ADICON HOLDINGS (09860) surged over 13% during the session and closed up 9.27% at HK$6.6, with a turnover of HK$41.53 million. The rally followed a Goldman Sachs research report indicating early signs of recovery in China's diagnostic sector, including independent clinical laboratories (ICL) and in-vitro diagnostic (IVD) companies, in Q3 2025.

In the ICL segment, both KingMed Diagnostics and Dian Diagnostics reported improved operating cash flow, sequential revenue growth, and expanded margins, though neither met revenue targets. Goldman Sachs views these trends as evidence of industry consolidation. CITIC Securities also noted narrowing revenue declines in the ICL sector for Q3 2025, though profits remained impacted by impairments. The firm highlighted uncertainty in ICL growth but emphasized that companies with strong cost and quality control could gain market share.

Among leading ICL players, ADICON HOLDINGS posted the strongest net profit of RMB 43 million with gross profit reaching RMB 450 million in H1, while Dian Diagnostics returned to profitability with RMB 10.27 million net income. KingMed remained loss-making during the period.