Guangzhou Wondfo Biotech Co.,Ltd. (300482.SZ) is set to report its worst financial performance since listing, as it marks its tenth year on the stock exchange.
After market close on January 9, Wondfo Biotech released its 2025 earnings forecast, projecting net profit attributable to shareholders to be between 46 million yuan and 69 million yuan, representing a steep decline of 87.71% to 91.81% year-over-year. The company anticipates its non-GAAP net profit will fall into negative territory, ranging from -15 million yuan to -7.5 million yuan, a decrease of 101.51% to 103.02%. This signifies that the leading domestic point-of-care testing (POCT) enterprise will hit its lowest annual net profit since going public, with its non-GAAP net profit dipping into the red for the first time.
In the secondary market, Wondfo Biotech's stock performance has been equally disappointing. Throughout 2025, the company's share price accumulated a decline of approximately 9.15%, starkly underperforming against the broader market index, which rose by 29.87% during the same period. Compared to its peak in 2020, the stock has plummeted by over 70%. As of the close on January 13, Wondfo Biotech's shares were trading at 20.91 yuan per share, resulting in a total market capitalization of 9.788 billion yuan.
This represents the company's poorest financial report card in its history. Founded in 1992, Wondfo Biotech is a prominent domestic POCT company with the most extensive technological platform portfolio and product lines. It specializes in the R&D, manufacturing, marketing, and servicing of rapid diagnostic reagents and配套 instruments, with its business broadly covering clinical testing, critical care, chronic disease management, primary healthcare, disaster relief, on-site law enforcement, and personal health management.
From a performance perspective, Wondfo Biotech began showing signs of weakness starting in 2025. For the first three quarters of 2025, the company faced comprehensive operational pressure: it achieved total operating revenue of 1.69 billion yuan, a decrease of 22.52% year-over-year; net profit attributable to shareholders was 134 million yuan, sharply down by 69.32%; and non-GAAP net profit was 82.6416 million yuan, falling by 78.67%. Particularly dismal was the performance in the third quarter alone, with revenue of 445 million yuan (down 26.66% YoY), a net loss attributable to shareholders of 55.4591 million yuan (down 169.21% YoY), and a non-GAAP net loss of 70.9064 million yuan (plummeting 213.09% YoY), marking a rare quarterly loss in recent years.
Nevertheless, Wondfo Biotech maintained substantial investment in research and development. In the first three quarters of 2025, R&D expenditure reached 265 million yuan, showing a slight decrease year-over-year but remaining considerable. The 2025 earnings forecast released on January 9 indicated that declining revenue from colloidal gold and fluorescent product lines in the domestic primary healthcare market contributed to reduced profitability. The company attributed the year-on-year drop in its main business revenue primarily to domestic income decline, influenced by value-added tax rate adjustments and pressures on volume and pricing for in-hospital services due to healthcare industry policies.
Simultaneously, the full-year 2025 decline in net profit attributable to shareholders was attributed to multiple factors: reduced terminal prices and product mix changes in the domestic market led to a decrease in consolidated gross margin; the company maintained high R&D spending and sales expenses to solidify product competitiveness and explore new markets and applications; and the divestiture of non-core, less profitable businesses resulted in certain impairment losses.
As early as October 2025, Wondfo Biotech had explained the performance downturn, citing an overall slump in the IVD (In Vitro Diagnostics) industry throughout 2025, with the third quarter still in an industry consolidation phase. Externally, a turning point in industry policies had not yet arrived. The results of the 2024 centralized procurement for chemiluminescence tumor and thyroid function tests were expected to be implemented over approximately two years, with impacts lasting until 2026. Furthermore, DRG testing套餐 requirements to unbundle packages and the principle of minimal necessity for single tests significantly affected overall hospital testing volumes.
Despite overall performance pressures, Wondfo Biotech demonstrated remarkable performance in overseas markets. The 2025 earnings forecast highlighted the stable development of international business, providing crucial support for the company's sustainable growth. The company deepened localization processes in key countries and continuously increased its market share in small and medium-sized laboratories internationally. In the North American market, the introduction of respiratory business brought noticeable incremental growth, and the company signed a long-term supply agreement with a major US client for a respiratory triple-test product, laying a solid foundation for strategic positioning in the US infectious respiratory disease business.
Beyond the challenge of declining performance, Wondfo Biotech also pressed the "pause button" on a 450 million yuan fundraising investment project. On November 14, 2025, the company announced that, due to significant changes in internal and external environments, it decided to re-evaluate and temporarily suspend the "Knowledge City Production Base Construction Project" to avoid resource waste, control costs, and enhance capital efficiency. The project, originally scheduled to be operational by March 2026, had previously been extended twice by board resolutions (April 1 and December 9, 2024) to June 2027, and was now changed to "temporarily suspended."
The "Knowledge City Production Base Construction Project" aimed to establish intelligent production capacity primarily for dry immunoassay reagents, enhancing the company's market competitive advantage. The total investment for the project was approximately 768 million yuan, with a planned fundraising investment of 750 million yuan before adjustment, revised to 450 million yuan afterward. By the end of October 2025, 50.5387 million yuan had already been invested.
Analyzing more deeply, significant changes in the internal and external environment were the core factors leading to the project's suspension. Currently, the IVD industry is undergoing profound and comprehensive transformation. According to analysis from Guojin Securities, large domestic IVD alliance centralized procurements were primarily implemented between 2022 and 2024, with the impact of pricing factors on enterprises gradually concluding. Although the overall industry market size has contracted, leading domestic enterprises, leveraging advantages in price and channels, continue to expand their market share, accelerating the import substitution process.
Guojin Securities further pointed out that during this process, industry concentration has significantly increased, with market resources increasingly converging towards leading enterprises. Industry competition has shifted from purely price-based to dual competition based on value and innovation. Policy pressures became particularly prominent in 2025, with small and medium-sized enterprises bearing greater pressure compared to larger firms. Leading enterprises possessing comprehensive product line layouts, economies of scale,完善的 after-sales service, and capabilities for overall solutions are presented with excellent opportunities for market consolidation.
Looking ahead to the development trend of the IVD sector in 2026, Guojin Securities predicts that price fluctuations induced by centralized procurement and policy limitations on testing volumes will gradually weaken. With the intensification of aging trends and increased testing penetration among residents, overall industry testing demand is expected to resume growth, potentially allowing the domestic market to return to a high-growth trajectory in the second half of 2026.
For Wondfo Biotech, this undoubtedly presents both opportunities for business integration and significant challenges. Regarding future transformation, the company outlined related plans in its 2025 earnings forecast: for 2026, in the domestic market, it will leverage market recovery opportunities and firmly grasp the primary healthcare market. Using chemiluminescence and molecular product lines as breakthroughs, it aims to achieve continued penetration into hospital central laboratories, thereby driving rapid revenue improvement. In overseas and North American markets, the company will continue to utilize its brand and channel advantages to expand market coverage and achieve high growth.
At the innovation level, the company will capitalize on favorable policies, relying on existing AI布局 and breakthroughs to achieve commercial implementation in pathology and clinical diagnostics, injecting new momentum into its development. Additionally, the company will adhere to a customer-oriented approach, steadfastly pursue innovation and AI-driven strategies, continuously push business expansion from POC to IVD, accelerate its global footprint, and strive for significant business improvement in 2026.
The entrepreneurial story of Wondfo Biotech's founders, Li Wenmei and Wang Jihua, is one of transition from the lectern to the business world. Li Wenmei, born in 1962 in Changchun, Jilin, graduated from the Chemistry Department of Jilin University; his wife, Wang Jihua, graduated from the School of Medicine at Central South University. In 1983, after graduation, Li Wenmei was assigned to teach at University of South China but always harbored a desire for further study. In 1986, he returned to his alma mater, Jilin University, for a master's degree, obtaining a Master of Life Sciences in 1989. That same year, Wang Jihua also earned her master's degree from the National Key Laboratory of Enzyme Engineering at Jilin University. Subsequently, Li Wenmei moved south to teach in the Food Engineering Department at South China University of Technology, focusing on inositol production process research and settling in Guangzhou.
In 1992, amid the wave of reform and opening-up, the scholarly couple made a pivotal life decision: to leave university teaching and venture into industry. Leveraging Li Wenmei's expertise in organic and biological chemistry and Wang Jihua's medical background, they co-founded the predecessor of Wondfo Biotech with a registered capital of 300,000 yuan, entering the then nascent field of instant testing in China. Concurrently, Wang Jihua pursued advanced studies at Harvard Medical School, further broadening their international perspective.
Wondfo Biotech developed related testing products during multiple public health events. The company developed the nation's first SARS antigen colloidal gold detection reagent during the 2003 SARS outbreak. During the 2009 H1N1 influenza pandemic, its Influenza A/B Virus Antigen Rapid Test Kit ranked first in an evaluation organized by the Ministry of Science and Technology and received registration certification from the National Medical Products Administration (NMPA) in December of the same year. Following the COVID-19 outbreak in 2020, Wondfo Biotech developed various reagents for SARS-CoV-2 antibody, antigen, and nucleic acid testing, with its antibody test kit (colloidal gold method) receiving emergency approval from the NMPA in February 2020.
Building on technical积累 from these events, Wondfo Biotech gradually established nine major technology platforms, including immunocolloidal gold, immunofluorescence, chemiluminescence, and molecular diagnostics. Its products now reach over 140 countries and regions worldwide.
In June 2001, Wondfo Biotech completed its third capital increase, forming a shareholding structure involving state-owned and natural person shareholders. The couple jointly held 52.3% of the equity, becoming the actual controllers of Wondfo Biotech. Tianyancha data shows that as of January 13, 2026, Li Wenmei and Wang Jihua collectively hold 31.5% of the shares, remaining the company's actual controllers.
In 2011, the company received approval from the National Development and Reform Commission to build the "National-Local Joint Engineering Laboratory for Self-Testing Rapid Diagnostics," becoming the only national-level engineering laboratory in the POCT field in China.
On June 30, 2015, Wondfo Biotech successfully listed on the Shenzhen Stock Exchange's ChiNext board, becoming the "first stock of Chinese POCT."
Alongside the company's development, the wealth of Li Wenmei and Wang Jihua also attracted attention. In 2020, they ranked 401st on the Hurun Rich List with a fortune of 13.5 billion yuan, reaching a historical peak. With changes in the market environment and company valuation, their wealth decreased to 5.5 billion yuan in 2025, ranking 1267th on the Hurun Rich List that year, unchanged from 2024.
Regarding corporate succession and governance, Li Wenmei gradually stepped back from daily operations. In January 2023, to promote a younger, more professional management team and focus more on long-term strategy, he resigned as General Manager, remaining as a director, with Peng Zhongxiong succeeding him as General Manager.
Subsequently, Wondfo Biotech implemented a series of important adjustments in corporate governance and personnel arrangements, showing a clear trend of generational transition and structural optimization. In 2024, the "second generation" began stepping into the spotlight. Li Wenmei and Wang Jihua's son, Li Dali, joined the company's management that year. Public information shows that Li Dali, born in January 1996, holds dual bachelor's degrees in Accounting and Finance from the University of Illinois Urbana-Champaign and a master's degree from Columbia Business School. He worked as an investment analyst at CBC Group from 2020 to 2021, joined Wondfo Biotech in 2022, served as a Provincial Regional Manager in the Domestic Marketing Quantitative Department, and currently holds the position of Strategic BD Director, also responsible for product lines including dry biochemistry and glycated hemoglobin (HbA1c).
Concurrently, changes occurred in senior management positions. On December 29, 2024, Vice President Kang Keren resigned from her position due to internal governance structure adjustments. After resignation, she remained with the company, transitioning to a role as a director. Kang Keren, born in December 1976, holds a Ph.D. and is a senior manager and technical lead at the company, having previously served as Supervisor and Vice President, and currently holding the position of Executive Dean of the Central Research Institute. Public records indicate she holds 175,000 shares in the company and received a total pre-tax remuneration of 1.0064 million yuan in 2024.
Earlier, on November 14, 2024, independent director Duan Zhaohui resigned from all positions for personal work reasons. Duan Zhaohui, born in July 1969, is a medical doctor and currently a professor and doctoral supervisor in the Department of Laboratory Medicine at Sun Yat-sen Memorial Hospital, Sun Yat-sen University, possessing profound academic and industry background in laboratory medicine. Announcements show he holds 130 shares in the company.
This series of personnel changes at Wondfo Biotech represents proactive adjustments in the face of severe challenges in the post-pandemic era. The key to the success of its transformation lies in whether it can successfully navigate the cycle through continuous technological innovation, efficient global operations, and lean internal management, evolving into a more resilient enterprise. Balancing short-term performance pressures with long-term strategic investments also presents a significant test for management.
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