Shenzhen New Industries Biomedical Engineering (300832) Q4 2025 earnings summary

Executive summary

• Achieved revenue of ¥4.58 billion in 2025, up 0.91% year-over-year, with net profit of ¥1.62 billion, down 11.39% from 2024.

• Overseas business grew strongly, offsetting domestic market contraction due to regulatory and pricing pressures.

• Maintained industry leadership in in vitro diagnostics (IVD), with significant R&D in high-end instruments and innovative reagents.

• Continued robust cash flow from operations and stable financial position.

Financial highlights

• Revenue: ¥4.58 billion (+0.91% YoY); Net profit: ¥1.62 billion (-11.39% YoY); EPS: ¥2.06 (-11.39% YoY).

• Gross margin: 69.46% (down 2.80 ppts YoY); Domestic revenue: ¥2.57 billion (-9.82% YoY); Overseas revenue: ¥2.01 billion (+19.16% YoY).

• Operating cash flow: ¥1.52 billion (+12.23% YoY); R&D investment: ¥478 million (10.44% of revenue).

• Dividend: Proposed cash dividend of ¥12.00 per 10 shares, payout ratio 58.05%.

Outlook and guidance

• Focus on expanding global market share, especially in high-end IVD and automation solutions.

• Continue to invest in R&D for innovative products and maintain leadership in clinical diagnostics.

• Anticipate ongoing domestic pricing pressure but expect overseas growth and product upgrades to drive future performance.