排版丨水成文 撰文丨王聪 编辑丨王多鱼 如果把 人体 比作一个 超级城市 ，那么，组成人体的 37 万亿 个细胞就是城市中分工明确的"市民"。 在过去十年里， 单细胞测序技术 让我们看清了每个"市民"的样貌，但真正的谜题始终未解——这些细胞如何在器官/组织中有序协作？ 癌症等疾病又是如何破坏这种精密协作网络的？ 2025 年 5 月 28 日，北京大学/重庆医科大学 张泽民 院士团队在国际顶尖学术期刊 Nature 上发表了题为： Cross-tissue multicellular coordination and its rewiring in cancer 的研究论文。 该研究聚焦于组织层面的多细胞协同模式，创新性地提出了 " 跨组织细胞模块 " （Cellular Module，CM） 概念，并开发了一套计算框 架 CoVarNet 来识别细胞模块。通过对大规模单细胞转录组公共数据的整合分析，该研究系统识别出了 12 个跨组织细胞模块，并深入 探究了这些模块的时空动态特征、内部调控关系、功能表型关联以及在肿瘤进展过程中的动态重塑情况。 值得注意的是，功能相关的器官可能共享相似的功能模块，例如小肠和结肠 ...

Core Viewpoint - The report outlines the continuous supervision and assessment conducted by CITIC Securities on BGI Genomics, emphasizing the company's compliance with regulations and the absence of significant issues during the review period [1][3]. Group 1: Continuous Supervision Overview - The sponsor established a continuous supervision work system and a corresponding work plan, clarifying the requirements for on-site inspections [2] - A sponsorship agreement was signed between the sponsor and the company, detailing the rights and obligations during the supervision period, which has been filed with the Shanghai Stock Exchange [2] - The sponsor conducted daily communications and on-site visits, including a site inspection on May 19, 2025 [2] - The supervision included reviewing corporate governance documents, financial management systems, internal control reports, and conducting interviews with senior management [2] Group 2: Issues and Rectification - During the supervision period, no significant issues were identified by the sponsor or the representatives [3]. Group 3: Major Risk Items - The company faces risks of significant performance decline or losses due to high R&D investments and market expansion costs, particularly if international relations worsen or macroeconomic conditions deteriorate [4] - The rapid technological updates in the life sciences sector pose risks related to product development and market acceptance [5] - Risks of core talent loss and technology leakage are significant, impacting R&D capabilities and competitive advantages [6] - Ongoing patent and trademark litigation, particularly with competitors like Illumina, may restrict market expansion and sales performance in affected regions [7] - The company faces intense market competition, especially from established players in the gene sequencing market, which may hinder market share growth [8] Group 4: Financial Performance - In 2024, the company achieved a total revenue of CNY 2,956.89 million, with gene sequencing instruments contributing CNY 2,347.88 million, reflecting a 2.47% year-on-year growth [19] - R&D expenditure as a percentage of revenue decreased by 4.34 percentage points due to efficiency optimization measures [19][29] Group 5: Core Competitiveness - The company has developed a comprehensive product line in gene sequencing, leveraging its proprietary DNBSEQ technology, which enhances sequencing accuracy and efficiency [20][21] - The company has established a strong collaborative ecosystem with various research institutions and industry partners, enhancing its technological capabilities and market reach [24][26] - The management team comprises industry leaders with extensive experience, contributing to the company's innovative capacity and strategic direction [27][28]

Group 1: Tuberculosis Overview - Tuberculosis (TB) is a serious infectious disease caused by Mycobacterium tuberculosis, posing a significant global public health threat [3] - In 2021, China accounted for 7.4% of the global TB incidence, ranking third worldwide, with a treatment success rate for drug-resistant TB at only 53% compared to 95% for regular TB [3][6] - In 2021, there were 1.6 million deaths from TB globally, making it the 13th leading cause of death, just after COVID-19 [6] Group 2: Drug-Resistant Tuberculosis - The emergence of drug-resistant TB (MDR-TB and XDR-TB) complicates TB control efforts, leading to increased treatment difficulty, lower cure rates, and higher mortality [5] - In 2021, there were 450,000 new cases of MDR/RR-TB, with a treatment success rate of only 60% [6] Group 3: Limitations of Traditional Testing Methods - Traditional drug resistance testing methods are time-consuming, often taking weeks to months, and have low sensitivity and specificity [7] - Rapid molecular testing can provide quicker results but is limited in identifying a comprehensive range of drug resistance mutations [7] Group 4: Reversible Terminator Sequencing (RTS) - RTS is a high-precision DNA sequencing technology that allows for single-base resolution sequencing, significantly improving accuracy and sensitivity [8] - The technology is suitable for rapid diagnosis and clinical applications, completing the sequencing process in a short time [8] Group 5: Targeted Next-Generation Sequencing (tNGS) - tNGS integrates multiplex PCR/hybrid capture with next-generation sequencing, providing precise analysis of specific gene regions and comprehensive drug resistance information [9] - The tNGS method can analyze multiple antibiotic resistance genes simultaneously, aiding in early diagnosis and personalized treatment strategies [16] Group 6: Gold Standard Testing Kit - The Mycobacterium tuberculosis complex drug resistance gene mutation detection kit (RTS) combines tNGS with multiplex PCR, covering 13 resistance genes and over 200 mutation sites [13] - The kit can provide results in under 12 hours, with a sequencing run time of less than 5 hours, allowing for rapid detection of drug resistance [13] Group 7: Clinical Data and Performance - Clinical studies show that tNGS has an average consistency of 95.10% with phenotypic antimicrobial susceptibility testing (AST) and 97.05% with whole genome sequencing (WGS) [18] - In 158 bronchoalveolar lavage fluid samples, tNGS had a positivity rate of 87.95%, outperforming Xpert MTB/RIF [18] Group 8: Competitor Products - Cepheid's Xpert MTB/RIF offers rapid detection of Mycobacterium tuberculosis and rifampicin resistance with a sensitivity of 133 bacteria/mL, providing results in 2 hours [19] - Hain Lifescience's GenoType MTBDRplus uses linear probe hybridization for detecting TB and drug resistance, with a 48-hour turnaround time [20] - Becton Dickinson's BD MAX MDR-TB detects multiple drug resistance genes with high sensitivity and specificity, providing results in 2 hours [21] Group 9: Company Profile - Guangzhou Jinquirui Biotechnology Co., Ltd. focuses on the development, production, and sales of precision medical in vitro diagnostic products, established in 2016 [22] - The company has developed various technologies, including multiplex PCR and tNGS, and has received multiple core technology patents [24] - Jinquirui is one of the few companies in China providing a comprehensive solution for tumor and infection diagnostics, including gene sequencing instruments and clinical applications [24]

导读： 本文欲探讨关税对测序设备、试剂、耗材及服务的影响，分析主要参与者的策略，窥探市场引发的连锁反应，跨国公司正积极寻求对策，本土制造商则有 机会筑建新的长城。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 导 读： 从研发角度，基于成本、技术以及国际合作方面分析，试图探索中美贸易摩擦持续升级下测序行业的机遇。 最近中美贸易摩擦持续升级，双方都对彼此的商品实施大幅度的关税增长，这些举措给我们测序行业带来了显著干扰和不确定，高额的关税阻 碍了设备、试剂以及耗材的进出口贸易，增加了研发和运营开销。 但往往不确定中就蕴含着机会，毕竟《孙子兵法·形篇》里面开篇就说"昔之 善战者，先为不可胜，以待敌之可胜"，意思是会打仗的人都先保证自己不败，然后等待敌人犯错。 当下大环境骤变，竞争格局即将重塑。本 文欲探讨关税对测序设备、试剂、耗材及服务的影响，分析主要参与者的策略，窥探市场引发的连锁反应，跨国公司正积极寻求对策，本土制 造商则有机会筑建新的长城。 放眼全球，测序是一个充满活力的市场，目前该行业主要由NGS驱动，这些技术使大规模基因组分析 ...

Group 1 - The project "Research on Next-Generation Ultra-High-Density High-Throughput Gene Sequencing Technology" led by Shenzhen BGI Life Sciences Institute aims to accelerate research and promote the industrialization of core consumables such as ultra-high-density sequencing chips and fluorescent dyes [1] - The fourth-generation sequencing technology is becoming a key development direction, offering advantages such as ultra-long read lengths, real-time monitoring, and no need for PCR amplification, which are beneficial for detecting structural variations and epigenetic modifications [1] - The cost of sequencing instruments is decreasing, computational capabilities are improving, and bioinformatics algorithms are being optimized, suggesting that fourth-generation sequencing technology is expected to be widely applied in the next five to ten years, advancing precision medicine [1] Group 2 - The market size for gene sequencing instruments and consumables in China is projected to grow from approximately 1.7 billion yuan in 2015 to about 6.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 16.7% from 2015 to 2024 [2] - It is estimated that the market will reach around 20.6 billion yuan by 2030, with a projected CAGR of about 20.3% from 2024 to 2030 [2] - The domestic sequencing instrument and consumables market is valued at 5.6 billion yuan in 2023, indicating strong growth potential for domestic leading sequencing manufacturers with independent intellectual property rights [2]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 展位有限 报名：首届全球心血管大会 | 奖项评选 报名：首届全球骨科大会 | 奖项评选 2025年3月3日， 今是科技 完成近亿元B++轮融资。本轮融资由国生资本领投，川创投跟投，资金将用于加 速单碱基纳米孔测序（SNS）技术平台的商业化落地，推动其在临床诊断、科研服务及公共卫生领域的应用。 # 公司介绍 高精度： 单次测序准确率可达99.9%，校正测序准确率可提升至99.99%以上。 低成本： 每Gbp（十亿碱基）成本低至5元人民币以下，有望将人类全基因组测序成本降至数百元。 高效率： 测序时间大幅缩短，可在几小时内完成原本需要几天的全基因组测序。 技术创新： 深度改造生化系统，消除测序过程中的虚假信号，提升数据质量。 临床领域：在血液肿瘤等方向与头部企业合作，推动测序技术在临床诊断中的应用。 科研服务：为科研机构提供高精度、低成本的测序解决方案。 海外市场：公司已开启出海战略，其测序平台在2025年第一季度进入海外市场，并完成客户验收。 未来规划 产品线拓展：2025年计划推出更高通量的测序平台G-seq1K，以及直测RNA试剂盒和甲基 ...