31起并购、超两千亿交易！2025年，仪器巨头为何逆势“买买买”？

Core Viewpoint - The scientific instrument industry has seen a resurgence in mergers and acquisitions (M&A), with 31 transactions totaling over 220.6 billion yuan as of August 11, 2025, indicating a trend of "reduced volume but increased value" compared to the previous year [1][2]. Summary by Sections M&A Activity Overview - As of August 11, 2025, the scientific instrument industry recorded 31 M&A transactions with a total disclosed value exceeding 220.6 billion yuan, with the highest single transaction amounting to 125.4 billion yuan [2]. - In comparison, the previous year saw 39 transactions with a total value of only 53.4 billion yuan, highlighting a significant increase in transaction value in 2025 [2]. Strategic Focus of M&A - Unlike the previous year where Brook dominated with high-frequency acquisitions, 2025 has seen major players like Waters, bioMérieux, and Saint Shining Biotech each completing two transactions, focusing on technology integration and market expansion [2][3]. - The majority of M&A activities are concentrated in the life sciences sector, accounting for 78% of total transactions, while semiconductor measurement and optoelectronic sensing sectors saw a decline in activity [3]. Notable Transactions - Waters initiated a significant acquisition of BD's biosciences and diagnostics business for 17.5 billion USD (approximately 125.4 billion yuan), positioning it as a transformative move aimed at achieving substantial value growth through synergies [4]. - Siemens acquired Dotmatics, a life sciences software company, for 5.1 billion USD, enhancing its competitive edge in medical technology [4]. - Thermo Fisher's acquisition of Solventum for 4.1 billion USD fills a critical gap in purification and filtration technology, aiming to capture growth in the biopharmaceutical market [5]. Domestic M&A Trends - Domestic companies like Saint Shining Biotech and Crystal Technology have also been active, with each completing two acquisitions, although the total amounts are significantly lower than those of foreign firms [6]. - The trend of acquiring overseas companies is evident, as seen with Titan Technology's acquisition of the UK-based biochemical reagent brand Apollo Scientific, aimed at expanding its global market presence [9]. Strategic Implications - The M&A landscape reflects a shift towards cross-industry acquisitions as companies seek new growth avenues, supported by favorable policies from regulatory bodies [8]. - Companies are increasingly focusing on core business areas while divesting slower-growing segments to streamline operations and enhance strategic precision [8]. - The integration of global channels and technology through acquisitions is becoming essential for domestic firms to compete internationally [11].