Financial Data and Key Metrics Changes - Q1 2025 revenue was $1,040 million, down 1.4% year over year, with constant currency revenue roughly flat [19][30] - Non-GAAP EPS was $0.97, at the high end of guidance [18][27] - Non-GAAP gross margin increased by 30 basis points year over year to 67.4% [24] - Non-GAAP operating margin was 20.4% in Q1 [27] - Cash flow from operations was $240 million, with free cash flow at $208 million [28] Business Line Data and Key Metrics Changes - Sequencing consumables revenue was $696 million, growing approximately 1% year over year [19] - Sequencing instruments revenue was approximately flat at $109 million [22] - Sequencing service and other revenue decreased by approximately 5% year over year to $142 million [23] Market Data and Key Metrics Changes - Clinical business consumables grew mid-single digits, while research consumables were down in the high mid to high single-digit range [49] - The Greater China region is expected to contribute only $165 million to $185 million in full-year revenue, significantly down from previous levels [30][32] Company Strategy and Development Direction - The company aims for high single-digit revenue growth and 500 basis points margin expansion by 2027, excluding Greater China [8][10] - A $100 million cost reduction program was initiated to address challenges in China and the U.S. funding environment [11][25] - The company is focused on advancing its Multiomics ecosystem and has several new product launches planned for 2025 and 2026 [13][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but emphasized the resilience of the business and strong sequencing activity [6][44] - The company is actively engaging with regulatory authorities in China to find long-term solutions [10][32] - Management expressed confidence in the long-term growth trajectory despite current headwinds [9][39] Other Important Information - The company is revising its guidance to reflect geopolitical impacts, particularly in China [29] - The estimated gross cost of tariffs for 2025 is approximately $85 million, impacting margins [34][35] Q&A Session Summary Question: What is the outlook for revenue growth and margins? - Management believes revenue growth will rebound and margins will expand above 25% in the future, with a focus on cost control [41][42] Question: What are the growth rates for clinical and research segments? - Clinical revenue grew mid-single digits, while research revenue is expected to decline in the mid-double digits for the remainder of the year [49][50] Question: How are tariffs affecting demand? - No significant change in customer behavior was observed in Q1 due to tariffs, but future impacts are anticipated [66][68] Question: What is the impact of China on future revenue? - The company expects continued revenue decline from China, with proactive measures in place to mitigate risks [96]

Core Insights - The company reported a revenue of 3.013 billion yuan for 2024, representing a year-on-year growth of 3.48% [1] - The net profit attributable to shareholders was -601 million yuan, with a year-on-year increase of 1.10% [1] - The first quarter of 2025 saw a revenue decline of 14.26% year-on-year, amounting to 455 million yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.143 billion yuan, a significant year-on-year increase of 61.64% [1] - The gross profit margin for 2024 was 55.51%, down 3.96 percentage points from the previous year [2] - The net profit margin was -20.22%, showing a slight improvement of 0.64 percentage points year-on-year [2] Business Segments - The core sequencing business generated 2.348 billion yuan in revenue, with a year-on-year growth of 2.47% [3] - The company sold nearly 1,270 new sequencing instruments in 2024, marking a 48.59% increase year-on-year [3] - The laboratory automation segment achieved a revenue of 209 million yuan, with a year-on-year growth of 36.69% after excluding pandemic-related revenues [4] Market Position and Strategy - The company holds a global market share of approximately 7.1% in revenue terms and 28.2% in terms of new sales installations [3] - The domestic market share for new instrument installations reached about 63.8%, with revenue market share increasing to 39% [3] - The company is accelerating its global expansion with nearly 900 overseas marketing personnel [3] Future Outlook - Revenue projections for 2025-2027 are set at 3.607 billion, 4.500 billion, and 5.597 billion yuan, reflecting year-on-year growth rates of 20%, 25%, and 24% respectively [5] - The net profit forecast for 2025 is -177 million yuan, with a significant turnaround expected by 2027, reaching 182 million yuan [5] - The company is positioned as a leading domestic sequencing instrument provider, with potential for further market share growth due to ongoing product innovations and geopolitical factors [5]

事件：公司发布2024年年度报告及2025年一季度报告。2024年实现营业收入30.13亿元（+3.48%），归 母净利润-6.01亿元，扣非净利润-6.53亿元，经营性现金流-7.74亿元。2024Q4实现营业收入11.43亿元 （+61.64%），归母净利润-1.37亿元，扣非净利润-1.55亿元。2025Q1实现营业收入4.55亿元 （-14.26%），归母净利润-1.33亿元，扣非净利润-1.45亿元，经营性现金流-0.68亿元。 测序仪装机进展顺利，国内份额显著提升。1）2024年：公司核心业务实现显著突破。分业务来看，① 基因测序仪：实现收入23.48亿元（+2.47%），其中仪器设备实现收入9.60亿元（+6.92%），全年新增 销售装机量近1,270台（+48.59%），国内新增销售超1，000台（占新增销售装机口径份额63.8%），试 剂耗材实现收入13.73亿元（+1.43%），DNBSEQ-T7/G99相关试剂收入同比增长23.23%、63.53%；② 实验室自动化：实现收入2.09亿元（+36.69%，剔除突发公卫相关基数），全年新增装机超500台，已逐 步消化突发公卫事件相关业务影响 ...

Group 1: 华大智造 - 华大智造's Q1 2025 revenue decline is primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [1] - Increased industry competition has led to a decline in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution and optimizing revenue structure to improve gross margins [1] - Revenue is expected to increase in Q4 2024, but losses are anticipated due to promotional discounts, increased new business contributions, and expense provisions, with cost logic still applicable due to scale effects [1] - The company is focused on cost reduction and efficiency improvement, optimizing budget management, organizational structure, and R&D projects, with significant reductions in expense ratios expected [1] - U.S. tariffs are affecting gross margins, with low overseas procurement ratios and reliance on imported components; domestic substitution is ongoing [1] - The company is preparing inventory to mitigate short-term impacts and is planning overseas factories for reagent supply, with limited effects from countermeasures [1] - There are 3,000 existing Illumina instruments, with 750 switch intentions received for high-performance alternatives provided by the company [1] - In reagent consumables, AI technology is being leveraged to optimize enzymes, enhancing sequencing speed and quality, and developing energy-efficient transportation methods [1] - The overseas commercialization strategy is tailored to local markets, focusing on mature markets in Europe and the U.S., while also paying attention to Asia-Pacific and emerging markets [1] - Domestically, the company is advancing NIPT upgrades, infectious disease testing, cancer early screening, rare disease detection, and innovations in the research field [1] Group 2: ST华通 - ST华通 is focusing on evergreen game categories such as SLG and match-3 games, emphasizing innovation and scalability [2] - The company believes that the future trend for SLG games is promising due to their ease of operation and strong user engagement, although successful teams are limited [2] - 盛趣游戏 plans to return to traditional advantages through cost reduction and efficiency improvements, exploring IP potential and seeking overseas markets [2] - Regarding the "Apple tax," the company sees the breaking of Apple payment restrictions as beneficial, though the short-term impact is expected to be minimal [2] - The company is providing competitive bonuses for team incentives, with the business team in a positive cycle [2] - ST华通 is optimistic about the long-term development of AI games, hosting innovation competitions while remaining cautious in the short term [2] - The company aims to leverage classic IP potential, relying on core users to launch new works [2]

Core Viewpoint - Axbio International Limited is accelerating its IPO process, having submitted its prospectus to the Hong Kong Stock Exchange, with notable backing from prominent investors and a focus on innovative molecular diagnostics and gene sequencing technologies [1][6]. Company Overview - Axbio was founded in 2016 and aims to revolutionize the life sciences tools and diagnostics industry through a next-generation electrochemical detection platform [1]. - The product pipeline includes a microarray chip analyzer, two EL-NGS gene sequencers, and various accompanying test kits [2][3]. Leadership and Background - Founder Tian Hui has a strong academic and professional background, holding degrees from Tsinghua University and Stanford University, and has over 20 years of experience in biotechnology and semiconductor integration [2]. - The company has attracted significant investment from well-known institutions, raising over $110 million across four funding rounds [1][6]. Product Development and Regulatory Milestones - The AxiLona EL-100 microarray chip analyzer received special review status from Jiangsu Province's medical device authority in June 2024 and completed clinical trials by March 2025 [3]. - Axbio is developing the AxiLona AXP-100 gene sequencer, which integrates advanced technologies and aims to offer high precision and low-cost sequencing [5]. Market Growth and Financials - The global molecular diagnostics market grew from $11.1 billion in 2018 to $18.2 billion in 2023, with a CAGR of 10.3%, while China's market expanded from $1.7 billion to $3.1 billion during the same period, with a CAGR of 13.1% [5]. - Axbio reported no revenue in 2023 and projected revenue of $479,000 in 2024, with significant annual losses of $22.9 million and $23.5 million for those years, respectively [10]. Future Prospects - The IPO is crucial for Axbio to enhance its product development, strengthen its technology platform, and expand its commercialization capabilities both domestically and internationally [11]. - Despite current losses, the company's technological advantages and extensive product pipeline position it well for future growth in the molecular diagnostics and gene sequencing markets [11].

Group 1 - The core viewpoint of the article highlights BGI Genomics as a leading player in the biotechnology sector, particularly in gene sequencing, emphasizing its role in breaking international monopolies and establishing a technological moat in China [1][3] - BGI Genomics went public on the STAR Market in September 2022, with an initial share price of 87.18 yuan, achieving a market capitalization exceeding 42 billion yuan on its first trading day, making it one of the largest IPOs in the biotechnology sector that year [3] - As of the end of Q1 2024, BGI Genomics maintained a market capitalization of over 30 billion yuan, leading domestic competitors in gene sequencing equipment [3] Group 2 - BGI Genomics has achieved significant technological breakthroughs, notably with its DNBSEQ sequencing platform, which has reached international leading levels in sequencing accuracy and cost control [4] - The company has installed over 3,000 gene sequencing instruments globally, covering 85 countries, and has captured over 35% market share in China, positioning itself as a strong competitor to Illumina [4] - BGI Genomics holds over 2,400 patents, including more than 600 international PCT patents, establishing a comprehensive intellectual property system across the entire value chain [4] Group 3 - Following its IPO, BGI Genomics accelerated its global strategy, achieving CE certification for multiple devices in 2023 and becoming the first domestic sequencing instrument to receive FDA certification [6] - The company has enhanced its manufacturing capacity, with its Wuhan facility increasing annual production capacity to 2,000 units and achieving over 90% localization of core components [6] - BGI Genomics has formed a "Precision Medicine Alliance" with over 1,000 global research institutions and pharmaceutical companies, with overseas revenue accounting for 43% of total revenue in 2023 [6] Group 4 - BGI Genomics faces challenges including risks of technological iteration, supply chain security, and geopolitical pressures, necessitating a focus on local operational capabilities [8] - The company plans to allocate 30% of its fundraising towards the development of AI-assisted diagnostic systems and aims to establish regional centers in Southeast Asia and the Middle East to diversify market risks [8] Group 5 - The growth trajectory of BGI Genomics reflects a typical path for Chinese hard-tech companies, characterized by technological breakthroughs, capital support, and global competition [9] - The company is transitioning from domestic substitution to setting global standards in gene sequencing technology, which is seen as crucial for understanding human life codes [9]

Company Overview - Axbio International Limited, referred to as "安序源", is a global leader in integrated circuit biotechnology, established in 2016, focusing on developing next-generation electrochemical detection platforms for life sciences tools and diagnostics [3]. - The company integrates integrated circuits, biotechnology, and artificial intelligence technologies to create advanced foundational platforms for life science research and clinical applications [3]. Product Pipeline - As of April 21, 2025, Axbio's product pipeline includes a microarray chip analyzer, two EL-NGS gene sequencers, and various supporting test kits [3]. - The core product, AxiLona EL-100, has received registration approval from the Jiangsu Provincial Drug Administration [3]. Financial Performance - For the fiscal year ending December 31, 2023, Axbio reported zero revenue, with a net loss of $22.86 million. In 2024, projected revenue is $479,000, with an expected net loss of $23.47 million [4]. - The company has incurred research and development expenses of $15.29 million in 2023 and $11.41 million in 2024 [4]. Funding and Valuation - Axbio has undergone multiple funding rounds since its inception, including a $20 million funding round in October 2021, resulting in a post-money valuation of $239 million, and a $70 million funding round in March 2023, with a post-money valuation of $348 million [5]. - The company has a diverse shareholder structure, with Dr. Hui Tian holding 30.44% and Dr. Igor Ivanov holding 15.22% of the shares [6][8]. Shareholder Structure - The major shareholders include Dr. Hui Tian (30.44%), Dr. Igor Ivanov (15.22%), and several investment funds, including AstraZeneca-CICC and YF Digital Health, each holding 5.91% [6][8]. - The total number of shares held by various stakeholders amounts to 181,440,701 shares, representing 100% of the issued share capital [7].

Core Viewpoint - BGI Genomics achieved a main business revenue of 2.957 billion yuan in 2024, with the sequencing instrument business contributing 2.348 billion yuan, reflecting a strategic focus on product innovation and market leadership in the domestic sequencing instrument sector [4][10]. Revenue Breakdown - The revenue from the gene sequencing instrument business reached 2.348 billion yuan, a year-on-year increase of 2.47%. The revenue from instrument equipment was 960 million yuan, up 6.92%, while reagent consumables generated 1.373 billion yuan, growing by 1.43% [4]. - The laboratory automation business generated 209 million yuan, showing a significant growth of 36.69% compared to 2023, excluding impacts from public health events [4]. - New business segments contributed 400 million yuan, with a year-on-year growth of 57.05%, also excluding public health event impacts [4]. Product Innovation - BGI Genomics launched a series of new sequencing instruments and reagents, establishing a comprehensive SEQ ALL matrix. The company is the first globally to have large-scale commercial production of both short-read and long-read sequencing products [5][6]. - New products include the StandardMPS 2.0 sequencing reagent, which enhances high-throughput sequencing quality to Q40 accuracy, and the DNBSEQ-E25 Flash sequencing instrument, which significantly accelerates sequencing speed while reducing error rates [6]. AI Integration - The company implemented an intelligent transformation in its laboratory automation business by integrating AI technology, creating a standardized library of functional modules for life science tools, enhancing operational efficiency and decision-making processes [7]. Multi-Omics Tools Development - BGI Genomics is advancing multi-omics tools to support high-throughput, low-cost omics data production, addressing key scientific questions in life sciences. Significant progress has been made in cell genomics, spatial genomics, and imaging [8]. - In cell genomics, the company released new preservation solutions and upgraded single-cell library preparation kits, becoming one of the few companies globally to offer a comprehensive range of single-cell applications [8]. Market Performance - In the domestic market, the revenue from gene sequencing instruments reached 1.607 billion yuan, a year-on-year increase of 11.37%, capturing a 39% market share in the upstream revenue of the domestic gene sequencing industry [10]. - The company installed over 1,000 new sequencing instruments in the domestic market, representing a 63.8% share of new installations in the domestic gene sequencing industry [10]. - In overseas markets, the revenue from gene sequencing instruments was 741 million yuan, a decline of 12.66%. The company faced challenges in the Asia-Pacific and Europe-Africa regions due to project delays and increased competition, while the Americas region saw an 8.28% revenue increase [11].

大型长读长RNA测序数据集发布 智通财经4月30日电，由新加坡科技研究局基因组研究所领导的科学家团队，发布了迄今全球最大、最 全面的长读长RNA测序数据集之一——新加坡纳米孔表达数据集（SG-NEx）。这一成果有望解决疾病 研究中长期存在的技术瓶颈，使研究人员能够更精确地解析RNA的复杂结构，为制定下一代精准诊断 和治疗策略奠定了坚实基础。相关研究发表在最新一期《自然·方法学》期刊上。 ...

Core Viewpoint - The research team led by Professor Hu Xiaoxiang and Wang Yuzhe from China Agricultural University has published the first phase results of the Global Chicken Reference Panel (100K GCRP) project, which aims to construct the world's first chicken reference genome resource library, providing foundational support for genetic variation mapping, artificial selection research, and precision breeding [2] Group 1 - The 100K GCRP project is the first of its kind globally, focusing on chicken genetic resources [2] - The project utilized the DNBSEQ-T7 sequencing platform and other systems from Shenzhen company BGI for sample processing and sequencing [2] - The research involved low-depth sequencing of 10,104 commercial chicken samples and high-depth sequencing of 1,847 samples, resulting in two high-quality sub-panels [2] Group 2 - The study demonstrated advantages in genotype filling performance and causal variant localization in both simulated and real traits [2] - The resource library is expected to support the construction of genetic variation maps for chicken breeds and enhance artificial selection and precision breeding efforts [2] - Professor Hu emphasized the significance of understanding chicken genomes for insights into diseases in humans and other animals, aligning with the project's goal of creating a global chicken genome dictionary [2]