从2022年新冠检测推高业绩峰值，到2023年需求退潮后业绩腰斩，2024年常规业务小幅回暖，再到2025 年受集采与需求双重冲击，万孚生物的"业绩过山车"成为IVD行业周期波动与结构性变革的典型缩影。 "新冠红利"给全球体外诊断行业（IVD）带来一场非常规增长的狂欢与退潮。 作为国内IVD行业的头部，万孚生物（300482.SZ）近日发布的2025年半年度报告，让公司过往业绩大 起大落的表现再度受到市场关注。数据显示，公司上半年实现营收12.46 亿元，同比下降20.92%；归母 净利润1.89亿元，同比降幅扩大至46.82%，创近三年同期最差表现。 在此背景下，万孚生物选择以研发"突围"——上半年研发投入同比提升18.3%至2.06亿元，占营收比重 攀升至16.5%，较2024年同期提高3.2个百分点，重点攻坚化学发光、分子诊断与 AI 辅助诊断领域。但 这场研发 "攻坚战" 能否破解行业周期压力，成为核心问题。 传染病检测收入下滑21.14% 今年上半年的业绩下滑，并非短期偶然，而是万孚生物近五年来业绩周期性波动的延续。 万孚生物成立于1992年，2015年在深交所上市，是中国体外诊断领域的领军企业。作 ...

Core Viewpoint - The company, 热景生物, has seen significant stock price increases due to its investments in innovative pharmaceutical companies, but it faces ongoing losses in its core in vitro diagnostics business, raising concerns about future profitability from these investments [1][5]. Group 1: Stock Performance and Market Sentiment - On June 9, the stock price of 热景生物 surged by 18.15%, reaching a peak of 164.28 yuan before closing down 1.95% on June 10 [2]. - The stock has increased by 155.5% year-to-date and has seen a staggering 5.8-fold increase since the "924" market rally last year, ranking among the top five performers in the A-share market [1][2]. - The company’s small market capitalization and high volatility have attracted speculative trading, particularly in the context of the innovative drug theme [2]. Group 2: Investment in Innovative Pharmaceuticals - 热景生物 is pursuing a dual strategy of "diagnostics + innovative drugs," focusing on antibody and nucleic acid drugs through strategic investments in innovative pharmaceutical companies [3]. - As of the end of Q1 this year, the company had invested 312 million yuan in long-term equity investments, with a reported loss of 43.61 million yuan from these investments last year [3]. - The company has invested in several innovative drug firms, with one focusing on original antibody drug development recently completing a 300 million yuan Series A financing round [3][4]. Group 3: Financial Performance and Challenges - The core diagnostics business of 热景生物 has been experiencing significant losses, with a dramatic decline in revenue and profit following the peak sales of COVID-19 antigen test kits [5][6]. - In 2021, the company reported a revenue of 5.063 billion yuan from COVID-19 tests, but this dropped to 541 million yuan in 2023, a decline of nearly 85% [5]. - The company reported a net loss of 593.3 million yuan in 2023, continuing a trend of losses over seven consecutive quarters [1][6]. Group 4: Shareholder Actions - Following the surge in stock price, major shareholders, including 同程热景, have begun to cash out, with a total reduction of 214 million yuan in shares [1][6]. - The controlling shareholder, 林长青, is associated with 同程热景, indicating a coordinated exit strategy among major stakeholders [6].

Group 1 - Recent demand for home testing and antiviral medications has surged, with COVID-19 antigen search demand in Beijing, Shanghai, Guangzhou, and Shenzhen increasing by 3-5 times compared to the previous week [1] - Home testing service orders on Meituan have increased by 30% year-on-year over the past four days, while orders for COVID-related antiviral medications have more than doubled compared to the previous week [1] - Meituan Health has launched a special public welfare program in collaboration with Wanfang Biological and medical device merchants, allowing users to purchase COVID-19 antigen test kits for just one cent, targeting high-demand cities [1] Group 2 - Guangzhou Pharmaceutical Group's subsidiary, Baiyunshan and Huang Zhong Medicine, reports that current production capacity can meet market demand for antiviral drugs [2] - The company has collaborated with academic experts for over ten years, discovering that Banlangen has multi-target antiviral properties and can help regulate excessive immune responses [2] - The formulation of Kouyanqing granules, which includes various traditional Chinese medicinal ingredients, is effective in treating oral and throat diseases, potentially alleviating symptoms of pharyngitis [2]