For 2025, revenue/attributable net profit (NP) fell by 32.1/41.5% YoY to RMB422/144mn, largely in line with its preliminary results (revenue/attributable NP of RMB422/146mn). For 1Q26, revenue/attributable NP fell by 47.4/57.4% YoY to RMB109/41mn. We attribute the earnings declines in 2025 and 1Q26 mainly to industry policy adjustments and the overall low epidemic intensity of respiratory diseases, as well as increased investments in overseas and emerging businesses. As the company is diversifying its product categories and expanding into emerging testing applications, we are bullish on its medium-/long-term business growth potential. Maintain BUY.
1Q26 GPM fell YoY
For 2025/1Q26, the GPM fell by 1.8/6.8pp YoY to 78.3/76.4%, which we attribute to product sales mix shifts. For 2025, the sales/administrative/R&D expense ratios rose by 0.3/0.4/6.9pp YoY to 15.5/9.3/22.5%. For 1Q26, the sales/administrative expense ratios rose by 4.9/3.9pp YoY to 16.1/9.3%, and the R&D expense ratio fell by 0.1pp YoY to 16.6%, mainly because external factors caused a short-term decline in revenue, and the company actively strengthened its overseas sales capacity development.
Core business: bullish on medium-/long-term growth potential
1) Respiratory series products: For 2025, revenue fell by 33.0% YoY to RMB406mn, mainly due to phased industry policy adjustments and YoY lower epidemic intensity of respiratory diseases. Considering the diverse categories of the company’s respiratory testing products (covering nearly 20 common respiratory pathogens) and sound market recognition, as well as expanding domestic and overseas sales channels, we are bullish on the medium-/long-term growth potential in its core business. 2) Incremental businesses: For 2025, revenues from prenatal screening and care products/other reagent series and other services/POCT diagnostic instruments were RMB3.12/12.44/0.14mn (-25.4/+20.1/-10.4% YoY). We expect this segment to continue buoying overall revenue in 2026, supported by an expanding product matrix and a promising synergy between marking efforts and existing sales channels.
Earnings forecasts and valuation
Considering the short-term impact of external industry factors on the company’s revenue growth and its active efforts to increase R&D investment, we trim our 2026/2027 attributable NP forecasts by 26/28% to RMB127/140mn and add our 2028 forecast of RMB154mn. We value the stock at 58x 2026E PE, a premium over its peers' average of 50x on Wind consensus, to price in expanding product application scenarios and commercialization channels. Our target price is RMB53.81 (previous: RMB37.68, based on 30x 2026E PE, above its peers' average of 26x).
Risks: sales of core products falling short of our expectations; intensified market competition; departure of core technical staff.

　　公司25年实现收入/归母净利4.22/1.44亿元（yoy-32.1%/-41.5%），基本符合业绩快报预期（预告收入/归母净利4.22/1.46亿元）。公司1Q26实现收入/归母净利1.09/0.41亿元（yoy-47.4%/-57.4%）。公司25年及1Q26业绩下滑主因行业政策调整、呼吸道疾病流行强度整体处于低位，叠加公司积极强化海外市场及新兴业务投入。考虑公司产品品类积极拓展且积极布局新兴检测领域，我们看好公司中长期业务具备较强成长性。维持“买入”。
　　1Q26毛利率有所下滑，积极强化海外销售能力建设
　　公司25年/1Q26毛利率为78.3%/76.4%（yoy-1.8/-6.8pct），我们推测主因产品销售结构变化。公司25年销售/管理/研发费用率分别为15.5%/9.3%/22.5%，分别yoy+0.3/+0.4/+6.9pct；公司1Q26销售/管理/研发费用率分别为16.1%/9.3%/16.6%，分别yoy+4.9/+3.9/-0.1pct，主因公司收入规模受外因影响短期下降，并积极强化海外销售能力建设。
　　看好公司核心业务中长期成长空间
　　1）呼吸道系列产品：25年收入4.06亿元（yoy-33.0%），主因行业政策阶段性调整，叠加呼吸道疾病流行强度弱于24年同期。考虑公司呼吸道检测产品品类多样（公司产品已覆盖近20种常见呼吸道病原体）且市场认可度较高，叠加海内外销售渠道布局持续拓展，看好公司核心业务中长期成长空间。2）增量业务：25年优生优育系列、其他试剂系列及其他服务、POCT诊断仪器分别实现收入312/1244/14万元，分别yoy-25.4%/+20.1%/-10.4%。考虑公司增量业务产品矩阵持续拓展且销售推广有望与现有渠道网络实现协同，看好公司增量业务26年持续增厚整体收入端表现。
　　积极布局新兴市场，夯实长期发展基础
　　1）新领域：公司积极布局神经系统检测领域并已取得阶段性进展。公司神经系统检测产品基于单分子微阵列技术平台开发，检测灵敏度较传统免疫检测大幅提升；截至年报披露日，公司已顺利取得数字化单分子免疫分析仪及部分配套试剂产品注册证，看好后续积极贡献业绩增量。2）新区域：公司25年在东南亚、欧洲及美国市场获得多款产品准入许可及产品注册证，海外产品矩阵持续拓展，为公司产品在相关市场的持续放量奠定坚实基础。3）新渠道：公司积极发展居家检测业务以满足涵盖呼吸道、消化道等多元应用场景需求，加大了官方旗舰店及其他线上平台的市场推广力度，并通过多种新媒体方式普及疾病检测知识，提升用户对产品的认知和使用意愿。
　　盈利预测与估值
　　考虑外部行业因素对于公司收入增速的短期影响，叠加公司积极提升研发投入强度，我们调整26-28年归母净利预测至1.27/1.40/1.54亿元（相比26/27年下调26%/28%）。公司产品应用场景持续拓展且商业化渠道建设积极完善，给予公司26年58xPE（可比公司Wind一致预期均值50x），对应目标价53.81元（前值37.68元，对应26年30xPEvs可比公司均值26xPE）。
　　风险提示：核心产品销售不达预期，市场竞争加剧，核心技术人员流失。