一、敬畏市场：让数据成为穿透复杂生物技术产业的 "唯一真相" 在核酸检测、基因分析与分子诊断全面进入 "效率时代"的背景下，全球生物试剂与酶工程产业正经历深层重构。而作为核心底层酶制剂之一，全能核酸 酶因其对 所有形式的 DNA和RNA 的广谱降解能力与高效、低残留特性，正在成为体外诊断（ IVD）、疫苗工艺、细胞治疗、原核表达产物纯化及核酸污 染控制的底层标配。在这个既高速发展又高度敏感的产业中，任何关于需求预测、技术替代率、竞争格局、法规要求或供应链安全性的判断，稍有偏差即可 引导巨头企业走向错误方向。 罗氏诊断之所以找到 QYResearch，本质是在寻求一种足够冷静、足够真实、足够接近产业底层机制的研究方式。而为了回答他们关于"未来 5 年中国 全能核酸酶市场的真实增长逻辑 ""全能核酸酶在生物制药中的渗透速度""国产替代风险""成本结构演进路径"等关键问题，我们与罗氏团队进行了近 两 个 月、十余轮深度交流。每一次沟通，都是在巨量数据、复杂技术路线、快速变化的法规环境与多源反馈之间，剥离噪音、重建真相的过程。 1）全球覆盖 × 中国深度：构建能穿透产业链的多维数据立方体 为了确保本项目中每一个判断都 ...

Core Viewpoint - King’s Ray Biotechnology focuses on "technology-driven" and "global layout" as its core development strategy, aiming for long-term revenue growth and clear growth paths for various segments [1] Group 1: Financial Projections - The company maintains a "buy" rating, predicting revenue for its main business segments to be $939 million, $825 million, and $961 million for 2025-2027, with year-on-year growth rates of 58%, -12%, and 16% respectively [1] - The estimated PS valuation for the main business segment is based on a 6x PS multiple for 2026 revenue, leading to a valuation of 35.2 billion RMB [1] - The fair value of the company's stake in Legend Biotech, a US-listed company, is estimated at 17 billion RMB as of November 20, 2025 [1] Group 2: Strategic Goals - The company aims to be the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products [2] - The strategic plan includes solidifying cash flow to support life sciences, biopharmaceutical CRDMO, and synthetic biology, driving profit growth [2] - The long-term revenue target is set at $3 billion by 2035, with an operating profit margin exceeding 20% [2] Group 3: Business Development Focus - The company is focused on ensuring steady growth in its core businesses, particularly in gene & plasmid services, aiming to expand downstream applications [2] - The antibody protein business aims to enhance core competitiveness and capture the non-outsourcing market by providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to leverage the rebound in China's biotech sector, accumulate more projects, and enhance sales capabilities in Europe and the US [2] Group 4: Growth Strategy - The company seeks to consolidate its business capabilities by transforming mature services into one-stop solutions, accelerating productization for downstream clients [3] - There is a focus on high-margin products in enzyme preparations, particularly in starch sugar, alcohol, and home care sectors [3] - The company is looking for explosive industry opportunities through innovative protein/enzyme preparations and collaborative development of licensed products [3]