原标题：许国旺：勇闯代谢组学"无人区" 【奋进者】 ◎本报记者 张 蕴 近日，以诺贝尔化学奖得主阿彻·马丁命名的权威奖项——英国色谱学会年度马丁奖揭晓。马丁奖是英 国色谱学会设立的重要学术奖项之一，旨在表彰在全球范围内推动分离科学发展方面作出杰出贡献的科 学家。中国科学院大连化学物理研究所研究员许国旺因其在分离科学分支——色谱学及组学研究领域作 出的重要贡献获奖，成为该奖项自1978年设立以来首位中国得主。 几十年间，许国旺始终紧扣国家需求开展研究。马丁奖的获得，为他的坚守画上了浓墨重彩的一笔。 攻关色谱柱国产化难题 开拓新兴研究方向 上世纪90年代中期，一次短暂国外访学经历，让许国旺看到了色谱学的分离分析技术在临床医学中的巨 大潜力，他由此下定决心，投身于这一新兴研究方向。 1999年，国外学者提出"代谢组学"定义——基于色谱学等的分离分析技术，对生物体内所有代谢物进行 系统分析，从而揭示机体生理、病理状态。许国旺发现其与自身研究高度契合，便迅速调整团队重心， 结合代谢组学理念，从零搭建研究平台。他也成为我国代谢组学的开拓者之一。 拟靶向代谢组学方法的研发是许国旺等人在代谢组学方法学上取得的突破，更是一场" ...

Core Insights - The iCMS 2025 conference highlighted the transformative potential of mass spectrometry technology across various fields, including life sciences, AI-driven intelligence, and applications in national strategic industries [2][3][12] - A significant trend observed is the shift from merely increasing detection coverage to enhancing the depth of structural information, quantitative stability, and mechanistic interpretation in mass spectrometry [4] Group 1: Advances in Life Sciences - The focus in omics research has evolved towards higher demands for precision and clarity in mass spectrometry, particularly in metabolomics and proteomics [4] - New technologies, such as the ISO-star developed by Peking University, enhance the efficiency of capturing low-abundance functional peptides, facilitating systematic studies in functional proteomics [6] - AI is becoming integral in mass spectrometry, improving data analysis efficiency and accuracy, and enabling a more automated and intelligent approach to omics research [5][7] Group 2: Applications in Strategic Industries - The conference showcased mass spectrometry's advancements in practical applications, particularly in food safety, environmental monitoring, and public safety, with a new focus on lithium battery technology [8][11] - Mass spectrometry is increasingly embedded in the lithium battery supply chain, addressing the growing demand for raw materials driven by the rapid development of the electric vehicle market [11] - The technology is evolving from laboratory tools to engineering analysis methods, capable of real-time monitoring and analysis of battery systems, enhancing quality control and safety [11][12] Group 3: Future Directions - The integration of AI and mass spectrometry is expected to lead to the development of highly integrated, automated laboratory processes, resembling "black box laboratories" [5] - The ongoing advancements in mass spectrometry are set to redefine its role in various industries, making it an indispensable tool for high-quality development in sectors like semiconductors and photovoltaics [12][13]

Investment Rating - The investment rating has been downgraded to "Outperform" [1][4] Core Insights - The company reported a revenue of RMB 1.58 billion for the first nine months of 2025, a 4.05% increase from RMB 1.52 billion in the same period of 2024. Q3 2025 revenue was RMB 541 million, up 3.47% year-on-year. However, net profit for the same period was RMB 116 million, down 17.34% year-on-year, with a net profit margin of 7.31%. Q3 2025 net profit was RMB 34 million, down 40.90% year-on-year. The forecasted EPS for 2025-2027 is RMB 0.44, 0.50, and 0.60 respectively, with a target price of RMB 15.36 based on a PE of 35X for 2025. The downgrade is attributed to the anticipated slow growth in gene sequencing services [4][11][12]. Financial Summary - Total revenue projections are as follows: - 2023A: RMB 2,002 million - 2024A: RMB 2,111 million - 2025E: RMB 2,197 million - 2026E: RMB 2,441 million - 2027E: RMB 2,716 million - Net profit (attributable to the parent) is projected as: - 2023A: RMB 178 million - 2024A: RMB 197 million - 2025E: RMB 183 million - 2026E: RMB 210 million - 2027E: RMB 249 million - The net profit margin is expected to fluctuate, with a decrease in 2025E [3][6][11]. R&D and Strategic Investments - The company has maintained high R&D investment, with R&D expenses reaching RMB 119 million from January to September 2025, a 50.48% increase year-on-year, accounting for 7.51% of revenue. Q3 2025 R&D expenses were RMB 56.10 million, focusing on emerging fields such as single-cell, spatial omics, and proteomics [12][13]. - The company is also investing in global expansion and customer engagement, which has led to increased R&D expenses and fluctuations in gross profit margin [12][14]. Sales and Marketing Expenses - Sales expenses have slightly increased due to global localization and marketing upgrades, with a sales expense ratio of 20.38% from January to September 2025, up 0.76 percentage points year-on-year. The Q3 2025 sales expense ratio was 21.06%, up 1.43 percentage points year-on-year [14].

Summary of the Conference Call for 诺禾致源 (Nuohe Zhiyuan) Company Overview - **Company**: 诺禾致源 (Nuohe Zhiyuan) - **Period**: January to September 2025 Key Financial Metrics - **Total Revenue**: 15.81 billion CNY, up 4.05% year-on-year [2][3] - **Q3 Revenue**: 5.41 billion CNY, up 3.47% year-on-year [3] - **Overseas Revenue**: 7.92 billion CNY, up 4.1% year-on-year, accounting for 50.09% of total revenue [2][3] - **Q3 Overseas Revenue**: 2.58 billion CNY, down 0.48% year-on-year [3] - **Domestic Revenue**: 7.89 billion CNY, up 4% year-on-year [2] - **Q3 Domestic Revenue**: 2.82 billion CNY, up 7.37% year-on-year, and up 8.61% quarter-on-quarter [5] - **Gross Margin**: 41.9%, down 0.7 percentage points year-on-year [10] - **Net Profit**: 1.16 billion CNY, down 10.17% year-on-year, with a net profit margin of 7.31% [11] - **R&D Investment**: 56.1 million CNY in Q3, focusing on emerging fields [12] Revenue Breakdown by Market - **Americas**: Q3 revenue down 12% due to changes in research funding and policy impacts [4] - **EMEA**: Q3 revenue down 12%, affected by project completion and funding transitions [4] - **Europe**: Q3 revenue up 19%, indicating strong performance [4] - **Customer Segmentation**: 70% of revenue from universities and research institutions, 30% from hospitals and enterprises [6] Product and Service Performance - **Life Sciences Research Services**: Revenue of 5.52 billion CNY, up 6.21% year-on-year [7] - **Monitoring and Sequencing Platform Services**: Revenue of 7.7 billion CNY, up 3.23% year-on-year, but Q3 revenue down 3.42% [7] - **Emerging Business Contributions**: Approximately 32% of total revenue, up 4 percentage points year-on-year, with a growth of about 20% [8] R&D and Innovation - **R&D Focus Areas**: Single-cell genomics, spatial genomics, proteomics, metabolomics, epigenetics, and long-read sequencing [12][18] - **AI Integration**: Progress in AI applications, particularly in omics data analysis and virtual cell modeling [20][28] Market Challenges and Strategies - **Domestic Market Competition**: Increased competition leading to a 30% price drop; company aims to reduce competition through mergers and acquisitions [16][23] - **Geopolitical Impact**: U.S. market affected by geopolitical tensions, but the company maintains strong relationships in key regions [21] - **Cash Flow Management**: Operating cash flow was negative 87 million CNY for the first nine months, but turned positive in Q3 at 77 million CNY [14] Future Outlook - **Expansion Plans**: Continued investment in overseas markets, including new laboratories in Singapore and Europe [30] - **Focus on NGS and AI**: Anticipated growth in NGS applications and AI integration to enhance research capabilities [24][28] Additional Insights - **Customer Base Growth**: Stable customer structure with a slight increase in contributions from universities and research institutions [6] - **Cash Flow Volatility**: Short-term fluctuations in cash flow due to proactive risk management strategies [14] - **Regulatory Environment**: Ongoing adjustments to align with changing policies in the domestic and international markets [26][27]

Summary of Bruker (BRKR) 2025 Conference Call Company Overview - **Company**: Bruker Corporation (BRKR) - **Event**: 2025 Conference Call held on June 04, 2025 Key Industry Insights - **Industry**: Mass Spectrometry and Proteomics - **Market Trends**: The mass spectrometry market is experiencing significant innovation, particularly in proteomics and metabolomics, with a focus on high sensitivity and throughput solutions [3][10][12] Core Product Innovations 1. **TIMS Ultra and AIP**: - New product launched to enhance MSMS sensitivity and bandwidth, allowing for more peptides and proteins to be analyzed [5][7] - Significant advancements in single-cell proteomics, enabling analysis of smaller cells than previously possible [8] 2. **TIMS Metabo Instrument**: - Aimed at the high-resolution accurate mass market for small molecules, targeting applications in PFAS research, toxicology, and metabolomics [11][12] - Expected to double the market opportunity for Bruker, potentially reaching a $200 million market share [15] 3. **TIMS Omni**: - A revolutionary mass spectrometer combining TIMS technology with Omni Trap, enabling top-down proteomics and functional proteomics [17][18] - Positioned to create a new category in mass spectrometry with no direct competition [19] Financial Outlook - **Revenue Guidance**: Anticipated moderate growth in 2026, with expectations of organic growth between 6% to 8% [32] - **Cost Management**: Bruker is implementing cost-cutting measures, including reducing operational costs in European sites and optimizing R&D spending [33][35] Market Dynamics - **Academic Market**: Anticipated decline in academic spending by 20-25% due to budget constraints, impacting overall revenue [22][30] - **Defense and Homeland Security**: Notable growth in the detection business for radiological and chemical threats, with potential revenue increases of $20 million next year [38][39] Emerging Markets and Opportunities - **Semiconductor and AI**: Strong demand in metrology for high-performance computing and AI applications, expected to grow from 8% to potentially 12% of total revenue [45][46] - **China Market**: Potential for stimulus-driven growth in high-end research tools, although timing remains uncertain [51][52] Strategic Developments - **Cell Analysis and Diagnostics**: Launch of a new benchtop product aimed at broadening market access for antibody discovery and cell line selection [54][55] - **Spatial Biology**: Continued investment in spatial biology technologies, enhancing capabilities in multi-omics and improving throughput and detection efficiency [61][62] Conclusion - Bruker is positioned for growth through innovative product offerings in mass spectrometry and proteomics, despite facing challenges in academic funding and market uncertainties. The company is strategically focusing on high-growth areas such as biopharma, diagnostics, and advanced manufacturing technologies.

Core Insights - The global non-targeted metabolomics market is experiencing significant growth, with the market size expected to reach approximately $390 million by 2024, up from $190 million in 2021, reflecting a compound annual growth rate (CAGR) of 10.8% [8][6][13] - In China, the precision non-targeted metabolomics market is also expanding, with projected market sizes of $160 million in 2022, $200 million in 2023, and $240 million in 2024 [13][15] - The demand for precision non-targeted metabolomics is driven by advancements in biomedical research and the need for high-accuracy data in biomarker discovery and precision medicine [8][13] Market Overview - The global metabolomics market has grown from $1.72 billion in 2020 to an expected $2.59 billion by 2024, indicating a robust growth trajectory [6] - The precision non-targeted metabolomics segment is gaining traction, with its share of the overall metabolomics applications increasing from 10% in 2021 to an estimated 12% by 2024 [8] Competitive Landscape - Major players in the Chinese precision non-targeted metabolomics market include Baichu Bio, Zhongke New Life, and Nuohe Zhiyuan, indicating a concentrated market structure [15] - The new generation of metabolomics technology, particularly from Baichu Bio, shows significant advantages in substance identification levels and database size compared to traditional methods [2][3] Technological Advancements - The new generation metabolomics technology offers enhanced capabilities, including a larger standard substance database and improved detection stability across multiple centers [3] - The integration of high-throughput technologies and multi-omics approaches is expanding the applications of precision non-targeted metabolomics in various fields, including precision medicine and disease mechanism exploration [8][13]

Market Overview - The market experienced a weak fluctuation, with all three major indices closing down. The consumer sector showed resilience, while over 3,800 stocks declined [1][3] - Goldman Sachs raised the 12-month targets for the MSCI China Index and the CSI 300 Index to 84 points and 4,600 points, respectively, indicating potential upside of 11% and 17%. They maintain an overweight rating on Chinese stocks and suggest focusing on multiple themes for excess returns [1] Sector Performance - New hotspots emerged in the market, particularly in the ergot sulfur concept, with Chuaning Biological hitting a 20% limit up. Other sectors such as beauty care and medical aesthetics also saw significant gains [1] - The food and beverage sector rebounded in the afternoon, with several stocks, including Xiwang Food, hitting the limit up. The shipping and port sector continued its upward trend, with Nanjing Port achieving three consecutive limit ups [1] - The textile and apparel sector showed recovery, with Huafang Co. achieving six limit ups in eight days. Other sectors like coal, chemicals, synthetic biology, rare earths, and ST stocks also performed well [1] Individual Stock Movements - A total of 1,407 stocks rose, while 3,856 stocks fell, with 149 stocks remaining flat. There were 78 stocks hitting the limit up and 12 stocks hitting the limit down [3] - The Shanghai Composite Index fell by 0.68% to 3,380.82 points, with a trading volume of 461.3 billion yuan. The Shenzhen Component Index dropped by 1.62% to 10,186.45 points, with a trading volume of 688.7 billion yuan. The ChiNext Index decreased by 1.91% to 2,043.25 points [3] Fund Flow - Main funds focused on sectors such as chemical pharmaceuticals, small metals, and passenger vehicles, with notable net inflows into stocks like BYD, Chuaning Biological, and Shenghe Resources [4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) is expediting the introduction of a comprehensive policy package to deepen reforms in the Sci-Tech Innovation Board and the ChiNext, aiming to enhance the inclusiveness and adaptability of the system [5] Industry Insights - The anti-aging industry is divided into medical and non-medical tracks, with the former focusing on basic medical research and the latter encompassing various fields such as sociology and artificial intelligence [2] - The China Academy of Sciences has made breakthroughs in the electro-catalytic reforming of waste plastic PET to produce biodegradable plastic PGA, with projected market demand reaching millions of tons [6] Economic Outlook - Analysts from Minsheng Securities suggest that China's asset resilience may be higher than that of overseas markets, with a focus on consumption sectors and undervalued financial stocks [9] - Huazhong Securities indicates that the market will continue to experience fluctuations until significant improvements in the macroeconomic fundamentals are observed [10]