亚辉龙20251030

Summary of the Conference Call for 亚辉龙 (Aihuilong) Company Overview - Company: 亚辉龙 (Aihuilong) - Industry: In Vitro Diagnostics (IVD) Key Financial Performance - Revenue: - Total revenue for the first three quarters of 2025 was 1.287 billion yuan, a year-on-year decline of 7.69% [3] - Main business revenue was 1.257 billion yuan, down 7.8% year-on-year [3] - Revenue for Q3 2025 was 478 million yuan, showing a year-on-year growth of 10.25% and a quarter-on-quarter increase of 22.44% [5] - Gross Margin: - Main business gross margin was 60.85%, down 2.5 percentage points year-on-year [6] - Self-operated business gross margin was 67.42%, down 3.08 percentage points year-on-year [6] Market Performance - Domestic vs. International Revenue: - Domestic self-operated business revenue was 866 million yuan, down 12.74% year-on-year, accounting for 80.63% of total self-operated revenue [3] - International self-operated business revenue was 208 million yuan, up 39.39% year-on-year, accounting for 19.37% of total self-operated revenue [3] Business Segments - Chemiluminescence Business: - Revenue for the first three quarters was 967 million yuan, down 6.66% year-on-year [7] - Q3 revenue was 364 million yuan, up 13.99% year-on-year and 26.16% quarter-on-quarter [8] - Domestic chemiluminescence revenue was 777 million yuan, down 13.89% year-on-year, while international revenue was 190 million yuan, up 41.96% [7] Installation and Market Expansion - Instrument Installation: - As of September 30, 2025, over 12,410 self-operated chemiluminescence instruments were installed, with 1,806 new installations in the first three quarters [9] - Domestic installations accounted for 44.55% of new installations, while international installations grew by 15.16% [9] - Market Coverage: - Products covered over 6,200 medical institutions in China, with a 70% coverage rate in top-tier hospitals [10] Research and Development - Innovation: - Collaborated with the National University of Singapore on cardiovascular research, leading to the commercialization of a patented test kit [4] - The ANA intelligent interpretation system has achieved a 95% accuracy rate, with a target of 98% [12] - The pancreatic function platform is expected to be approved in 2026, with a business model that includes direct software sales and clinical education [13][14] Industry Dynamics - Market Trends: - The IVD industry is undergoing structural changes, with domestic brands gaining market share against imports [16][17] - The number of IVD companies has significantly decreased, with expectations of a market recovery in 2026 [25][24] - Policy Impact: - The implementation of centralized procurement policies has positively impacted the company's market share and testing volume [26][24] Future Outlook - Strategic Plans: - Focus on enhancing existing specialty projects and expanding market share [18] - Plans to enter the Japanese market with 12 projects submitted for approval, expecting significant revenue contributions starting in 2027 [31] - Continued investment in AI and IVD applications to enhance technological capabilities and market competitiveness [15] Conclusion - Long-term Vision: The company aims to become a leading player in the domestic IVD market within five years and a global leader in specific diagnostic fields within ten years [34]