Core Viewpoint - The company is actively engaging in the high-end scientific instrument market, focusing on product development, market expansion, and optimizing financial health while addressing challenges posed by competition and market dynamics [1][2][3]. Group 1: Business Development and Market Position - The company has established several business units in the life sciences sector, including Pujing Medical and Pukang Medical, to address clinical research and early disease diagnosis needs [2]. - The company aims to enhance its market competitiveness through technological breakthroughs and partnerships, particularly in the high-end scientific instrument sector [2][3]. - The company is focusing on optimizing its asset-liability structure, with a current debt ratio of 63.64% and accounts receivable amounting to 838 million [3][4]. Group 2: Financial Performance and Strategy - The company reported a net cash flow from operating activities growth of 152.34% year-on-year, with a current liquidity ratio of 1.17 and a quick ratio of 0.8 [4]. - The company plans to reduce its debt levels and improve cash flow management to enhance financial stability and investor confidence [3][4]. - The company is committed to increasing R&D investment in high-end mass spectrometry and environmental monitoring technologies to maintain its competitive edge [3][4]. Group 3: International Expansion and Market Trends - The company has successfully signed contracts for its ProGC-3600 industrial online gas chromatography analyzer in international markets, including Vietnam [3]. - The company is expanding its overseas business in regions such as Europe, Asia, North America, and Africa, with five subsidiaries established in the Netherlands and Italy [3][4]. - The global market for analytical instruments is projected to grow, with the Chinese market experiencing rapid growth, presenting opportunities for the company to increase its market share [22]. Group 4: Technological Innovation and Product Development - The company is leveraging AI technology to enhance its environmental management solutions, integrating advanced monitoring equipment for various applications [11][18]. - The company is focused on achieving full domestic production capabilities for its key components, ensuring independence from foreign suppliers [12][18]. - The company is committed to continuous product improvement and customer engagement to enhance its offerings in the life sciences sector [22].

Financial Data and Key Metrics Changes - Bruker reported revenues increased by 11% year over year to $801.4 million, exceeding the preannounced range of $795 million to $800 million [11][36] - Constant exchange rate (CER) revenue growth was 12.5% year over year, with organic growth of 2.9% [11][36] - Non-GAAP operating margin was 12.7%, down year over year due to expected M&A dilution from strategic acquisitions [11][39] - Non-GAAP diluted EPS was $0.47, down from $0.53 in Q1 2024, primarily due to foreign exchange headwinds [12][39] Business Line Data and Key Metrics Changes - BioSpin revenue was $208 million with mid-teens percentage CER growth, driven by strong biopharma performance [12] - CALID group had revenue of €280 million with mid-20s percentage CER growth, led by microbiology and infection diagnostics [13] - Bruker Nano revenue was $257 million with high single-digit percentage CER growth, supported by inorganic revenue growth from NanoString [14] - BEST segment CER revenues declined in the high teens percentage due to weaker performance in the Research Instruments business [14] Market Data and Key Metrics Changes - Americas revenue declined in the low single digits percentage, while European revenue grew in the mid single digits percentage [37] - Asia Pacific revenue grew in the low single digits percentage despite a 10% decline in China [37] - EMEA region revenue was up mid-teens percentage [37] Company Strategy and Development Direction - Bruker launched innovative products in spatial biology, cellular analysis, NMR, microbiology, and molecular diagnostics, enhancing its strategic focus [9] - The company anticipates that post-genomic innovations will drive continued higher revenue CAGR differentiation beyond current headwinds in the U.S. and China [9] - Management is implementing cost initiatives, new pricing actions, and supply chain reengineering to mitigate headwinds from U.S. policy changes and tariffs [20][32] Management's Comments on Operating Environment and Future Outlook - Management expects U.S. academic government revenue to decline by 20% to 25% due to research funding policy changes [24] - The company anticipates a gross headwind of approximately €100 million to organic revenues in fiscal year 2025 from recent policy changes and tariffs [21] - Management remains optimistic about transforming Bruker's portfolio for above-market revenue growth and margin expansion once headwinds abate [46] Other Important Information - The company generated $65 million of operating cash flow in Q1 2025, with free cash flow of $39 million [40] - Updated fiscal year 2025 revenue guidance is $3.48 billion to $3.55 billion, reflecting reported growth of 3.5% to 5.5% [41] - Non-GAAP EPS guidance for 2025 is in the range of $2.40 to $2.48, translating to roughly 0% to 3% growth compared to 2024 [43] Q&A Session Summary Question: Was there any pull forward in the quarter due to tariffs? - Management indicated there was no significant pull forward due to tariffs, although a smooth installation helped Q1 slightly [51][53] Question: How are offsets from AI chips and funding initiatives being considered? - Management noted strong demand for AI tools and potential benefits from German and Korean stimulus funding, but these are expected to have a more significant impact in 2026 and beyond [59][62] Question: How will Bruker offset potential U.S. budget cuts next year? - Management highlighted various growth drivers, including biopharma and European investments, while acknowledging the need to navigate current headwinds [70][72] Question: What is the current state of the order book and backlog? - Management reported a slight decline in the order book year over year, with a backlog of approximately seven months, indicating a buffer for future quarters [78][79] Question: Can you elaborate on pricing and manufacturing initiatives to offset tariffs? - Management is implementing pricing actions and exploring onshoring production to mitigate tariff impacts, with significant cost actions already underway [85][90]

Financial Data and Key Metrics Changes - Bruker's Q1 2025 reported revenues increased 11% year over year to $801.4 million, exceeding the preannounced range of $795 million to $800 million [9][33] - Non-GAAP operating margin for Q1 2025 was 12.7%, down year over year due to expected M&A dilution from strategic acquisitions [9][35] - Diluted non-GAAP EPS for Q1 2025 was $0.47, down from $0.53 in Q1 2024, primarily due to FX currency headwinds [10][36] Business Line Data and Key Metrics Changes - BioSpin revenue was $208 million with mid-teens percentage CER growth, driven by strong biopharma performance [10] - CALID group had revenue of €280 million with mid-20s percentage CER growth, led by microbiology and infection diagnostics [11] - Bruker Nano revenue was $257 million with high single-digit percentage CER growth, supported by inorganic revenue growth from NanoString [12] Market Data and Key Metrics Changes - Americas revenue declined in the low single digits, while European revenue grew in the mid single digits, and Asia Pacific revenue grew in the low single digits despite a 10% decline in China [34] - EMEA region revenue was up mid-teens percentage, indicating strong performance in that market [34] Company Strategy and Development Direction - The company launched innovative products in spatial biology, cellular analysis, NMR, microbiology, and molecular diagnostics, aiming to strengthen high-value offerings [7] - Bruker anticipates that post-genomic innovations will drive continued higher revenue CAGR differentiation beyond current headwinds in the U.S. and China [7] - The company is implementing cost initiatives, new pricing actions, and supply network reengineering to mitigate headwinds from U.S. policy changes and tariffs [29][30] Management's Comments on Operating Environment and Future Outlook - Management expects U.S. academic government revenue to decline by 20% to 25% in 2025 due to funding uncertainties [22][23] - The company anticipates a gross headwind of approximately €100 million to organic revenues in 2025 from policy changes and tariffs [19] - Management remains optimistic about long-term growth, expecting to resume margin expansion and strong EPS growth in 2026 and beyond [42] Other Important Information - The company generated $65 million of operating cash flow in Q1 2025, with free cash flow of $39 million reflecting improved working capital performance [37] - Updated guidance for fiscal year 2025 includes reported revenues of $3.48 billion to $3.55 billion, representing growth of 3.5% to 5.5% [38] Q&A Session Summary Question: Was there any pull forward in the quarter due to tariffs? - Management indicated there was no significant pull forward due to tariffs, although a smooth installation contributed positively to Q1 [49][50] Question: How does the company plan to offset potential budget cuts in the U.S.? - Management highlighted several growth drivers, including biopharma, AI, and European defense spending, which could help offset budget cuts [66][68] Question: What is the current status of the order book and backlog? - The order book was slightly down year over year, but the backlog remains strong at around seven months, providing a buffer for future quarters [73][104]

导读： 第十八届中国科学仪器发展年会ACCSI2025 将于5月11-13日在上海市松江区举行，参会指南提供签到注册流程、会议日程、 交通及酒店信息等。 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。 尊敬的特邀嘉宾和参会代表： 2 0 2 5第十八届中国科学仪器发展年会(ACCSI 2 0 2 5 )将于2 0 2 5年5月11 - 1 3日在上海市松江区富悦大酒店隆重召开。为 方便各位特邀嘉宾和参会代表顺利参加会议，组委会为大家提供如下参会指南。 一、 签到注册流程 1、注册时间： 2 0 2 5年5月1 2日 0 8 : 0 0 - 2 0 : 0 0 2 0 2 5年5月1 3日 0 8 : 0 0 - 1 4 : 0 0 2、注册位置： 上海市松江区富悦大酒店一楼大厅左侧签到处 3、注册流程： 获取签到二维码： 仪器信息网APP ACCSI 2 0 2 5年会官网 2 0 2 5年5月11日 1 0 : 0 0 - 2 0 : 0 0 二、 会议日程 | 日期 | 时间 | 会议日程 | 地点 | | --- | --- | -- ...

Core Viewpoint - The article emphasizes the opportunities for domestic substitution in the scientific instrument industry due to the renewed trade tensions and tariffs starting in April 2025, highlighting the role of companies like 莱伯泰科 in leading innovation and development in this sector [3][4]. Group 1: Company Overview - 莱伯泰科 has been deeply involved in the experimental analysis instrument industry for over 20 years, establishing a comprehensive product matrix that includes sample pretreatment, analytical instruments, consumables, and laboratory application solutions [3]. - The company has developed several proprietary products, such as inductively coupled plasma mass spectrometers and fully automatic digestion instruments, providing integrated solutions for various industries [3][4]. Group 2: Research Center and Events - In 2023, 莱伯泰科 established an application research center in Shanghai, aimed at leading the application and innovation of cutting-edge technologies, thereby enhancing the quality and efficiency of solutions across industries [4]. - An expert seminar titled "A New Era of Domestic Substitution" will be held on May 13, 2025, to discuss advancements in domestic substitution and support the high-quality development of China's scientific instrument industry [4][6]. Group 3: Event Details - The seminar will include a visit to the 莱伯泰科 Shanghai Application Research Center, which was officially opened on March 31, 2023, and focuses on semiconductor detection and solving core technical challenges in the industry [11]. - The center spans 850 square meters and is equipped with various laboratories to support high-precision research and development needs, serving as a key platform for promoting technological breakthroughs in elemental analysis [11].

Core Viewpoint - The ACCSI 2025 Science Instrument Investment and Financing Forum is set to gather over 70 investment institutions, focusing on cutting-edge technological innovation and industrial application, indicating a shift in the capital narrative within the scientific instrument industry [2][4]. Industry Insights - The Chinese scientific instrument industry is experiencing a "warm spring" in the capital market amidst global trade frictions, providing opportunities to explore technological investment trends and industry transformations [4]. - The forum aims to facilitate effective communication among various stakeholders in the scientific instrument sector, including government, industry, academia, research, application, capital, and media [15]. Investment Landscape - A total of 25 confirmed investment institutions have collectively invested over 20 billion in the scientific instrument sector over the past three years, with the National Science Capital (国科系) holding the highest share [9]. - The investment institutions can be categorized into five main groups: 1. "National Team" Technology Capital, focusing on critical areas like semiconductor equipment and precision instruments [9]. 2. Leading firms such as Peak Rui Capital and Cornerstone Capital, emphasizing technology barriers and import substitution [10]. 3. Industrial Capital, represented by major players like Haier Capital and Shanghai Haimai Chuangxin [10]. 4. Regional Industrial Capital, which is closely tied to local industry clusters and government guidance [10]. 5. Comprehensive Investment Groups, such as Beijing Qianhong Group, focusing on high-end equipment manufacturing [10]. Forum Agenda - The forum will feature various presentations and roadshows, including topics on automation micro-nano optical chip testing systems and AI-driven imaging instruments, showcasing innovations in the scientific instrument field [15]. - Notable speakers include researchers and executives from leading organizations, discussing the innovation and development paths of the scientific instrument industry under national strategic guidance [12][14]. Confirmed Participants - Over 50 investment institutions have confirmed their participation, with diverse investment focuses ranging from hard technology to advanced manufacturing and medical devices [11].

Group 1 - Sony Life Sciences has officially launched its first locally produced flow cytometer in China, marking a significant milestone in its localization strategy [4][6] - The flow cytometer was produced in response to China's localization policies and aims to support the development of the life sciences sector [4][6] - The first unit has been delivered to Jinzhou Medical University, indicating the successful implementation of Sony's production plans announced earlier in April [4][6] Group 2 - The first Flow Cytometer Industrial Development Forum will be held from May 11 to 13, 2025, in Shanghai, focusing on the progress and current state of flow cytometry technology [9][10] - The forum aims to facilitate communication and collaboration within the flow cytometry industry, discussing new paradigms for industrialization [12] - Notable experts and representatives from various sectors will share insights on the development of high-parameter flow cytometry and its applications [12][16]

Core Viewpoint - The 18th China Scientific Instrument Development Annual Conference (ACCSI 2025) will be held from May 11-13, 2025, in Shanghai, focusing on the theme "Digital Intelligence Driven, New Quality Leading" [1][2][9]. Group 1: Event Overview - The conference aims to promote the healthy and rapid development of the Chinese scientific instrument industry by establishing an effective communication platform among government, industry, academia, research, application, investment, and media [2][9]. - ACCSI has been recognized as a high-level industry summit in the scientific instrument sector, having successfully held 17 sessions with attendance exceeding 1,500 participants per session, earning the title of the "Davos Forum" of the scientific instrument industry [3]. Group 2: Keynote Speaker - Academician Yu Dapeng from the Chinese Academy of Sciences has confirmed his attendance and will deliver a keynote speech emphasizing the need for self-reliance in quantum technology and the leading role of scientific instruments [4]. - Yu Dapeng is a prominent expert in quantum material control and quantum computing, with significant contributions to the field, particularly in the study of low-dimensional quantum materials [6]. Group 3: Conference Details - The conference will feature the "3i Award" ceremony, highlighting outstanding contributions in the scientific instrument field [1]. - The event will present the latest industry development policies, market demand information, and technological advancements from the past year to the attendees [3].

Core Viewpoint - The 18th China Scientific Instrument Development Annual Conference (ACCSI 2025) will be held from May 11 to 13, 2025, in Shanghai, focusing on the theme "Digital Intelligence Drives New Quality Leadership" [1][2]. Group 1: Conference Overview - ACCSI is positioned as a high-level industry summit for the scientific instrument sector, having successfully held 17 sessions with attendance exceeding 1,500 participants, earning the title of the "Davos Forum" for the scientific instrument industry [2]. - The conference aims to summarize the latest developments in the Chinese scientific instrument industry over the past year, presenting new industry development policies, market demand information, and technological advancements to attendees [2]. - Key industry figures, including government leaders, experts, CEOs, and investment institution heads, will provide strategic decision-making references through various formats such as reports, dialogues, and discussions [2]. Group 2: Event Schedule - The main conference will take place on May 12, 2025, from 09:00 to 11:20 at the Fuyue Hall 1+2+3 [6]. - The 6th Scientific Instrument CMO Summit Forum is scheduled for May 11, 2025, from 13:30 to 17:30 at Fuyue Hall 3 [2]. - Various specialized forums and roadshows will be held throughout the conference, focusing on topics such as high-end scientific instruments, artificial intelligence integration, and investment opportunities in the scientific instrument sector [19][20][25]. Group 3: Key Topics and Discussions - The conference will feature discussions on the development and application of hyperspectral and imaging technologies, quantum technology, and the strategic layout of companies like Shimadzu in the context of Chinese opportunities [7]. - A series of roadshows will showcase innovative projects, including automated micro-nano optical chip testing systems and advanced imaging platforms [15][19]. - The integration of artificial intelligence in scientific instruments will be a significant focus, with forums dedicated to exploring AI's role in driving innovation and transformation within the industry [24][25]. Group 4: Networking and Collaboration - The conference will facilitate networking opportunities among industry professionals, fostering collaboration between academia, industry, and government to enhance the scientific instrument ecosystem [2][19]. - The event will also include award ceremonies recognizing high-potential companies in the scientific instrument sector for the year 2024 [16]. Group 5: Future Directions - The conference aims to address the future trends and investment opportunities in high-end scientific instruments, emphasizing the importance of innovation and market adaptability [16][19]. - Discussions will also cover the digital transformation of the scientific instrument after-market services, focusing on proactive maintenance and user demand responsiveness [60].

Core Points - The 18th China Scientific Instrument Development Annual Conference (ACCSI 2025) is scheduled to be held from May 11 to 13, 2025, in Shanghai, aiming to promote healthy and rapid development of the scientific instrument industry in China [2][3] - The conference theme is "Digital Intelligence Drives New Quality Leadership," focusing on the latest industry development policies, market demand information, and technological advancements [3] - The event will gather leaders from government agencies, associations, universities, research institutions, testing organizations, and production enterprises, as well as investment institutions and media representatives [3] Conference Details - **Conference Name**: 18th China Scientific Instrument Development Annual Conference (ACCSI 2025) [3] - **Conference Theme**: "Digital Intelligence Drives New Quality Leadership" [3] - **Date**: May 11-13, 2025 [3] - **Location**: Shanghai Fuyue Hotel, Songjiang District, Shanghai [3] - **Official Website**: [ACCSI Official Site](https://accsi.instrument.com.cn) [3] Key Guests - Notable guests include Wang Jianyu, an academician from the Chinese Academy of Sciences, and Yu Dapeng, the director of the Shenzhen International Quantum Research Institute [5][7] Conference Agenda Highlights - The agenda includes various forums and discussions, such as the 6th Scientific Instrument CMO Summit Forum and the 5th Scientific Instrument Strategic Development Seminar [16][17] - Topics will cover brand strategies, digital marketing innovations, and the impact of AI on the scientific instrument industry [16][19] - The event will also feature award ceremonies for the 2024 Scientific Instrument Industry Digital Marketing Awards [16] Industry Focus - The conference aims to address the latest trends and challenges in the scientific instrument sector, including the impact of U.S.-China technology competition and the role of AI in reshaping the industry [17][19] - Discussions will explore opportunities in the Chinese scientific instrument market for 2025 and strategies for domestic companies to overcome challenges [19][22]