On October 24, Wondfo Biotech (300482.SZ) released its third-quarter financial report for 2024. During the first three quarters, the company achieved a revenue of RMB 2.181 billion, an increase of 8.83% year-on-year (YoY). Net profit attributable to shareholders reached RMB 436 million, up 9.04% YoY, with net cash flow from operating activities surging by 577.95% to RMB 173 million. In Q3 alone, Wondfo reported revenue of RMB 606 million, a 17.51% increase YoY, and net profit of RMB 80.14 million, up 22.70%, reaching historical highs in both revenue and profit.
 
Amid fierce market competition, Wondfo has increased R&D investment to drive innovation in POCT and IVD. R&D expenses reached RMB 271 million in the first three quarters, accounting for 12.43% of revenue. The company accelerates global market penetration, expands overseas installations, and expedites product registration and localization efforts in key international markets.
 
Since 2002, Wondfo has been actively developing international markets, with thousands of products sold in over 150 countries and regions. Throughout 2024, the company showcased new products at international medical exhibitions, including platforms like chemiluminescence, immunofluorescence, electrochemistry, and molecular diagnostics. New launches included the fully-auto chemiluminescence analyzer FC-2100, the fluorescence Finecare™ FIA Meter X Series, and the automatic blood gas analyzer Ucare-6000.
 
In North America, Wondfo has made strides in securing registrations for core products in drug testing and infectious disease diagnostics. In H1 2024, the WELLlife™ COVID-19 / Influenza A&B Test, and its Home Test both received EUA (Emergency Use Authorization) from the U.S. FDA, laying a solid foundation for deeper market penetration. In H2, the SAFElife™ Fentanyl Urine Test and Home Test received FDA 510(k) approval, supporting efforts to combat the global opioid crisis. Additionally, the WELLlife™ COVID-19 Antigen Home Test received 510(k) approval, expanding its portfolio and business opportunities.
 
Wondfo is also pursuing new partnerships to enhance global public health. In July 2024, Wondfo's Malaria P.f (HRP2/pLDH) Test obtained WHO Prequalification (PQ) certification, joining the list of recommended in-vitro diagnostic products. This milestone follows similar PQ approvals for Wondfo's HIV professional-use and self-test products, further validating the company's product quality and management systems within the WHO procurement framework. Wondfo is exploring collaboration with organizations like MedAccess to advance malaria diagnostics and improve global malaria control efforts.
 
In terms of localized production, Wondfo has achieved significant progress. After establishing a plant in Uganda last year, the company signed a cooperation agreement in August 2024 with Nigerian Presidential Initiative on Healthcare Value Chain (PVAC). This agreement will enhance Wondfo's supply chain resilience across Africa. Under the terms, the Nigerian government will provide policy, financial, and infrastructure support to facilitate the local production of Wondfo's diagnostic reagents.
 
Looking ahead, Wondfo will continue to pursue its strategy of "Dual-Engine Synergy, Product Leadership, Quality Growth, and Strengthened Organizational Capacity". With a focus on stable growth, the company will accelerate its core businesses across domestic, international, and North American markets. By bolstering its competitiveness in immunodiagnostics and developing molecular diagnostics as a new growth engine, Wondfo aims to become a leading international enterprise with innovative technology and superior products.