2024 Financial Performance of China's Listed IVD Companies

As of April 30, 2025, there are 82 publicly listed companies in China engaged in the in vitro diagnostics (IVD) industry. Among them, 61 companies focus primarily on IVD, while 21 have IVD as part of their broader business portfolios. Except for New Horizon Health and Mega Genomics, all companies have released their financial results for 2024.

Total Revenue

According to available data, the 59 IVD-focused companies that disclosed their 2024 results collectively generated revenue of CNY 139.28 billion. The top three performers by revenue were Mindray Medical, DAAN Gene, and Runda Medical. Notably, Mindray’s IVD division stood out with revenue reaching CNY 13.76 billion, up 10.82% year-on-year, surpassing its Life Information & Support division for the first time and becoming the company’s largest business segment.

Although DAAN Gene remains a leader in the independent clinical laboratory (ICL) space, it reported its first loss in years, reflecting short-term industry headwinds. Nevertheless, long-term demand remains strong, driven by population aging, rising chronic disease rates, growing health awareness, and ongoing healthcare reforms. Policy support and technological innovation are also expected to create new growth opportunities for the ICL sector.

Overall, there is a clear stratification in company performance. Among the 59 companies, 22 achieved year-on-year revenue growth, with Sansure Biotech, Innovita, Biotest, Snibe, AllTest, Gongdong Medical, Succeeder, and Wondfo Biotech each reporting growth of over 10%.

2024 Full-Year Revenue List – IVD Companies

Among the 21 companies with IVD-related businesses, Fosun Pharma led with CNY 41.07 billion in total revenue for 2024. Within the IVD segment, Livzon and EDAN stood out, posting IVD revenues of CNY 718 million and CNY 373 million, up 9.02% and 5.14%respectively. These gains were largely driven by continuous product innovation and expansion in diagnostic reagent categories, which helped build niche market advantages and provided sustainable revenue momentum.

2024 Full-Year Revenue List – IVD-Related Companies

Net Profit Attributable to Shareholders

In terms of net profit attributable to shareholders, Mindray Medical (CNY 11.67 billion), Snibe (CNY 1.83 billion), and Andon Health (CNY 1.67 billion) ranked as the top three IVD companies in 2024. Benefits from their expanding overseas markets, both Mindray and Autobio Diagnostics achieved simultaneous growth in revenue and net profit, with overseas revenue rising by 21.28% and 27.6% respectively. Mindray continued its global expansion by acquiring Germany’s DiaSys to strengthen local service capabilities, while also accelerating channel development in emerging markets. As a result, Mindray’s international IVD business grew by over 30% year-on-year.

Some companies saw particularly strong net profit growth: Yestar and BOHUI both more than doubled their net profit in 2024. In contrast, DAAN Gene and BGI experienced sharp declines and reported losses, largely due to lingering cost burdens from pandemic-era expansions and tighter macroeconomic and fiscal conditions. Going forward, strategic business restructuring and intensified R&D will be critical to achieving stable, long-term growth.

2024 Net Profit Table – IVD Companies

Among the 21 IVD-related companies, GenScript Biotech led with net profit of CNY 21.41 billion in 2024. Two companies—GenScript Biotech and Bioeasy—reported net profit growth exceeding 100%. GenScript’s exceptional results stemmed from a one-time gain of approximately CNY 23.26 billion after divesting its interest in Legend Biotech, which reversed its prior-year loss. Bioeasy benefited from rapid growth in its animal diagnostics business, which surged 63.87% year-on-year, emerging as a new profit engine. With the rise of the pet economy, stricter livestock regulations, and increasing demand for animal disease prevention, the animal diagnostics market is entering a phase of rapid expansion.

2024 Net Profit Table – IVD-Related Companies

R&D Investment

Among the companies that disclosed R&D data, 18 invested more than 20% of their annual revenue into research and development. CWBio had the highest R&D-to-revenue ratio at 78.84%. Compared to the previous year, over half of the companies increased their R&D spending, signaling a clear trend of continued investment in innovation. As the industry shifts toward high-quality growth, technical barriers are rising. Cutting-edge technologies such as AI and automation are being rapidly integrated into product development. Sustained and intensive R&D not only builds core competitiveness but also lays the foundation for innovation breakthroughs and global market expansion.