Yahuilong's second-quarter performance rebounds, industry inflection point may emerge

Earnings
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Yahuilong released its 2026 interim report, with a strong recovery in second-quarter performance, potentially confirming that the industry, after a collective decline in 2025 caused by medical insurance cost controls, may see a performance recovery inflection point in the second quarter of 2026. In the first half of the year, the company achieved operating revenue of 888 million yuan, up 9.84% year-on-year, net profit attributable to the parent of 70 million yuan, up 166.97% year-on-year, and non-GAAP net profit of 73 million yuan, up 46.81% year-on-year. Looking at the second quarter alone, operating revenue was 490 million yuan, up 25.47% year-on-year and up 23.21% quarter-on-quarter, of which domestic revenue was 412 million yuan, up 33.51% year-on-year and up 27.00% quarter-on-quarter. Self-produced product revenue was 424 million yuan, up 30.13% year-on-year and up 23.38% quarter-on-quarter, of which self-produced chemiluminescence business revenue was 371 million yuan, up 28.47% year-on-year and up 20.02% quarter-on-quarter. In addition, the National Healthcare Security Administration issued the Guidelines for Pricing of Laboratory Medical Service Items on August 14, which is favorable for autoimmune diagnostic demand. Yahuilong has a comprehensive solution for autoantibody testing across all methodologies and is expected to benefit. In the first half of the year, cardiovascular chemiluminescence reagent revenue grew 50.0% year-on-year, and the company said it expects to sustain high growth in the cardiovascular field.

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