As of 30 April 2024, there were 82 Chinese IVD listed companies, of which 61 were listed companies with main IVD business (IVD business accounted for more than 50% of the total business), and 21 were listed companies with IVD-related business.

Among the 61 main IVD companies, New Horizon Health (which has issued a temporary suspension announcement) and Burning Rock Dx have not disclosed their annual reports for the time being.

The 59 main IVD companies that have disclosed their annual reports have a total revenue of 108.44 billion in 2023, a decrease of 53.26% compared to 231.99 billion in 2022. The net profit of 9.14 billion was 84.54% lower than the 59.12 billion in the same period of 2022. 

The top 3 in terms of revenue were Dian Diagnostics 13.41 billion, Runda Medical 9.15 billion, and KingMed Diagnostics 8.54 billion, but all of them declined compared to the same period in 2022. 

Only 17 out of 59 companies saw an increase in revenue compared to 2022. According to the annual report of these companies, in 2023, the entire IVD industry market size quickly fell back to the traditional non-COVID business, and the majority of companies in 2023 revenue declined to a certain extent.

Table 1 The total operating revenue and R&D spending of companies with main IVD business in 2023

From the net profit attributable to the parent company, there are 42 companies profit compared to 2022 have growth, Mega Genomics profit growth rate of 270.5%, its annual report shows that the company increased cost control and accounts receivable collection efforts. The net profit of Yestar Healthcare, Bohui Innovation Biotechnology, Improve Medical are negative, but compared to the same period in 2022, there is a substantial increase of over 68%. The net profit of Snibe, Autobio, BSBE, Lifotronic, Dirui, Medical Systerm, Novogene, Innovita, Succeeder, Mega Genomics, AVE Science & Technology and Leadman are all positive, and compared to the same period of 2022, they all have growth.

 

Among the 21 IVD-related companies, Mindray's 2023 revenue reached 34.93 billion, IVD revenue reached 12.42 billion, accounting for 35.56% of its total revenue, and net attributable profit was 11.58 billion, an increase of 20.56% over the same period in 2022, and Mindray's net attributable profit has maintained a growth of more than 20% for six consecutive years since its listing. 

 

Fosun Pharma's revenue was 41.40 billion, and IVD revenue was 4.39 billion, accounting for 10.9% of its total revenue. 

Wantai BioPharm’s revenue of 5.51 billion, IVD revenue of 1.53 billion, accounting for 27.82% of its total revenue.

Table 2 The total operating revenue and R&D spending of companies with IVD-related business in 2023