◎记者 孙小程 西藏药业一度让不少同行艳羡——大单品新活素经久不衰，支撑其业绩常年保持稳定。 但硬币的另一面，显然是单一产品依赖度过高的风险，这是始终悬在西藏药业头顶的现实考题。 西藏药业生产线 西藏药业厂区 居安常思危，如何摆脱"单腿走路"的局面？ 近日，上海证券报记者走进西藏药业，探寻其在新时期的转型密码。西藏药业董事长陈达彬将其总结 为：内源性增长与外延式扩张并重。对内拓展新活素的市场覆盖率，深挖藏药资源护城河；对外通过投 资基因编辑企业，持续探索创新药前沿领域。"内外"兼修，让谋求可持续发展的西藏药业迈向更广阔的 增长空间。 守正于"内" 夯实发展根基 从雪域高原出发，西藏药业在二十余年的时间里，逐步构建起覆盖西藏、四川、上海及海外市场的产业 版图。 目前，西藏药业产品涵盖生物制药、藏药、中药和化学药领域，主要产品涉及心脑血管、肝胆、扭挫伤 及风湿、类风湿、感冒等，代表品种有新活素、依姆多、诺迪康、十味蒂达胶囊、雪山金罗汉止痛涂膜 剂、小儿双清颗粒等。 其中，新活素是西藏药业拥有自主研发的国家生物制品一类新药，是治疗急性心衰的基因工程药物。新 活素能快速改善心衰患者的心衰症状和体征，提高患者的生存质量 ...

Industry Background: Transition to a "Data-Driven" Era in Breeding - Traditional breeding relies heavily on time-consuming field trials and personal experience, typically requiring 7-12 years for completion, which is costly and has a limited success rate. The global breeding industry is undergoing a fundamental shift from "experience-driven" to "data + model-driven" due to the significant decrease in genome sequencing costs, widespread application of high-throughput phenotyping technologies, and continuous enhancement of AI computing power [2]. Core Applications of AI in the Breeding Industry - **Genomic Selection**: This technology analyzes vast amounts of genetic markers to accurately predict key traits such as crop yield, quality, and disease resistance. AI can reduce the breeding cycle from 7-10 years to 4-6 years and improve trait prediction accuracy by 10-25%, while significantly lowering field validation costs. Leading companies like Bayer and KWS have implemented this at scale for major crops [6]. - **Phenotypic Analysis**: AI enhances the efficiency and accuracy of collecting phenotypic data through automated analysis of plant growth, disease severity, and canopy structure using drones and hyperspectral cameras. This technology increases selection efficiency by 5-10 times and provides objective quantitative data for field trials [7]. - **Hybrid Combination Prediction**: AI integrates multi-dimensional data to improve the accuracy of predicting successful hybrid combinations, addressing the issue where over 95% of traditional combinations fail to meet expectations. This allows for the early elimination of ineffective combinations, focusing resources on high-potential materials [8]. - **Environmental Modeling**: AI constructs G×E (genotype × environment) models to predict how different genotypes perform in various environments, facilitating a shift from reliance on multi-site trials to model-driven predictions, thus overcoming geographical limitations in breeding [10]. Global Application Status: From Experimental Exploration to Large-Scale Implementation - The global breeding industry has formed three distinct tiers in AI application: - Leading seed companies like Bayer and Syngenta have established comprehensive data infrastructures and AI breeding systems, creating high technical barriers [12]. - Research institutions such as CGIAR and USDA are driving innovation in AI breeding projects for staple crops, providing theoretical and technical support [13]. - Small and medium enterprises are gaining capabilities through SaaS platforms, allowing them to access advanced breeding tools at lower costs [13]. Commercialization Models and Industry Transformation Directions - Three main commercialization models have emerged in AI breeding: - **SaaS Software Subscription Model**: Targets small and medium breeding companies, offering tiered pricing based on image processing volume or trial area, lowering the application threshold for AI technology [15]. - **Data Analysis Service Model**: Provides specialized services for specific breeding projects, converting professional knowledge into value [15]. - **AI-Driven New Variety Commercialization**: This mainstream model for seed companies enhances breeding efficiency, leading to faster market introduction and more stable traits, ultimately increasing seed sales revenue [15]. Future Prospects: AI Will Reshape the Global Breeding Competitive Landscape - The breeding industry is expected to undergo three distinct development stages driven by AI: - **Short-term (1-3 years)**: Rapid commercialization of single-point AI tools, with phenotypic analysis AI leading the way and genomic selection solidifying its mainstream status [17]. - **Mid-term (3-7 years)**: AI will evolve from single-point tools to a full-process breeding system, with digital field trials becoming common and hybrid combination prediction transitioning into routine production [17]. - **Long-term (7-10 years)**: The deep integration of AI with gene editing technologies will create a closed-loop system, significantly reducing breeding costs by 40-60% and shortening cycles by 30-50% [17]. Domestic Development Status: Breakthroughs in China's AI Breeding Field - The year 2025 is projected to be a landmark year for China's AI breeding, with several innovative achievements: - The Shanghai AI Laboratory, in collaboration with other institutions, launched the first autonomous scientific discovery system in biological breeding, capable of simulating molecular biologist functions [19]. - Zhejiang University and Huawei developed an "AI Breeder" that enhances cotton hybrid breeding efficiency by 20 times and reduces the breeding cycle from 6-8 years to 3-4 years [19]. - The establishment of a unified data platform by the Qiaozhou Bay National Laboratory and Huawei significantly improves breeding efficiency through standardized data collection [19]. Conclusion: AI Initiates the "Second Revolution" in the Breeding Industry - AI is leading the most profound transformation in the breeding industry since the advent of hybrid breeding technology, marking a shift from reliance on experience to data-driven predictions. This revolution fundamentally changes the breeding paradigm from "art" to "science," establishing quantifiable and predictable mathematical models [21]. The integration of AI with gene editing technologies will usher in an era of "precise design" in breeding, redefining competitive dynamics in the global seed industry [21].

Core Insights - The debate between Luo Yonghao and Jia Guolong highlights the confusion surrounding the definition of "pre-made dishes" in the Chinese restaurant industry, reflecting a gap in understanding between industry practitioners and consumers [1][2][3] - The evolution of the Chinese dining industry from a "blue ocean" to a "red ocean" is marked by increased competition and changing consumer perceptions, making pre-made dishes a key tool for scaling Chinese restaurant brands [3][4] Industry Overview - The restaurant industry was thriving 20 years ago with freshly cooked dishes being popular due to low costs and high profits, while pre-made dishes were primarily associated with Western fast-food chains like McDonald's [3] - The shift towards central kitchens is seen as essential for modernizing the restaurant industry, allowing for reduced labor and space requirements, decreased waste, and improved efficiency, aligning with fast-paced lifestyles [3][4] - The "Xibei incident" has exposed a significant disconnect between how businesses view central kitchens as a pre-processing step and how consumers categorize anything that is not freshly cooked as "pre-made dishes," leading to a crisis of trust [3][4] Consumer Behavior - The essence of Chinese cuisine lies in its "wok energy" and cultural significance, which pre-made dishes struggle to replicate, indicating a complex relationship between modern dining practices and traditional culinary values [4] - The ongoing discourse around food choices and dining experiences is fueled by recent controversies, such as the Xibei pre-made dish dispute, which has sparked public interest and debate [6]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company's cash and cash equivalents were $23.9 million, sufficient to fund planned operating expenses into early Q2 2026 [20] - Revenue for Q3 2025 was $615,000, a decrease from $1.7 million in the same period last year, reflecting the timing of partner-funded program activities [20] - Research and development expenses decreased to $10.8 million from $13 million year-over-year, primarily due to cost-reduction initiatives [21] - Selling, general, and administrative expenses were reduced to $5.2 million from $7.7 million in the previous year [21] - The net loss for Q3 2025 was $24.3 million, significantly improved from a loss of $201.5 million in the year-ago period, which included a $181.4 million non-cash goodwill impairment charge [22][23] Business Line Data and Key Metrics Changes - The company signed seven RISE customer agreements in the U.S. and Latin America, representing approximately 5-7 million addressable acres for herbicide-tolerant traits HT1 and HT3, with potential annual royalties exceeding $200 million [6][7] - The RISE traits are on track for initial commercial launch in Latin America in 2027, followed by the U.S. in 2028 and Asia around 2030 [8][11] - The biofragrance program achieved critical milestones with successful pre-commercial pilot runs, positioning the company to receive initial payments in Q4 2025 [12] Market Data and Key Metrics Changes - The company is expanding its customer base in Latin America and is positioning for entry into the Asian markets, particularly India, which has approximately 120 million acres under rice cultivation [10][35] - The regulatory environment is improving, with positive determinations in Ecuador and ongoing approvals across North and South America, as well as progress in India and parts of Asia [14] Company Strategy and Development Direction - The company is focused on commercialization and production activities, particularly in weed management traits and biofragrance business, to capture near-term revenue opportunities [4][5] - The streamlined strategic focus has led to significant commercialization momentum, validating the decision to prioritize high-value opportunities [4][5] - The company aims to reduce annual net cash usage to approximately $30 million by 2026 through disciplined capital allocation and operational efficiencies [15][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the gene-editing revolution in agriculture, emphasizing the company's readiness to capitalize on commercialization opportunities [24][25] - The regulatory environment is seen as a catalyst for growth, with expectations for the EU regulatory process to finalize by year-end 2025 [31][33] - The company anticipates initial revenues from biofragrance products in 2026, with a long-term revenue potential in the $20 million-$40 million range [47] Other Important Information - The company has strengthened its board with new appointments to support commercialization efforts [5][6] - The standardized rapid trait development system (RTDS) is recognized as a breakthrough in agricultural innovation, enhancing the company's ability to deliver edited germplasm to customers [11][17] Q&A Session Summary Question: Potential for R&D sharing or bespoke R&D projects in 2026 - Management indicated significant opportunities for expanding R&D collaborations in 2026, driven by regulatory tailwinds and inbound interest for partnerships beyond current focuses [27][28] Question: Timeline for EU regulations finalization - Management believes the final text for EU regulations will be completed by year-end 2025, marking a significant moment for the industry [31][33] Question: Total addressable market for rice in key regions - The company estimates a total addressable market of over 120 million acres in India and 5-7 million acres in Latin America and the U.S. [35][39] Question: Differences between HT traits and pod shatter reduction - Management explained that herbicide-tolerant traits are essential for weed management and have a well-understood business model, making them easier to integrate into breeding programs compared to pod shatter reduction traits [40][41] Question: Revenue expectations for biofragrance products in 2026 - Initial revenues from biofragrance products are expected to be in the single-digit millions, with potential to ramp up significantly in subsequent years [47][55] Question: Update on automation and improvements in the real-time delivery system - Management highlighted improvements in editing frequency and regeneration efficiency, with ongoing automation efforts to enhance operational efficiency [63][64]

Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a notable recovery expected in the coming years, particularly in the context of the Chinese market and its potential for innovation and growth [3][4]. Group 1: Current Market Analysis - As of October 2025, the Hang Seng Medical Index is at 4048 points, reflecting a 100% increase from its lowest point but still has room to grow compared to its previous high of 8396 points [3]. - The A-share pharmaceutical index stands at 9488 points, only reaching 25% of its previous high of 16906 points, indicating a slower recovery compared to Hong Kong stocks [3]. - The overall valuation of covered pharmaceutical stocks has stabilized around historical averages, but a recent market pullback has raised questions about future performance [3][4]. Group 2: Investment Opportunities - The domestic high-value consumables market shows strong potential for growth, particularly in the context of "innovation + going global," although market consensus on this potential is still lacking [4][10]. - The market capitalization of leading domestic biotech companies is approaching that of their international counterparts, indicating a significant growth opportunity in the high-value consumables sector [4][10]. - The disparity in market capitalization between U.S. and Chinese high-value consumables companies raises questions about the potential for Chinese firms to achieve similar valuations [6][10]. Group 3: Future Growth Drivers - The high-value consumables sector is characterized by a strong innovation pipeline, with many products in the regulatory approval process, suggesting continued growth in this area [9][10]. - The potential for significant unmet medical needs in areas such as heart valve treatments and neuromodulation therapies presents further opportunities for innovation and market expansion [9][10]. - The increasing competitiveness of domestic high-value consumables firms in international markets is expected to drive growth, with several products nearing market entry in Europe and the U.S. [11][13]. Group 4: Biotech Sector Insights - The U.S. biotech sector is poised for a second upward cycle driven by various innovative technologies, particularly in cell-based therapies [15][16]. - The siRNA technology has shown promise in clinical applications, with a historical trajectory that suggests a potential for significant market recovery and growth [17][20]. - Gene editing technologies are gaining traction as they offer the potential for permanent solutions to diseases, which could reshape treatment paradigms in the future [22][23]. Group 5: Domestic Innovation and Market Trends - The domestic innovative drug sector is entering a critical phase, with the potential for substantial growth driven by ongoing reforms and market expansion [23][25]. - The historical context of U.S. pharmaceutical growth during the 1980s suggests that China may experience a similar trajectory, with the current phase representing only the first half of a longer growth cycle [25][26]. - The increasing focus on high-quality, innovative products in the Chinese market is expected to enhance competitiveness and drive future growth [28][30]. Group 6: Overall Industry Outlook - The pharmaceutical industry is anticipated to see a recovery in total revenue growth, with projections suggesting a return to a stable growth rate of 6%-9% over the next three years [32][34]. - The potential for improved profit margins is linked to the maturation of previously unprofitable innovative drug companies and a reduction in competitive pressures [32][34]. - Despite current low valuations, the pharmaceutical sector's long-term growth prospects remain strong, making it an attractive investment opportunity [34].

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 decreased to $1,165,000 from $1,958,000 in the same period a year ago, primarily due to declines in research and development revenue and license and milestone revenue [23][24] - Research and development expenses increased to $572,000 from $460,000 year-over-year, driven by a rise in active internal research initiatives [24] - Net loss for Q3 2025 increased to $1,976,000 or $0.06 per share compared to a loss of $203,000 or $0.01 per share in the same period last year [25] Business Line Data and Key Metrics Changes - The Life Sciences segment is now operating as a product company, manufacturing and supplying lab-grade materials for multiple recombinant proteins [5][6] - The recombinant human albumin program is advancing towards a commercial launch in early 2026, with significant milestone payments received from ProLiant [6][7] - The first bulk purchase order for a Dyadic produced protein was achieved in October, validating the market readiness of the technology [8] Market Data and Key Metrics Changes - The cell culture media market is identified as a dynamic growth area, requiring consistent animal-free proteins for scalability and regulatory confidence [6] - The market for DNase one is approximately $250 million for recombinant products, with a broader market of $1.5 billion for all production methods [32] - The animal-free dairy protein market is expected to exceed $20 billion by 2035, driven by demand for sustainable protein production [13] Company Strategy and Development Direction - The company is transitioning from a platform-centric R&D organization to a commercially focused biotechnology company with a growing portfolio of high-value products [4][5] - Dyadic has rebranded as Dyadic Applied Biosolutions and is enhancing its technology foundation with CRISPR Cas9 gene editing capabilities [4][5] - The strategy includes expanding customer engagement in key global markets, particularly in Asia, Europe, and North America [76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's transformation and execution, highlighting the first commercial bulk sale as a pivotal moment [4][5] - The focus remains on accelerating product sales across life sciences and molecular biology reagent portfolios, with early commercial traction already underway [76] - The company anticipates growth in product revenue in life sciences and food and nutrition markets while maintaining operating expenses in line with the previous year [26] Other Important Information - The company received a total of $1,500,000 in milestone payments from ProLiant, with expectations to share in profits as albumin products enter the market [7] - Dyadic's collaboration with Intralink aims to accelerate market penetration in Japan and South Korea, leveraging local expertise for effective market reach [11][12] Q&A Session Summary Question: What does the new relationship with ERS Genomics bring to the portfolio? - The CRISPR license enhances the genetic toolbox, accelerating product development and improving optimization yields, providing a competitive advantage in various markets [29][30] Question: How should the DNase one opportunity be viewed for growth in 2026 and beyond? - The DNase one market is substantial, and the focus is on securing OEM agreements for bulk sales, with expectations for steady growth as higher margin segments are targeted [32][34] Question: What characteristics of customers are expected in the Asian markets for DNase one and transferrin? - The target customers include cell and gene therapy manufacturers and suppliers, focusing on bulk purchase orders rather than individual institutions [36][37] Question: Can you elaborate on the CRISPR ERS agreement structure? - The agreement involves improving fungal cell lines for efficiency and quality, with confidentiality around financial specifics, but it is not comparable to CRISPR applications in pharmaceuticals [45][46] Question: How is the infant nutrition product being marketed? - The goal is to mimic human breast milk and bovine milk, with a focus on regulatory hurdles and consumer acceptance, presenting a significant opportunity in the market [51][53]

Precision BioSciences (NasdaqCM:DTIL) Update / Briefing November 11, 2025 08:00 AM ET Speaker3Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Precision BioSciences AASLD update call. All lines have been placed on mute to prevent any background noise. After this speaker's remarks, there will be a question-and-answer session. To ask a question, simply press star followed by the number one on your telephone keypad. ...

IT之家 11 月 10 日消息，华尔街日报于 11 月 8 日发布博文，报道称由 OpenAI 首席执行官山姆・奥尔特曼及 Coinbase 首席执行官布莱恩・阿 姆斯特朗等科技巨头投资的初创公司 Preventive，正秘密推进一项创造"基因编辑婴儿"的计划。 奥尔特曼的丈夫奥利弗・穆尔赫林（Oliver Mulherin，两人于 2024 年 1 月结婚）表示，是他主导了这项投资，称此举旨在帮助家庭避免遗传 疾病。 阿姆斯特朗曾公开支持胚胎编辑，他发帖表示"很高兴"支持 Preventive 公司，并认为纠正胚胎中的基因缺陷比治疗成年后的疾病要容易得 多。 很高兴能成为 Preventive 的投资者! 全球有超过3亿人患有遗传性疾病。应开展基础研究，以确定能否开发出安 全有效的疗法，在出生时就治愈这些疾病。在疾病进展之前,例如在胚胎时 期,纠正少量细胞的病变要容易得多。 翻译帖子 Lucas Harrington @ @CRISPR_LuCas . 10月30日 Excited to announce Preventive, a PBC dedicated to rigorous research i ...

11月7日，记者从黑龙江省农业科学院获悉，该院教授刘娣团队与中山大学何祖勇团队联合攻关，以国家级保护猪种民猪为对象，成功培育世界 首批单基因和多基因编辑民猪20头。 刘娣表示，团队将进一步加强基因编辑猪的性状评估并继续开展其他基因编辑猪的研究，推动该成果迈向产业应用，为我国地方猪种资源保 护、新种质创制和生命健康产业发展注入新动能。 （文章来源：科技日报） 项目组先后于2024年11月8日和2025年7月25日，在黑龙江省农业科学院实验猪场获得两批20头民猪的基因编辑猪。项目首次以民猪为对象，分 别获得了具有提高肉质效应的IGF2基因编辑猪；具有提高繁殖力的BMP15基因编辑猪。在多基因组合编辑方面，将BMP15、MSTN、CD163三 个基因组合编辑，获得具有增产、高繁殖力、抗病效应的三基因编辑猪；同时，将TYR、SGK3、GHRHR三个基因组合编辑，获得具有无毛、 白化、矮小效应的三基因编辑猪。此外，团队还以五指山猪为对象，成功获得生长相关PROP1基因编辑猪、高繁殖力FecB基因编辑猪。 该研究成果，标志着团队在利用民猪进行基因编辑方面走在国际前列，不仅为优质高效民猪生产提供了基因编辑育种新路径，更为医 ...

Core Viewpoint - Azalea Therapeutics, co-founded by Nobel laureate Jennifer Doudna, is entering the competitive in vivo CAR-T field with a focus on innovative gene therapy solutions and a new delivery technology platform [2][3]. Funding and Development Plans - On November 4, 2025, Azalea announced a funding round of $82 million to advance an in vivo CAR-T cell therapy for B-cell malignancies into clinical stages within the next 12-18 months [2]. - The company aims to further develop its novel delivery technology platform [2]. Technology and Innovation - Azalea's core asset is the Enveloped Delivery Vehicle (EDV), a delivery technology developed in Doudna's lab, which was published in Nature Biotechnology in January 2024 [3]. - The EDV utilizes a modified vesicular stomatitis virus glycoprotein (VSVGmut) paired with antibody-derived single-chain variable fragments (scFv) to package Cas9 ribonucleoprotein complexes for targeted genome editing [5][7]. Advantages of EDV - Unlike traditional delivery systems, EDV allows for predictable antibody-antigen interactions, enabling selective and instantaneous delivery of genome editing components to target cells [7]. - In mixed cell populations, Cas9-EDV preferentially edits the genome in target cells without off-target effects in liver cells, establishing a programmable delivery strategy with broad therapeutic potential [7]. Founding Team and Expertise - The founding team includes Michael Fischbach and Justin Eyquem, with Eyquem contributing a second delivery vehicle for in vivo CAR-T therapy [9]. - Eyquem's previous research demonstrated that integrating CAR into the TRAC gene locus reduces potential oncogenic risks and enhances anti-tumor activity [9]. Upcoming Presentations and Industry Context - Azalea plans to present a series of proof-of-concept data from tumor mouse models at the upcoming ASGCT conference, with experiments in primate models also underway [10]. - The in vivo CAR-T sector has seen significant activity in 2023, with multiple acquisitions and advancements from major companies, indicating a rapidly evolving landscape [11][12][13][14].