深圳华大基因2025年年报深度解读：亏损收窄、业务结构调整与未来展望

一、报告亮点与核心信息

• 营业收入下滑： 2025年度公司实现营业收入37.05亿元，同比下降4.18%。
• 亏损明显缩窄： 归属于上市公司股东的净利润为-6.17亿元，同比减亏31.69%。
• 财务状况承压： 2025年末总资产117.49亿元，同比减少6.32%；归属于股东净资产为84.94亿元，同比减少7.01%。
• 经营现金流大幅波动： 经营活动产生的现金流量净额为-0.63亿元，较上年大幅下降。
• 无利润分配计划： 公司本年度不派发现金红利、不送红股、不以公积金转增股本。

二、主营业务板块表现与变化

1. 生育健康业务

• 实现营业收入8.26亿元，同比大幅下降28.06%。
• 主要原因是无创产前基因检测业务收入下降38%，因市场需求下滑和集采政策影响导致样本量和价格双降。
• 公司强化院内布局，并积极推动无创产前检测全因系列等高毛利产品的布局以应对基因检测基础版价格下滑的风险。
• 辅助疾病临床诊断方向的遗传病基因检测收入同比增长约16%。
• 海外市场拓展取得初步成效，拉美等新兴市场收入增长明显。

2. 肿瘤与慢病防控业务

• 实现营业收入5.11亿元，同比下降18.28%。
• 部分民生项目延迟启动，商业体检客户需求波动，公司检测服务业务减少。
• 肠癌检测民生项目在早筛早治方面成效显著，有望推动肿瘤防控模式向主动预防转变。

3. 感染防控业务

• 实现营业收入0.95亿元，同比增长30.29%。
• 基于靶向高通量测序（tNGS）的PTseq系列产品收入同比翻倍增长。
• 公司完成病原长、短读长测序产品全布局，形成全方位感染病原检测技术体系。

4. 多组学与合成业务

• 实现营业收入6.68亿元，与去年基本持平。
• 公司调整全球布局，聚焦核心市场和高价值客户，有效应对地缘政治风险。
• 单细胞测序业务收入同比大增87%。

5. 精准医学检测综合解决方案

• 实现营业收入15.88亿元，同比增长19.45%。
• 公司持续推进独立医学实验室（ICL）向体外诊断（IVD）模式转型，加速部署智能化、本地化医学解决方案。
• 相关方案已覆盖生育健康、肿瘤、感染等多个领域，实现“样本进、报告出”的自动化交付模式，助力业务规模扩张。
• 海外业务持续拓展，东南亚、拉美、南亚等新兴市场收入实现翻倍增长。

三、其他重要事项及潜在股价影响因素

• 持续亏损但减亏明显： 虽然公司2025年依然录得较大亏损，但减亏幅度较大，显示成本控制和业务调整取得阶段性成效。
• 行业政策影响： 集采政策和外送检测管理政策变化，对主营业务产生较大影响，公司被迫加快院内布局和产品结构升级。
• 创新驱动与海外扩张： 多组学和单细胞测序、智能化本地化医学检测方案、海外市场拓展均为公司未来增长提供潜力。
• 无分红安排： 本年度公司不派发红利，需关注其现金流和资本运作能力。
• 主要股东及股权结构稳定： 前十大股东中，控股股东华大控股及其关联公司持股比例高，部分股份处于质押状态，需关注潜在的股权质押风险。

四、投资者须知及风险提示

• 公司收入和利润均出现下滑，但整体亏损明显收窄，显示转型成效初显。
• 主要业务板块生育健康、肿瘤与慢病防控收入压力较大，感染防控和精准医学解决方案成为亮点。
• 海外市场拓展和创新技术业务增长迅速，有望成为公司未来业绩反转的重要支撑。
• 需持续关注政策变化、行业竞争、股权质押、现金流等潜在风险。

免责声明

本文基于深圳华大基因股份有限公司2025年年度报告公开信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。

English Version

BGI Genomics 2025 Annual Report: Losses Narrow, Business Structure Adjustments, and Growth Prospects

Key Highlights

• Revenue Decline: 2025 annual revenue reached CNY 3.705 billion, down 4.18% year-on-year.
• Significant Loss Reduction: Net loss attributable to shareholders was CNY 617 million, narrowing by 31.69% year-on-year.
• Financial Pressure: Total assets at year-end were CNY 11.749 billion, down 6.32%; shareholder equity was CNY 8.494 billion, down 7.01%.
• Cash Flow Volatility: Net cash flow from operating activities was negative at CNY 63 million, a significant swing from prior years.
• No Dividend Plan: The company will not distribute cash dividends, stock dividends, or capital reserve transfers this year.

Segment Performance and Strategic Changes

1. Reproductive Health

• Revenue of CNY 826 million, down 28.06% year-on-year.
• Major decline (38%) in non-invasive prenatal testing (NIPT) revenue due to market demand drop and pricing pressure from national procurement policies.
• Company is shifting focus to higher-margin full-spectrum NIPT products and in-hospital solutions.
• Genetic disease testing for clinical diagnosis grew 16% year-on-year.
• Emerging overseas markets, especially Latin America, saw notable revenue growth.

2. Oncology & Chronic Disease Prevention

• Revenue of CNY 511 million, down 18.28% year-on-year.
• Delays in public health projects and volatile demand from commercial health checkup clients led to declines.
• Colorectal cancer screening projects delivered strong outcomes in early detection and prevention, signaling a shift toward proactive healthcare models.

3. Infectious Disease Prevention

• Revenue of CNY 95 million, up 30.29% year-on-year.
• Targeted NGS (tNGS) PTseq product line doubled its revenue year-on-year.
• BGI Genomics completed full coverage in long and short-read pathogen sequencing, building a comprehensive infectious disease detection system.

4. Multi-Omics & Synthesis

• Revenue of CNY 668 million, flat year-on-year.
• Company proactively adjusted global layout, focusing on core markets and high-value clients to offset geopolitical risks.
• Single-cell sequencing revenue surged by 87%.

5. Integrated Precision Medicine Solutions

• Revenue of CNY 1.588 billion, up 19.45% year-on-year.
• Accelerated transition from independent clinical labs (ICL) to in vitro diagnostics (IVD) and rapid deployment of smart, localized medical solutions.
• Solutions now cover reproductive health, oncology, and infection, with automated sample-to-report delivery, expanding reach to lower-tier medical institutions.
• Overseas business is robust, with Southeast Asia and emerging markets like Latin America and South Asia seeing revenue double.

Investor-Impacting Items & Potential Price Sensitivity

• Losses remain but are narrowing: The company is still loss-making but has made substantial progress controlling costs and refocusing business.
• Policy Impact: National procurement and external testing policies have pressured legacy businesses, pushing BGI Genomics to upgrade products and business models.
• Innovation & International Growth: Rapid growth in multi-omics, single-cell sequencing, and smart medical solutions, along with overseas expansion, are key growth levers.
• No Dividends: No profit distribution this year; investors should monitor cash flow and capital management closely.
• Shareholder Structure Stable: Major shareholders hold steady, though a portion of shares is pledged, requiring risk attention.

Risks & Investor Reminder

• Company faces revenue and profit pressure, but business transition shows early positive results.
• Core segments under strain, but infection control and precision medicine solutions are new growth highlights.
• Overseas and innovative businesses are growing rapidly and could drive future performance turnaround.
• Ongoing risks include policy shifts, competition, share pledges, and cash flow volatility.

Disclaimer

This article is based on information disclosed in BGI Genomics’ 2025 Annual Report and is for reference only. It does not constitute investment advice. Investment involves risks; please make decisions prudently.

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