86 China IVD & IVD-Related Listed Companies Release 2025 Annual Financial Reports

As of 30 April 2026, a total of 86 China-listed companies related to the In Vitro Diagnostics (IVD) sector had released their 2025 annual reports, including 61 companies primarily engaged in IVD businesses and 25 companies with IVD-related operations.

Based on disclosed financial data, the analysis provides an overview of the industry’s performance across key indicators including revenue, net profit, R&D investment, and overseas market expansion, highlighting both current challenges and long-term growth directions.

Among the 61 core IVD listed companies, total revenue in 2025 reached CNY 121.71 billion. Mindray ranked first with annual revenue of CNY 33.28 billion, followed by Dian Diagnostics at CNY 10.10 billion and Runda Medical at CNY 7.00 billion.

Table 1: Total Annual Revenue of IVD Companies 2025

Overall, 15 of the 61 IVD companies achieved positive year-on-year revenue growth. Companies including Diagens, Joyzyme Group, Cowin Biotech, Mega Genomics, Orient Gene, and Sansure Biotech recorded revenue increases exceeding 10%.

Among the 25 IVD-related listed companies, Fosun Pharma led in annual revenue with CNY 41.66 billion, followed by INNOSTIC Medical and Weigao Group.

Table 2: 2025 Total Annual Revenue of IVD-Related Companies 2025

From the disclosed annual report data, GenScript Biotech and Healthgen Biotech demonstrated outstanding year-on-year growth, achieving revenues of CNY 6.91 billion and CNY 0.48 billion respectively, with growth rates of 61.4% and 89.8%.

Based on the net profit data of the 61 IVD listed companies, Mindray (CNY 8.14 billion), Snibe (CNY 1.62 billion), and Autobio (CNY 1.067 billion) ranked top three in net profit.

Table 3: Net Profit of IVD Companies 2025

In terms of net profit growth, about 10 companies including Dian Diagnostics, KingMed Diagnostics, Improve Medical, and Yunkang Group achieved growth exceeding 50%. Among them, Dian Diagnostics, Yunkang Group, and Yangpu Medical recorded growth exceeding 100%, turning losses into profits. 

Bohui Innovation, Runda Medical, and Sansure Biotech saw significant declines in net profit and reported losses, mainly due to cost pressures from pandemic-related expansion, combined with macroeconomic tightening and fiscal constraints. These companies are expected to further improve capital efficiency through business integration and operational synergy, with continuous improvement in operating cash flow.

Among 43 companies that disclosed overseas revenue data, 33 companies including Mindray, Snibe, and Autobio achieved year-on-year growth in overseas revenue, reflecting continued optimization of revenue structure and deepening global expansion strategies. 

Against the backdrop of short-term domestic market pressure, leading IVD companies are increasingly prioritizing international expansion.

According to the net profit data of 25 IVD-related listed companies, Fosun Pharma ranked first with net profit attributable to shareholders of CNY 3.37 billion, followed by Andon Health (CNY 2.27 billion) and Livzon Pharm (CNY 2.02 billion). 

Six companies achieved net profit growth exceeding 50%. Among them, GenScript Biotech recorded significant growth due to continued expansion in life science services and its biotech business. Lepu Medical also showed strong performance, driven by effective cost reduction and efficiency improvement measures, optimized sales and management expenses, and incremental contributions from high-margin businesses such as innovative pharmaceuticals and consumer healthcare, becoming a new profit growth driver.

Table 4: Net Profit of IVD-Related Companies 2025

Among the 61 IVD listed companies, 16 companies invested more than 20% of revenue in R&D. Diagens recorded the highest R&D intensity at 63.5%. Based on changes in R&D-to-revenue ratio in 2025, approximately 60% of companies achieved year-on-year growth.

Table 5: R&D Investment of IVD Companies 2025

Among the 25 IVD-related listed companies, 6 companies invested more than 20% of revenue in R&D. 

Healthgen Biotech recorded the highest ratio at 193.6%. Based on annual changes in R&D intensity, companies including Novoprotein, Fosun Pharma, Skyray Instrument, and Hexin Instument achieved positive growth.

Table 6: R&D Investment of IVD-Related Companies 2025

With accelerating product and technology iteration, areas such as chemiluminescence immunoassays, molecular diagnostics, and POCT continue to face higher technological barriers. At the same time, AI-assisted diagnostics, automated laboratory systems, and microfluidic chips are being increasingly applied in product development. 

Sustained high R&D investment is essential for maintaining product innovation efficiency, addressing pricing pressure from centralized procurement, and enabling entry into high-end international markets through certifications.

 In summary, within the 2025 annual reports of 61 IVD listed companies and 25 IVD-related listed companies, some companies experienced declines in revenue and profitability. However, from perspectives such as overseas revenue growth, the proportion of high R&D-intensity companies, and differentiated performance across sub-sectors, structural transformation in the industry continues. 

Driven by population aging, increasing demand for precision medicine, and ongoing healthcare system reforms, applications of in vitro diagnostics in areas such as cancer screening, respiratory pathogen testing, and chronic disease management are expected to further expand, supporting continued long-term industry growth.