Wuhan Easy Diagnosis Biomedicine Co., Ltd. (武汉明德生物科技股份有限公司) - Leading Chinese IVD and POCT Solutions

Company Profile (Updated April 2026)

Wuhan Easy Diagnosis Biomedicine Co., Ltd. (武汉明德生物科技股份有限公司) is a national high-tech enterprise dedicated to the research, development, production, sales, and service of in vitro diagnostic (IVD) reagents and diagnostic instruments. Established on January 28, 2008, and headquartered in Wuhan East Lake High-Tech Development Zone (Optics Valley), the company was listed on the Shenzhen Stock Exchange on July 10, 2018 (Stock Code: 002932).

The company has evolved into a comprehensive IVD solutions provider in China, integrating POCT Rapid diagnostics, molecular diagnostics, chemiluminescence immunoassay, blood gas analysis, third-party medical testing services, and emergency & critical care informatization platforms. Its products and solutions cover nearly 5,000 medical institutions across 30 provinces in china and have been exported to Asia, the European Union, South America, and other regions.

Core Mission: "Innovating immediate diagnostics, leading intelligent medicine." The company is committed to providing more timely, precise, and intelligent medical services to healthcare institutions.

2025 Annual Results and Delisting Risk Warning

2025 Financial Performance

Revenue: RMB 265.08 million, down 24.28% year-over-year

Net Profit AttributAble to Shareholders: Loss of RMB 16.46 million (down 122.09% YoY; compared to profit of RMB 74.52 million in 2024)

Non-recurring Net Profit: Loss of RMB 116.90 million

Revenue after Deductions: RMB 241.18 million (below the RMB 300 million regulatory threshold)

Total Profit: Loss of RMB 63.79 million

Asset-Liability Ratio: Approximately 5.43%

Performance Correction and Reasons

On January 31, 2026, the company initially forecasted 2025 net profit of RMB 12-18 million. However, on March 22, 2026, a significant downward correction was issued:

- Revised Net Profit: Loss of RMB 15-25 million

- Revised Total Profit: Loss of RMB 50-75 million

- Revised Revenue: RMB 250-310 million

Key Reasons for the Correction:

- Government subsidies decreased by over RMB 40 million compared to the previous year

- Investment income decreased by over RMB 30 million due to declining financial market interest rates

- Credit impairment losses increased as overdue accounts receivable recovery fell below expectations, with reversal of impairment provisions decreasing by over RMB 30 million

Three Consecutive Years of Non-recurring Net Losses

The company's non-recurring net profit has been negative for three consecutive years:

- 2023: Loss of RMB 124 million

- 2024: Loss of RMB 140 million

- 2025: Loss of RMB 117 million

This demonstrates persistent operational challenges in the company's core business following the post-pandemic transition.

*ST Delisting Risk Warning (Effective April 22, 2026)

According to the Shenzhen Stock Exchange Listing Rules, because the company's 2025 audited total profit, net profit, and non-recurring net profit were all negative, and revenue after deductions was below RMB 300 million, the exchange implemented a delisting risk warning. The stock abbreviation changed from "Mingde Bio" to "*ST Mingde", with daily price fluctuation limits restricted to 5%. The company has issued three prior warning announcements and a valuation enhancement plan for 2026.

Termination Listing Risk: The company explicitly warned that if the 2026 annual report again shows negative total profit, net profit, and non-recurring net profit with revenue after deductions below RMB 300 million, the Shenzhen Stock Exchange will decide to terminate the company's stock listing.

April 2026 Latest Developments

2026 Valuation Enhancement Plan (Released April 21, 2026)

On April 21, 2026, the company released its 2026 Annual Valuation Enhancement Plan, proposing five major measures to improve investment value:

- Improve Operational Quality: Optimize product structure, strengthen accounts receivable collection, and enhance profitability

- Investment and M&A: Seek high-quality targets in the biomedical field to extend the industrial chain and expand market share

- Share Repurchase: Continue implementing share repurchase programs to safeguard shareholder interests

- Medium- and Long-term Incentives: Timely launch equity incentive plans or employee stock ownership plans to align management and core talent interests with company development

- Investor Relations: Optimize information disclosure and investor communication to enhance market recognition

Removal from Margin Trading and Securities Lending List

Effective April 22, 2026, the Shenzhen Stock Exchange removed Mingde Bio from the list of margin trading and securities lending target securities. Investors can no longer conduct margin purchases or securities lending sales for this stock.

No Dividend Distribution or Capitalization for 2025

The company's 2025 annual profit distribution plan is no dividend distribution and no capital reserve conversion to share capital, in accordance with regulatory requirements for companies under delisting risk warnings.

Q1 2026 Report Disclosure Scheduled

The 2026 first quarter report is scheduled for disclosure on April 29, 2026.

2025 Annual General Meeting

The 2025 annual general meeting is scheduled for May 25, 2026.

Long-term Below-Net-Asset Stock Price

The company's stock price has been trading below net asset value per share for an extended period. As of the end of 2025, net asset value per share was approximately RMB 23.78-23.92, while the stock price hovered around RMB 17.4-17.6, representing a significant discount to book value.

Core Products and Technology Platforms

POCT Rapid Diagnostics

The company's Foundational business encompasses over 30 CFDA-registered POCT rapid diagnostic reagent products, enabling rapid bedside detection in whole blood for markers such as PCT (procalcitonin) and S100-β protein. Key product lines include:

- Cardiovascular and Cerebrovascular Diseases: Cardiac troponin I (cTnI) detection kits, D-dimer test kits, N-terminal pro-B-type natriuretic peptide (NT-proBNP)

- Infectious Diseases: Procalcitonin (PCT) detection kits for bacterial infection assessment

- Renal Diseases, Diabetes, Thyroid Function, Hormones: Comprehensive metabolic panel rapid tests

- Obstetrics/Gynecology and Health Screening: Prenatal and general wellness testing solutions

Molecular Diagnostics

- PCR-based Pathogen Detection: Nucleic acid detection kits for respiratory and other infectious pathogens

- tNGS (Targeted Next-Generation Sequencing): Pathogen sequencing detection systems using targeted hybrid capture or amplicon sequencing

- Pharmacogenomics: Drug metabolism gene testing

During the COVID-19 pandemic, the company developed novel coronavirus nucleic acid detection kits (first domestic pre-mixed design in 2020) and obtained EU CE certification for export.

Chemiluminescence Immunoassay

High-sensitivity automated chemiluminescence analyzers and reagents for thyroid function, tumor markers, infectious diseases, and cardiac markers.

Blood Gas Analysis

- PT1000 Blood Gas Analyzer: Approved under registration number Hubei Medical Device Standard 20192222694

- ST2000 Blood Gas Analyzer: Advanced model for critical care settings

These systems provide rapid, accurate assessment of acid-base balance, ventilation, and oxygenation status for critically ill patients.

Emergency & Critical Care Informatization Solutions

The company provides integrated informatization platforms for:

- Chest Pain Centers (胸痛中心)

- Stroke Centers (卒中中心)

- Trauma Centers (创伤中心)

These solutions combine diagnostic devices, data management, and workflow optimization to support time-critical clinical decision-making.

Third-Party Medical Testing Services

The company operates independent medical laboratories providing outsourced testing services, complementing its device and reagent business.

Financial Performance History

COVID-19 Peak Period (2020-2022)

The company ACHieved explosive growth during the pandemic:

- 2020: Revenue RMB 959 million (+429.43%); Net Profit RMB 469 million (+1,029.24%)

- 2021: Revenue RMB 2.83 billion (+195.05%); Net Profit RMB 1.413 billion (+201.37%)

- 2022: Revenue RMB 10.53 billion (+272.12%); Net Profit RMB 4.208 billion (+197.79%)

Post-Pandemic Adjustment (2023-2025)

- 2023: Revenue RMB 750 million (-92.88%); significant decline as COVID testing demand normalized

- 2024: Revenue RMB 350 million (-53.30%); Net Profit RMB 74.52 million

- 2025: Revenue RMB 265 million (-24.28%); Net Loss RMB 16.46 million; the company returned to loss-making status

The post-pandemic transition has been characterized by high depreciation costs from expanded capacity, inventory and fixed asset impairment provisions, and persistent accounts receivable recovery challenges.

Company Basic Information

Corporate Overview

Company Full Name: Wuhan Easy Diagnosis Biomedicine Co., Ltd. (武汉明德生物科技股份有限公司)

English Name: Wuhan Easy Diagnosis Biomedicine Co., Ltd. (abbreviated as eDiagnosis)

Stock Code: 002932 (Shenzhen Stock Exchange Main Board)

Stock Abbreviation: *ST Mingde (as of April 22, 2026; formerly Mingde Bio)

Founded: January 28, 2008

Listed: July 10, 2018

Registered Address: No. 77 Jiulong Middle Road, Donghu New Technology Development Zone, Wuhan, Hubei, China (Wuhan Mingde Biomedicine Industrial Park Phase I)

Former Registered Address: No. 388 Gaoxin 2nd Road, Wuhan Optics Valley International Biomedicine Enterprise Accelerator, Wuhan, Hubei

Office Address: No. 77 Jiulong Middle Road, Donghu New Technology Development Zone, Wuhan, Hubei

Legal Representative / Chairman / General Manager: Chen Lili (controlling shareholder and actual controller)

Board Secretary: Wang Rui

Company Type: Public Listed Company (Private Enterprise)

Industry: Medical Devices - In Vitro Diagnostics (IVD)

Registered Capital: RMB 232.521 million

Unified Social Credit Code: 9142010066953862X0

Official Website: www.mdeasydiagnosis.com

Email: mdswdsh@163.com

Telephone: +86-027-87001772

Fundraising Projects (Updated December 2025)

In 2021, the company raised RMB 466 million through non-public issuance of A-shares (net proceeds RMB 459.8 million). As of November 30, 2025, cumulative investment reached RMB 296 million (62.88% progress):

- IVD Product Construction Project: RMB 215.23 million allocated, 65.64% invested

- Medical Health Informatization Project: RMB 120.74 million allocated, 16.43% invested

- Working Capital Supplement: RMB 135 million, 100% invested

In December 2025, the company announced the extension of the IVD Product and Informatization projects to December 31, 2026.

Market Layout and Competition

Domestic Market

The company's products cover nearly 5,000 medical institutions across 30 provinces, municipalities, and autonomous regions in China. Key market segments include:

- Emergency & Critical Care: Chest pain centers, stroke centers, trauma centers

- Infection Control: PCR laboratories, intelligent fever clinics

- Primary Healthcare: POCT solutions for grassroots medical institutions

International Market

Products have obtained EU CE certification and ISO 13485 quality management system certification, with sales achieved in Asia, the European Union, South America, and other regions.

Main Competitors

- Wondfo Biotech (万孚生物): Domestic POCT leader

- Basecare (基蛋生物): Cardiovascular POCT specialist

- Hotgen (热景生物): Hepatology and inflammation diagnostics

- International Giants: Roche, Abbott, Siemens (dominating China's high-end IVD market)

2026 Outlook and Strategic Focus

Strategic Priorities

- Product Structure Optimization: Transition from COVID-dependent products to sustainable routine diagnostic portfolios

- Solution Provider Transformation: Accelerate shift from product supplier to integrated diagnostic solutions provider

- Accounts Receivable Management: Strengthen collection efforts to reduce credit risk and impairment losses

- Cost Control: Optimize personnel structure and operating expenses (sales and management expenses already reduced in Q1 2025)

- R&D Investment Continuity: Maintain high R&D intensity for product innovation

Risk Factors

- Delisting Risk: Must achieve profitability and revenue above RMB 300 million in 2026 to remove *ST status; otherwise, the exchange will terminate the listing

- Industry Competition: Intense domestic competition and international giants' dominance in high-end markets

- Policy Environment: Ongoing medical procurement reform and pricing pressure on IVD products

- Market Concentration: China's IVD market remains fragmented with low concentration

Contact Information

Headquarters

Address: No. 77 Jiulong Middle Road, Donghu New Technology Development Zone, Wuhan, Hubei, China
   Postal Code: 430075
   Tel: +86-027-87001772
   Fax: +86-027-87808005 / +86-027-65521900
   Email: mdswdsh@163.com
   Website: www.mdeasydiagnosis.com

Investor Relations

Stock Exchange: Shenzhen Stock Exchange
   Stock Code: 002932
   Current Abbreviation: *ST Mingde
   Information Disclosure: www.cninfo.com.cn (CNINFO)

Keywords: Wuhan Easy Diagnosis Biomedicine, Mingde Bio, 明德生物, 002932, POCT, IVD, In Vitro Diagnostics, Molecular Diagnostics, Chemiluminescence, Blood Gas Analyzer, Emergency & Critical Care, Chen Lili, Wuhan Optics Valley, COVID-19 Test, Nucleic Acid Detection, Delisting Risk Warning, *ST Mingde, SZSE, Medical Devices, Diagnostic Reagents, Valuation Enhancement Plan, Margin Trading, Net Asset Value