MGI(SH:688114) Di Yi Cai Jing Zi Xun·2025-09-10 09:05Group 1: Market Overview - The domestic gene sequencing instrument bidding market is accelerating, with 137 procurement units and 123 winning units, totaling approximately 249 million yuan in bids for 179 sets of equipment by mid-2025 [1] - Domestic manufacturers, including BGI Genomics (688114.SH) and Berry Genomics (000710.SZ), captured a combined market share of 59.31%, while the only foreign manufacturer, Thermo Fisher, held a 14.44% market share [1] - In 2024, BGI Genomics was the only domestic manufacturer in the top three by market share, with a 50.05% share, while foreign manufacturers had a combined share of 16.24% [1] Group 2: Company Performance - BGI Genomics reported a significant increase in sales volume for its long-read sequencing instruments, exceeding 700 units in the first half of 2025, marking a year-on-year growth of 60.35% [2] - The company also reduced its net profit loss by 65.28% during the same period [2] Group 3: Competitive Landscape - The competition in the domestic gene sequencing market is intensifying, leading to price wars among manufacturers [3] - BGI Genomics' adjusted gross margin decreased by 8.03 percentage points to 52.85% in the first half of 2025, while Berry Genomics and Novogene (688315.SH) also experienced declines in their gross margins [3] - The business model in the gene sequencing industry relies on equipment sales as an entry point, with consumables as the core profit driver, making market share in equipment sales crucial for long-term customer value [3] Group 4: Technological Advancements - BGI Genomics launched the DNBSEQ T7+ ultra-high-throughput gene sequencer, capable of delivering over 14Tb of sequencing data within 24 hours, significantly improving processing times compared to competitors [4] - The T7+ sequencer addresses previous delays in sample processing, allowing for a more efficient workflow and consistent scheduling for customers [4] - The technology ensures high-quality sequencing by maintaining the integrity of DNA samples, thus minimizing errors associated with other methods [4]