Core Viewpoint - Shenzhen Mingyi Intelligent Manufacturing Technology Co., Ltd. has completed a C+ round of financing, which will further support the company's technological research and market expansion, consolidating its leading position in the industry [1][2]. Financing Details - The company did not disclose the funding sources or the scale of this financing round. Previously, Mingyi completed nearly 100 million yuan in a B++ round financing at the end of 2023, with investments from Tianhui Capital and Jiangsu Jinqiao Private Equity Fund among others [2]. Company Background - Mingyi was founded in 2018 by Dr. Wu Jian, an expert in high-throughput genetic diagnostics, and Professor Jingyue Ju, a renowned scientist in the field of gene sequencing. Dr. Wu holds a bachelor's degree from Peking University and a Ph.D. in genetic engineering from Columbia University [2]. Product Development - The company focuses on the research and manufacturing of upstream equipment and reagents in the gene sequencing industry. It has developed the UniSeq2000, an internationally leading desktop clinical application NGS sequencer, within four years. This device utilizes microfluidic chip technology and proprietary single-color fluorescence sequencing chemistry [3]. Product Features - The UniSeq2000 offers high accuracy, flexible throughput, simple operation, and controllable sequencing costs, meeting the detection needs of various application fields [3].

Investment Logic - The company is deeply engaged in the gene sequencing field, with three main segments driving revenue growth. It is a rare domestic gene sequencer enterprise that has achieved core technology autonomy, with a product matrix covering full throughput and multiple scenarios, matching the technical level of international giants. The company is also expanding into laboratory automation and new businesses (BIT, ultrasound imaging, etc.), creating a comprehensive life science core tool product matrix that drives revenue growth from multiple angles. From 2017 to 2022, the company's revenue achieved an average annual compound growth of nearly 40%, and after the emergency demand disturbances gradually clear, revenue is expected to reach 3.013 billion yuan in 2024 (yoy +3.48%), with a narrowing of net profit losses, demonstrating resilience in performance [1]. Global Market Opportunities - The global gene sequencing market share is steadily increasing, and changes in the unreliable entity list are expected to bring significant opportunities, further expanding the company's growth space. The company, leveraging its product and brand strength, continues to accelerate global installations, with a market share exceeding 50% in newly tendered domestic markets in 2024, ranking first, and a global market share of 7.1%, with over 1,260 new installations. In March 2025, the Ministry of Commerce listed Illumina on the unreliable entity list, restricting its sales of sequencing equipment in the Chinese market, which presents a historic opportunity for domestic gene sequencer enterprises. The company, with its autonomous technology and supply chain system, as well as a full throughput and diversified product matrix, is expected to become a preferred alternative for research institutions, medical institutions, and third-party gene testing service providers. It is estimated that by 2025, the market space for instruments and reagent consumables will be 1.5 billion yuan and 2.3 billion yuan, respectively, and will reach 1.8 billion yuan and 5.4 billion yuan by 2030, which is 4-5 times the current business scale. In overseas markets, as patent litigation concludes, the company is rapidly increasing its installation and revenue scale in overseas regions and advancing localization in Asia-Pacific, Europe, and Africa, facilitating overseas market expansion [2]. AI Integration and Business Expansion - The company is building an "AI + BT + IT" intelligent sequencing ecosystem to enhance product value and company performance. It actively embraces AI technology transformation, integrating AI models such as DeepSeek-R1 and Evo 2 into αCube, providing comprehensive support for multi-omics and high-throughput sequencing needs. Additionally, AI technology is empowering instrument performance upgrades, launching laboratory intelligent automation (GLI) business and αLab, catering to demands in gene sequencing, synthetic biology, and other fields, thus aiding terminal applications and business expansion, opening up new growth trajectories [3]. Investment Recommendations - The company is a leading domestic gene sequencer with core technology autonomy, presenting a rare investment opportunity. The rapid development of gene sequencing business, coupled with Illumina's export restrictions to China, creates a historic opportunity for the company. The domestic market space is expected to expand again, while overseas market share is steadily increasing. Additionally, the laboratory automation business and new ventures are rapidly climbing, likely driving revenue and profit growth. Furthermore, in comparison to international giants like Tempus AI, the company's AI sequencing business ecosystem is expected to synergize with BGI's layout advantages, enhancing product added value and potentially leading to valuation premiums. Revenue projections for 2025-2027 are 3.585 billion yuan, 4.184 billion yuan, and 4.936 billion yuan, with year-on-year growth rates of 19.01%, 16.69%, and 17.98%, respectively. Net profit is projected to be 29 million yuan, 104 million yuan, and 219 million yuan, with year-on-year growth rates of 104.79%, 262.33%, and 110.26%, respectively, marking the first coverage with a "recommended" rating [4].

日前，第二届神仙湖管理学论坛在香港中文大学（深圳）圆满落幕。此次论坛由港中大（深圳）经管学院主办，吸引了来自海内外近90位知名学者与青年博 士生参与，与会嘉宾围绕管理学研究的最新趋势展开了深度交流，探讨了组织行为、人工智能与技术创新、企业战略与公司治理、跨文化管理与国际商务等 前沿议题。论坛不仅进一步推动了管理学领域的学术交流与合作，也为区域内的学术发展与创新实践注入了新的活力。 开幕致辞 港中大（深圳）经管学院学术院长熊伟教授致开幕辞，他向与会嘉宾致以热烈欢迎，并向大家简单介绍了学校和学院的发展历程及办学成果。他表示，经管 学院一直以来致力于构建深圳、粤港澳大湾区与全球学术对话的桥梁，推动本土经验与世界前沿的深度融合。他鼓励与会嘉宾通过多维互动与系统性研讨， 协力推动区域、全国乃至世界的管理学研究向更深层次迈进。 欢迎致辞 港中大（深圳）经管学院管理学领域负责人曹纪胤教授致欢迎辞。她向与会嘉宾介绍了学院管理学领域的发展动态、本次会议的宗旨、注册情况以及相关安 排。她表示，经管学院的教师团队年轻且富有创新精神。她希望此次会议能够进一步深化管理学理论与实践的融合，共同推动学术交流与合作的蓬勃发展。 主旨演讲 来 ...

Summary of Pacific Biosciences of California (PACB) FY Conference Call Company Overview - **Company**: Pacific Biosciences of California (PACB) - **Focus**: Long read sequencing technology, specifically HiFi technology capable of reading genomes at lengths of 15,000 to 20,000 base pairs [2][3] Key Priorities and Technology Advancements - **Cost Reduction**: Significant progress in reducing the cost of long read sequencing from $3,000-$4,000 to $500 per genome, aiming for further reductions to a few hundred dollars [4][5] - **Throughput Increase**: The REVIO platform can now sequence 2,500 genomes per year, up from 90 genomes previously, with plans to increase this to tens of thousands [5] - **New Product Launches**: Introduction of the Vega platform aimed at clinical and biopharma markets, enhancing access to new customers [8] Financial Performance - **Consumable Revenue**: Achieved $20.1 million in consumable revenue, representing a 26% year-over-year growth, marking a record quarter for the company [11] - **Clinical Market Growth**: Notable traction in clinical markets, with 15% of the customer base now classified as clinical, including partnerships with Myriad Genetics and Quest Diagnostics [28][30] Market Dynamics - **Academic Sector Challenges**: The company faces headwinds in the academic sector due to capital expenditure constraints, with approximately 15%-20% of revenue tied to NIH funding [17][18] - **Global Market Potential**: Potential for increased academic research spending in Europe and China as US funding declines [22][23] Product Development and Innovation - **Spark Chemistry**: Launched Spark chemistry, which increases output by 33% and reduces DNA input requirements, allowing for a broader range of sample types [13][14] - **Multiuse SMART Cells**: Development of multiuse SMART cells to lower costs further and enhance the value proposition of the REVIO platform [41] Path to Profitability - **Top Line Growth**: Targeting to capture a larger share of the $3 billion whole genome market, currently holding about 2%-3% [52] - **Gross Margin Enhancement**: Expected gross margins to exceed 40% by the end of the year, driven by a shift towards consumables and cost reductions in manufacturing [60][61] - **Operational Efficiency**: Aiming for a reduction in annualized operating expenses by $45 million to $50 million, primarily by pausing high throughput short read development [66][67] Balance Sheet and Financial Health - **Cash Position**: Exited the last quarter with approximately $350 million in cash, providing confidence for R&D and growth initiatives [71] - **Debt Management**: Proactive refinancing strategies have extended debt maturities and reduced principal, positioning the company favorably for future debt management [73][74] Conclusion - **Strategic Focus**: PACB is concentrating on long read sequencing technology, enhancing clinical applications, and improving operational efficiencies to navigate current market challenges and drive future growth [48][56]

Group 1 - In May 2025, the number of newly registered private equity and venture capital fund managers in China dropped to 2, a decrease of 83.3% compared to April and a 60% decline year-on-year [1] - A total of 339 new private equity and venture capital funds were registered, marking a year-on-year increase of 55.5% but a month-on-month decrease of 18.7% [1] - The domestic primary equity investment market recorded 428 financing events, representing a year-on-year decrease of 13.6% and a month-on-month decrease of 18.0% [1] Group 2 - Shenzhen Innovation Investment Group (Deep Venture) has registered a new fund, the Shenzhen Hongtu Seed Fund, with a total capital contribution of 300 million yuan, focusing on advanced technology sectors [2] - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund aims for a total scale of 5 billion yuan, with 3.6 billion yuan already contributed by various local government funds [3] Group 3 - Deep Venture disclosed 10 equity investment events in the reporting period, a fivefold increase compared to May 2024 and a 66.7% increase from April [3] - In the first five months of 2025, Deep Venture made 43 investments, which is 58.1% of its total investments in 2024 [3] Group 4 - 60% of Deep Venture's projects in May were in the angel and A-round early stages, with a focus on advanced manufacturing, particularly in integrated circuits and aerospace [6] - The company invested in "Sailu Medical," which completed an A+ round of financing, with funds aimed at expanding its sequencing platform and global market outreach [11][12]

记者：随着促进民营经济发展的政策落地，如何看待当前民营企业发展壮大的时代机遇？企业如何持续 提升核心竞争力？ 李瑞强：当前民营经济发展环境呈现政策红利释放、创新生态完善、地方探索活跃的特点，我们赶上了 一个好时代。企业战略要结合行业需求、政策导向与自身能力顺势而为。 在基因技术领域，仍有大量未解的科学问题与未满足的医疗需求；政策层面，国家重视新质生产力与生 物经济战略，经济转型需要新动能，为企业指明方向；从技术层面，基因技术还处于高速发展期，每年 都有突破性进展。 以新质生产力赋能生物医药产业高质量发展是一个系统工程，需要多主体参与、多要素支撑、多层面协 同运行。如何激发、培育更多的参与者？民营企业如何看待当前的时代机遇？企业如何培养核心竞争 力？《中国企业家》记者近日专访了北京诺禾致源科技股份有限公司创始人、董事长兼CEO李瑞强。 李瑞强：基因测序属于生物医药行业的细分领域，虽是底层技术，但可应用的场景广泛，属于"长坡厚 雪"行业。在生物医药产业链上游，它可用于研发，探索疾病致病基因与分子机理，为药物开发、诊断 产品设计提供科学依据；在临床诊断环节，基于已知致病基因进行检测诊断，进而实现肿瘤等疾病的精 准治 ...

Core Viewpoint - The announcement highlights the equity changes of major shareholders in Nuohe Zhiyuan, indicating a reduction in their holdings, which may impact the company's stock performance and investor sentiment [1][2]. Shareholder Equity Changes - Beijing Zhiyuan Hegu Investment Management Center reduced its holdings by 2,077,773 shares (0.50%) through centralized bidding and 2,179,000 shares (0.52%) through block trading, decreasing its ownership from 11.32% to 10.30% [1][2]. - Beijing Nuohe Hegu Investment Management Center reduced its holdings by 217,488 shares (0.05%) through centralized bidding, with no shares sold through block trading, decreasing its ownership from 3.02% to 2.97% [1][2]. Total Shares Reduced - Between April 21, 2025, and June 3, 2025, a total of 4,474,261 shares were sold by both Zhiyuan Hegu and Nuohe Hegu [2]. Company Background - Nuohe Zhiyuan was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 13, 2021, with an initial public offering (IPO) of 40.2 million shares at a price of 12.76 yuan per share, raising a total of 51,295.20 million yuan [2][3]. - The company intended to use the IPO proceeds for projects related to gene sequencing service platform expansion, gene testing reagent research and development, information technology and data center construction, and working capital [2]. Recent Fundraising Activities - In October 2023, Nuohe Zhiyuan announced a private placement of 16 million shares at a price of 20.76 yuan per share, raising a total of 332.16 million yuan, with net proceeds of approximately 327.61 million yuan after deducting issuance costs [3]. - The total fundraising from the IPO and the 2023 private placement amounts to 84,511.2 million yuan [4].

Core Viewpoint - The company, Beijing Novogene Technology Co., Ltd., has announced a differentiated cash dividend distribution plan, proposing a cash dividend of RMB 0.05 per share (tax included) for the fiscal year 2024, approved at the annual shareholders' meeting on May 7, 2025 [1][2]. Summary by Sections Dividend Distribution Plan - The company plans to distribute a cash dividend of RMB 0.05 per share to all shareholders, based on the total share capital minus the shares held in the company's repurchase account [2][3]. - As of the announcement date, the total share capital is 416,200,000 shares, with 11,141,468 shares in the repurchase account, resulting in 405,058,532 shares eligible for distribution, totaling approximately RMB 20,252,926.60 (tax included) [2][3]. Ex-Dividend Date and Payment - The ex-dividend date, record date, and cash dividend payment date are specified, with the cash dividend being distributed through the China Securities Depository and Clearing Corporation Limited [3][4]. Tax Implications - For individual shareholders and securities investment funds, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for less than one month, and no tax for shares held over one year [4][5]. - For qualified foreign institutional investors (QFII), a withholding tax of 10% applies, resulting in a net cash dividend of RMB 0.045 per share [5][6]. - Other corporate shareholders are responsible for their own tax declarations, with the gross cash dividend being RMB 0.05 per share [6].

Group 1: Industry Overview - The gene sequencing sector is expected to be one of the hottest segments in the A-share market by 2025, driven by an aging population and supportive policies like "Healthy China 2030" and the "14th Five-Year Plan" for the bio-economy [2] - The domestic gene sequencing industry has seen significant activity in both primary and secondary markets, with 10 gene sequencing companies securing financing since 2025, and the Tonghuashun Gene Sequencing Index rising over 40% from approximately 1280 points to around 1800 points [2] Group 2: Company Profile - Lianchuan Biotechnology - Lianchuan Biotechnology has submitted its IPO application to the Beijing Stock Exchange, aiming to raise 300 million yuan, significantly down from a previous target of 608 million yuan when applying to the Shanghai Stock Exchange [3][9] - The company specializes in various types of gene testing services, including nucleic acid extraction, library preparation, sample testing, and data analysis, indicating a high technical barrier in its operations [3] Group 3: Market Potential - The gene testing research service market in China is projected to grow from 4.68 billion yuan in 2019 to 9.08 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.2%, and is expected to reach 17.43 billion yuan by 2030 [5][6] Group 4: Financial Performance - Lianchuan Biotechnology's revenue has shown rapid growth, with figures of 235 million yuan, 287 million yuan, and 367 million yuan for the years 2022, 2023, and 2024 respectively, alongside net profits of approximately 52.76 million yuan, 53.49 million yuan, and 60.06 million yuan [9] Group 5: Supply Chain Challenges - The company heavily relies on Illumina, which accounted for 32.34% of its procurement in 2022, raising concerns due to recent sanctions against Illumina that restrict its ability to supply products to China [13][15] - The shift from the Shanghai Stock Exchange to the Beijing Stock Exchange for the IPO is attributed to increased uncertainty stemming from these supply chain issues [15] Group 6: R&D Investment - Lianchuan Biotechnology's R&D expenditure has been decreasing as a percentage of revenue, from 13.61% in 2022 to 8.38% in 2024, which is lower compared to competitors like BGI and Novogene [16][17] - The largest portion of the IPO proceeds is planned for the expansion and upgrade of its gene technology products and services platform, amounting to 200 million yuan, which is 66.67% of the total fundraising [18]

Financial Data and Key Metrics Changes - The company is focused on achieving high single-digit revenue growth and 500 basis points of margin expansion by 2027, excluding the Greater China region [30][31] - The company has made cost reductions of approximately $100 million this year and beyond to improve its financial position [24][36] Business Line Data and Key Metrics Changes - The clinical segment accounts for approximately 55% of revenue and showed strong growth in Q1, with good placements of the X platform and mid-single-digit growth in consumables [60] - The academic and government end market, which represents about 50% of revenue, has been lowered by 15% in guidance due to funding pressures [42][47] Market Data and Key Metrics Changes - The company has noted that more than 50% of its revenue comes from clinical applications, with less than 50% from academic research, indicating a significant reliance on clinical markets [44] - The company expects the long-term growth rate for the academic market to return to around 6%, but anticipates subdued growth through 2025 due to current uncertainties [46][47] Company Strategy and Development Direction - The company is transitioning to focus on end-to-end workflows and deep insights rather than solely on sequencing, aiming to drive genomics to the next level [26][30] - The strategy emphasizes customer intimacy and operational excellence, with a commitment to innovation and maintaining a competitive edge in the market [17][71] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unexpected challenges in 2025, including being placed on the unreliable entity list by Chinese authorities and NIH funding challenges, but emphasized the importance of controlling what can be controlled [21][22] - The company remains optimistic about growth opportunities in the multiomics space and believes that new product introductions will drive future revenue [34][39] Other Important Information - The company is committed to maintaining a strong presence in China, despite current challenges, and sees potential long-term opportunities in the market [54][56] - The company has launched new technologies, such as Constellation, which are expected to enhance its product offerings and customer engagement [74][90] Q&A Session Summary Question: What are the company's expectations for academic growth? - Management believes that academic growth may return to the expected 6% in the future, but it is uncertain whether this will happen within the next four years [42][46] Question: How does the company plan to address competition in the clinical market? - Management emphasized the importance of innovation and customer reliance on Illumina's solutions, stating that customers recognize the value of their investments in Illumina's technology [62][66] Question: What is the company's stance on the situation in China? - Management stated that while China represents less than 5% of revenue, they are actively working to improve relations and maintain a presence in the market, viewing it as a long-term opportunity [52][54]