Wondfo Announces 2025 Annual Results and Q1 2026 Results

On April 22, Guangzhou Wondfo Biotech Co., Ltd. (300482.SZ) released its 2025 Annual Report and 2026 First Quarter Report.

In 2025, the IVD industry experienced a period of adjustment. In response, Wondfo implemented a series of operational measures focused on market alignment, strengthening end-market sales, and improving operational quality.

For 2025, Wondfo reported total revenue of RMB 2.087 billion and a net loss attributable to shareholders of RMB 63 million. Excluding one-off share-based payment expenses related to the termination of an equity incentive plan, adjusted net profit was RMB 37 million.

In the first quarter of 2026, revenue was RMB 582 million, representing a quarter-on-quarter increase of 46.66%. Net profit attributable to shareholders was RMB 84 million, compared with a loss in the previous quarter.

Operational Quality and Financial Position

During the reporting period, operating cash flow continued to improve. Net operating cash flow for 2025 was RMB 463 million, up 28.01% year-on-year. In Q1 2026, net operating cash flow was RMB 218 million, representing a year-on-year increase of 246.63%.

As of the end of Q1 2026, Wondfo's asset-liability ratio was approximately 17%, below the industry average. Cash and cash equivalents, together with trading financial assets, totaled RMB 1.971 billion.

Business Developments

In 2025, Wondfo advanced business adjustments and internal optimization. During the period, progress was made in product structure, market positioning, and operational efficiency.

In Q1 2026, certain business segments showed sequential improvement:

Domestic quantitative testing recorded quarter-on-quarter growth.
Fluorescence-based testing expanded in primary healthcare and public health screening programs, with HbA1c-related applications contributing to growth.
The chemiluminescence business line strengthened hospital collaboration and academic engagement, with increased penetration in higher-tier hospitals.
In international markets, localization efforts in key countries progressed. Fluorescence testing growth was supported by increased demand in South Asia. Other business lines, including chemiluminescence, electrochemistry, molecular diagnostics, and pathology, were gradually introduced into overseas markets.
In the U.S., the respiratory testing business expanded its partner network and diversified distribution channels.

Progress in Molecular Diagnostics and Pathology

During the reporting period:
Molecular diagnostics obtained 33 international registrations and expanded into more than 20 countries.
Wondfo received NMPA approvals for the WonNova 1600 Fully Automated Nucleic Acid Extraction and Real-Time PCR System, and two respiratory multiplex PCR test kits. Initial installation of WonNova 1600 in China's CDC system has been completed.
The MSI (microsatellite instability) detection product obtained regulatory approval, supporting entry into oncology-related diagnostics.
Wondfo also continued collaboration with CellsVision Medical Technology and Shenzhen Shengqiang Technology to explore applications in digital pathology.

AI and Digitalization

Since 2025, Wondfo has prioritized AI and digitalization as one of its core strategic pillars, advancing initiatives across investment, business applications, and operational efficiency.

In terms of investment, Wondfo has taken minority stakes in CellsVision Medical Technology, Shenzhen Shengqiang Technology, and Yizhun AI Technology, supporting the development of an integrated AI ecosystem spanning imaging, pathology, and laboratory diagnostics.

At the business level, AI technologies are being applied to improve diagnostic efficiency and support clinical decision-making.

At the operational level, digital systems and AI tools are being implemented across R&D, manufacturing, and commercial functions to enhance internal efficiency.

International Business

Wondfo continued to advance its international strategy, with a focus on localized operations and system development. Subsidiaries in key markets, including Russia and the Philippines, were established during the reporting period.

The product portfolio expanded from POCT to a broader IVD offering, while supporting capabilities in regulatory affairs, operations, and academic promotion were further developed.

R&D and Product Development

In 2025, Wondfo launched over 167 new products, including more than 160 reagent assays and 7 instruments, covering POCT, chemiluminescence, molecular diagnostics, and pathology. Wondfo continues to invest in R&D to support product development and pipeline expansion.

Outlook

Wondfo expects that industry adjustment may continue in the near term. It will maintain its focus on product development, international expansion, and operational efficiency, continue to develop its immunodiagnostics business while advancing molecular diagnostics and pathology, and further promote internationalization and internal process improvements.

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