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

(Source: Beijing Business Today)

Mingde Bio (002932), originally expected to turn a profit attributable to shareholders in 2025, suddenly released a revised earnings forecast on the evening of March 22, stating that the company’s net profit attributable to shareholders will be 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 Bio expects a net profit attributable to shareholders of -15 million to -25 million yuan in 2025, compared to the previous estimate of 120 million to 180 million yuan, and a profit of 74.52 million yuan in the same period last year. The expected net profit excluding non-recurring gains and losses is -100 million to -140 million yuan, down from the previous estimate of -78 million to -98 million yuan, with last year’s same period profit at -140 million yuan.

Regarding the reasons for the downward revision of the performance forecast, Mingde Bio 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 progressed and further data collection and verification were conducted, the company maintained full communication with the annual audit accounting firm and carefully re-evaluated the 2025 performance based on prudence.

Specifically, there are two main reasons. First, Mingde Bio conducted a comprehensive review and cautious analysis of its revenue, based on the principle of prudence, and due to uncertainties in receivables collection for some transactions, the company chose not to recognize certain income in 2025, leading to a reduction in revenue and net profit attributable to shareholders. Second, the company further communicated with the auditors 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 Bio stated that its production and operations are currently normal. The company sincerely apologizes for the inconvenience caused to investors by this performance forecast revision and will strictly comply with relevant laws and regulations to improve the accuracy of future forecasts.

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

Based on the above data, Mingde Bio may meet the criteria of “the lowest of the total audited profit, net profit, and net profit after non-recurring gains and losses in the most recent fiscal year is negative, and revenue after deductions is below 300 million yuan,” which could lead the Shenzhen Stock Exchange to implement delisting risk warning on the company’s stock.

Zhang Yue, Chairman of Aoyou International, told Beijing Business Today that this downward revision 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 noteworthy that Mingde Bio is undergoing a major asset restructuring. The company plans to acquire 100% equity of Wuhan Bikai’er Rescue Supplies Co., Ltd., held by Lanfan Medical, with cash. Currently, the transaction is in progress.

Mingde Bio 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 the consumer market. Through this transaction, Mingde Bio aims to promote the integration of its critical illness diagnosis and treatment business from medical institutions to industrial and household scenarios, building a “diagnosis—protection—treatment” collaborative ecosystem, further improving asset quality and profitability, and consolidating its market position and competitiveness in the critical illness field.

Regarding the company’s related issues, Beijing Business Today contacted Mingde Bio’s Secretary Office for an interview, but no one answered the phone.

Beijing Business Today Reporter Ding Ning

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