Persistent collection difficulties lead Mingde Biotech to face financial delisting conditions

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An economic reporter, Yan Guowen, Lu Zikui, Beijing reporting

The difficulty of collecting accounts receivable has been a major operational pain point for many off-balance-sheet diagnostic (IVD) listed companies since the COVID-19 pandemic. Recently, the IVD listed company Minde Bio (002932.SZ), which saw operating revenue exceed 15M yuan during the pandemic period, disclosed that because it has fallen under financial-related delisting circumstances, after its 2025 annual report is disclosed, its stock abbreviation may be preceded by the “*ST” designation.

The latest performance forecast shows that Minde Bio expects its 2025 net profit attributable to shareholders of the listed company to be a loss of 0.15 billion yuan—25M yuan. Its net profit after deducting non-recurring gains and losses is expected to be a loss of 100M yuan—12M yuan, and its operating revenue after deduction is expected to be 237 million yuan—297 million yuan.

The previously disclosed performance forecast shows that Minde Bio expected its 2025 net profit attributable to shareholders of the listed company to be 0.12 billion yuan—18M yuan. Its net profit after deducting non-recurring gains and losses was expected to be 78M yuan—98M yuan.

It can be seen that for 2025, Minde Bio’s expected non-recurring gains and losses are 85M yuan—1.15 billion yuan.

Minde Bio’s performance correction announcement data differs significantly from the performance forecast data, and its profit/loss nature has changed, and it has also triggered financial-related delisting circumstances.

Minde Bio stated that the main reasons for the significant changes in the performance forecast are as follows: in accordance with the principle of prudence, for certain transactions where there is considerable uncertainty regarding the collection of receivables, corresponding revenue has not yet been recognized for fiscal year 2025 due to prudential considerations, resulting in a corresponding reduction in operating revenue and net profit attributable to shareholders of the listed company. In addition, in accordance with the principle of prudence, adjustments were made to assets such as inventories and fixed assets to the extent of the asset impairment losses, resulting in a corresponding reduction in net profit attributable to shareholders of the listed company.

It is understood that in China’s A-share market, situations where the data in similar performance correction announcements differs significantly from the performance forecast data and the nature of profit and loss changes are not uncommon. Every year, some listed companies and their principal management personnel receive corresponding disciplinary sanctions or are subject to administrative regulatory measures to issue warning letters due to alleged violations of relevant provisions such as the 《Measures for the Administration of Information Disclosure of Listed Companies》 and the 《Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange》.

Regarding issues related to information disclosure and company operations, 《China Business News》 reporter sent a letter to the management of Minde Bio for an interview; as of the time of publication, no response had been received.

Before the outbreak of the COVID-19 pandemic, Minde Bio’s annual operating revenue was generally between 100 million yuan and 200 million yuan. During the pandemic, Minde Bio seized the large demand for COVID-19 testing, leading to a rapid blowout growth in operating revenue and net profit.

In its 2022 annual report, Minde Bio disclosed that, according to the inter-laboratory quality assessment report for COVID-19 nucleic acid testing laboratories tasked with dispatching samples from centralized isolation sites nationwide in December 2022, the percentage of reagent usage for the COVID-19 nucleic acid test reagents produced by Minde Bio across all laboratories was 22.1%.

In 2022, Minde Bio’s operating revenue reached 10.53 billion yuan, and its net profit attributable to shareholders of the listed company reached 4.208 billion yuan. Both operating revenue and net profit were at historical record highs.

With operating revenue surging, accounts receivable also increased significantly and later became a hidden risk. At the beginning of 2022, Minde Bio’s accounts receivable were 739 million yuan. By the end of 2022, accounts receivable had surged to 2.56 billion yuan.

As COVID-19 prevention and control policies were adjusted, starting in 2023, demand for COVID-19 testing products fell sharply, and Minde Bio’s performance also saw a steep decline. In 2023 and 2024, Minde Bio’s operating revenue was 750 million yuan and 350 million yuan, respectively; its net profit after non-recurring items was -124 million yuan and -140 million yuan, respectively.

The problem of collecting accounts receivable has been continuously weighing down Minde Bio’s overall performance. In the relevant reports for 2023 and 2024, Minde Bio repeatedly mentioned that “collection difficulties for terminal customers have increased credit risk, and bad debt provisions were made for some high-risk customers.”

To expand its business scale, Minde Bio initiated two outbound expansion-style acquisitions in succession. This February, Minde Bio completed the acquisition of a 51% equity stake in BlueY (Hunan) Medical Device Co., Ltd. (hereinafter referred to as “Hunan BlueY”).

The latest disclosed financial data show that Hunan BlueY has negative net assets and is in a state of continuous losses. As of September 30, 2025, Hunan BlueY’s net assets were -62.4242 million yuan. For all of 2024 and the first three quarters of 2025, Hunan BlueY’s operating revenue was 47.7048 million yuan and 30.6577 million yuan, respectively, and its net profit was -20.6797 million yuan and -23.9803 million yuan, respectively.

As for the purpose of this acquisition, Minde Bio said that its core businesses and those of Hunan BlueY respectively cover emergency and critical conditions and chronic disease management, forming a natural complement and jointly covering the entire process from pre-hospital emergency care, in-hospital diagnosis, post-discharge follow-up, and home management. Through this transaction, Minde Bio will achieve horizontal expansion of the industry chain, which is beneficial for the company to build a complete product ecosystem and enhance its comprehensive service capabilities for medical institutions.

The other acquisition target by Minde Bio is Wuhan Bikair, the wholly owned subsidiary of Blue Sail Medical (002382.SZ). Wuhan Bikair mainly engages in the production and sales of emergency kits. On March 30, Minde Bio disclosed that work related to this transaction is being actively advanced; the specific transaction方案 remains under discussion and review, and the parties to the transaction have not yet signed formal agreements.

(Editor: Cao Xueping Review: Tong Haihua Proofread: Liu Jun)

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