Summary of Bio Techne Conference Call Company Overview - **Company**: Bio Techne - **Analyst**: Matt Sykes, Goldman Sachs - **CFO**: Jim Hipple - **Head of IR**: David Claire Key Highlights from Fiscal Q3 Results - **Overall Growth**: Achieved 6% organic growth in Q3 despite macroeconomic headwinds [5][6] - **Protein Sciences Segment**: Notable 7% growth, driven by widespread demand across core reagents and instrument platforms [5][6] - **Large Pharma Market**: Contributed significantly to growth, accounting for 30% of total revenue, with double-digit growth observed [6][7] U.S. Academic Market Insights - **Revenue Contribution**: U.S. academic customers represent approximately 12% of total revenue [12] - **Market Volatility**: Academic market has been volatile due to budget cuts and NIH funding fluctuations, but core reagents remain stable [10][11] - **International Exposure**: Academic markets outside the U.S., particularly in Europe, have shown robust growth, helping to stabilize overall academic revenue [14] Tariff Exposure and Mitigation - **Manufacturing Resilience**: Most products manufactured in the U.S., with core reagents exempt from tariffs, minimizing exposure [16][17] - **Mitigation Strategies**: Ability to ramp up production in non-China facilities to avoid tariff impacts [18] China Market Performance - **Revenue Impact**: China accounts for about 8% of total revenue, with recent quarters showing negative mid-single-digit growth [20][21] - **Customer Sentiment**: A slight shift towards optimism among customers in China, indicating potential for future growth [22][23] Biopharma Market Dynamics - **Market Segmentation**: Distinction between large pharma and biotech, with large pharma showing more stability and less volatility [26][27] - **R&D Budgets**: Anticipated increases in R&D budgets for large pharma in 2025, despite recent caution due to external factors [28][30] Instrumentation and Consumables - **Growth in Instrumentation**: Achieved upper single-digit growth in instrumentation, driven by strong consumable pull-through [43][44] - **Competitive Advantage**: Unique product offerings with minimal direct competition in key instrument platforms [45][46] GMP Reagents and Cell & Gene Therapy - **Revenue Dynamics**: Growth in GMP reagents is lumpy due to reliance on clinical trial purchases, but reflects progress in customer development [50][52] - **Wilson Wolf Acquisition**: Bio Techne owns 20% of Wilson Wolf, with plans to acquire the remaining 80% based on performance metrics, enhancing growth potential in cell therapy [62][65] Spatial Biology and Diagnostics - **Market Position**: Bio Techne is a leading player in spatial biology, with a focus on translational applications and a profitable business model [67][68] - **COMET Platform**: New automated solution for spatial biology, capable of multi-omic detection, enhancing reagent pull-through [69][70] Financial Outlook - **Q4 Expectations**: Anticipating low single-digit growth due to continued market challenges, particularly in large pharma [73][75] - **Margin Projections**: Expected decline in operating margins due to tariff impacts, but viewed as a temporary issue [76][77] Capital Allocation Strategy - **Share Repurchase Plan**: Announced a $500 million share repurchase plan, indicating confidence in company valuation and a tactical approach to capital allocation [78][81] - **M&A Strategy**: Continued focus on M&A as a key growth strategy, particularly targeting private companies [80][82]

年 细胞与基因疗法行业词条报告 / / /生物制品制造、港股分类 法/消费品制造/医疗保健 Copyright © 2025 头豹 细胞与基因疗法：技术突破与商业化加速下的万亿级蓝海市场 头豹词 条报告系列 疗按照载体类型可分为病毒载体基因治疗和非病毒载体基因治疗。基因工程技术、表达载体和基因递送方法设计的突破与进步为CGT行业的发展 奠定基础。由此，CGT的发展方向呈现出从传统细胞治疗向与基因修饰相结合的方向发展的趋势。 行业分类 中国细胞与基因疗法主要分为细胞治疗与基因治疗两个大类。细胞治疗以体外治疗为主，是利用来自患者或宫体的活细胞来替代受损或患病 的细胞或刺激身体的免疫反应或再生的治疗。基因治疗技术以体内治疗方式为主，运用病毒或非病毒载体直接将目的基因递送入患者体内纠正患 何婉怡 · 头豹分析师 2025-05-23 未经平台授权，禁止转载 行业分类： 消费品制造/医疗保健 摘要 细胞与基因疗法（CGT）行业应用广泛，包括细胞治疗和基因治疗，旨在治愈多种疾病。该行业技术壁垒较高，药物生产难度大，质量控制严格。然而，在研管线丰富，近 年来越来越多的CGT药物进入IND和BLA阶段，市场规模稳定增长。中国 ...

Investment Rating - The report assigns an "Overweight" (OW) rating to Mindray, Genscript, and Dashenlin, indicating a positive outlook for these companies in the healthcare sector [9][21]. Core Insights - The domestic market recovery for Mindray is on track despite macro challenges, with overseas sales expected to grow by approximately 15% in FY25. The company anticipates meaningful growth in the second half of 2025 due to increased hospital tender activities and a government funding injection of around Rmb 20 billion for medical equipment replacement [2]. - Snibe expects a recovery in its IVD business starting in the second half of 2025, with guidance for single-digit growth in China sales for FY25 and double-digit growth anticipated in 4Q25 and the following year [3]. - Genscript's ProBio business is projected to drive future growth, with no changes in guidance despite geopolitical developments. The company expects to reach breakeven once sales hit US$150 million to US$160 million [4][8]. - Dashenlin is positioned as a top pick in the pharmacy space, forecasting a 25% profit growth and around 10% revenue growth for FY25, alongside a significant store expansion plan [9]. Summary by Company Mindray - Domestic market recovery is progressing, with overseas sales growth projected at 15% for FY25. Management expects significant growth in the second half of 2025 due to increased hospital tender activities and a Rmb 20 billion funding injection from the government [2]. Snibe - The company anticipates a recovery in its IVD business in 2H25, with a projected single-digit growth in China sales for FY25. The overall China IVD market size is expected to shrink by approximately 10% in 2025 but recover to over 5% growth in the long term [3]. Genscript - The ProBio business is expected to drive future growth, with management maintaining guidance despite geopolitical challenges. The company anticipates breakeven at US$150 million to US$160 million in sales [4][8]. Dashenlin - The company is expected to achieve a 25% profit growth and around 10% revenue growth for FY25, with a net increase of approximately 2,300 stores planned. Industry consolidation is expected to accelerate, benefiting leading chains like Dashenlin [9].

随着科学技术的不断进步，细胞与基因治疗已成为当今医疗领域最具潜力和创新性的发展方向之一。根 据BCC发布的《2024年全球细胞与基因治疗市场报告》，这一市场在2022年的估值为58亿美元，并预计 到2028年将增长至233.3亿美元，年复合增长率(CAGR)达到26.4%，市场前景广阔。 资料显示，EsoBiotec成立于2020年，是专注于体内CAR-T领域较为突出的新锐公司。依托工程纳米抗 体慢病毒(ENaBL)平台，EsoBiotec目前已布局四条临床候选管线，其中针对多发性骨髓瘤的候选管线 ESO-T01(BCMA CAR-T)是其核心产品，目前已进入临床研究阶段。 ESO-T01是基于ENaBL平台打造的首个体内BCMA CAR-T候选药物，也是率先开启人体临床试验给药 的同类产品。2025年1月，EsoBiotec宣布在中国开展的IIT临床试验实现首例患者给药，该试验聚焦于评 估ESO-T01治疗复发/难治性多发性骨髓瘤的安全性、耐受性以及初步临床活性。早期临床数据显示， 在免淋巴清除条件下，ESO-T01在起始剂量就能达成高效T细胞重编程与CAR-T扩增，且给药28天后患 者骨髓癌细胞"零检出" ...

从管理规模来看，天使母基金的设立规模普遍超过百亿元以上，而在投资方式上，"子基金+直投"仍是 普遍选择。 广州天使母基金于2024年6月官宣成立，目标规模100亿元，首期规模10亿元，采取"母子基金"+直投方 式运作，以"母子基金"与市场化基金管理人合作设立子基金为主、直投为辅。 5月10日，广州金控基金董事长、总经理黄成在第33期珠江金融论坛上表示，"目前，广州天使母基金已 完成7只参股子基金的设立，实缴3.87亿元；已完成投放项目14个，投资金额合计7000万元。" 此外，黄成也介绍广州天使母基金在子基金遴选设立、项目投放落地、机构和项目储备、生态圈建设等 方面取得的阶段性成效。 在子基金遴选设立方面，广州天使母基金累计公示合作机构30家，拟设立子基金总规模超87亿元，预计 撬动社会资本出资近60亿元，放大倍数超3倍。目前，已完成7只参股子基金的设立，认缴规模10.01亿 元，已实缴3.87亿元，撬动社会资本出资2.8亿元，放大2.62倍。 21世纪经济报道记者 翁榕涛 实习生 吴梓轩 广州报道 近年来，为了支持长期资本投早、投小、投硬科技，推动金融资源更多投向科技创新，各地设立天使母 基金的步伐加快。 ...

政策支持力度空前 全面支持医药研发和引进，大力推动人工智能在生物制造及药械研发领域应用，加快建设大湾区国际临 床试验中心……日前，深圳市发展和改革委员会等四部门联合印发《深圳市全链条支持医药和医疗器械 发展若干措施》，推出32项政策措施，旨在构建覆盖基础研究、临床转化、生产制造、市场应用的完整 产业生态链。 ● 本报记者齐金钊 提升临床试验服务效能 《措施》提出，深圳将加快建设大湾区国际临床试验中心，统筹大湾区临床试验资源，支持粤港澳大湾 区国际临床试验中心与粤港澳大湾区国际临床试验所协同发展，构建国际化临床试验网络体系。深圳将 优化市内临床试验院内流程，争取将临床试验启动前机构内部整体用时压缩至25周内，支持符合条件的 罕见病用创新药和创新医疗（002173）器械向国家药品监督管理局申请减免临床试验。研究型医院可设 立专项床位，其临床研究不纳入病床使用效益考核。 在加速大湾区创新药和创新医疗器械深度融合与产业升级方面，《措施》提出将拓展"港澳药械通"实施 范围，支持更多符合申报条件的医疗机构纳入"港澳药械通"指定机构范围，进一步加快更多临床急需进 口药品医疗器械纳入"港澳药械通"目录范围并先试先用。 在产业 ...

4月2 9日晚间，海尔生物医疗发布2 0 2 5年第一季度报告， 营业收入达6 . 8 9亿元，同比增长0 . 3 0%，环比增长3 7 . 3 0%。 | 项目 | 本报告期 | 上年同期 | 本报告期比上 年同期增减变 | | --- | --- | --- | --- | | | | | 动幅度(%) | | 营业收入 | 688, 989, 400. 70 | 686, 909, 061. 52 | 0. 30 | | 归属于上市公司股东的净利润 | 110, 258, 240. 35 | 137,614,697. 49 | -19. 88 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 99, 168, 300. 25 | 132, 888, 963. 12 | -25. 38 | | 经营活动产生的现金流量净额 | 37, 219, 201. 54 | 77, 204, 996. 82 | -51. 79 | | 基本每股收益(元/股) | 0. 35 | 0. 44 | -20. 45 | | 稀释每股收益(元/股) | 0. 35 | 0. 44 | -20. 45 | 导读： 海 ...

工业是山东经济发展的龙头和脊梁。3月28日，山东召开深入实施工业经济"头号工程"工作推进会，要 坚定不移做大做强做优工业，为现代化强省建设提供强力支撑。 今年以来，山东锚定"走在前、挑大梁"，抢抓战略机遇、靶向攻坚突破，持续筑牢夯实工业大盘，"经 济大省挑大梁"的底气更足。今年一季度，山东省生产总值23466亿元，同比增长6%，实现"开门稳""开 门红"。 数实融合"更聪明" 挑大梁既要有担当，也需筋骨强。在传统产业方面，山东工业家底厚、比较优势强，近年来坚持把构建 现代化产业体系作为主攻方向，着力推动传统产业向高端化、智能化、绿色化、集群化迈进。 在潍柴集团高端发动机数字化工厂，每90秒就有一台发动机下线。这是全球首家发动机数字化无人工 厂，加工、零部件物流配送自动化率、关键过程在线检测均达100%，装配自动化率达80%，智能制造 水平和过程保障能力世界领先。日前，该工厂入选工业和信息化部公布的全国首批"卓越级智能工厂"名 单。在探索制造业数字化转型的进程中，潍柴在人工智能和汽车互联网的助力下，产品研发周期缩短了 20%，运营成本降低了35%。 当前，山东全面释放实体经济和数字经济融合效能，大力推动发展方式 ...

Core Insights - The company reported a revenue of 645 million yuan for 2024, an increase of 18.65% year-on-year, while the net profit attributable to shareholders decreased by 19.38% to 124 million yuan [1] - The fourth quarter of 2024 saw a significant improvement in performance, with revenue reaching 182 million yuan, up 38.50% year-on-year, and a net profit of 40 million yuan, an increase of 58.59% [1] Group 1: Business Performance - The recombinant protein business generated 536 million yuan in revenue, a growth of 17.35%, accounting for 83.05% of total revenue [2] - The company sold 4,167 types of recombinant protein products, marking a year-on-year increase of 19.26% [2] - Domestic revenue reached 216 million yuan, up 16.76%, while overseas revenue was 429 million yuan, growing by 19.62% [2] Group 2: Product Development and Expansion - The company is focusing on building a CGT raw material system and has successfully developed nearly 50 GMP-grade products [3] - The GMP-grade production facility in Suzhou has commenced operations, enhancing the company's upstream supply advantages in the CGT industry [3] Group 3: Financial Metrics - The overall gross margin decreased by 0.33 percentage points to 90.93% in 2024 [4] - The net profit margin fell by 8.53 percentage points to 18.61% due to increased expenses in sales, management, R&D, and finance [4] - In Q4 2024, the overall net profit margin was 22.60%, reflecting a 1.69 percentage point increase from the previous year [4] Group 4: Future Projections - Revenue forecasts for 2025-2027 are 793 million, 959 million, and 1.154 billion yuan, with year-on-year growth rates of 23%, 21%, and 20% respectively [5] - Expected net profits for the same period are 155 million, 206 million, and 268 million yuan, with growth rates of 25%, 33%, and 30% [5]

本报记者张文湘见习记者金婉霞 4月17日晚间，和元生物披露2024年年报。数据显示，2024年，和元生物营业收入达2.48亿元，同比增 长21.16%。其中，公司合同定制研发生产（即CDMO，是一种新兴的研发生产外包组织）业务的销售 收入达1.35亿元，同比增长26.12%。这一数字引起市场关注，被认为是"超预期"。 4月18日开盘，和元生物技术（上海）股份有限公司（下称"和元生物"）股价直线拉升，涨幅一度逾 5%。一位行业人士向《证券日报》记者解释称："和元生物是A股市场细胞与基因治疗CDMO第一股。 它所服务的客户对象并非传统的药品，而是细胞药品、基因药品，后者是最前沿的医药科技产品，也在 一定程度上体现了生命科技前沿产品的市场景气度。" 在年报中，和元生物表示，2024年，公司在溶瘤病毒、AAV基因治疗、CAR-T/NK、干细胞等细胞治疗 以及mRNA、外泌体等多个细分领域开拓新客户，并已取得较好的订单进展，年内新增CDMO业务订单 额超过2.7亿元，全年协助客户获得12项新药临床研究申请（IND）批件。"截至2024年末，公司累计协 助客户获得国内外IND批件44项，累计承接各类细胞和基因治疗CDMO ...