Core Viewpoint - The upcoming North Yi Alliance Laboratory Analysis Instrument Industry Conference aims to gather industry experts, quality brands, and outstanding distributors to discuss the current state and future of the analysis instrument industry, fostering a healthy new order and collaborative development in the industry [2][4]. Group 1: Conference Details - The conference will take place on June 28-29, 2025, in Chengdu, organized by Sichuan Beiyi Digital Technology Co., Ltd. and Sichuan Beiyi Lianchuang Gongmeng Information Technology Co., Ltd. [2][4]. - Various supporting organizations include Sichuan Gaoneng Kedi Instrument Co., Ltd., Beijing Saibida Technology Co., Ltd., and others, highlighting a broad industry collaboration [2]. Group 2: Key Topics and Speakers - The first day will cover topics such as the construction technology of intelligent environmental detection laboratories, domestic high-precision instrument R&D directions, and customer-centered product delivery technology [6][8][10]. - Notable speakers include Lv Xiaoming, a senior engineer discussing environmental analysis and detection industry trends, and Ma Junjie, who will address R&D directions and application of high-precision instruments [6][8][10]. Group 3: Industry Challenges and Solutions - The conference will explore how manufacturers and distributors can collaborate deeply to win the market, addressing the challenges of single-product distribution and the need for systematic professional services [23][25]. - Discussions will also focus on the importance of fine management and multi-point profitability in the industry, with insights from industry leaders like Peng Li, who has achieved significant revenue growth through effective management strategies [27][28]. Group 4: Participation and Costs - The conference is open to manufacturers, suppliers, and distributors in the analysis instrument and safety product sectors, with participation fees set at 699 yuan for non-alliance members and 199 yuan for alliance members [29][30]. - Additional costs for exhibition space and brand sharing opportunities are outlined, emphasizing the potential for networking and collaboration within the industry [29][30].

Core Viewpoint - In the fiscal year 2024, Shimadzu achieved record revenue for the fifth consecutive year, reaching 539 billion yen (approximately 26.88 billion RMB), with a year-on-year growth of 5% [1][2]. Financial Performance - Despite the challenging environment in fiscal year 2024, Shimadzu reported a slight decline in net profit by 1% to 71.7 billion yen (approximately 3.58 billion RMB) [2]. - In Q4 of fiscal year 2025, Shimadzu's revenue and profit both reached new highs, with revenue increasing by 6% to 154.8 billion yen (approximately 7.74 billion RMB) and profit rising by 12% to 24.7 billion yen (approximately 1.23 billion RMB) [2]. Regional Market Analysis - Japan remains the most significant revenue source for Shimadzu, accounting for 43.5% of total revenue in fiscal year 2024 [5]. - The Chinese market experienced a decline, with revenue falling by 9% to 91.3 billion yen (approximately 4.56 billion RMB) [5]. Segment Performance - The Analytical and Measuring Instruments segment saw a revenue increase of 3% to 347.9 billion yen (approximately 17.4 billion RMB), but operating profit decreased by 9% to 52.1 billion yen (approximately 2.61 billion RMB) due to rising R&D and labor costs [8]. - Core products (LC, MS, GC) had a global sales increase of 3% to 190.5 billion yen (approximately 9.53 billion RMB), with a 7% growth in regions outside China [9]. Strategic Actions - Facing multiple challenges, including tariffs, rising raw material costs, and increased competition from local brands, Shimadzu forecasts a decline in operating profit for fiscal year 2025 to approximately 515 billion yen (about 25.76 billion RMB) and a 19% drop in net profit to 58 billion yen (approximately 2.9 billion RMB) [11]. - The company plans to enhance the promotion of high-value-added products and adjust sales strategies based on regional tariff impacts [11][12]. - In the U.S. market, Shimadzu will implement short-term price adjustments and increase local inventory, while long-term strategies will focus on optimizing sales through its U.S. production base [11]. Innovation and Future Growth - Shimadzu is celebrating its 150th anniversary and aims to contribute to society through science and technology, focusing on healthcare, green energy, and industrial sectors [16]. - The company is set to launch over 10 new products to enhance performance and provide new value to customers [13].

投资者关系活动记录表 编号：2025-001 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓名 线上参与公司2024年度网上业绩说明会的全体投资者 时间 2025年05月09日 15:00-16:30 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 董事长 刘召贵 董事会秘书 肖廷良 财务总监 吴志进 独立董事 王刚 投资者关系活动主要内容 介绍 1.根据《上市规则》，公司被ST后若2024年继续亏损或审计意见 未改善将面临退市。管理层是否有明确的扭亏计划（如资产重组、债 务优化）？当前净资产如何？ 答:尊敬的投资者，您好！公司2025年第一季度处于盈利状态， 公司主营业务分析仪器行业持续经营稳定，管理层明确将聚焦主业， 逐步剥离PPP项目。2025年3月31日归属于上市公司股东净资产 128,051.39万元。 2.年报显示环境监测仪器业务营收同比下降28%，毛利率下滑至 行业低位。请分析核心产品竞争力流失原因，是否考虑战略转型或剥 离非 ...

Core Viewpoint - The company reported a total operating revenue of 547 million yuan for Q1 2025, reflecting a year-on-year growth of 1.38%, while the net profit attributable to shareholders was -21 million yuan, showing a year-on-year increase of 18.77%. Despite the negative profit, this indicates significant progress in cost control and efficiency improvement [1]. Group 1: Financial Performance - The company achieved total operating revenue of 547 million yuan in Q1 2025, with a year-on-year growth of 1.38% [1]. - The net profit attributable to shareholders was -21 million yuan, representing a year-on-year increase of 18.77% [1]. - The revenue structure shows seasonal characteristics, with Q1 typically accounting for about 15% of total annual revenue, leading to potential fluctuations in overall gross margin due to individual contract differences [1]. Group 2: Business Segments and Growth Opportunities - The company operates in various sectors including environmental monitoring, emergency safety, semiconductors, materials, food and drug, and life sciences, with a strong focus on innovative product offerings and solutions [1]. - Traditional environmental and industrial business segments are expected to maintain stable growth, while the laboratory instruments sector is anticipated to accelerate, particularly in emerging areas like carbon monitoring and medical equipment [2]. - The company has established multiple business units focused on different application scenarios in clinical research and early disease diagnosis, which have launched new products and obtained medical device registrations [3]. Group 3: Technological Advancements - The company has optimized its business units and strengthened cost control, leading to significant improvements in human efficiency [3]. - In the field of mass spectrometry, the company has mastered several key technologies and successfully industrialized various high-end mass spectrometers, enhancing its competitiveness in high-level scientific research [3]. - The company is accelerating the research and promotion of advanced mass spectrometry technologies, which will enrich its product line and support future growth in the life sciences instrument market [3][4].

Waters (WAT) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants Caspar Tudor - Head, Investor RelationsUdit Batra - President and CEOAmol Chaubal - Senior VP & CFOTycho Peterson - Managing DirectorPuneet Souda - Senior MDBrandon Couillard - Managing DirectorVijay Kumar - Senior Managing DirectorDan Arias - Managing DirectorDaniel Brennan - Managing Director Conference Call Participants Jack Meehan - Equity Research AnalystCatherine Schulte - Senior Research AnalystSung Ji Nam - Managing Dir ...

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 1575.92 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 2020 年全球分析仪器市场规模约 670 亿美元，中国分析仪器市 场约为 385 亿元。根据 SDI 发布的全球实验分析仪器市场规模数据显 示，2020 年全球分析仪器市场规模预计达到 670 亿美元，2015-2020 年年均复合增长率约为5.5 ...

Industry Investment Rating - The investment rating for the mechanical equipment industry is "Outperform the Market" [1] Core Viewpoints - The report highlights the importance of domestic substitution in the analysis instrument sector, emphasizing the low current domestic production rate and the government's supportive policies for industry development [7][30] - The global market for analytical instruments is projected to reach approximately $67 billion, with China's market at around 38.5 billion yuan [5][24] - The report anticipates a growth rate of 6-10% for China's analytical instrument industry in 2025, driven by policy support and increased focus on product innovation [6][33] Summary by Relevant Sections Industry Overview - The closing index for the mechanical equipment sector is 1575.92, with a 52-week high of 1803.12 and a low of 1122.98 [1] Market Performance - The relative performance of the mechanical equipment sector against the CSI 300 index shows a projected decline of 19% to a growth of 26% from April 2024 to April 2025 [3] Market Size and Growth - The global analytical instrument market was approximately $67 billion in 2020, with a compound annual growth rate (CAGR) of about 5.5% from 2015 to 2020 [5][21] - China's analytical instrument market was about 38.5 billion yuan in 2020, significantly lower than the U.S. and Germany [24] Domestic Production and Policy Support - The domestic market share of analytical instruments has increased from 32.2% in 2011 to 44.6% in 2023, with specific categories like mass spectrometers seeing growth from 1.5% to 11.2% [7][30] - The report outlines various government policies aimed at promoting domestic production and innovation in the analytical instrument sector [32] Import Data Analysis - The import value of analytical instruments under the 9027 tariff code showed a decline from 696 billion yuan in 2020 to 570 billion yuan in 2024, indicating a shift towards domestic products [8][34] - The U.S. remains the largest source of imports for analytical instruments, accounting for approximately 23.4% of imports in 2024 [34] Key Companies to Watch - The report suggests monitoring companies such as 聚光科技 (Juguang Technology), 钢研纳克 (Gangyan Nake), and 莱伯泰科 (Leibotai Technology) for their roles in the analytical instrument market [10][44]

导读： 液相色谱仪市场正经历进口收缩与出口扩张的双重变局，国产替代加速，贸易摩擦倒逼产业升级，为中国液相色谱产业带来新的发展机遇。 作为分析化学领域的"分离利器"，色谱仪在制药、环保、食品检测等关键行业中占据核心地位。长期以来，中国高端色谱仪市场被进口品牌垄 断，特别是液相色谱仪的进口依存度超过8 5%。中美贸易战、新冠疫情、俄乌冲突等一系列黑天鹅事件的爆发，叠加全球供应链波动、国产替 代政策加码等多重因素，中国色谱仪进出口市场经历剧烈震荡。 仪器信息网基于海关总署数据（液相色谱仪HS 9 0 2 7 2 0 1 2），对2 0 1 7 - 2 0 2 4年色谱仪进出口趋势展开分析，揭示市场结构性变化与国产化突围 路径。 进口市场：冲高回落 主要进口国结构性调整 从总体看，从2 0 1 7年以来，液相色谱进口市场整体呈现一个冲高回落的趋势。2 0 1 7 - 2 0 2 0年整体相对稳定，年进口台数再1 6 0 0 0台套在左右； 2 0 2 1 - 2 0 2 2，进口量快速增长，到2 0 2 2年的最高2 2 4 6 3台，进口额超过9 . 6亿美元，反映出市场对液相色谱仪的需求在不断上升，特别是受下游 ...

导读： 2018-2024年中国质谱仪进口市场在贸易摩擦背景下不断变化。仪器信息网基于海关总署数据，深入剖析七年间质谱仪进口趋 势、国别进口数量及金额变化，揭示市场格局演变与未来机遇。 特别提示 微信公众号机制调整，请点击顶部"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。 根据中华人民共和国海关总署最新数据，中国质谱仪进口市场近年来呈现出明显的阶段性特征。 七年间，进口质谱仪数量在2 0 1 9年降到最低，为11 6 9 3台，而进口质谱仪金额在2 0 2 3年达到峰值，为1 8 . 9 8亿美元。根 据数据显示，2 0 1 8年进口质谱仪总量为1 2 , 4 2 4台，进口总额达1 4 . 4 3亿美元。随后市场走势可分为三个典型阶段： 第一阶段（2 0 1 8 - 2 0 2 0年）：量价波动，贸易战阴霾初现。 从图中明显得出， 2 0 1 9年进口数量及金额双双跌至七年间 最低点 ，随后在2 0 2 0年开始回升，并较2 0 1 8年有小幅增长，呈现出明显的"正V型"走势。尽管我们无法定论质谱仪进 口量及金额的下降是否只是由中美贸易战引起的，但贸易战无疑对质谱仪等高 ...

Core Viewpoint - The article emphasizes the rapid technological advancements in the semiconductor industry, highlighting the critical role of PerkinElmer in providing essential analytical instruments for semiconductor detection and quality control [1][6][30]. Group 1: Technological Advancements - The semiconductor industry is experiencing rapid iterations in technology, with chip manufacturing processes evolving from 14nm to 1nm nodes [1]. - Traditional detection methods struggle to meet the demands for detecting metal impurities at ppt (parts per trillion) and ppq (parts per quadrillion) levels, necessitating advanced analytical techniques [1][6]. - Non-metal impurities and organic contaminants in the air have emerged as significant factors affecting chip yield, further complicating the quality control process [1]. Group 2: PerkinElmer's Historical Significance - PerkinElmer has a rich history of innovation in analytical instruments, dating back to its founding in 1937, with milestones including the launch of the first commercial infrared spectrometer in 1944 [3][4]. - The company has consistently pushed technological boundaries, introducing groundbreaking products such as the first commercial ICP-MS in 1983, which revolutionized trace metal detection [4][11]. Group 3: Product Offerings and Applications - PerkinElmer's product line includes a wide range of analytical instruments essential for semiconductor testing, such as ICP-MS, ICP-OES, and gas chromatography [6][8]. - The NexION 5000 ICP-MS is highlighted as a leading tool for detecting trace impurities in silicon wafers and semiconductor-grade chemicals, capable of achieving detection limits below 1 ppt [10][17]. - The GCMS 2400 platform is designed for the rapid screening of organic contaminants in cleanroom environments, addressing the challenge of maintaining high purity standards in semiconductor manufacturing [25][27]. Group 4: Market Commitment - PerkinElmer has demonstrated a long-term commitment to the Chinese market, evolving from a supplier to a localized enterprise with comprehensive R&D, production, and service capabilities [8]. - The company actively participates in industry events, showcasing its innovations and reinforcing its position as a key player in semiconductor detection [8][30].