Core Insights - Sartorius has launched the Octet molecular interaction analysis system at its Shanghai facility, marking a new phase in the localization of high-end molecular interaction analysis systems [1][3] - The Octet system, utilizing Bio-Layer Interferometry (BLI) technology, has supported nearly 10,000 research institutions and pharmaceutical companies globally, resulting in approximately 20,000 published articles, including over 300 in CNS journals [1] - The localized production of Octet instruments includes three main models: dual-channel, four-channel, and eight-channel, aimed at enhancing supply chain resilience and improving response times for local customers [1] Company Strategy - Sartorius emphasizes strict quality standards in its Shanghai factory, ensuring that every locally produced Octet system meets the same performance and stability as those produced at its headquarters [4] - The local production is a key initiative to respond to market demands in China and represents an important step in Sartorius's global strategic layout, enabling faster and more tailored services [4] - The company views the production of the Octet system in China as a recognition of the potential of the Chinese life sciences market, aiming to leverage cost advantages and improved delivery speeds to foster collaboration with local customers [6] Market Vision - Sartorius aims to accelerate medical discoveries and simplify drug production by integrating German precision manufacturing with local innovation needs, establishing a localized development path characterized by technology empowerment and shared value [8]

1）一季度业绩解释：销量下降，一是MY产线升级，影响7周的生产；二是品牌遭受敌意。盈利下降， 除了销量下降，还有研发支出影响（机器人、robotaxi等）。 2）机器人：今年底数千台在Austin工厂工作，我们有信心5年内到2030年，也许可能4年内达到100万 台。几千台会在今年年底前完成，大部分集中在年底完成，一方面是新东西，供应链要培养，另一方面 比如稀土等也受中国出口限制影响。供应链，会更重视本土化。 3）关于关税影响：特斯拉有很多年的本土化经验，和竞争对手相比，受关税影响较小 。关于关税会去 和总统建议降低，但是决策权在总统。应对全球化不确定性，通过本土化生产，在三大欧洲附近生产零 部件，和垂直整合的本地供应商合作，特斯拉在美国本土化85%，中国95%。渗透到零部件的原材料， 同一个零部件会选不同的2个国家供应商，避免供应链风险。 4）关于Robotaxi：一旦在美国几个城市通过，就可以推广至其他城市。6月在Austin开始，年内可能先 几百台。到明年下半年，部署百万台。希望市占率90%。 5）FSD：无人监督的自动驾驶可能今年年底之前可以在私人车上使用，在测试，重视安全。 6）低价车型：仍然计划今 ...