卡斯滕表示，中国的创新领域实际上非常广泛，全球创新指数并不只关注某个特定的技术或创新领域， 它真正考察的是整个经济体的创新表现。"很难说中国哪个领域的创新进步最大。实际上，我认为进步 的基础是广泛的。中国长期以来在数字通信领域具有优势，但我们也看到了可再生能源领域的巨大创 新，很多能源技术来自中国。近年来中国在电池、电动汽车领域也涌现了很多创新，生物科学领域也有 突破。" 谈到中国在知识产权保护方面的进步和承诺，卡斯滕表示，这其实反映出中国整个创新生态系统的发 展。"我认为知识产权非常重要。从某种意义上说，它是确保创新者获得投资回报的工具，它的存在是 为了激励创新。你可以看到中国公司正在不同的创新领域申请越来越多的专利，这反映在我们的数据 中。" 《2025年全球创新指数报告》还显示，中国的创新集群数量排名全球第一，共拥有24个全球百强创新集 群，其中深圳—香港—广州集群排名首次跃居全球之首，北京（第4位）、上海—苏州（第6位）集群位 居前十，是全球专利申请、科技创新及创业投资的热点区域。 谈到对中国创新集群、中国城市创新表现的印象，卡斯滕说，他去过至少十个中国城市，其中包括北 京、上海、深圳这样的大城市，" ...

湖北日报讯（记者林晶、通讯员王志刚）9月25日至26日，中国石油和化工勘察设计协会（以下简称协会）工程创新大会暨协会成立四十周年庆祝大会在武 汉召开。来自行业内外的各会员单位负责人、行业资深专家等300余名嘉宾围绕行业创新突破、数字化转型、国际化发展等内容展开探讨。 本次大会以"创新引领 开创未来"为主题，由中国五环工程有限公司承办。 今年恰逢协会成立四十周年，协会已从成立之初仅有的20家会员企业发展到344家单位会员、338名个人会员的行业核心组织，覆盖石油化工勘察设计领域全 产业链主体。协会常务副理事长兼秘书长荣世立表示，四十年来，协会始终紧跟国家产业政策与行业变革步伐，在推动技术进步、规范市场秩序、促进国际 交流等方面发挥了桥梁纽带作用，逐步成为推动行业发展的重要力量。大会特别向以袁纽为代表的一批为协会和行业发展作出突出贡献的个人颁发"终身贡 献奖""杰出贡献奖"等荣誉，致敬为行业发展奠定坚实基础的先行者。 创新是本次大会的核心议题之一。中国石油和化学工业联合会党委书记、会长李云鹏在视频致辞中表示，勘察设计作为石化产业创新升级的"前端引擎"，对 实现行业高质量发展具有关键引领作用。大会构建了"专题报告+ ...

事不避难者进。困难不会自动转变为机遇，要化危为机，必须具备主客观条件，客观条件包括物质基 础、社会环境等，而主观条件主要体现在党员干部是否具有事不避难、担当作为的精气神。面对困难， 那种"大势如此"的宿命论倾向要不得，"一个人努力没用"的思维方式同样不可取。古人说："为之，则 难者亦易矣；不为，则易者亦难矣。"比如，2018年以来，美国在科技领域对我国进行遏制打压，华为 等高科技企业遭遇全方位"围堵"。我们不信邪、不怕鬼、不怕压，把"卡脖子"清单作为攻关清单，持续 加大对科技创新的投入，在芯片、5G、人工智能等关键技术、关键领域取得重大突破，反而打开了事 业发展新天地。保持迎难而上的劲头，在困难和挑战中看到前途、看到光明、看到未来，逢山开路，遇 水搭桥，久久为功，就能将困难转化为机遇。 坐而论道、闭门造车，是找不到困难变机遇的好办法的，必须走出去、沉下去，到一线去、到群众中 去。基层提出的一条条具体细致的意见和需求，体现着党员干部工作中最需发力攻坚的方向；群众探索 出来的一条条新路子，蕴含着党员干部可以提炼总结并推广到面上的好做法。深入而具体的调查研究多 了，就可以将"山重水复疑无路"的困境变为"柳暗花明又一 ...

Summary of Repligen Conference Call Company Overview - **Company**: Repligen - **Industry**: Bioprocessing and Life Sciences - **Key Personnel**: Jason Garland (CFO), Olivier Loeillot (CEO) [2][1] Core Points and Arguments - **Innovation Leadership**: Repligen positions itself as an innovation leader in bioprocessing, focusing on disruptive technologies to support biopharmaceutical and CDMO customers [2][3]. - **Market Segmentation**: Approximately 80% of Repligen's portfolio creates new market segments with limited direct competition, indicating a strong differentiation strategy [3][4]. - **Growth Metrics**: Revenue grew from $270 million in 2019 to $634 million in 2022, with a guidance midpoint of $725 million for the current year [4][7]. - **Product Portfolio**: The company has a broad product offering, with a focus on traditional proteins like monoclonal antibodies, which constitute 80% of their business [3][4]. - **Market Expansion**: Repligen aims to increase its dual-sourcing to 80% by the end of next year, enhancing its resilience against geopolitical challenges [3][4]. Financial Performance - **Revenue Growth**: The company reported a topline growth of 15% in the first half of the year, with a 20% increase in orders from biopharma and CDMO sectors [13][15]. - **Total Addressable Market**: The total addressable market has tripled in the last decade, now estimated at $14 billion, providing significant growth opportunities [7][8]. - **Customer Diversification**: The largest customer now accounts for only 6% of sales, down from 70% in 2015, indicating a more diversified customer base [10][31]. Industry Dynamics - **CDMO Recovery**: The recovery in the CDMO sector is seen as a positive indicator for the overall health of the biopharma ecosystem, with orders increasing significantly [15][20]. - **Small Biotech Challenges**: Small biotech companies are facing funding challenges, which could impact their growth and, consequently, Repligen's business [16][19]. - **China Market Strategy**: Repligen aims to increase its exposure in Asia from 15% to 20% over the next five years, focusing on local partnerships and addressing local competition [43][44]. Competitive Landscape - **ATF Technology**: Repligen's ATF technology is a key growth driver, with significant penetration in top pharma and CDMO companies. The company is confident in maintaining its market leadership [34][36]. - **Local Competition**: The competitive landscape in China is evolving, with local companies improving in quality and expanding their offerings [47][48]. M&A Strategy - **Modest M&A Plans**: Repligen plans to pursue modest M&A opportunities to complement its growth strategy, focusing on breakthrough technologies rather than filling specific product gaps [52][54]. Margin and Investment Outlook - **Margin Goals**: The company aims to achieve around 30% EBITDA margins in the long term, focusing on operational efficiencies and managing operating expenses [56][57]. - **Pricing Strategy**: Repligen typically achieves low single-digit price increases, balancing pricing power with customer relationships [59]. Key Takeaways - **Broad Product Portfolio**: Repligen's diverse product offerings and customer base significantly reduce risk compared to its past reliance on fewer products and customers [60][61]. - **Positive Market Outlook**: The company is optimistic about its growth trajectory, expecting to outpace the industry growth rate of 8% to 12% by five percentage points [42][40].

"内卷"终非长久计，创新才是硬道理。所谓"反内卷"，不是不重视价格因素，而是要推动竞争从"卷价 格"到"卷价值"跃迁。政策设计中，"新药不集采、集采非新药"规则更加细化，测算下来，创新药研发 投入回收周期缩短了3—5年。此外，就在集采新规发布前5天，国家医保局启动2025年医保药品目录调 整，首次新增商保创新药目录，创新药产业迎来前所未有的红利期。当然，政策托举之外，关键还是行 业自身以真正的创新打破需求天花板、发现新蓝海，同时也需要贯穿行业上下游、链接产学研各方的系 统性创新布局。 众所周知，创新药研发难度大、投入高，一旦成功，回报也高。作为经营主体，药企不能再满足于通过 仿制和外延式扩张来分食存量市场，而应大力投入原研药、首仿药、高端制剂、创新医疗器械的研发， 奋力跨越技术壁垒。当产品拥有更高的技术壁垒和临床价值，自然就能摆脱低价困局，在市场中赢得主 动。比技术创新更加重要的，是构建一个更健康的创新和竞争生态。这需要加强知识产权保护，让创新 者的投入获得合理回报，激发研发热情；需要深化审评审批制度改革，让创新产品更快惠及患者；需要 促进临床与研究机构的紧密合作，打通成果转化的"最后一公里"；需要强化质量评 ...

Financial Data and Key Metrics Changes - Company reported Q1 sales of $304 million, an 18% increase from $257 million in the prior year quarter [10] - Gross margin improved to 27.1% from 24.3% year-over-year, despite a $2.2 million purchase accounting charge related to inventory from Elgen [4][11] - Adjusted EBITDA for the quarter was $65 million, up from $48 million in Q1 of last year, with an adjusted EBITDA margin of 21.4% compared to 18.8% in the prior year [11] Business Line Data and Key Metrics Changes - Consumer products segment sales were $119 million, up 1% year-over-year, with adjusted EBITDA of $16 million and a margin of 13.6% [15] - Building products segment sales grew 32% year-over-year to $185 million, driven by higher volumes and contributions from Elgen, which added $21 million in sales [16][17] - Adjusted EBITDA for building products was $58 million, with a margin of 31.3%, compared to $40 million and 28.4% in Q1 last year [17] Market Data and Key Metrics Changes - The consumer environment remains cautious, with demand closely correlated to point-of-sale activities [15] - The building products segment is benefiting from a transition to more environmentally friendly refrigerants, contributing to growth in cooling and construction products [17] Company Strategy and Development Direction - Company is focused on building a sustainable growth platform through innovation, transformation, and acquisitions [6] - The acquisition of Elgen is seen as a strategic move to enhance capabilities in commercial HVAC and broaden market reach [7][74] - Company aims to leverage its culture and operational efficiencies to drive growth and improve margins [8][71] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds such as cautious consumer behavior and high interest rates impacting construction activity, yet remains optimistic about future growth [5][8] - The company is committed to maintaining a disciplined approach to capital allocation while pursuing growth opportunities through M&A [48][50] - Management believes that the ongoing initiatives will lead to improved free cash flow conversion as capital expenditures normalize [14] Other Important Information - Company reported a trailing 12-month free cash flow of $156 million, representing a 94% conversion rate relative to adjusted net earnings [12] - The Board of Directors declared a quarterly dividend of $0.19 per share payable in December 2025 [14] Q&A Session Summary Question: Can you elaborate on the margin improvements in the building products segment? - Management indicated that solid execution in normalized markets and growth in heating and cooking products contributed to margin improvements, with expectations of reaching 12-13% over time [22] Question: What are the drivers for WAVE's outperformance? - WAVE's strong performance is attributed to healthy end markets such as education and healthcare, which offset weaknesses in office and retail sectors [25] Question: How is the company addressing tariff impacts? - Management noted that tariffs have created complexities, but being a domestic manufacturer provides a competitive edge in pricing [28] Question: Can you discuss the M&A pipeline and capital allocation priorities? - The company is focused on balanced capital allocation with a bias towards growth, actively seeking high-margin, low-asset intensity businesses for acquisition [48][49] Question: How is the company managing operational efficiencies? - The company is implementing 80/20 initiatives to reduce complexity and improve results, with plans to expand these efforts across the portfolio [69][70]

Financial Data and Key Metrics Changes - Company reported Q1 fiscal 2026 earnings of $0.70 per share, up from $0.48 per share in the prior year quarter, with adjusted earnings at $0.74 per share compared to $0.50 per share last year [10][11] - Consolidated sales for the quarter were $304 million, an 18% increase from $257 million in the prior year quarter, driven by higher volumes in the building product segment and the inclusion of Elgin Manufacturing [10][11] - Gross margin improved to 27.1% from 24.3% year-over-year, despite a $2.2 million purchase accounting charge related to Elgin [4][11] Business Line Data and Key Metrics Changes - Consumer products sales in Q1 were $119 million, up 1% year-over-year, with adjusted EBITDA of $16 million and a margin of 13.6%, down from $18 million and 15.1% last year [15] - Building products sales grew 32% year-over-year to $185 million, with adjusted EBITDA of $58 million and a margin of 31.3%, compared to $40 million and 28.4% in Q1 last year [16][17] Market Data and Key Metrics Changes - The consumer environment remains cautious, with demand closely correlated to point-of-sale activities, while the building products segment showed strength in cooling and construction products [15][16] - Elgin Manufacturing contributed $21 million in sales for Q1, enhancing the company's position in commercial HVAC [16][17] Company Strategy and Development Direction - Company is focused on building a sustainable growth platform through innovation, transformation, and acquisitions, with recent product launches driving market share growth [6][7] - The acquisition of Elgin Manufacturing is seen as a strategic move to enhance capabilities in commercial HVAC and broaden market reach [7][76] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds such as cautious consumer behavior and high interest rates but expressed confidence in the company's growth trajectory and ability to capture market opportunities [5][8] - The company is optimistic about future performance, believing that its best days are ahead despite ongoing challenges in various end markets [8][9] Other Important Information - The company invested $13 million in capital expenditures during the quarter, with $9 million related to facility modernization projects [12][14] - The board declared a quarterly dividend of $0.19 per share payable in December 2025 [14] Q&A Session Summary Question: What drove the margin in the building product segment? - Management indicated that solid execution in normalized markets and growth in heating, cooking, and cooling products contributed to improved margins, with expectations of reaching 12-13% over time [22][23] Question: What are the drivers for WAVE's outperformance? - WAVE continues to perform well, driven by strong end markets in education, healthcare, and transportation, with expectations of steady performance moving forward [25] Question: How is the company addressing tariff impacts? - Management noted that tariffs have created complexities, but being a domestic manufacturer provides a competitive edge, allowing for better pricing strategies [26][28] Question: What is the outlook for the M&A pipeline? - The company remains optimistic about M&A opportunities, focusing on high-margin, low-asset intensity businesses in niche markets [49][50] Question: How does seasonality affect the business? - Management explained that Q1 and Q2 are typically weaker due to seasonality, with expectations for stronger performance in Q3 and Q4 [90]

我知道，这个标题耸人听闻，但我是认真和严肃的。 你家孩子不会在网球领域，也不会以郑钦文的方式获得成功。但她会成功，会以非常高的水平，以你完 全没有预料到的方式，在你完全没有预料到的领域里获得成功，只要你无条件地相信她，允许你预期之 外的事情发生，放手，再掌握一些新的理念和新的方法，跟上时代的步伐。 这，就是当下这个时代的魅力！ 它正在爆发着的巨大力量会给我们带来各种各样的惊喜。我们仅需安下心来，静静地等待、观摩。 我得兜个大圈子来谈这个话题。 也是在2022年，我跟一些朋友们说，如果一个系统（中国就是一个系统）偶尔露出来的碎片信息，比方 郑钦文，水平是世界级的，那么我们就有理由相信，这个系统里大概率还有很多世界一流的东西，只是 还没展现出来而已。后来我们看到了潘展文、Labubu、DeepSeek、第六代战机…… 我说这个话并不是完全基于推断，还有相当可靠的一手信息。过去26年，我深度接触了数以千计的不同 年龄段的申请人，从13岁到44岁。过去10年，我充分了解了数以百计的高中生和她们的家庭：学生中 有"别人家的孩子"，也有乐呵呵的全班倒数第一名，有非常偏科而"逃避"标化考试的"小朋友"，也有叛 逆到以死相逼 ...

本报讯 （记者闫立良）9月22日，全球领先的消费者研究与零售监测公司尼尔森IQ（NIQ）在广州成功举办"破界·生长— 新消费时代创新者大会暨第二届商业新锐计划总决赛"，来自政府、行业的专家与商业领袖齐聚，深入解读在创新驱动下的中 国零售市场结构性变革与增长机遇，以及当前消费者行为变迁的核心驱动与趋势。 （编辑 郭之宸） 在大会现场，备受关注的尼尔森IQ中国"第二届商业新锐计划（Pitch Slam）总决赛"同步举行，来自快消品（FMCG）、科 技及耐用消费品（T&D）行业的7家中国本土新兴品牌入围决赛，激烈角逐这一年度大奖，最终武汉市金汇泉食品饮料有限公 司旗下的"金汇源泉"品牌和北京蜂巢世纪科技有限公司旗下的"界环"品牌分别荣获快消组、耐消组总冠军。同时，"2025 NIQ BASES突破性创新榜单"也在会上揭晓，共计12款产品获得"BASES突破性创新奖"、13款产品获得"BASES新品风尚标奖"。 尼尔森IQ亚太区新兴业务负责人赵亭指出："大赛的创立源于NIQ为新兴品牌提供生存与发展所需的全方位支持的初心， 我们坚信，消费品行业的下一个重大突破或许就孕育在今天。" "创新是品牌突围的核心动能，中国的新兴 ...

记者 林子璐 勇为尖兵，彰显为国争先的向上品格；无私奉献，汇聚成感动向善的时代暖流。在日前举行的 2025"感动上海"年度人物揭晓活动上，十位获奖者走上舞台，分享他们的故事。他们之中，有投身科研 攻关的专家学者、扎根基层的社区工作者，也有岗位建功的时代先锋、平凡中见伟大的身边模范，还有 热血相助、情系上海的国际友人。这些平凡人物的不凡故事，展现了上海这座城市的温度与高度。 平均年龄不足35岁，"模速空间"大模型创新生态社区团队这支年轻的队伍，在短短100天内招引50 余家企业，打造了近万平方米的创新生态社区。"上下楼就是上下游"，这句在"模速空间"流行的口号， 成为上海创新活力的生动注脚。 "饱和潜水生活舱内生活28天为一个工作周期，我们每年将近9个月都要在船上出差。"在交通运输 部上海打捞局救捞工程船队潜水队队长胡建平淡的描述背后，是25年与死神抢夺生机的坚持。胡建和队 员们一次次挑战极限，创造并屡次刷新了我国饱和潜水最深下潜纪录。 "00后"教师卢俊威以技能报国，在世界技能大赛"工业4.0"项目中以超出第二名100多分的成绩获得 金牌，并夺得全场唯一的"阿尔伯特·维达"大奖，打破欧洲国家长期金牌垄断。在舞 ...