified competition and demand pressure in the in vitro diagnostics industry [2] - As of the end of the first half of 2025, accounts receivable amounted to 1.19 billion CNY, showing a decrease of 12.5% from the previous quarter [3] Strategic Initiatives - The company is focusing on IPD transformation to enhance core competitiveness and is committed to continuous innovation in the immunology field [2] - The company aims to strengthen its market position in infectious disease testing by increasing the coverage of flu detection products and launching new respiratory detection products [2][6] International Expansion - The international department sells products to over 150 countries and regions, with a focus on local operations and partnerships in key markets [5] - The company has established subsidiaries in Russia and the Philippines, and a controlling subsidiary in Malaysia to enhance operational efficiency [5] Product Development - The company is advancing its product lines in various sectors, including immunofluorescence, chemiluminescence, and electrochemical platforms, with a focus on cardiovascular, metabolic, and infectious diseases [4][8] - New products such as the Ucare-6000 blood gas analyzer and the FG-3000 immunochromatographic analyzer are being introduced to improve diagnostic capabilities [3][6] Market Challenges and Responses - The company is adapting to external pressures by emphasizing long-term strategies and maintaining investment in R&D despite a challenging environment [4] - The domestic market for respiratory infectious disease testing has seen a decline compared to the previous year, prompting the company to reinforce its market presence and product offerings [6] Future Outlook - The company anticipates significant growth in international markets, particularly in the "Belt and Road" regions and the U.S., with a clear focus on internationalization as a core strategy [10] - The overall performance for the year is expected to meet targets, supported by a solid foundation in the U.S. toxicology market and the introduction of new respiratory products [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.246 billion yuan in the first half of 2025, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 189 million yuan, down 46.8% year-on-year [1][3] - The report highlights that the toxicology testing business is recovering, while infectious disease and chronic disease testing are under pressure. The toxicology testing revenue reached 145 million yuan, an increase of 4.3% year-on-year, with strong sales on platforms like Amazon in the U.S. [3] - The company is expected to see a recovery in revenue from respiratory disease testing as new products gain certification in both domestic and U.S. markets [3] - The report anticipates that the company's revenue will be 2.668 billion yuan in 2025, with a year-on-year growth rate of -12.9%, followed by 3.081 billion yuan in 2026 and 3.520 billion yuan in 2027, with respective growth rates of 15.5% and 14.2% [4] Financial Summary - For the first half of 2025, the company's gross profit margin was 62.87%, a decrease of 1.47 percentage points year-on-year, attributed to a higher proportion of lower-margin toxicology tests and domestic medical reform policies [3] - The company’s operating cash flow was -56 million yuan, a year-on-year decline of 128.1% [1] - The projected earnings per share (EPS) for 2025 is 0.84 yuan, with a price-to-earnings (P/E) ratio of 27.66 times based on the closing price on August 20, 2025 [4]