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Prudent Performance Remained with 88.67% Increase in Net Profit
April 03,2023 (Edit) Wondfo

On the evening of March 30, Wondfo Biotech (300482.SZ) released its 2022 annual report. In 2022, Wondfo remained focusing on the main business and steadily facilitating high-quality development. Operating income is 5.681 billion yuan, a year-on-year increase of 69.01%; net profit attributable to the parent company is 1.197 billion yuan, a year-on-year increase of 88.67%; net cash flow from operating activities is 16.83 billion, an increase of 152.87% over the same period of the previous year.

As 2022 marks the 30th anniversary of Wondfo Biotech, we acted rapidly at the COVID-19, remained stable operation in regular business and expanded for new increase. Based on the continuous increase in the demand for in vitro diagnostic products in the field, we launch new products while deepening market exploration. In this way, we remain a prudent development of the enterprise.

Balanced Improvement of Multiple Pillar Businesses

In terms of infectious disease business, the end of COVID-19 quarantine in 2022 led to a pulse of market demand for COVID-19 antigen tests, resulting in a large increase to the COVID-19 antigen test business. In regular business, we focus on the primary testing menu of rapid screening of infectious diseases via respiratory tract, digestive tract and blood, with specific advancement in key items. As 2022 witnessed influenzas with higher incidence compared with the same period of the previous year, the market demand for influenza tests increased and thus the sales revenue of influenza detection products increased significantly. In overseas markets, the 2019-nCoV antigen test obtained WHO EUL certification and HIV self-test obtained WHO PQ certification, which lays a solid foundation for potential expansion of related products.

In terms of chronic disease management business in 2022, Wondfo provided integrated solutions for critical illnesses such as cardiovascular disease, coagulation disease, and respiratory emergencies with products from multiple platforms for various scenarios. The chemiluminescence immunoassay platform, a strategic product platform, has experienced significant rise in revenue, with rapid increase in both number of applied instruments and usage of reagents for testing. Domestically, Wondfo’s characteristic thrombus testing panel was included in the standard setting for National Medical Testing Center in November 2022, laying a solid cornerstone for the thrombus panel to be approved in benchmark hospitals. In the overseas market, Wondfo’s immunofluorescence business has achieved leapfrog development, with improved installed capacity, revenue and number of national registration certificates throughout the year. Meanwhile, Wondfo kept facilitating the introduction of new products such as Accre Chemiluminescence Immunoassay Systems with single-cartridge reagents and molecular diagnosis, adding drives to the development of chronic disease management business in global market.

Strategic Breakthroughs Creating New Drives for Business Growth

In 2022, Wondfo Biotech, sticking to strengthened innovative research and development, made breakthroughs in multiple strategic areas and managed to create new drives for business growth.

In the field of chemiluminescence immunoassay, Wondfo’s featured “six-item thrombosis panel”, as the first thrombosis items of chemiluminescence immunoassay developed by Chinese manufacturer, has been quickly approved into some tertiary and secondary hospitals with increased installed capacity and market coverage. It drives the business growth of regular items, strengthens the application of thrombosis academic research, and set up a Chinese benchmark of six-item thrombosis testing. Wondfo simultaneously promotes the domestic and overseas layout of chemiluminescence immunoassay analyzers with single-cartridge reagents, which enriches the product menu and improves business growth prospects.

In the field of molecular diagnostics, Wondfo's self-developed U-Box system was officially approved in China in March 2022 and has be showcased in major exhibitions. Wondfo’s U-Card Dx™ system was approved with CE certification and has experienced regional pilot distribution with the flagship 2019-nCoV/Flu A/Flu B combo test. U-Card Dx™ System has been highly appreciated by many customers. Based on the existing businesses of “qualitative + quantitative” products, Wondfo’s molecular diagnostic platform focuses on exploring the overseas market in the field of pathogen detection, and has launched whole-process nucleic acid detecting analyzer.

In addition, Wondfo has made remarkable achievements in the strategic market layout of pathology business. In 2022, Wondfo’s fully automatic immunohistochemical staining platform PA-3600 with independent intellectual property rights has been trialed and applied in more than 100 hospitals and several benchmark hospitals. The IHC system, adopting secondary antibody with self-developed raw material, aims to help improve pathological diagnosis capacity nationwide.

For the next step of our business, Wondfo will build a dual-core business system with focus on 2B business and will adhere to the "innovation-driven, scenario-oriented" product strategy. Based on the major panels (cardiovascular disease, tumor, respiratory disease, infectious disease, maternity and childcare and drug of abuse) supported on three major platforms (immunoassay + molecular diagnosis + electrochemistry), we will launch new products and services, improve quality, reduce cost and drive leading position in products shift into leading position in technology. Based on triple strategies—product integration, digitalization and internationalization—we aim to improve our competence and strive to become an IVD enterprise influential worldwide.
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