Financial Performance - Bruker's Q1 2025 revenues increased by $79.7 million, representing an 11% growth compared to Q1 2024[6] - The company's constant-exchange rate (CER) growth was +12.5%[6] - Organic revenue change increased by +2.9%, with Bruker Scientific Instruments (BSI) up +5.1% and Bruker Energy & Supercon Technologies (BEST) down -17.7%[6] - Acquisitions contributed +9.6% to revenue growth, while foreign exchange (FX) had a -1.5% headwind[6] - Non-GAAP EPS decreased by -11.3% to $0.47, compared to $0.53 in Q1 2024[6] Segment Performance - Bruker BIOSPIN Group experienced mid-teens % CER revenue growth, driven by preclinical imaging and lab automation[12] - Bruker CALID Group saw mid-20s % CER revenue growth, with strong performance in Life Science Mass Spectrometry and Microbiology & Infection Diagnostics[12] - Bruker NANO Group's CER revenue increased by high single digits %, aided by NanoString acquisition[18] - Bruker Energy & Supercon Technologies (BEST) segment experienced a high teens % decline in CER revenue, primarily due to softness in superconductors for clinical MRI[18] Financial Outlook - The company projects FY 2025 revenue between $3.48 billion and $3.55 billion, representing a reported revenue growth of +3.5% to +5.5%[45] - Organic revenue growth for FY 2025 is expected to be between +0% and +2%[45] - Non-GAAP EPS for FY 2025 is projected to be between $2.40 and $2.48, with a reported EPS growth of +0% to +3%[45]

Core Insights - Waters (WAT) reported revenue of $661.71 million for the quarter ended March 2025, reflecting a year-over-year increase of 3.9% and exceeding the Zacks Consensus Estimate of $654.63 million by 1.08% [1] - The company's EPS for the quarter was $2.25, up from $2.21 in the same quarter last year, also surpassing the consensus estimate of $2.22 by 1.35% [1] Financial Performance Metrics - Net Sales from the Water Division reached $587.30 million, exceeding the average estimate of $578.15 million by analysts, with a year-over-year increase of 4.5% [4] - Net Sales from the TA Division were $74.41 million, slightly below the estimated $77.60 million, representing a year-over-year decrease of 0.7% [4] - Product sales amounted to $400.53 million, surpassing the average estimate of $379.44 million, with a year-over-year increase of 6.5% [4] - Service net sales from TA service were $23.91 million, slightly above the average estimate of $23.34 million, showing a year-over-year decline of 1.4% [4] - Chemistry consumables generated $137.64 million in sales, close to the estimated $138.45 million, reflecting a year-over-year increase of 2.6% [4] - TA instrument systems sales were $50.50 million, below the estimated $52.82 million, with a year-over-year decrease of 0.4% [4] - Waters service net sales were $237.27 million, below the average estimate of $249.33 million, with a year-over-year increase of 0.4% [4] - Waters instrument systems sales reached $212.40 million, exceeding the average estimate of $188.18 million, with a year-over-year increase of 11.1% [4] Stock Performance - Over the past month, Waters' shares have returned +6.9%, compared to the Zacks S&P 500 composite's +11.5% change, indicating a performance that may align with the broader market in the near term [3]

Q1 2025 Financial Performance - Q1 2025 revenue reached $662 million, reflecting a 7% growth in constant currency[6] - Recurring revenue experienced an 11% growth in constant currency[6] - Instrument sales increased by 4% as reported and 11% in constant currency[6] - Non-GAAP EPS for Q1 2025 was $2.25, a 2% increase, with a 7% growth in constant currency[6] Growth Drivers and Market Segmentation - Instrument sales showed strong growth, with Pharma up 14%, Industrial up 10%, and Academic & Government up 7% in constant currency[9] - Asia showed the strongest geographic growth at 13%, followed by the Americas at 6%, and Europe at 1% in constant currency[19] - Waters segment grew 8% while TA segment grew 1%[19] Innovation and Idiosyncratic Growth - Next-Gen Flagship HPLC sales grew over 3 times year-over-year, representing approximately 20% of HPLC sales[14] - Waters Xevo TQ Absolute sales grew 56% year-over-year[14] - QA/QC testing of GLP-1 drugs is expected to contribute an average 30bps growth annually from 2024 to 2030[15] - PFAS testing is a $400 million global market, estimated to grow approximately 20%[15] FY & Q2 2025 Guidance - The company projects constant currency revenue growth of +5% to +7% for FY 2025 and Q2 2025[21] - The company projects Non-GAAP EPS of $12.75 to $13.05 for FY 2025 and $2.88 to $2.98 for Q2 2025[21]

导读： 当中美贸易战波及美国高端科学仪器和试剂的出口；当国产仪器在技术迭代中不断突破"卡脖子"难题；当科研人员面临有限采购预算与尖端技术需求的矛 盾与挑战，实验室用户的需求正在经历着前所未有的变革与重构。 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。 当中美贸易战波及美国高端科学仪器和试剂的出口；当国产仪器在技术迭代中不断突破"卡脖子"难题；当实验室的精密仪器开始"对话"AI；当 科研人员面临有限采购预算与尖端技术需求的矛盾与挑战—— 实验室用户的需求正在经历着前所未有的变革与重构。 在这充满机遇与挑战的关键节点，ACCSI 2 0 2 5将如期在上海拉开帷幕。这场汇聚全产业链智慧的行业盛会，将帮助实验室用户在变革浪潮中探 索新的发展方向，解锁未来无限可能。 假如您关心采购话题... 在实验室的建设与发展中，设备采购是一项至关重要的工作。对于实验室采购负责人而言，每一笔设备投入都关乎科研效率与成本控制。合理 分配采购资金，不仅能确保实验室获得所需的优质设备，还能提高资金使用效率。然而，这一过程涉及诸多复杂因素，需要精心规划与科学决 ...

导读： ACCSI2025（5月11-13日，上海）聚焦前沿科技，汇聚国内外行业科研智慧，探讨科学仪器发展，助力科研创新与国际合作。 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。 当中美贸易战波及美国高端科学仪器和试剂的出口，当美国国家卫生研究院禁止中国访问SEER癌症数据库，科研冷战波及学术无国界，一场 关乎中国硬科技未来的聚会——中国科学仪器发展年会（ACCSI 2 0 2 5），即将在上海这个科研重地与长三角龙头城市拉开帷幕。复杂的国际国 内环境，使得已经举办十七届的中国科学仪器发展年会更像是一次关乎科学研究以及科学仪器未来的"思想远征"，吸引科学研究相关的各行业 学者也来到年会现场，期待与仪器企业一起攻克研究与产业中的难关。对于仪器用户而言，ACCSI 2 0 2 5有哪些吸引力呢？ 1. 探前沿 ACCSI 2 0 2 5将一如既往地汇聚行业"政、产、学、研、用、资、媒"等各方精英，中国科学院 王建宇 院士与 俞大鹏 院士确认出席，并作大会 特邀报告："高光谱及成像技术发展与应用" "量子科技需自立自强 科学仪器要一马当先"。A ...

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导读： 关税战引发的"蝴蝶效应"正在重塑全球科学仪器产业格局，中国仪器企业站在技术攻坚与市场洗牌的十字路口。仪器信息网梳理了国产厂商针对关税战的 回应，并汇总了各品类仪器的国产替代工作进展。 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。 过去的两周时间内，特朗普政府的关税政策犹如一场全球经济的"压力测试"，以"美国优先"为名掀起的贸易博弈，搅动着国际供应链的稳定。 频繁的"朝令夕改"，到即将开始的"关税谈判"，全球经济的韧性正承受着前所未有的挑战，全球市场不稳定性的加剧使企业被迫在政策摇摆中 调整战略。 对于科学仪器行业来说，这场关税战引发的"蝴蝶效应" 正在重塑全球产业格局： 美国仪器品牌在这场关税风暴中面临着前所未有的冲击，被迫进行提价可能损失销量、不提价则需压缩成本的两难选择； 中国仪器企业则站在技术攻坚与市场洗牌的十字路口：在应对进口成本激增、技术 "卡脖子" 等短期阵痛的同时，迎来了国产替代加速、市场 格局重构的战略机遇。 关税战将对国产仪器产生怎样的影响？ 在美国出口管制与关税不断加码的背景下，国产科学仪器面临供应链、 ...

导读： 2018年后，科学仪器行业在贸易摩擦中展现了复杂影响，美国企业在华营收曾逆势增长，但2023年后出现下滑，国产替代加速和技术脱钩趋势显现成关键 挑战。 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。 科学仪器行业，作为技术密集型产业，其供应链和市场需求往往对国际贸易环境高度敏感。2 0 1 8年的贸易摩擦，曾让行业一度担忧美国仪器企 业的在华业务。但现实的发展却充满了矛盾与意外。基于此，本文深入剖析2 0 1 9 - 2 0 2 3年间科学仪器企业在华营收数据，复盘贸易摩擦对该行 业造成的实际影响。同时，着眼于2 0 2 5年，探寻企业增强发展信心、从容应对复杂贸易形势的有效路径。 一、贸易摩擦下的"逆势增长"：2 0 1 9 - 2 0 2 2年多重因素影响 2 0 1 8年贸易形势不稳定性突发，美国对包括质谱仪、色谱仪在内的科学仪器加征2 5%关税。然而，以赛默飞、丹纳赫、安捷伦、沃特世为代表 的美国仪器企业在华营收却 呈现"关税免疫"现象 。2 0 1 9 - 2 0 2 2年，四家企业中国区营收年均复合增长率保持在9 ...

| 供应商名称 | 供应商地址 | 供应商联系电 | 中标（成交）金额 | | --- | --- | --- | --- | | | | 话 | (元) | | 陕西文投国际贸易有 | 西安国际港务区新丝路国际电商产业 | 029- | 17600000.00 | | 限公司 | 园B座10层1002-4室 | 81777596 | | 四、主要标的信息 | 序号 | 产品名称 | 品牌、规格型号 | 制造商 | 单价(元) | 数量 | 总价(元) | | --- | --- | --- | --- | --- | --- | --- | | | 核磁共振波谱仪 | 布鲁克、AVANCENEO 600 | 布鲁克瑞士有限公司 | 6970000. 00 | 1 套 | 6970000.00 | | 2 | X 射线精细结构谱仪 | 安徽创谱、Table XAFS- 3000 | 安徽创谱仪器科技有限 公司 | 4000000. 00 | 1 套 | 4000000.00 | | 3 | 场发射电子探针显微镜 | 日本岛津、EPMA-8050G | 岛津制作所 | 6630000. 00 | 1 套 | 6 ...

Core Insights - The report from CITIC Securities highlights that the U.S. export controls and tariffs are forcing China's scientific instrument industry to upgrade towards self-sufficiency, presenting significant strategic opportunities for the sector [1] Industry Overview - The scientific instrument industry in China is experiencing rapid growth, with a strong need for domestic self-sufficiency. The market sizes for laboratory analytical instruments and electronic measurement instruments reached 38 billion and 37.8 billion CNY respectively in 2023, but the domestic production rate remains low, indicating substantial room for replacement [2] - The domestic production rate for analytical instruments has increased from 32.2% in 2011 to 44.6% in 2023, yet high-end models like mass spectrometers have a low domestic sales share of only 11.2% in 2023 [2] - For electronic measurement instruments, leading domestic companies' sales are only 5.5% of the import scale, indicating a critical need for domestic upgrades in high-precision scientific instruments [2] Competitive Landscape - Leading firms such as Zhuhai Guozhong Technology and Anhui Instrument Technology are enhancing their global competitiveness by developing core technologies in mass spectrometry, chromatography, and spectroscopy, with increasing penetration in energy, manufacturing, and pharmaceutical sectors [3] - In the electronic measurement instrument sector, companies like Puyuan Precision and Dingyang Technology are achieving significant advancements, with Puyuan's high-speed digital oscilloscopes addressing critical testing issues and Dingyang's new RF microwave products leading to a 30% year-on-year increase in orders for early 2025 [3] - The supply chain is crucial, with chips constituting 35%-45% of the BOM cost for electronic measurement instruments. The upgrade of domestic ADC, DAC, and FPGA chips will provide a solid foundation for domestic manufacturers to penetrate the mid-to-high-end market [3]