Financial Data and Key Metrics Changes - Revenue grew 5% in Q3 2025 to $11.12 billion [6][26] - Adjusted operating income increased 9% to $2.59 billion [6][27] - Adjusted operating margin expanded by 100 basis points to 23.3% [6][27] - Adjusted EPS rose 10% to $5.79 per share [6][26] Business Line Data and Key Metrics Changes - **Pharma and Biotech**: Mid single-digit growth, driven by bioproduction and analytical instruments [6][7] - **Academic and Government**: Revenue declined in low single digits, showing slight improvement [7][52] - **Industrial and Applied**: Revenue grew in mid single digits, led by electron microscopy [8][32] - **Diagnostics and Healthcare**: Revenue growth improved but remained down low single digits, primarily due to conditions in China [8][64] Market Data and Key Metrics Changes - North America grew low single digits; Europe and Asia Pacific grew mid single digits; China declined mid single digits [26][27] - Total company adjusted gross margin was 41.9%, up 10 basis points year-over-year [28] Company Strategy and Development Direction - The growth strategy focuses on high-impact innovation, trusted partner status, and a strong commercial engine [9][13] - Collaborations with OpenAI aim to enhance product offerings and operational efficiency [14][15] - Strategic partnerships, such as with AstraZeneca, are intended to drive innovation in life sciences [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating government policies and the potential for reshoring in the pharma sector [46][49] - The company raised its full-year revenue guidance to $44.1 billion to $44.5 billion and adjusted EPS guidance to $22.6 to $22.86 [22][36] Other Important Information - The company repurchased $1 billion of shares in Q3, totaling $3 billion for the year [20][30] - The integration of recent acquisitions is progressing smoothly, with positive early feedback from customers [18][19] Q&A Session Summary Question: Market conditions and customer conversations - Management noted excitement around scientific breakthroughs and confidence in customer pipelines, with a focus on reshoring and navigating government policies [46][49] Question: Academic and government funding outlook - Management indicated a more stable funding environment is expected, despite the government shutdown adding some uncertainty [53][55] Question: Analytical instruments performance - Growth was driven by strong demand in electron microscopy and chromatography, with a positive outlook for the fourth quarter [60][62] Question: Diagnostics in China - Weak conditions were noted in China, but the company remains well-positioned for long-term growth despite current pressures [64][92] Question: 2026 growth outlook - Management remains confident in a 3% to 6% organic growth range, with expectations for improved market conditions over time [68][70] Question: Clinical research business trends - The clinical research business is performing well, with strong authorization rates and innovative approaches to improve drug development efficiency [78][80] Question: Demand from small and emerging biotech - There is a positive trend in demand from small biotech firms, supported by recent M&A activity in the sector [87]

Core Viewpoint - The article highlights the successful launch of three high-end analytical instruments by Steel Research Nack, showcasing China's technological breakthroughs in material testing and the deep integration of industry, academia, and research to promote domestic alternatives in high-end scientific instruments and support the construction of a manufacturing powerhouse [1][12]. Event Overview - The "Precision Analysis, Intelligent Manufacturing, Future 2025 Steel Research Nack New Product Launch Conference" was held in Kunshan on September 25, gathering around 200 guests from research institutions and enterprises, along with thousands of online viewers [2][4]. - Key figures at the event included Yang Zhigang, Chairman of Steel Research Nack, and other core team members, as well as important guests from various organizations [4][6]. New Product Highlights - The three newly launched instruments are the OPA500 large-size metal component in-situ analyzer, SparkCMOS 8000 high-precision spark spectrometer, and CS5500 carbon-sulfur analyzer, addressing critical areas in large component analysis, spectral detection, and elemental analysis [13][15][20]. - The OPA500 can analyze samples up to 500mm x 300mm, providing crucial support for the reliability of materials used in major national projects [15]. - The SparkCMOS 8000 features a 12.5% improvement in resolution compared to previous models and is suitable for rapid analysis of various metals and their alloys [17]. - The CS5500 is designed for efficient dust removal and low maintenance costs, enhancing laboratory efficiency for carbon and sulfur analysis in various solid samples [20]. Innovation and Collaboration - Yang Zhigang emphasized the importance of open collaboration in innovation, highlighting partnerships with leading enterprises to tackle critical challenges in high-end instruments [12]. - The event included user reports and technical exchanges, showcasing the integration of industry, academia, and research in building an innovative ecosystem [21][25]. Practical Experience and Demonstration - Attendees had the opportunity to interact with the new instruments, experiencing their operational processes and performance firsthand [26][28]. - The event also featured a visit to the Jiangsu Testing Technology Research Institute of Steel Research Nack, further illustrating the company's technical capabilities in material testing [30].

Core Viewpoint - The article highlights the significant role of adsorption instruments in characterizing the chemical properties and catalytic performance of materials, with a notable increase in procurement by higher education institutions, particularly in fields such as materials science, chemical engineering, and environmental science [1][2]. Group 1: Overview of Adsorption Instruments - Adsorption instruments are essential for characterizing materials' surface chemical properties and catalytic performance, utilizing principles such as gas adsorption and programmed temperature [2]. - From July 1 to July 14, four bidding announcements for adsorption instruments were recorded, with over 75% of these projects coming from higher education institutions [2]. Group 2: Key Bidding Announcements - The following are notable bidding announcements for adsorption instruments: - Fully automatic chemical adsorption instrument from Beiste, model BSD-C200, with a bid amount of 1.78 million yuan, purchased by Jilin Normal University [3]. - Chemical adsorption instrument combined with mass spectrometry from Maike, with a bid amount of 1.75 million yuan, purchased by Jiangsu Furu Technology Industry Development Co., Ltd. [3]. - Chemical adsorption instrument from Jingwei Gaobo, model AMI-400C, with a bid amount of 0.38 million yuan, purchased by China University of Mining and Technology (Xuzhou) [3]. - Intelligent weight method adsorption instrument from Hiden Isochema Ltd, model IGA100, with a bid amount of 3.356 million yuan, purchased by East China University of Science and Technology [3]. Group 3: Company Profiles - Beiste Instruments specializes in the field of adsorption characterization, focusing on low-temperature nitrogen adsorption BET surface area and micropore analysis, and has become a leading manufacturer of high-end adsorption characterization instruments [3]. - Jingwei Gaobo, established in 2004, is a national high-tech enterprise engaged in the research and manufacturing of various physical and chemical property analysis equipment, including chemical adsorption instruments [5]. - Hiden Isochema Ltd is a renowned manufacturer of analytical instruments, known for its precision in measuring materials' adsorption properties using weight methods, and has established a strong reputation among clients in advanced technology research [6].