编辑 | 虞尔湖 出品 | 潮起网「于见专栏」 在生命科学的前沿领域，基因测序技术正以前所未有的速度，改变着我们对生命密码的认知，华大基因作为该领域的佼佼者，曾在行业中占据 着举足轻重的地位。 然而，近年以来，华大基因却陷入了一系列困境，从财务报表上的营收下滑、利润亏损，到资本市场上股价的大幅波动，再到市场层面的竞争 加剧与口碑起伏，华大基因正面临着严峻的危机与挑战。 深入剖析这些问题，不仅有助于我们理解华大基因当前的处境，也能为整个基因检测行业的未来发展提供宝贵的经验教训。而对华大基因而 言，更是需要直面其发展困境，寻求破局路径。 业绩持续下滑，财务报表上阴霾不散 华大基因2024年年报数据显示，其营业收入为38.67亿元，同比下降11.10%，而归属于上市公司股东的净利润更是亏损9.03亿元，同比下降 1071.68%，这是自其上市以来，首次出现年度净利润为负的情况，且亏损规模之大令人咋舌。 进入2025年，情况并未得到明显改善，第一季度营业收入为6.72亿元，同比下降18.18%，归母净利润为-5269.51万元，同比下降524.87%。 从业务板块来看，各板块表现分化严重。生育健康业务作为传统优势板块 ...

Group 1 - The core viewpoint emphasizes that innovation and technology (referred to as "创科") have become the core driving force for high-quality development in Hong Kong, marking a significant shift from previous economic focuses [1] - The contribution of innovation and technology to Hong Kong's economic growth is substantial, with related activities such as product design, data and software services, and technical development gaining increasing importance [2] - The value added from "computer programming, data, and industrial internet services" increased from HKD 5 billion to HKD 25.5 billion from 2000 to 2023, representing a growth of over four times [2] Group 2 - The development of innovation and technology is changing the local economic ecosystem and creating a more favorable business environment, particularly benefiting the financial market [3] - In the first half of the year, the total amount raised through IPOs in Hong Kong reached HKD 107.1 billion, a sevenfold increase year-on-year, making it the highest globally [3] - Notable mainland tech companies are using Hong Kong as a strategic base for international expansion, with companies like CATL successfully raising funds for European projects [3][5] Group 3 - The innovation and technology sector is fostering a vibrant employment and entrepreneurial ecosystem in Hong Kong, with record applications for internships and job vacancies in related fields [5] - The number of startups in Hong Kong has surged to approximately 4,700 by the end of last year, indicating a thriving innovation ecosystem that is expected to generate more job opportunities [5] Group 4 - Hong Kong is home to five world-class universities, which rely on excellent research outcomes and talent to maintain their global rankings [6][9] - The presence of top researchers in various fields has led to significant scientific achievements, enhancing Hong Kong's reputation in global research [7] Group 5 - The contribution of innovation and technology extends to enhancing smart city initiatives and improving government governance, with the "Smart Convenience" platform serving nearly 3.6 million users [10] - The government is leveraging technology to improve public services, including collaborations with research institutions to enhance efficiency in various sectors [12] Group 6 - The rapid evolution of generative artificial intelligence is showcasing its potential in social governance and public services, with numerous projects utilizing AI technology [13] - The establishment of the Hong Kong Generative AI Research Center aims to develop local AI models and applications to improve government operations and public service delivery [13] Group 7 - The flourishing innovation and technology sector is enhancing Hong Kong's soft power, with the city hosting various international tech events and awards [14] - Events like the "Hong Kong International Innovation and Technology Expo" and the "Future Science Prize" are elevating Hong Kong's global influence in the innovation sector [14]

Core Viewpoint - Innovation and technology (referred to as "创科") have become the core driving force for high-quality development in Hong Kong, marking a significant shift from traditional industries to a more technology-driven economy [2][3]. Group 1: Economic Contribution of Innovation and Technology - The contribution of innovation and technology to Hong Kong's economic growth has become substantial, with activities related to product design, data and software services, technology development, and professional technical services gaining increasing importance [4]. - From 2000 to 2023, the value added from "computer programming, data, and industrial internet services" increased from 5 billion HKD to 25.5 billion HKD, more than quadrupling; the value added from "R&D, design, testing, and environmental engineering services" rose from 3.3 billion HKD to 13.3 billion HKD, growing approximately threefold [4]. - In 2023, the value added from "manufacturing and new industrial sectors" was 76.8 billion HKD, a 7.6% increase from the previous year, accounting for 2.6% of local GDP [4]. Group 2: Changing Business Environment - The development of innovation and technology is transforming Hong Kong's economic ecosystem, creating a more favorable business environment, particularly in the financial market [6]. - In the first half of the year, the total amount raised through IPOs in Hong Kong reached 107.1 billion HKD, a sevenfold increase year-on-year, making it the largest globally, with tech sector companies playing a significant role [6][7]. - The Hong Kong Stock Exchange has optimized listing rules to facilitate the listing of tech companies, which is expected to attract more innovation-driven enterprises to raise funds in Hong Kong [7]. Group 3: Employment and Talent Development - The innovation and technology sector is fostering a vibrant employment and entrepreneurial ecosystem, with record applications for internship programs at the Hong Kong Science Park [9]. - In the first quarter, there was a 10% increase in full-time job vacancies for local university graduates in electronics, industrial, electrical, and mechanical engineering [9]. - The number of startups in Hong Kong has rapidly increased, reaching approximately 4,700 by the end of last year, supported by the Innovation and Technology Bureau [9]. Group 4: Research and Development - Hong Kong is home to five universities ranked among the world's top 100, which is supported by high-quality research and a strong academic environment [11]. - The city has 1,534 scholars listed among the top 2% of scientists globally, with notable achievements in various fields, including non-invasive prenatal genetic testing and Alzheimer's disease detection [12][14]. Group 5: Smart City and Governance - The contribution of innovation and technology extends to enhancing smart city initiatives and optimizing government governance, with the "Smart Convenience" digital service platform registering nearly 3.6 million users [16]. - The government is leveraging technology to improve public services, including collaborations with research institutions to enhance efficiency in various sectors [16][17]. Group 6: Global Influence and Soft Power - The robust development of innovation and technology in Hong Kong is enhancing its global influence, with the city hosting significant international innovation and technology events [20]. - Events like the "Hong Kong International Innovation and Technology Expo" and the "Future Science Prize" are elevating Hong Kong's status as a global innovation hub [20].

当精准医疗行业步入技术范式转换、政策导向重构、市场竞争裂变的三重深度调整期，华大基因 （300676）在近日发布的2024年"营收承压、战略蓄势"的阶段性财报，恰恰为观察行业转型逻辑提供了 高信息密度的切片。 穿透财报可见，公司正以"技术破壁+场景破圈+数据破局"的组合拳重构增长内核，勾勒出从"生育筛查 单极驱动"向"全生命周期精准医疗服务平台"跃迁的战略轨迹。这种在行业调整期中逆势完成技术储备 与商业范式双重迭代的能力，或将成为中国基因科技企业穿越周期、争夺全球生物经济制高点的关键胜 负手。 NIPT龙头地位稳固，三级防控体系持续深化 华大基因的临床业务以生育健康、肿瘤防控、感染检测为三大支柱。作为全球无创产前基因检测 （NIPT）技术的开创者及技术引领者，华大基因无创产前基因检测灵敏度与特异度均达国际领先水 平。 2024年，公司推出染色体非整倍体、缺失检测试剂，可以一次性检测孕妇羊水样本中的5种染色体非整 倍体和5种染色体片段缺失，填补了传统染色体核型分析和染色体微阵列分析技术的不足。 从业绩表现看，尽管生育健康业务整体收入略有波动，但细分领域增长显著。其中，三级预防业务中的 新生儿遗传病基因筛查业务营 ...