Core Insights - Shenzhen BGI Genomics Co., Ltd. (referred to as "the company") has demonstrated strong performance in key areas such as order reserves, platform replacement, and core product installation volume, laying a solid foundation for future growth before the third quarter of 2025 [1][2] Group 1: Product Performance - The company's core product installation volume has shown remarkable growth, driven by high demand for advanced equipment. The T1+ sequencer launched in March 2023 has gained significant industry recognition, leading to rapid installation growth [1] - In the Europe and Africa regions, the installation volume of the DNBSEQ-T series products has doubled year-on-year in a single quarter. In the U.S. market, the DNBSEQ-T7 series products lead in sales, with combined revenue from T7 instruments and sequencing reagents accounting for 72% of regional main business income [1] Group 2: Order Reserves - As of October 20, 2025, the company's order backlog reached 770 million yuan, with domestic orders accounting for 520 million yuan (68%) and overseas orders 250 million yuan (32%). The long-read sequencing business, as a core pillar, holds approximately 580 million yuan in orders, representing 75% of the total [1] Group 3: Platform Replacement - The company has accelerated its platform replacement process this year, having delivered nearly 400 sequencers to date. Public bidding data indicates that the company has a high-throughput sequencer winning rate exceeding 70% before October 1, 2025, significantly higher than the 15% rate of overseas competitors [2] - The fastest replacement pace is observed in the research service provider sector, with actual shipments increasing by approximately 20% year-on-year in the first three quarters. Clinical fields are expected to see procurement progress after budget approvals at the end of the year, despite longer qualification cycles [2] - The company is not only focusing on equipment replacement but is also integrating "long-read + short-read" solutions and multi-omics capabilities to provide comprehensive solutions for clients, enhancing market competitiveness [2]