Haoubo 2025 Annual Report Interpretation: Non-GAAP Net Profit Declined 58.97% with R&D Investment Ratio Increased to 11.99%

Key Profitability Indicators Analysis

Slight Decline in Operating Revenue, Profitability Under Pressure

In 2025, the company achieved an operating revenue of 398.3998 million yuan, a slight decrease of 0.98% compared to 402.3391 million yuan in the same period last year. Due to the decline in revenue scale and changes in costs and expenses, profitability indicators showed a significant decline: net profit attributable to shareholders of the listed company was 23.2008 million yuan, down 36.96% year-on-year; net profit excluding non-recurring gains and losses was 14.7207 million yuan, a sharp decrease of 58.97% year-on-year.

Per Share Earnings Also Decline

The contraction in profitability directly affects per share earnings. In 2025, basic earnings per share (EPS) was 0.37 yuan/share, down 37.29% year-on-year; non-recurring EPS was 0.23 yuan/share, a significant decrease of 59.65%, exceeding the decline in net profit attributable to parent, indicating weakened support from non-recurring gains and losses.

In-Depth Analysis of Expense Structure

Total Expenses Slightly Decrease, Structural Adjustments Noted

In 2025, total expenses (sales + management + R&D + financial expenses) amounted to 208.4462 million yuan, a slight decrease of 0.28% from 209.0384 million yuan last year, but changes across expense categories are quite distinct.

Slight Increase in Selling Expenses, Driven by Desensitization Drug Promotion

Selling expenses increased by 2.48% to 96.6292 million yuan, mainly due to increased marketing efforts for desensitization drugs. In the context of intensified competition in the traditional in vitro diagnostic reagent market, investments in expanding new business markets have contributed to the expense increase.

Management Expenses Decrease, Mainly Due to Reduced Equity Compensation

Management expenses decreased by 4.43% to 62.704 million yuan, primarily due to reduced equity compensation costs, offsetting increased depreciation from new office building investments and higher clinical costs for desensitization drugs. Cost control measures have shown results.

Financial Expenses Significantly Reduced, Driven by Lower Interest Payments and Increased Exchange Gains

Financial expenses dropped sharply by 52.73% to 1.356 million yuan, mainly because of reduced interest expenses on bank loans and increased exchange gains, both factors contributing to the scale reduction of financial costs.

R&D Expenses Continue to Grow, Investment Share Increasing

R&D expenses increased by 3.22% to 47.756 million yuan, with R&D investment accounting for 11.99% of operating revenue in 2025, up from 11.50% in 2024, an increase of 0.49 percentage points. The company continues to increase R&D spending in subsidiaries to strengthen technological advantages in allergy and auto-immune in vitro diagnostics.

Stable R&D Team with Slight Salary Optimization

As of the end of 2025, the company had 113 R&D personnel, slightly fewer than 115 last year. R&D staff accounted for 20.70% of total employees, a slight decrease of 1.04 percentage points, but the team size remains stable. Total R&D personnel salaries amounted to 26.0983 million yuan, down from 27.8023 million yuan last year. The average salary per R&D staff decreased from 241,800 yuan to 231,000 yuan, reflecting salary optimization and personnel structure adjustments.

Regarding educational background, among R&D personnel, there are 6 PhD candidates, 45 master’s degree holders, and 62 undergraduates, with high-education talent exceeding 90%, providing a solid talent foundation for technological R&D. Age-wise, 55.75% are under 30, indicating a young team with strong innovation vitality.

Cash Flow Analysis

Operating Cash Flow Declines Year-on-Year

In 2025, net cash flow from operating activities was 72.9429 million yuan, down 27.94% from 101.2197 million yuan last year, mainly due to increased payments for goods, reflecting higher capital occupation in the supply chain.

Narrower Investment Cash Outflows

Net cash flow from investing activities was -50.4235 million yuan, significantly less than -153.7563 million yuan last year. This is mainly due to reduced expenditure on new building construction and slower fixed asset investments.

Financing Cash Flow Turns Negative

Net cash flow from financing activities was -85.9023 million yuan, compared to 10.7618 million yuan last year, shifting from net inflow to net outflow. This is mainly because of decreased new borrowings and increased repayment of bank loans, as the company actively adjusts its debt structure to reduce leverage.

Management and Directors’ Compensation

During the reporting period, Chairman JOHN LI received a pre-tax total compensation of 1.2588 million yuan; General Manager (also held by JOHN LI) received the same amount. CFO Zhang Yangqing’s pre-tax compensation was 1.5123 million yuan; Secretary of the Board Xie Aixiang received 647,400 yuan. Some senior executives left during the period, and their compensation has been settled.

Risk Warning

Intensified Market Competition Risks

The in vitro diagnostic industry faces fierce competition overall. The company’s focus on allergy and auto-immune diagnostics also faces competition from domestic and international manufacturers. Failure to continuously improve product performance and expand market channels may lead to market share loss and impact profitability.

Risks in New Product R&D and Registration

In vitro diagnostic product development involves long cycles and significant investment, with strict registration and approval processes. Failure in R&D or delays in registration could affect the company’s future product layout and performance growth.

Policy Change Risks

The industry is heavily influenced by healthcare insurance policies and regulatory changes. Future adjustments such as cost control measures and volume-based procurement could adversely affect product prices, sales volume, and profitability.

Raw Material Supply Risks

Some core raw materials depend on imports. If suppliers face capacity shortages, price increases, or trade policy changes, it could pressure the company’s production costs and operational stability.

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