Traditional business under pressure; new growth avenues erupt—Haier Biomedical's overseas revenue share in 2025 reaches a record high.

On the evening of March 27, Haier Biomedical (SH688139, stock price 30.65 yuan, market value 9.701 billion yuan) released its 2025 annual report.

During the reporting period, the company achieved operating revenue of 2.329 billion yuan, a year-on-year increase of 1.96%, continuing the recovery trend based on a positive growth in 2024. However, the net profit attributable to shareholders was only 251 million yuan, a year-on-year decline of 31.61%, and the net profit attributable to shareholders after deducting non-recurring items dropped by 31.74% year-on-year.

The reporter from “Daily Economic News” noted that the company’s overseas income continued to grow, while the domestic market remained under pressure. The disparity in performance data reflects that this leading life sciences company is facing short-term growing pains and long-term strategic games amid its globalization leap and intelligent transformation.

Performance Disparity in Domestic and Overseas Markets

In 2025, the performance curve of Haier Biomedical is driven by multiple dimensions of differentiation at the business level.

The core differentiation comes from the differences between domestic and overseas markets. In 2025, Haier Biomedical’s overseas business experienced explosive growth, with annual overseas revenue reaching 840 million yuan, a year-on-year increase of 17.9%, accounting for a historic high of 36% of the company’s total revenue, an increase of 5 percentage points compared to 2024.

By region, revenue in Europe grew by 16.0%, Asia-Pacific grew by 26.0%, the Americas grew by 12.2%, and Africa grew by 17.8%. The company has obtained more than 400 overseas certifications, with product solutions covering over 160 countries and regions, and its ultra-low temperature and low-temperature product series hold the top market share in six countries including the UK, Italy, and Australia.

At the same time, the domestic market continues to be under pressure. In 2025, the company’s domestic revenue was 1.47 billion yuan, a year-on-year decline of 5.5%. Although it showed a continuous improvement quarter-on-quarter starting from the third quarter and achieved a year-on-year growth of 14.5% in the fourth quarter, the overall performance still lagged behind that of the overseas market.

At the business structure level, there is a differentiation between new and traditional sectors. In 2025, the new industries of Haier Biomedical such as intelligent medication, blood technology, and laboratory solutions continued to unleash development momentum, with revenue from new industries increasing by 8.8% year-on-year, accounting for 48.5% of total revenue. Among these, the intelligent medication industry grew by 18.8%, the blood technology industry grew by 14.8%, and the laboratory solutions industry grew by 4.9%.

In contrast, the low-temperature storage industry, which forms the company’s traditional foundation, saw a year-on-year decline in revenue of 3.9%, with its share of total revenue falling to 51.5%. However, the reporter also noted that this business achieved positive growth in the third quarter and accelerated growth in the fourth quarter, gradually emerging from the bottom of the industry cycle.

The increase in new sectors and the decline in traditional sectors reflect the effectiveness of the company’s business structure optimization and highlight the phased impact of adjustments in traditional businesses on performance.

Short-term Growing Pains for Long-term Barriers

The decline of over 30% in net profit may be the result of Haier Biomedical’s proactive strategy of “exchanging short-term profits for long-term barriers.”

The annual report data shows that the company’s gross profit margin during the reporting period was 46.8%, showing a certain decline compared to the previous year, mainly due to disturbances in manufacturing costs caused by the ramp-up of production capacity at newly established subsidiaries. As new capacity is gradually released, the company’s gross profit margin in the fourth quarter has improved by approximately 0.7 percentage points quarter-on-quarter, indicating an initial recovery in profitability.

A more core influencing factor comes from the company’s ongoing mid-to-long-term strategic investments aimed at addressing external environmental challenges, with the core direction of investment being the two currently fastest-growing sectors: globalization and innovation.

In terms of globalization, in 2025, Haier Biomedical established localized operational systems in Japan, Brazil, and other six locations. The localized operational system currently covers 18 countries, with local teams accounting for over 40% of the overseas market teams, and the company has cumulatively obtained more than 400 overseas product certifications. Continuous investment in overseas market development supports breakthroughs in various industries, especially new industries, and builds channels and brand barriers for the company’s long-term growth in overseas markets.

In the realm of technological innovation and AI deployment, Haier Biomedical’s R&D investment in 2025 was 320 million yuan, with the cumulative number of invention patents increasing by over 40% year-on-year. The company holds a total of 1,620 patents, and 11 categories of product solutions were launched for the first time or innovated throughout the year, not only breaking through the bottleneck of ultra-high-speed centrifugation technology and becoming the first domestic company to conquer this technical challenge, but also deeply integrating AI+ automation technology systems into various core application scenarios.

The reporter from “Daily Economic News” noted that in 2025, the revenue related to AI accounted for 15% of overall revenue, an increase of 2.5 percentage points compared to 2024. The application of AI technology has officially transitioned from “concept verification” to the “value realization” stage, with scene solution orders increasing by over 50% year-on-year.

It is precisely these forward-looking continuous investments that have significantly eroded the company’s current net profit but also laid a solid technological and market barrier for the company’s mid-to-long-term development. In the 2025 annual report, Haier Biomedical further proposed a more aggressive “543” three-year strategic goal: over the next three years, achieve an overseas revenue proportion exceeding 50%, an industry revenue proportion from mergers and acquisitions of no less than 40%, and an AI+ business revenue contribution exceeding 30%.

This strategic goal means that Haier Biomedical will continue to accelerate along the paths of globalization, platformization, and intelligentization, and it also signifies that the company may continue to face sustained pressure from strategic investments in the short term. Whether this strategy layout, which uses short-term profits as leverage, can ultimately realize a dual leap in performance and valuation still requires time and market validation.

Daily Economic News