Mergers and acquisitions-driven "Half the World": The Platform-based Leap Behind Haier Biomedical's 2025 Annual Report

On March 30, Haier Biomedical (688139.SH) released its 2025 annual report. Against the macro backdrop of overall pressure on the life sciences industry, it achieved full-year revenue of RMB 2.33 billion, up 2.0% year over year, demonstrating resilient operating performance. Even more strategically meaningful, the revenue contribution ratio of its three major new industries—smart medication, blood technology, and laboratory solutions—reached 48.5%, up 8.8% year over year, already supporting “half of the company’s revenue” with nearly half. Behind this achievement is the value being unlocked by Haier Biomedical’s acquisition and integration strategy that it has been continuously推进ing since its listing in 2019.

The three major new industriescontributed nearly halfrevenue,acquisition and integration resultshave become evident

Haier Biomedical’s transformation story, at its core, is a history of business evolution driven by two wheels: “internal growth + external expansion.” The life sciences tools industry has distinctive features of a “large market, small sub-segments, multiple products, multiple applications.” Growth bottlenecks in any single track cannot support the long-term development of a company. Since listing, Haier Biomedical has completed 6 acquisitions, building an industrial chain layout around “the same user scenario.” It has gradually upgraded from a traditional low-temperature storage equipment provider into a platform-based company covering four major industries.

Among the three major new industries, each acquisition target has shown strong growth vitality, becoming the core engine driving Haier Biomedical’s development.

Haier Blood Technology (Chongqing) is a benchmark case of its acquisition and integration. In 2025, its revenue grew 14.8% year over year, maintaining steady double-digit high-speed growth. Tracing back to 2020, Haier Biomedical formally entered the blood technology segment by acquiring Haier Blood Technology. Over five years, with comprehensive enablement from the listed company, Haier Blood Technology achieved leapfrog development: capacity increased by 1x compared with the time of acquisition; the revenue compound annual growth rate remained in the double digits; it reached 1.3 times the industry average level; and its share in plasma collection solutions exceeded 50%, firmly ranking first in the domestic market. In 2025, Haier Blood Technology achieved a key breakthrough: it launched single-use leukocyte-reduced plastic blood bags, filling the domestic blank in full-blood collection scenarios; at the same time, it was the first in China to complete the systematic MDR certification for its plasma collection product line—“equipment + consumables”—and successfully obtained the “core ticket” to enter Europe’s high-end market. At this point, its business model has upgraded from selling a single product to a “four-in-one” structure of equipment + consumables + software + services, opening up broad space for long-term growth.

The smart medication industry also performed impressively. Haier Biomedical Healthcare Technology (Suzhou), acquired in 2023, entered the top three in the industry in just two years, becoming a leading player for domestic brands to expand overseas. In 2025, this industry grew 18.8% year over year, becoming the fastest-growing new business segment of the company. Since the acquisition, Haier Biomedical Healthcare Technology (Suzhou)’s R&D product pipeline has expanded to two times what it was before the acquisition, and its revenue compound annual growth rate has remained in the double digits.

In the context of industry headwinds, the laboratory solutions industry grew against the trend by 4.9%. By acquiring Kangsheng Biological, Shanghai Yuanxi Instruments, and other companies, Haier Biomedical has filled multiple core product lines. Among them, after Shanghai Yuanxi Instruments was acquired, its R&D technology pipeline expanded to 1x; the number of granted invention patents increased by nearly 3x. Currently, Haier Biomedical ranks among the leading domestic brands across multiple product lines, including total organic carbon analyzers, the bio-safety cabinet cloud series, and the culturing series, successfully achieving effective substitution for international brands.

A “shared concentric circle”acquisition strategyhas taken root,integration capabilitieshave built****a moat

Haier Biomedical’s success in acquisitions is not simply scale expansion, but comes from its “select / acquire / supplement / strengthen” concentric-circle acquisition operations system formed through years of practice. This scarce integration capability is becoming its core moat.

Financial report data shows that, as of the end of 2025, the overall return on capital of Haier Biomedical’s acquired subsidiaries remained in the double digits. The compound annual growth rate of revenue from acquisition-related business reached 30%. Its contribution to the company’s overall revenue exceeded 30%, achieving the key breakthrough of “two 30%.”

This acquisition and integration capability is extremely scarce in the upstream life sciences field. Unlike an M&A model that focuses purely on expanding scale, Haier Biomedical’s acquisitions consistently focus on value upgrading driven by industrial chain synergy. Through multiple approaches such as sharing technology platforms, supply chain coordination, and reusing channels, it achieves deep integration of acquired assets, delivering an “integration effect of 1+1>2.”

The continuous release of synergy has driven Haier Biomedical’s strategic leap from “selling equipment” to “selling solutions.” Through acquisition and integration, Haier Biomedical has not only expanded its product lines, but more importantly, enhanced its ability to provide customers with end-to-end solutions. This capability translates into stronger customer stickiness and higher profitability. In 2025, the proportion of domestic market customers who made repeat purchases reached 40%; for scenario-solution-type businesses, the value per user could reach the million-yuan level, fully validating the commercial value of its platform-based strategy.

Notably, Haier Biomedical is also reconstructing life sciences scenarios through AI + automation. In 2025, the share of revenue related to AI reached 15%, up 2.5 percentage points from the previous year. AI technology has been deeply integrated into each business segment: in the smart medication scenario, it enables intelligent picking and sorting of medicines; in the blood technology scenario, it empowers plasma collection equipment with intelligent operations; and in the laboratory scenario, it incubates AI cell culture assistants and 17 other intelligent agents. Orders for scenario solutions grew by over 50% year over year.

From strengthening the industry to platform re-architecting, a clear strategic upgrade path

As the “Fifteenth Five-Year Plan” (十五五) first lists biological manufacturing as one of the six future industrial tracks, the life sciences industry is entering a historic window of development. Haier Biomedical’s acquisition strategy is also upgrading accordingly—moving from “strengthening existing industries” to “platform-based acquisitions.”

In its financial reports, Haier Biomedical has clearly stated that future acquisitions will focus on three directions: expanding from laboratories to biological manufacturing; extending from equipment to recurring businesses such as consumables, reagents, and services; and accelerating globalization by moving from China to overseas through localized acquisitions. In March 2026, Haier Biomedical, together with eight leading enterprises including Sinopharm SF Pharmaceutical, Jimei Rui, Southeast University, and Hengrun Da, signed strategic cooperation agreements, covering fields such as biopharmaceuticals, pharmaceutical distribution, drug R&D, and university research. This marks that it is accelerating the construction of a full life-cycle service closed loop of “research—clinical—industry.”

Looking ahead, Haier Biomedical has proposed a three-year strategic target of “543”: increasing the overseas revenue share to 50%, ensuring the revenue share from acquisition-driven industries is no less than 40%, and ensuring AI+ business revenue contribution exceeds 30%. In terms of pacing, signs of growth repair have gradually emerged within the year. In the fourth quarter, revenue grew 13.1% year over year; excluding non-recurring items, attributable net profit achieved positive growth. The transformation investment is gradually turning into earnings momentum.

From its listing on the STAR Market in 2019 to today, Haier Biomedical’s growth trajectory is clear to trace: starting from low-temperature storage, it builds three major new industries—smart medication, blood technology, and laboratory solutions—through continuous acquisitions, and gradually evolves into “a global-leading integrated life sciences tools and intelligent productivity platform provider.” In a track that requires long-term dedication, Haier Biomedical has built scarce competitive barriers with its “shared concentric circle” acquisition system. With progress toward its strategic goals, this Chinese company’s dream of a world-class brand is steadily moving from vision to reality.