Hybribio Biotech(SZ:300639)2024-10-30 12:27Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 610 million yuan, a year-on-year decrease of 28.26% [1] - The net profit attributable to shareholders was -262 million yuan, a year-on-year decline of 252.19% [2] - The net cash flow from operating activities was 44.39 million yuan [2] Group 2: Business Challenges - The decline in revenue was primarily due to the clearance of COVID-19 related income from the previous year and the impact of price reductions from centralized procurement of HPV tests [1] - The medical testing services segment faced significant losses due to high costs related to labor, depreciation, and rental expenses [2] - The company has accumulated a credit impairment provision of 403 million yuan, with 382 million yuan attributed to credit losses [2] Group 3: Accounts Receivable Management - As of the end of Q3, the net accounts receivable amounted to 1.372 billion yuan, with a provision for bad debts of 704 million yuan [2] - The majority of accounts receivable are from local governments and public medical institutions, which have delayed payments [4] - The company is actively pursuing collections through various methods, including client visits and legal actions, and has received support from government departments [4] Group 4: Strategic Initiatives - The company is focusing on the integrated operation model to enhance its core capabilities in molecular testing and improve operational efficiency [2] - It plans to optimize and consolidate some medical laboratories to reduce operational costs [2] - The company is preparing for the inclusion of its entire product line in centralized procurement, aiming to enhance competitiveness through quality improvement and cost control [3]