Core Viewpoint - The article discusses the emergence of Virtual Cells (VC) as a frontier in the intersection of artificial intelligence and biology, aiming to revolutionize life sciences research by predicting cellular responses to disturbances [2][6]. Group 1: Virtual Cell Challenge - The Virtual Cell Challenge was launched by Arc Institute, with sponsorship from NVIDIA, 10x Genomics, and Ultima Genomics, offering cash prizes of $100,000, $50,000, and $25,000 for the top three models that accurately predict cellular responses to genetic disturbances [4]. - The challenge aims to provide a fair and open evaluation framework to identify the best virtual cell models through rigorous testing [2][4]. Group 2: Importance of Virtual Cells - Understanding and predicting cellular responses to disturbances, such as gene knockout or drug treatment, is a core challenge in biological and medical research [6]. - Advances in single-cell sequencing technology and breakthroughs in AI have reignited efforts to develop powerful virtual cell models that can predict responses across different cell types and states [6][20]. Group 3: Challenges in the Field - A significant bottleneck in the field is the lack of standardized evaluation criteria to assess whether a model truly understands cell biology rather than merely memorizing specific patterns in data [10]. - The Virtual Cell Challenge draws inspiration from the success of the CASP competition in protein structure prediction, which has catalyzed advancements in AI tools like AlphaFold [10]. Group 4: Challenge Design - The core task of the challenge is to assess the "cross-environment generalization" ability of models, requiring them to predict gene expression changes in a new cell type based on limited data from known cell types [13]. - A rigorous three-tier evaluation system is established to avoid model bias, focusing on differential expression scores, disturbance differentiation scores, and mean absolute error [14][15]. Group 5: Anticipated Impact - The challenge sets a benchmark for the industry by establishing a rigorous evaluation framework for predicting gene-level disturbance responses, guiding future developments in the field [19]. - It aims to promote data standards and reproducibility in single-cell functional genomics, accelerating the evolution of AI models through community competition and collaboration [19]. - The initiative is expected to gather global research efforts to tackle the challenges of virtual cell modeling, facilitating the transition from laboratory research to practical applications [19]. Group 6: Future Prospects - The first Virtual Cell Challenge focuses on gene disturbance predictions within a single cell type, with plans for future challenges to include combination disturbance predictions and integration of multi-omics data [20]. - The launch of the Virtual Cell Challenge signifies a new phase in AI-enabled life sciences, potentially transforming human understanding and intervention capabilities in biology [20].

Core Viewpoint - The research conducted by BGI and Southern University of Science and Technology has created a groundbreaking 3D single-cell spatiotemporal multi-omics atlas of Drosophila development, providing unprecedented insights into the molecular mechanisms of cell-type differentiation and developmental biology [2][4][25]. Group 1: Research Methodology - The research team utilized BGI's proprietary spatiotemporal omics technology, Stereo-seq, along with single-cell sequencing techniques (scRNA-seq and scATAC-seq) to sample key stages of Drosophila development, generating over 3.8 million spatially resolved single-cell transcriptomes [3][7]. - The Spateo algorithm was employed to reconstruct high-precision 3D models, allowing for detailed analysis of tissue morphology and gene expression dynamics [7]. Group 2: Key Findings - The study systematically analyzed the spatiotemporal dynamics of cell-type differentiation in Drosophila, revealing critical regulatory networks that govern developmental processes [4][9]. - A "differentiation trajectory map" was constructed, elucidating the molecular mechanisms behind cell fate determination, with transcription factors acting as key regulators [9][22]. - The research identified previously uncharacterized transcription factors that play significant roles in the nervous, digestive, and endocrine systems, expanding the understanding of developmental regulation [9][22]. Group 3: Developmental Patterns - The 3D multi-omics atlas revealed the spatial patterns of tissue differentiation, with distinct developmental modes observed in the fat body and fore/hind gut [11][13]. - The fat body exhibited a dispersed differentiation pattern, while the fore/hind gut showed a centralized characteristic, providing new evidence for understanding embryonic gut formation [13]. Group 4: Central Nervous System Development - The study highlighted key nodes in the morphological remodeling of the central nervous system, identifying new regulatory factors associated with neural progenitor cell migration [14][22]. - The dynamic changes in midgut cell types and their spatial organization were tracked, revealing that midgut stem cells had already "prepared" for future differentiation during the larval stage [18][19]. Group 5: Implications for Human Health - Drosophila serves as a crucial model organism in various biological fields, sharing approximately 70% of disease-related genes with humans, thus providing valuable insights into human developmental diseases [9][25]. - The findings regarding the regulation of copper cells in the midgut may offer new mechanisms for understanding organ development in humans [22].

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 ...

Pacific Biosciences of California (PACB) FY Conference June 11, 2025 10:40 AM ET Speaker0 Great. Well, good morning, everyone. I'm Matt Sykes, life science tools and diagnostics analyst at Goldman Sachs. I have the pleasure of being joined, from PacBio, Jim Gibson, CFO, and Todd Friedman, senior director of IR. Jim, Todd, thanks for being here. Really appreciate it. Thanks, Matt. Maybe starting off, maybe just give everyone a brief background on the company and remind everyone kind of what some of the key p ...

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].