Core Viewpoint - The dominance of Illumina in the Chinese gene sequencing market is rapidly diminishing due to its inclusion in China's "unreliable entity list," which has led to significant sanctions and a sharp decline in market share and revenue [2][5][12]. Group 1: Market Dynamics - Illumina was officially listed on China's "unreliable entity list" on February 4, 2025, due to accusations of disrupting normal cooperation with Chinese companies [4]. - Following this designation, China imposed multiple sanctions on Illumina, including restrictions on exports of gene sequencing instruments, effectively severing its core business operations in the Chinese market [5]. - Illumina's market share in China has decreased from 59% in 2020 to 26.5% in 2023, indicating a significant loss of competitive position [12]. Group 2: Financial Impact - Illumina's stock price fell nearly 40% from February 5 to April 9, 2025, reflecting investor pessimism regarding its future in the Chinese market [9][11]. - Revenue from the Greater China region dropped from $384 million in 2023 to $308 million in 2024, a decline of approximately 19.8% [13]. - This marks the second consecutive year of revenue decline for Illumina in China, with a previous drop from $472 million in 2022 to $384 million in 2023 [13]. Group 3: Competitive Landscape - Domestic competitors, particularly BGI Genomics, have rapidly gained market share, with BGI's market share increasing to 56.41% by the third quarter of 2024 [15]. - BGI Genomics accounted for 47.3% of new equipment sales in the domestic gene sequencing market in 2023, solidifying its position as a market leader [15]. - Illumina faces intensified competition from local firms that offer strong performance, pricing, and service advantages [15]. Group 4: Strategic Shifts - Illumina had previously announced plans to establish a manufacturing base in Shanghai and invest in local innovation, but these initiatives may now be jeopardized due to the recent sanctions [7][8]. - The Chinese government has prioritized gene sequencing as a core industry in its "14th Five-Year Plan," with increased financial support for domestic sequencing instruments, further accelerating the shift towards local alternatives [15].
因美纳缺席CMEF背后：一家美国巨头在中国“消失”样本