编辑丨王多鱼 排版丨水成文 蛋白质是生命活动的执行者，从疾病治疗到新药开发，都离不开对它们的理解。 在 人工智能 （AI） 浪潮中， 蛋白质科学 正迎来一场革命，从 AI 预测蛋 白质结构，到 AI 从头设计蛋白质，再到 ESM-2、ProtT5 这样的蛋白质基础模型 （PFM） 如雨后春笋般涌现。这些蛋白质基础模型通过分析数以百万计 的蛋白质序列来预测结构、功能和突变影响。但这些模型到底谁更强？为什么有些模型在特定任务上表现优异，在其他任务上却一言难尽？ 近日， 百图生科首席科学家、西湖大学讲席教授 李子青 等人推出了首个全面的 蛋白质基础模型基准测试工具—— PFMBench 。 该研究以： PFMBench: Protein Foundation Model Benchmark 为题，于近日发表在了 预印本平台 arXiv 上。 该研究提供了一个全面的基准测试，用于评估蛋白质基础模型 （PFM） 在各种任务中的表现，并附带了一套简化评估方案。从 38 项任务和 17 个模型开 始，进一步确定了 12 个核心模型和 11 个代表性任务，以实现高效且有意义的评估。该研究通过大量实验发现，当前的蛋白质基础模型 ...

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]