In-Depth Analysis of the Effectiveness of Wondfo Biotech (300482.SZ)'s Internationalization Strategy

Based on the above analysis, I will provide you with a complete research report on the effectiveness of Wondfo Biotech’s internationalization strategy.

As a leading enterprise in China’s POCT (Point-of-Care Testing) industry, Wondfo Biotech has achieved remarkable results in its internationalization strategy.

, marking the company’s entry into a new stage of global layout[0][1].

Indicator Item	Data	Year-on-Year Change
2024 Operating Revenue	RMB 3.065 billion	+10.85%
2024 Net Profit Attributable to Parent Shareholders	RMB 562 million	+15.18%
Overseas Revenue Ratio	38.26%	Increased by approximately 3 percentage points compared to 2024
Countries with Product Coverage	150+	Continuously expanding
Overseas Subsidiaries	8	Added Russia and Philippines

From the perspective of revenue structure, Wondfo Biotech’s internationalization process shows a steady advancement trend:

Year	Domestic Revenue Ratio	Overseas Revenue Ratio	Trend
2022	75%	25%	Base Period
2023	68%	32%	Rapid Growth Period
2024	65%	35%	Continuous Expansion
2025	61.74%	38.26%	Surpassed domestic for the first time

This transformation indicates that Wondfo Biotech’s overseas business has grown from a “supplementary business” to a “core growth engine”, providing an important buffer for the company to cope with policy adjustments in the domestic medical industry and pressure on in-hospital businesses[1][2].

Wondfo Biotech’s overseas market features a

layout:

• North America (35%)
  : Core strategic market. In 2025, signed a long-term supply agreement for respiratory tri-panel testing products with a major US customer. Drug testing business is recovering, and the new product matrix for respiratory testing is continuously improved[1][2]
• Europe (22%)
  : Relying on CE certification advantages, maintains a stable share in the blood-borne infectious disease testing field
• Southeast Asia (18%)、Middle East (12%)
  : Deepens market cultivation through the “Belt and Road Initiative”, forming differentiated competitive advantages in small and medium-sized medical institutions
• Africa (8%)、Latin America (5%)
  : In the exploration stage of emerging markets, with great growth potential

Milestone	Details
Subsidiary Layout	Established subsidiaries in Russia and the Philippines in the first half of 2025, accelerating the introduction of technical platforms such as chemiluminescence and electrochemistry
Product Certifications	Accumulated more than 180 international certifications including FDA and CE
Channel Deepening	The efficiency of regional distribution networks has improved significantly, with growth in orders from small and medium-sized customers
Localization Process	Deepens localized operations in key countries, with a continuous increase in the market share of small and medium-sized laboratories in international markets

Wondfo Biotech adopts a dual-drive strategy of

:

Product Platform	Internationalization Progress	Market Performance
Colloidal Gold	95%	Traditional advantageous product, widely covered
Immunofluorescence	85%	Main product in small and medium-sized laboratory markets
Chemiluminescence	60%	In a period of rapid growth, the LA-6000 assembly line was successfully launched
Electrochemistry	55%	Coagulation four-item testing reagents completed registration
Molecular Diagnostics	45%	POCT fully automatic nucleic acid analysis platform approved
Pathology	30%	AI-assisted diagnosis software selected into the Ministry of Industry and Information Technology’s innovation task list

:

• Obtained US FDA approval for the OTC version of COVID-19 and influenza tri-panel test in 2025, achieving rapid market access through e-commerce and pharmacy channels[2]
• Completed registration for multiple new products such as microsatellite instability (MSI) detection kit and tumor marker detection reagents
• Terminal pure sales of innovative projects such as thrombosis six-items increased by 40% year-on-year

The North American market is the

of Wondfo Biotech’s internationalization strategy, with the following characteristics:

• Signed a
  long-term supply agreement for respiratory tri-panel testing products
  with a major US customer
• Completed the basic construction of the strategic layout of respiratory infectious disease business in the US
• Continuously improved the new product matrix such as COVID-19 and influenza tri-panel tests, and influenza testing reagents

• Continuously deepens the
  integrated R&D, production and sales layout
  in the North American drug testing market
• Maintains a dominant position in traditional drug testing products
• Promotes new product market breakthroughs through refined operations and localized services

• Strengthens the integration of R&D, production and sales in the US market
• Breaks into the testing field with new respiratory testing products
• Continuously expands the testing menu, with product performance and after-sales service well recognized

Dimension	Evaluation
Revenue Structure Optimization	The overseas revenue ratio is expected to exceed 50% soon, and it surpassed domestic business for the first time in 2025
Market Coverage Expansion	Covers more than 150 countries, with 8 overseas subsidiaries, and the channel network continues to deepen
Brand Influence	“China’s No.1 Brand for Infectious Disease Test Strips”, “No.1 National Sales Volume for HIV and STD Test Strips”
Product Upgrade	Introduced high-margin products such as chemiluminescence and molecular diagnostics to overseas markets
R&D Collaboration	Matrix management drives precise product iteration, with market feedback directly reaching R&D teams

Challenge	Analysis
Domestic Market Pressure	Revenue from colloidal gold and fluorescence product lines in the primary medical market declined, with in-hospital businesses under pressure
Gross Profit Margin Decline	Terminal price reductions in the domestic market and changes in product structure led to a decline in consolidated statement gross profit margin
Performance Fluctuation	Net profit attributable to parent shareholders is expected to decrease by approximately 90% in 2025, the worst performance since listing
Intensified Competition	Changes in the competitive landscape of the IVD industry, requiring continuous maintenance of product competitiveness

According to the company’s announcement, the following strategic measures will be taken in 2026:

• Domestic Market
  : Promote penetration into hospital central laboratories with luminescence and molecular product lines to rapidly improve revenue
• Overseas Market
  : Continue to leverage brand and channel advantages to expand coverage and achieve high growth
• Innovation-Driven
  : Leverage the favorable AI policies to realize the commercialization of pathology and clinical diagnostics
• Business Expansion
  : Expand from POCT to the entire IVD field, accelerating overseas layout

Financial Indicator	Value	Comparison with Industry Level
P/E	36.88x	Mid-range in the industry
ROE	4.64%	Relatively low (affected by performance fluctuations)
Net Profit Margin	10.08%	Stable
Current Ratio	7.78	Very healthy
Gross Profit Margin	Industry pressure period	Facing downward pressure

: Although performance was under pressure in 2025, the increase in overseas revenue ratio provides the company with . With the volume growth of high-margin products such as chemiluminescence and molecular diagnostics, and the advancement of commercialization of AI-assisted diagnosis, the company is expected to achieve performance recovery in 2026. The current valuation is moderate, and investors can pay attention to the valuation improvement opportunities brought by the continuous advancement of the internationalization strategy.

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[0] Jinling API - Wondfo Biotech Company Profile and Financial Data (https://gilin-data.com)

[1] China Securities Journal·China Securities Net - “Wondfo Biotech: Adheres to the ‘AI Innovation + Internationalization’ Strategy to Promote Business Transformation and Upgrading” (https://finance.sina.com.cn/roll/2026-01-09/doc-inhftpvf2673882.shtml)

[2] Economic Information Daily - “Wondfo Biotech’s 2025 Net Profit Expected to Drop by ~90%, Overseas Business May Support Future Growth” (http://jjckb.xinhuanet.com/20260113/479a5c023bc9419c8390382cde80d0e9/c.html)

[3] Securities Times - “Wondfo Biotech’s 2024 Net Profit Grew 15.18% YoY, Achieved Breakthrough Progress in Innovative Businesses” (https://www.stcn.com/article/detail/1653209.html)

[4] LinkedIn - “COVID-19 Rapid Testing Kits Market Trends and Revenue” (https://www.linkedin.com/pulse/covid-19-rapid-testing-kits-market-trends-revenue-forecast-lxkbe)