万孚生物未在三季报中披露业绩下滑的原因，但其在2025年半年报中提及，今年上半年体外诊断行业遭 遇多重挑战，市场环境复杂严峻，竞争加剧与需求承压并存。 从业务板块来看，万孚生物的传染病监测、慢病管理检测、优生优育检测在今年上半年均出现两位数下 滑，仅有毒品（药物滥用）检测微增。 影响因素上，传染病检测业绩下滑，是因为今年冬春季节呼吸道传染病总体流行强度和医疗负荷较去年 低，医院终端呼吸道传染病的检测需求与去年同期相比有明显回落。而非呼吸道传染病业务同比实现增 长，登革热等虫媒传染病检测产品维持强势。优生优育检测业绩下滑，是受到了出生率降低的影响。 新京报讯（记者王卡拉）今年以来，体外诊断行业进入盘整期，万孚生物业绩承压。10月26日晚间，万 孚生物发布今年第三季度报告，今年前三季度，公司实现营收16.9亿元，同比下滑22.52%；归属于上市 公司股东的净利润1.34亿元，同比大幅下滑69.32%。从第三季度业绩来看，下滑幅度更大，营收、归母 净利润分别下滑26.66%、169.21%。 慢病管理检测业绩下滑，则是因为今年以来，体外诊断行业受到医疗集采、DGRS等行业政策调整的影 响，医院终端检测数及检测单价均 ...

Core Viewpoint - The in vitro diagnostic industry is currently facing challenges due to factors such as centralized procurement, adjustments in terminal fees, changes in VAT rates, and the unbundling of testing packages, leading to pressure on both volume and price. The company has adopted a pragmatic operational philosophy to navigate these challenges and maintain its competitive edge [1][2]. Financial Performance - In the first three quarters of the year, the company achieved a revenue of 1.69 billion yuan and a net profit attributable to shareholders of 134 million yuan [1]. International Business Development - The company has made significant progress in its overseas operations, establishing subsidiaries in Russia and the Philippines, and enhancing its local market penetration. The North American market has shown signs of recovery, particularly in toxicology testing, and new product offerings in respiratory disease testing have contributed to growth [1][2]. Domestic Market Dynamics - The domestic business is in a consolidation phase, with a decline in demand for respiratory infectious disease testing. However, the company has strengthened its position in influenza testing and introduced new products in non-respiratory infectious diseases, which have seen growth [2]. Policy Impact - Recent government policies have positively impacted the domestic grassroots market, particularly the inclusion of glycosylated hemoglobin testing in free health check-ups for seniors, leading to a rapid increase in sales of related products [2]. Research and Development - The company invested 265 million yuan in R&D during the first three quarters, focusing on new product registrations and enhancing its competitive edge in molecular diagnostics and POCT technologies [3]. Strategic Direction - The company is committed to advancing its strategy of "combination, internationalization, and digital intelligence," with a focus on product innovation and market expansion to achieve its goal of becoming a globally trusted IVD enterprise [4].

Core Viewpoint - The company has experienced a significant decline in revenue and net profit due to various macroeconomic factors and policy changes in the healthcare sector, leading to increased pressure on its financial performance [1][2]. Financial Performance - In 2024, the company reported an operating revenue of 8.312 billion yuan, a decrease of 9.13% year-on-year [1]. - The net profit attributable to shareholders was 55.2806 million yuan, down 79.77% compared to the previous year [1]. - By the end of 2024, the company's accounts receivable balance was approximately 5.2 billion yuan, accounting for 36% of total assets [2]. Cost Structure - Despite a decline in revenue, the company’s sales, management, and financial expenses did not decrease proportionately, with reductions of 6.05% and 8.53% respectively, which were smaller than the revenue decline [2]. - The company faced increased pressure on cash flow due to extended accounts receivable collection periods and shorter accounts payable turnover days [2]. Market Challenges - The company has been affected by national policies and macroeconomic conditions, leading to a downward trend in revenue over the past two years [2]. - In Q1 2025, the company reported its first quarterly loss since listing, with revenues of 1.662 billion yuan and a net profit of -69.2587 million yuan, alongside a gross margin decline to 20.78% [2]. Strategic Initiatives - To counteract the decline in traditional business profits, the company aims to explore new growth areas by integrating artificial intelligence (AI) technology into medical applications [3]. - The company plans to collaborate with various stakeholders in the healthcare industry to develop and implement AI solutions across multiple healthcare scenarios, including diagnosis, patient management, and smart testing [3]. - The company has not disclosed specific R&D investment figures for its AI initiatives but emphasizes its strong capabilities in medical data governance and AI application development [3].