Financial Data and Key Metrics Changes - The company experienced an uplift of approximately $60 million from Q3 to Q4, driven by three primary factors including the Genomics England contract which contributed around $7 million in Q4 compared to $2 million in Q3 [1][2] - The foreign exchange (FX) impact was a drag of $5-$7 million, which is 1% less than previously predicted, affecting absolute dollar amounts but having minimal impact on growth and earnings per share (EPS) [3] Business Line Data and Key Metrics Changes - The life sciences instrumentation side has shown good activity, with seasonal uplift expected rather than a significant budget flush [2][12] - The reagents business, particularly from BioLegend, faced modest impacts from government shutdowns, but the pharma biotech sector has shown signs of recovery [5][8] - The software segment has grown over 20% each quarter, significantly exceeding guidance, driven by diligent investment and customer engagement [19][21] Market Data and Key Metrics Changes - The U.S. market for EUROIMMUN has increased from 5% to 15-20% of total revenue since acquisition, with expectations to reach 40-45% as more assays are introduced [36] - The China diagnostics market is projected to stabilize, with expectations of it contributing 5-6% to total revenue, while autoimmune testing is anticipated to grow significantly [43][44] Company Strategy and Development Direction - The company is focusing on leveraging AI and machine learning in drug discovery and development, positioning itself as a critical player in the future of pharmaceutical research [22][31] - Strategic acquisitions will continue, with a focus on sensible and financially sound opportunities, as demonstrated by the recent acquisition of ACD/Labs [57] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the pharma biotech sector, indicating that increased discussions and activity are signs of normalization [15][16] - The company is confident in its 2026 growth projections of 2-3% and 28% margins, accounting for stable market conditions and the impact of calendarization on China [54][56] Other Important Information - The company has been actively integrating AI across its product lines and internal operations, enhancing productivity and efficiency [34][35] - The newborn screening market has shown growth due to geographic expansion and the introduction of new assays, with partnerships driving further opportunities [46][48] Q&A Session Summary Question: Can you discuss the impact of the government shutdown on the reagents business? - The reagents business, particularly from BioLegend, experienced a modest impact from the shutdown, but the pharma biotech sector has continued to perform well [5][8] Question: What are the expectations for the software business moving into 2026? - The software business is expected to continue performing well, with a focus on annualized portfolio value (APV) rather than just organic growth [27][28] Question: How does the company view the China diagnostics market going forward? - The company anticipates that the China diagnostics market will stabilize, contributing around 5-6% to total revenue, with a focus on localizing operations and obtaining faster approvals [43][44]

仪器信息网 CEO 赵鑫 仪器信息网 CEO 赵鑫为本次活动致辞，指出人工智能浪潮正在重塑科学仪器行业的服务模式与竞争结构。在AI智能时代，"AI+专业服务"不是一道选择 题，而是一道必答题。主动拥抱AI，就是主动抓住降本增效的核心引擎，就是抢占未来竞争的制高点！ 作为行业长期深耕的平台，仪器信息网始终以技术创新推动产业链各环节升级。赵总指出，本次推出的AI数字客服机器人，依托于26年积累的全站产品 数据、内容体系及行业知识，打造出"科学仪器领域专属的专业模型"。仪器信息网愿携手广大仪器厂商和行业伙伴，共同在实践中打磨、共创，不仅做技 术的应用者，更将成为科学仪器行业AI发展的定义者与共建者。 摘要：行业首款AI数字客服机器人已正式发布，其具备精准应答、线索智能收集等功能，助力科学仪器行业实现服务智能化与效率提升。诚邀各位仪器 企业加入我们的合作行列，共同体验人工智能服务为科学仪器行业带来的变革！ 11月28日，仪器信息网AI数字客服机器人新品发布会在京圆满举行。本次发布会以"智驱增长，数启新生——仪信通AI版线上发布会"为主题，特别邀请到 科学仪器先锋企业、专家和仪器用户代表出席活动，共同探讨AI驱动行业变 ...

仪 器 信 息 网 C E O 赵 鑫 摘要 ：行业首款AI数字客服机器人已正式发布，其具备精准应答、线索智能收集等功能，助力科学仪器行业实现服务智能化与效率提升。诚邀各位仪器企业加入 我们的合作行列，共同体验人工智能服务为科学仪器行业带来的变革！ 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。 11月28日，仪器信息网AI数字客服机器人新品发布会在京圆满举行。本次发布会以 " 智驱增长，数启新生——仪信通AI版线上发布会 " 为 主 题，特别邀请到科学仪器先锋企业、专家和仪器用户代表出席活动，共同探讨AI驱动行业变革的新趋势。本次线上发布会吸引了9500+仪器企 业与用户在线观看，互动环节提问踊跃，足见市场对科学仪器行业首款AI产品的浓厚兴趣与高度关注。 嘉 宾 合 影 仪器信息网 CEO 赵鑫为本次活动致辞，指出人工智能浪潮正在重塑科学仪器行业的服务模式与竞争结构。在AI智能时代，"AI+专业服务"不 是一道选择题，而是一道必答题。主动拥抱AI，就是主动抓住降本增效的核心引擎，就是抢占未来竞争的制高点！ 作为行业长期深耕的平台，仪器信息 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][12]. Core Insights - The company is positioned in the precision scientific instrument sector, focusing on helium mass spectrometry leak detectors, which are critical for vacuum leak detection in nuclear fusion devices. This market is expected to see significant growth due to increasing capital expenditures in the controlled nuclear fusion sector from 2025 to 2028, with projected investments in major nuclear fusion projects in China reaching 146 billion yuan [2][11][48]. Summary by Sections Company Overview - The company specializes in precision scientific instruments and solutions, with a business structure that includes industrial detection instruments (61% of revenue), online monitoring instruments (27%), and laboratory analysis instruments (6%) [6][19]. Industrial Detection Instruments - The core business remains stable, with growth driven by demand in the new energy sector, semiconductors, and 3C products. The share of new energy clients increased from 36.88% in 2017 to 43.64% in 2019. The company has also seen rapid growth in overseas business, with revenue from international markets reaching 21 million yuan in 2024, a year-on-year increase of 447.23% [6][10][36]. Controlled Nuclear Fusion Market - The company has entered the controlled nuclear fusion leak detection field, which is expected to generate future growth potential. The helium mass spectrometry leak detector is a mainstream method for vacuum leak detection in Tokamak devices, which are crucial for nuclear fusion technology [2][11][57]. Laboratory Analysis Instruments - This segment is seen as a sunrise industry with significant potential for domestic substitution. The market for mass spectrometry, chromatography, and spectroscopy instruments exceeds 50 billion yuan, with low penetration rates for domestic products [7][11]. Financial Projections - The report adjusts the projected net profits for 2025 to 2027 to 53 million, 99 million, and 143 million yuan, respectively, reflecting year-on-year growth rates of 266%, 87%, and 45%. The target price is set at 36.2 yuan, indicating a 61% upside from the current price [12][8].

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。 "十五五"即将开局之际，G60科创走廊建设进入走深走实的新阶段。11月28日，2025长三角G60科创走廊科创生态要素对接大会在上海松江 举办。会议发布一系列重要政策方案、重大科创成果。新材料、新能源汽车、低空经济三大领域各12家单位共同启动产学研金用联合体建设。 重点项目"千万级"支持 近日，上海市政府常务会议原则同意《关于支持长三角G60科创走廊策源地建设若干措施》，明确指出要全力推动G60科创走廊向"世界级"跨 越升级，打造产业创新策源高地，构筑成果转化黄金通道，加强与上海"五个中心"、自贸试验区建设等重大战略的协同联动，加快将G60科创 走廊打造成为长三角更高质量一体化发展的标杆典范。 新政精准聚焦共筑科技创新策源地、共建世界级产业集群、共育国际一流创新生态和共享科技创新资源四大领域，一次性推出23条举措。率先 提出对智能终端、卫星互联网、科学仪器、6G等前沿领域重点项目给予最高5000万元的支持，对企业联合高校、科研院所、产业链上中下游 企 业 组 建 创 新 联 合 体 给 予 最 ...

摘要 ： 2025年11月20日，新芝生物线上发布五款新品，涵盖微生物生长分析、样本前处理及实验室静音清洗等领域，聚焦自动 化、集成化、精准化与智能化技术路径，提升实验效率与可靠性。 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。 2025年11月20日，新芝生物（股票代码：920685）以"大音希声 见微知著"为主题，举办线上新品发布会，集中推 出五款科研仪器，涉及微生物生长分析、样本前处理及实验室环境优化等领域。 本次发布的仪器包括： TGC-100微生物生长曲线分析仪： 宣称可解决大体积和高浓度微生物样本检测难题，支持36个样本并行实时监测， 无需稀释即可直接测量高OD值样本，自动生成生长浓度变化曲线。 静音超声波清洗机： 通过技术改进，将运行噪音控制在55分贝（接近正常交谈音量）以下，保持实验室安静的工作环境 下，提供高效的清洗、萃取、乳化功能。 从发布内容看，此次推出的新品主要围绕自动化、集成化、精准化与智能化的技术路径，着力于提升实验室样本处理与 检测环节的效率与可靠性，反映出国产科学仪器厂商在细分应用领域的持续深耕。 ↓ ↓ ...

民营企业已成为推动我国经济高质量发展的重要力量，而不少改革开放后崛起的民营企业，正面临关乎存续的"传 承大考"。 据上市公司企业家交流中心统计，我国80%以上民营企业采用家族式经营，但仅有30%能成功传至第二代，传至 第三代的比例更骤降至13%。当前，超50%的民营企业家步入50-60岁阶段，300多位民营上市公司董事长年过65 岁，企业"无人接班"的窘境与"治理断层"的风险相互叠加，成为制约民营经济可持续发展的关键瓶颈。 近日，汇垠德擎基金董事长、上市公司企业家交流中心发起人许长忠接受了中国证券报记者专访，这位从一级市 场股权投资起家，并致力于搭建上市公司企业家交流平台的资深投资人，围绕当前民营企业突出的"二代接班"困 局，提出了自己的思考与建议。 他表示，"十五五"规划建议将"完善中国特色现代企业制度"与"弘扬企业家精神"并列提出，为破解这一困局指明 方向—— 唯有通过治理架构的系统性重塑，才能实现从"家族传承"到"制度传承"的跨越，为百年企业筑牢根基。 许长忠，清华大学EMBA，清华五道口GFD。汇垠德擎基金董事长，中国产业海外发展协会副会长，上市公司企 业家交流中心创始发起人。 民企"二代接班"面临现 ...

Group 1: Overview of Scientific Instrumentation in China - The article highlights the significant advancements in China's scientific instrumentation, showcasing a transition from basic development to achieving international competitiveness in high-end instruments [1][2] - A recent event at the National Science Communication Center featured three innovative scientific instruments recommended by the Chinese Society of Instrumentation [1] Group 2: Space Life Science Instruments - The "Space Life Science Instrument" developed by the Shanghai Institute of Technical Physics is designed to support life science experiments in space, addressing challenges such as microgravity and extreme environmental conditions [2][3] - This instrument has successfully completed over 40 space life science tasks since its launch in July 2022, marking a shift from simple experiments to complex system research [2][4] - Key features include a closed life support system, AI-driven in-situ observation, and automated precision control, which are essential for maintaining the necessary conditions for various life forms [3][4] Group 3: Low-Temperature Scanning Probe Microscopy - The development of a helium-free low-temperature scanning probe microscope system represents a significant advancement in nanoscience research, eliminating reliance on imported helium and reducing operational costs [5][6] - This system maintains temperatures below 3K (approximately -270.15°C) using a novel remote liquefaction cooling technology, allowing for long-term stable operation [6] - The technology has been adopted by several universities in China, contributing to various cutting-edge research outcomes [6] Group 4: Visual Inspection Technology for Chip Packaging Substrates - The article discusses the importance of chip packaging substrates in modern electronics and the challenges faced in their defect detection, which has historically relied on manual inspection [7][8] - A team from Northeast University has developed an AI-based visual inspection technology that enables intelligent identification and precise classification of micro and nano-level defects [8][9] - The team has collected over 140,000 data samples to train AI models, significantly improving defect detection efficiency and quality in the chip packaging industry [8][9]

近五年来，长三角G60科创走廊区域竞争力显著增强。2024年九城市GDP总量达到9万亿元，约占全球经济总量的1.1%，相当于全球各国经济总量排名 的第17位。 区域创新活力持续迸发，2024年，九城市地区研发投入强度为3.77%，高于全国1.08个百分点，高新技术企业数量占全国近1/7，国家级专精特新"小巨 人"企业占全国13.3%，科创板上市企业占全国逾20%。 会上，浙江大学国家大学科技园、合肥国家大学科技园、苏州大学国家大学科技园、松江大学城科创源和G60联席办共同签约共建大学科技园；同时， 国家知识产权运营国际平台、松江区发改委共同签约成立国家知识产权运营国际平台松江大学城科创源赋能中心，松江大学城科创源协同发展矩阵正式成 立。 会议还促成战略合作平台签约，G60联席办与上海朱光亚战略科技研究院、北京大学—上海先进技术联合研究中心、上海技术交易所、先进技术成果长 三角转化中心、安徽工业技术创新研究院六安院、上海科学院三石空天产业技术创新研究院等机构签订战略合作协议。此外，G60联席办还与浙商银行、北 京银行等金融机构代表签订战略合作协议，推动更多金融资源向科技创新集聚。 围绕人才引育，长三角G60科创 ...

Core Insights - The G60 Science and Technology Innovation Corridor is entering a new phase of development, with significant policy measures and major scientific achievements announced at the recent conference in Shanghai [1][2][3] Group 1: Policy Initiatives - The Shanghai municipal government has approved measures to support the G60 Science and Technology Innovation Corridor, aiming to elevate it to a world-class innovation hub and a model for high-quality integrated development in the Yangtze River Delta [2] - A total of 23 specific measures have been introduced, focusing on building a technology innovation source, creating world-class industrial clusters, and sharing technological resources [2] - Financial support for key projects in cutting-edge fields such as smart terminals and 6G can reach up to 50 million yuan, with additional funding for collaborative research and innovation initiatives [2][3] Group 2: Financial Support and Innovation - A comprehensive financial support plan has been released, proposing 20 specific initiatives across technology finance, green finance, and digital finance to provide full lifecycle financial services for innovation enterprises [3] - The G60 region has seen a significant increase in regional competitiveness, with a projected GDP of 9 trillion yuan for the nine cities in 2024, accounting for approximately 1.1% of the global economy [4] Group 3: Collaborative Ecosystem - The establishment of a collaborative innovation ecosystem among the nine cities is emphasized, focusing on the integration of technology, industry, talent, and capital [7] - The launch of the "Long Triangle G60 Science and Technology Innovation Development Alliance" aims to inject new momentum into agricultural modernization and high-quality development [7][8] Group 4: Major Achievements - The G60 platform has showcased significant scientific innovations, including the establishment of a national metrology testing center for integrated circuit micro-nano detection, which is expected to enhance the quality of the integrated circuit industry [4] - The seventh G60 technology achievement auction saw a 66.7% increase in transaction volume, with cumulative sales exceeding 50 billion yuan [4] Group 5: Educational and Research Collaboration - The construction of the Songjiang University Town Science and Technology Innovation Source is accelerating, aiming to become a highland for technology transfer and innovation [5][6] - Strategic partnerships have been formed with various universities and research institutions to enhance collaborative research and development efforts [6]