Star and cap warning! Mingde Biotech performance forecast "changes face"

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Source: Capital Secrets

Originally, Mingde Biological (002932), which was expected to achieve net profit attributable to shareholders in 2025, suddenly released a performance forecast correction announcement on the evening of March 22, stating that the company’s net profit attributable to shareholders will show a loss. Additionally, due to a reduction in operating revenue, the company’s revenue after deductions is expected to be less than 300 million yuan, facing *ST risk.

The announcement shows that Mingde Biological expects net profit attributable to shareholders in 2025 to be between -15 million yuan and -25 million yuan, down from the original estimate of 120 million yuan to 180 million yuan, compared to a profit of 745.196 million yuan in the same period last year. The expected net profit after deducting non-recurring gains and losses is between -1 billion yuan and -1.4 billion yuan, down from the original estimate of -780 million yuan to -980 million yuan, compared to -1.4 billion yuan last year.

Regarding the reasons for lowering the performance forecast, Mingde Biological stated that when disclosing the 2025 performance forecast, the annual audit work had not been fully carried out, and relevant financial data and information were still in the preliminary整理 stage. As the annual audit work continued and further data collection and verification were conducted, the company communicated thoroughly with the annual audit accounting firm and made cautious judgments, re-evaluating the 2025 performance based on prudence.

Specifically, there are two main reasons. First, Mingde Biological conducted a comprehensive review and cautious analysis of operating revenue, and based on prudence, due to uncertainties in receivables collection for some transactions, the company temporarily did not recognize certain income for 2025, leading to a reduction in revenue and net profit attributable to shareholders. Second, the company further communicated with the annual audit firm and conducted impairment tests on assets with signs of impairment. Based on prudence, adjustments were made to asset impairment losses for inventories, fixed assets, and other assets, resulting in a decrease in net profit attributable to shareholders.

Mingde Biological stated that the company’s production and operation are currently normal. The company sincerely apologizes for any inconvenience caused to investors by this performance forecast correction. The company will strictly comply with relevant laws and regulations to improve the accuracy of future performance forecasts.

It is worth noting that, with the reduction in operating revenue, Mingde Biological may also face delisting risk warnings. The company expects 2025 operating revenue to be between 250 million yuan and 310 million yuan, with revenue after deductions between 237 million yuan and 297 million yuan.

Based on the above data, Mingde Biological may meet the conditions of “the lowest of the total audited profit, net profit, and net profit after deducting non-recurring gains and losses is negative, and the revenue after deductions is less than 300 million yuan,” which could lead the Shenzhen Stock Exchange to implement delisting risk warnings on the company’s stock.

Ouyou International Chairman Zhang Yue told Beijing Business Today that this downward revision of the performance forecast will trigger a delisting risk warning, which is a negative event for investors. In the short term, the company’s stock price may face challenges.

It is also worth mentioning that Mingde Biological is undergoing a major asset restructuring. The company plans to acquire 100% equity of Wuhan Bikai’er Rescue Supplies Co., Ltd., held by Lanfang Medical, with cash. Currently, the related work for this transaction is underway.

According to reports, Mingde Biological mainly engages in the research, development, production, sales, and service of in vitro diagnostic reagents and diagnostic instruments. The target company, as a leading enterprise in the emergency protection field, has long served high-quality industrial clients domestically and abroad, and is actively extending into household consumer markets. Mingde Biological aims to promote the company’s integrated diagnosis and treatment business for critical and severe illnesses from medical institutions to industrial and household scenarios through this transaction, building a “diagnosis—protection—treatment” collaborative ecosystem, further improving asset quality and profitability, and consolidating and enhancing the company’s market position and overall competitiveness in the field of critical and severe illnesses.

Regarding company-related issues, Beijing Business Today reporters attempted to contact Mingde Biological’s Secretary Office for an interview, but no one answered the phone.

Text / Beijing Business Today Reporter Ding Ning