导读： 2025年中国创新药产业在政策支持与全球化布局下快速发展，头部药企如百济神州、恒瑞医药等通过高研发投入和管线密集推进。科学仪器厂商如沃特 世、安捷伦、赛默飞等通过提供全流程技术支撑，推动行业持续升级。 值得注意的是，创新药的崛起并非药企"单兵作战"，随着研发进入快车道，科学仪器正从"支撑者"转向"关键赋能者"。 沃特世 、 赛默飞 、 安 捷伦 等厂商正加码布局创新药赛道，从分子发现到质量控制，再到工艺放大，为药企提供全流程技术支撑。药企依赖先进仪器保障研发效率与 合规性，而仪器企业则通过持续迭代，推动分析、检测与生产环节的不断升级。 本文将聚焦 第七届中国制药工业博览会上发布的《2025中国创新药企业TOP101》榜单 前十药企（ 注：因石药集团、康方生物、三生制药截 至发稿时未发布半年报，暂不纳入分析 ），通过梳理其 半年报数据与管线动态 ，呈现 中国创新药产业的最新格局 ，以及 在这一进程中 科学 仪器厂商的 最新动态 。 | ST - ET LAND (CORRECO | 8, REAL PRODUCTION | | | --- | --- | --- | | ● 三生物的(01530) | ...

导读： 量子科技不是空中楼阁，科学仪器就是量子科技的金刚钻，没有先进的科学仪器，量子科技的发展就如同无源之水、无本之木。 特别提示 微信机制调整，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。 中 国 科 学 院 院 士 、 深 圳 国 际 量 子 研 究 院 院 长 俞 大鹏 教 授 接 受 仪 器 信 息 网 采 访 量子科技作为21世纪最具革命性的前沿科技领域之一，正在全球范围内引发新一轮科技革命和产业变革。而在这场科技竞赛中，科学仪器扮演 着至关重要的角色。正如俞教授所言："没有先进的科学仪器，量子科技的发展就如同无源之水、无本之木。"本次专访中，俞教授从量子科技 发展现状、科学仪器自主创新、产学研协同等多个维度，深入剖析了我国在该领域的优势与挑战，并提出前瞻性的发展建议。以下是采访内容 摘录，以飨读者。 （ 点击文末"阅读原文"查看视频采访） 量子科技发展现状与科学仪器的关键支撑 量子科技三大领域的差异化发展态势 "在国家政府的持续支持下，我国量子科技在三大领域呈现出差异化的发展态势。"俞教授开门见山地指出。在量子保密通信领域，我国已经实 现了从跟跑到领 ...

导读： 823项国家标准制定与修订覆盖了塑料化工、金属材料、信息技术、装备制造、消费品安全、能源环境、医疗器械等众多领 域，强调科学仪器在检测中的核心作用。 特别提示 微信机制调整，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。 本次公开征求意见的823项国家标准草案，覆盖了塑料化工、金属材料、信息技术、装备制造、消费品安全、能源环 境、医疗器械等众多领域。 大规模的国家标准制修订工作，清晰地勾勒出科学仪器作为现代工业"眼睛"和"大脑" 的核心地位。大量标准的制定与 更新，其背后都依赖于精密、可靠的分析测试方法与仪器技术的进步。 电感耦合等离子体（ICP）技术（包括发射光谱和质谱联用）的出现频率极高，成为金属及合金成分分析、环境污染物 检测、高纯材料杂质控制的绝对主力。 射线技术家族（包括衍射XRD、荧光XRF、无损检测DR/CT）的应用范围从传统的材料物相分析、RoHS检测，扩展 到残余应力测量、在线工业检测乃至碳耐火材料分析，展现了其强大的穿透力和信息获取能力。 此外，色谱、光谱（分子与原子）、质谱联用技术构成了食品安全、化学品鉴定、材料老化机理研究的核心技术 ...

Core Viewpoint - Yirui Technology reported a steady growth in revenue and net profit for the first half of 2025, with a focus on global market expansion and supply chain digitalization [1][2]. Financial Performance - In the first half of 2025, Yirui Technology achieved revenue of 1.067 billion yuan, a year-on-year increase of 3.94% - The net profit attributable to the parent company was 334 million yuan, reflecting a year-on-year growth of 8.82% [2]. R&D Investment - The company invested 154 million yuan in R&D, accounting for 14.46% of its revenue - Yirui Technology added 70 new intellectual property rights, including 32 invention patents - Key projects include the development of digital X-ray detector technologies and the establishment of an innovation base [3]. Global Market Expansion - Yirui Technology participated in international exhibitions such as CMEF, ECR, and Arab Health to promote new products globally - The company established sales and service platforms in the US, Germany, and South Korea, and expanded teams in emerging markets like Pakistan and Brazil - It became a major supplier of dental CBCT detectors in South Korea and benefited from domestic medical imaging projects [4]. Supply Chain Digitalization - To enhance delivery capabilities, Yirui Technology is advancing automation and digital transformation in production - The company has formed a global layout of "1 headquarters + 6 bases," including facilities in Haining, Taicang, Cleveland, and a new base in Hefei [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's four main products have seen both volume and price increases, with a continuous improvement in the product matrix [5] - In H1 2025, the company achieved operating revenue of 279 million yuan, a year-on-year increase of 24.61%, and a net profit attributable to the parent company of 77 million yuan, up 31.54% year-on-year [4][5] - The high-end product revenue grew by 71.92% year-on-year, increasing its revenue share to 30%, while mid and low-end products accounted for 48% and 22% respectively [5] - The overall gross margin for H1 2025 was 60.06%, a slight decrease of 1.94 percentage points year-on-year, while the net profit margin improved by 1.45 percentage points to 27.57% [5] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 71.0% increase compared to the CSI 300 index, which increased by 25.7% [3] - As of August 15, 2025, the current stock price is 40.30 yuan, with a 52-week price range of 20.36-45.11 yuan [3] Financial Forecast - The projected operating revenues for 2025, 2026, and 2027 are 607 million yuan, 764 million yuan, and 987 million yuan respectively, with corresponding net profits of 146 million yuan, 191 million yuan, and 257 million yuan [8][9] - The expected price-to-earnings (P/E) ratios for the same years are 44, 34, and 25 times [8][9] Product Development - The company launched 8 new products in H1 2025, enhancing its product matrix and showcasing its innovation capabilities [5] - The domestic high-resolution digital oscilloscope revenue increased by 65.71%, and the revenue from domestic RF microwave products rose by 43.58% [5]

Core Viewpoint - The establishment of Yichuang Port Company, led by Shanghai Academy of Sciences and supported by various state-owned enterprises, aims to create an open innovation ecosystem focusing on technology research and development, achievement transformation, industrial collaboration, and resource sharing [1][3]. Group 1: Company Formation - Yichuang Port Company was officially established on August 13, with a registered capital of 50 million yuan [2]. - The company is a collaboration between Shanghai Academy of Sciences, Shanghai Science and Technology Investment Group, Shanghai Yidian Group, and Songjiang State Investment [2][3]. Group 2: Business Scope - The business scope of Yichuang Port Company includes engineering and technology research and experimental development, optical instrument manufacturing, optical instrument sales, and experimental analysis instrument manufacturing [3]. - The company is positioned as a cornerstone and engine for technological innovation, aligning with the "Shanghai Scientific Instruments and Research Reagents Innovation Development Action Plan (2025-2027)" [3]. Group 3: Strategic Goals - Yichuang Port Company aims to integrate original innovations from universities and research institutions with market demands and state capital advantages to promote breakthroughs in core scientific instrument technologies [3]. - The company seeks to shorten the distance from "laboratory to production line," contributing to Shanghai's goal of becoming a globally influential hub for scientific instrument innovation [3].

Core Insights - The article highlights the recent trends in financing events, indicating a total of 137 financing events this week, with a total amount of approximately 17.52 billion RMB, marking an increase from the previous week [4][11]. Financing Overview - This week, there were 137 financing events (excluding mergers and acquisitions), an increase of 8 from last week, with a total financing amount of about 17.52 billion RMB, up from 1.37 billion RMB last week [4]. - Among these, 13 financing events exceeded 1 billion RMB, a decrease of 5 from the previous week [4]. - There were 24 public exit cases this week, down by 5 from last week [4]. Financing Amount Distribution - A total of 61 financing events disclosed their amounts, with the following distribution: - 5 events under 5 million RMB (up by 3) - 29 events between 5 million and 10 million RMB (up by 3) - 10 events between 10 million and 50 million RMB (up by 3) - 10 events between 50 million and 100 million RMB (down by 6) - 4 events between 100 million and 500 million RMB (up by 1) - 1 event between 500 million and 1 billion RMB (unchanged) - 2 events over 1 billion RMB (up by 2) [5]. Notable Investment Events - Inner Mongolia Zhongguang Nuclear completed a strategic financing of 11.8 billion RMB, marking the largest equity financing project for a provincial energy central enterprise in five years [7]. - Haichang Bio completed nearly 500 million RMB in Series C financing, focusing on the development of nucleic acid innovative drugs [7]. - Zhirun Medical raised over 300 million RMB in Series A financing, aimed at advancing high-throughput flexible brain-machine interface technology [8]. - Lian Guang Yuan He secured 400 million RMB in Series A financing, focusing on research and productization in communication and optical processing [8]. Industry Distribution - The financing events involved 13 industries, with the top five being: - Electronics: 26 events - Equipment Manufacturing: 24 events - Information Technology: 20 events - Medical Health: 18 events - Materials: 13 events - The electronics sector saw an increase in financing events, particularly in chip design and semiconductor materials [11][13]. Regional Distribution - The top five regions for financing events were: - Jiangsu Province: 33 events - Guangdong Province: 20 events - Beijing: 17 events - Shanghai: 11 events - Zhejiang Province: 13 events - The total financing amount from these regions was approximately 16.83 billion RMB, accounting for 96.03% of the total financing [18][19]. Exit Situation - There were 24 public exit cases this week, with the materials and energy-saving environmental protection sectors having the highest number of exits [30]. - The exit methods included 11 equity transfers, 8 mergers, and 4 IPOs [31].

Core Viewpoint - The scientific instrument industry has seen a resurgence in mergers and acquisitions (M&A), with 31 transactions totaling over 220.6 billion yuan as of August 11, 2025, indicating a trend of "reduced volume but increased value" compared to the previous year [1][2]. Summary by Sections M&A Activity Overview - As of August 11, 2025, the scientific instrument industry recorded 31 M&A transactions with a total disclosed value exceeding 220.6 billion yuan, with the highest single transaction amounting to 125.4 billion yuan [2]. - In comparison, the previous year saw 39 transactions with a total value of only 53.4 billion yuan, highlighting a significant increase in transaction value in 2025 [2]. Strategic Focus of M&A - Unlike the previous year where Brook dominated with high-frequency acquisitions, 2025 has seen major players like Waters, bioMérieux, and Saint Shining Biotech each completing two transactions, focusing on technology integration and market expansion [2][3]. - The majority of M&A activities are concentrated in the life sciences sector, accounting for 78% of total transactions, while semiconductor measurement and optoelectronic sensing sectors saw a decline in activity [3]. Notable Transactions - Waters initiated a significant acquisition of BD's biosciences and diagnostics business for 17.5 billion USD (approximately 125.4 billion yuan), positioning it as a transformative move aimed at achieving substantial value growth through synergies [4]. - Siemens acquired Dotmatics, a life sciences software company, for 5.1 billion USD, enhancing its competitive edge in medical technology [4]. - Thermo Fisher's acquisition of Solventum for 4.1 billion USD fills a critical gap in purification and filtration technology, aiming to capture growth in the biopharmaceutical market [5]. Domestic M&A Trends - Domestic companies like Saint Shining Biotech and Crystal Technology have also been active, with each completing two acquisitions, although the total amounts are significantly lower than those of foreign firms [6]. - The trend of acquiring overseas companies is evident, as seen with Titan Technology's acquisition of the UK-based biochemical reagent brand Apollo Scientific, aimed at expanding its global market presence [9]. Strategic Implications - The M&A landscape reflects a shift towards cross-industry acquisitions as companies seek new growth avenues, supported by favorable policies from regulatory bodies [8]. - Companies are increasingly focusing on core business areas while divesting slower-growing segments to streamline operations and enhance strategic precision [8]. - The integration of global channels and technology through acquisitions is becoming essential for domestic firms to compete internationally [11].

Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Views - The company reported strong growth in its 2025 half-year results, with revenue reaching 136 million yuan, a year-on-year increase of 34.9%, and a net profit of 5 million yuan, up 139.0% year-on-year [4][7]. - The growth is driven by all four major product lines, particularly the "Spectroscopy Series," which saw a revenue increase of 61.7% [7]. - The company is expected to benefit from ongoing equipment replacement demands and favorable industry conditions, particularly in the spectroscopy segment, which is anticipated to become a new growth engine [7]. Financial Data and Profit Forecast - The company’s total revenue is projected to be 378 million yuan in 2025, with a year-on-year growth rate of 21.9% [6]. - The net profit forecast for 2025 is 51 million yuan, reflecting a significant increase of 290.8% compared to the previous year [6]. - The gross profit margin is expected to improve to 66.8% by 2025, indicating a positive trend in profitability [6]. Revenue and Profit Analysis - In the first half of 2025, the company achieved a gross profit margin of 63.6%, an increase of 0.9 percentage points year-on-year [7]. - The company has successfully reduced its expense ratios, with significant decreases in sales, management, and R&D expense ratios [7]. - The company is focusing on expanding its enterprise customer base, which now accounts for over 50% of its revenue, enhancing its operational resilience [7].

Core Viewpoint - Haineng Technology reported a significant increase in revenue and profitability in its 2025 semi-annual report, reflecting a positive trend in the domestic scientific instrument industry and the company's strategic initiatives in technology development and collaboration [1][4]. Financial Performance - The company achieved operating revenue of 136.07 million yuan, a year-on-year increase of 34.87% [2] - The net profit attributable to shareholders was 5.47 million yuan, marking a turnaround from a loss of 14.02 million yuan in the previous year, representing a 139.03% improvement [2] - The gross profit margin was 63.60%, slightly up from 62.69% in the previous year [2] - Basic earnings per share increased to 0.07 yuan from a loss of 0.17 yuan, a 141.18% improvement [2] Strategic Initiatives - The company is developing an instrument control system based on the domestic "Hongmeng System" to align with the trend of replacing imported instruments with domestic alternatives [1][5] - Haineng Technology established a large model intelligent operation department to enhance AI capabilities and integrate intelligent technology with business scenarios [6] - The company signed a cooperation agreement with Xi'an Jiaotong University to establish a research institute for intelligent analysis instruments, focusing on innovative technologies for pharmaceutical and environmental applications [5] Research and Development - R&D investment has consistently increased over the past eight years, with a compound annual growth rate of 20.85%, and R&D expenditure has accounted for over 15% of operating revenue in the last three years [4] - The company holds 53 invention patents, 131 utility model patents, and 91 software copyrights, with 41 invention patent applications currently under review [4] Infrastructure Development - Haineng Technology plans to invest up to 230 million yuan in the construction of an intelligent manufacturing base for scientific instruments in Shanghai, aiming to attract top talent and enhance product and technology autonomy [7] - The project will incorporate digital, intelligent, and green manufacturing processes, including the establishment of an industrial internet platform and smart warehousing systems [7]