Summary of the Conference Call on Antu Biology's Q3 Performance Company Overview - **Company**: Antu Biology - **Industry**: Biotechnology and Medical Diagnostics Key Points and Arguments Financial Performance - **Q3 Revenue**: Approximately 3.127 billion CNY, with a year-on-year decline of 1.5% [2][3] - **Segment Performance**: - **Enzyme-linked Immunosorbent Assay (ELISA)**: Revenue of 1.766 billion CNY, down 7.86% year-on-year [2] - **Microbial Testing Reagents**: Revenue of 271 million CNY, down 1.08% [3] - **Nucleic Acid Testing Reagents**: Revenue of 25.957 million CNY, down 2.57% [3] - **Asset Instruments**: Revenue of 287 million CNY, up 17.45% [3] - **Export Revenue**: 277 million CNY, up 38.35% [3] Industry Dynamics - **Policy Impact**: The industry is significantly affected by policies such as centralized procurement and the potential implementation of a national unified pricing directory [7][8] - **Market Recovery**: The company believes that the market is nearing a bottom, with slight improvements expected in the coming years, although growth will be slow due to pressures on medical insurance payments [8][9] - **Price Adjustments**: The company anticipates that price adjustments will occur post-implementation of the tumor testing centralized procurement policy, with expected adjustments in the single-digit percentage range [12][36] Equipment Installation and Sales - **Installation Numbers**: - 600-speed machines: 559 units installed [4] - 200-speed machines: 400 units installed [4] - **Sales Strategy**: Adjustments were made to sales targets for agents due to high initial expectations, which were not met [10] Export Growth - **Export Performance**: Significant growth in exports, particularly in instruments, with Q3 international sales reaching approximately 73 million USD, a year-on-year increase of over 130% [14][15] - **Key Markets**: Growth noted in countries like Russia, Mexico, and Brazil, with India remaining a primary market [16][17] Competitive Landscape - **Domestic vs. Imported Products**: The company is positioned to benefit from the shift towards domestic products as hospitals increasingly opt for local suppliers due to pricing pressures on imports [38][39] - **Market Share**: The company expects to capture a larger market share as imported brands struggle with pricing and compliance issues [39] Future Outlook - **Long-term Strategy**: The company aims for a 50% annual growth target in international markets, emphasizing local sales and service [26] - **Product Development**: Continued investment in product development and market expansion is planned, particularly in the sequencing business [22][23] Challenges - **Regulatory Delays**: Delays in obtaining necessary certifications for new products may hinder growth in the sequencing segment [22][23] - **Price Competition**: The company faces challenges from aggressive pricing strategies in the market, particularly from larger competitors [28][30] Conclusion - Antu Biology is navigating a challenging environment marked by regulatory changes and competitive pressures. However, the company is optimistic about gradual recovery and growth, particularly in the domestic market, as it adapts its strategies to align with evolving industry dynamics.

21世纪经济报道记者 唐唯珂 广州报道 据新华社消息，4月以来，美国政府宣布对中国输美商品征收"对等关税"的税率进一步提高至125%。经国务院批准，国务院关税税则委员会公布公告，自 2025年4月12日起，调整《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税委会公告2025年第5号）规定的加征关税税 率，由84%提高至125%。 达安基因、易瑞生物等企业明确表示没有对美国的产品出口，因此不受关税政策直接影响；而新产业、圣湘生物、亚辉龙等公司来自美国的营收占比普遍不 足1%，业务重心分布在欧洲、拉美、中东和东南亚等地区，使得关税调整对其海外业务冲击有限。 此外，部分企业如上海太阳生物已实现原料国产化或供应链自主可控，进一步降低了进口依赖带来的风险。整体来看，IVD行业并未出现大规模负面影响， 展现出较强的抗风险能力。 打破进口依赖 IVD行业的技术依赖呈现出明显的金字塔结构：在高端设备的应用逐渐普及的同时，某些关键原材料却依赖进口。以化学发光仪为例，国内70%以上的磁微 粒化学发光设备的核心光学部件依赖进口，而核酸提取试剂中的关键酶原料也有90%来自欧美供应商。 此前即有分析人士指出 ...