摘要 ：新年即将到来之际，仪器信息网特别精选十大关键词，串联起科学仪器行业年度发展的核心轨 迹，复盘行业变革，展望前行方向。 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。 春生夏长，秋收冬藏，时序更替间，2 0 2 5年已行至尾声。 2 0 2 5，是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。这一年，面对加速演进的 世界百年变局、外部风浪与内部转型的挑战，科学仪器行业于变局中砥砺前行，在风浪中破浪 而上。 这是地缘博弈加剧的转折之年： 美国高端仪器出口禁令与中美关税叠加冲击，对全球仪器供应 链稳定性造成了严重冲击； 这亦是自主创新提速的奋进之年： "本国产品"标准落地、科学仪 器"国家队"持续扩容、AI+仪器融合提速，勾勒出科技自立自强的清晰路径。 过往可鉴，未来可期。在2 0 2 6即将到来之际，仪器信息网编辑特别精选十大关键词，串联起科 学仪器行业年度发展的核心轨迹，复盘行业变革，展望前行方向。 01. 美国禁令 精准打击下的国产替代"压力测试" 2 0 2 5开年，美国商务部一纸禁令震动全球仪器圈：未经许可，禁止向中 ...

新华财经上海11月26日电（记者李荣）持续强化平台能级、优化要素配置、完善产业生态，建设长三角 地区具有影响力和竞争力的生物医药创新高地与产业标杆。记者26日从2025年嘉定生物医药产业发展大 会暨中国高端医疗产业集群创新合作论坛上获悉，上海嘉定正加快高端医疗器械产业集聚区建设。 上海已出台促进高端医疗器械产业全链条发展行动方案，提出要加快建设产业集聚区，支持相关创新型 企业做大做强，推动沪产创新器械走向全球。嘉定作为上海发展高端医疗器械的三大集聚区之一，将进 一步集聚各类资源要素，加快推动高端医疗器械产业创新发展。 嘉定不仅拥有瑞金医院国家医学中心、复旦大学国际科技创新中心等顶级创新资源，更集聚了联影医疗 这样的行业龙头。正在打造的"上海械谷"和"联影小镇"，一个专注"器械"，一个聚焦高端医疗设备，形 成了优势互补、协同发展的格局。 据相关方案，目标是到2027年，将嘉定打造成为具有国际竞争力的高端医疗器械产业集聚区。具体体现 在三个维度。 ——在创新维度上，实现"双新增"：新增首次获批境内第三类医疗器械注册证超100件，在海外市场获 批医疗器械产品超30件；新增2至3家医疗器械技术创新中心、概念验证中心、 ...

Group 1 - The forum on financial empowerment of the private economy attracted significant attention, reflecting the rising interest in private enterprises following high-profile discussions and the introduction of the Private Economy Promotion Law [1][4] - Experts discussed the challenges faced by private enterprises, particularly the issue of "involution" driven by price wars, and emphasized the need for innovation as a solution [4][5] - The importance of creating a conducive policy environment for innovation was highlighted, with a focus on finding a "golden balance" in competition to stimulate innovation and prevent monopolistic practices [5][6] Group 2 - Financial support is crucial for the growth of private enterprises, with data showing that nearly two-thirds of A-share listed companies are private, and private enterprise loan growth has outpaced average loan growth by 1.1 percentage points over the past five years [7][8] - The role of venture capital and early-stage investments in helping private enterprises navigate challenges and foster innovation was emphasized, with suggestions for policies to encourage early and small investments in hard technology [8][9] - Recommendations were made for establishing a technology finance support system led by enterprises, including the use of long-term special government bonds to create patient capital for strategic emerging industries [8][9]

Core Viewpoint - Annoroad has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CCB International and Guotai Junan International [1] Company Overview - The company specializes in IVD medical devices based on molecular diagnostics and multi-omics research services, particularly excelling in NGS-based prenatal testing IVD products [1] - Annoroad's clinical sequencing solutions include IVD testing kits, gene sequencers, and bioinformatics analysis software, along with technical support and laboratory design services [1] Market Position - In the NIPT market in China, Annoroad ranks second by sample testing volume with a market share of 15.5%, and third by revenue with a market share of 14.6% as of 2024 [1] - The company's research sequencing solutions serve multi-omics research in agriculture, forestry, animal husbandry, and fisheries [1] Production Facilities - As of September 23, 2025, the company operates three production facilities in China, primarily manufacturing testing kits and sequencers [1]

Core Viewpoint - The medical device industry is expected to experience a structural recovery and differentiation in the first half of 2025, with overall revenue declining by 3.8% year-on-year and net profit attributable to the parent company decreasing by 12.8% [1][2]. Industry Overview - In the first half of 2025, over 53% of the 129 analyzed medical device companies reported revenue growth, with 16% exceeding 20% growth [2]. - The overall gross margin for the medical device industry was 50.7%, a decrease of 1.6 percentage points year-on-year, while the operating cash flow fell by 5.4% [2]. Future Outlook - The medical device industry in China is anticipated to enter a new development phase from the second half of 2025 to 2026, driven by improved internal policies and external market expansion [3]. - Policy improvements include rationalization of procurement rules and increased support for medical equipment upgrades, which are expected to boost demand for domestic mid-to-high-end equipment [3]. Global Expansion - Chinese medical devices are transitioning from a cost advantage to a combination of technological and cost-effectiveness advantages, with significant breakthroughs in overseas markets [4]. - Companies are enhancing their overseas operations through localized strategies, leading to an increase in overseas revenue share [4]. Investment Recommendations - Companies with low valuations and clear performance improvements are recommended, such as Mindray Medical and New Industries, which are positioned to benefit from policy changes and post-pandemic demand recovery [6][7]. - Long-term growth opportunities are highlighted for companies like United Imaging and MicroPort, which have strong technological barriers and clear growth paths [6][7]. Sector-Specific Insights - The medical equipment sector is driven by procurement recovery and domestic substitution, with key players including United Imaging and MicroPort [8]. - High-value consumables are benefiting from reduced procurement impacts and innovation, with companies like Huatai Medical and MicroPort leading the way [8]. - In vitro diagnostics are seeing growth from overseas markets and domestic recovery, with Mindray Medical and New Industries as key players [8]. Catalysts - Key events to watch include the rollout of new equipment upgrade policies, procurement adjustments, and trade negotiations [9].

Core Insights - The article highlights the recent announcement by the General Administration of Customs regarding six procurement intentions for laboratory instruments, with a total budget of 130 million yuan [2][3]. Procurement Overview - The procurement includes various instruments such as PCR machines, X-ray fluorescence spectrometers, sequencing machines, protein analyzers, inductively coupled plasma emission spectrometers, and microscopes, with an expected procurement date in September 2025 [3][6]. - The total budget for these instruments is 130 million yuan, indicating significant investment in laboratory capabilities [2][3]. Detailed Procurement List - **PCR Machines**: 68 units planned for procurement, budgeted at 26.02 million yuan, primarily for nucleic acid testing related to pathogens and food microorganisms [6][8]. - **X-ray Fluorescence Spectrometers**: 21 units with a budget of 29.05 million yuan, intended for qualitative and quantitative analysis of minerals, metals, and oil products [6][8]. - **Sequencing Machines**: 3 units budgeted at 5.49 million yuan, aimed at applications in transcriptome sequencing and copy number analysis [6][8]. - **Protein Analyzers**: 24 units with a budget of 9.14 million yuan, used for detecting proteins and nitrogen elements in various samples [6][8]. - **Inductively Coupled Plasma Emission Spectrometers**: 49 units budgeted at 32.51 million yuan, for multi-element analysis in various sample types [6][8]. - **Microscopes**: 67 units with a budget of 27.99 million yuan, intended for three-dimensional imaging of biological samples [6][8].

Core Viewpoint - Antu Biology (603658) is facing market pressures due to the implementation of centralized procurement and DRG policies, impacting the sales and pricing of its chemical luminescence products while showing potential growth in installed capacity for 2024 [1][6]. Company Performance - As of September 5, 2025, Antu Biology's stock closed at 40.55 yuan, a slight decrease of 0.05% from the previous week, with a total market capitalization of 23.171 billion yuan, ranking 8th in the medical device sector [1]. - The company's chemical luminescence installed capacity is expected to reach a historical high in 2024, contributing to a certain level of sales growth [6]. Market Environment - The implementation of centralized procurement in Anhui and the comprehensive execution of DRG policies are anticipated to exert pressure on the market environment in the second half of the year [1][6]. - The overall testing volume in the market has decreased due to these policies, affecting different testing projects variably, with tumor marker projects being significantly impacted [2][6]. Product Development - The liquid chromatography-tandem mass spectrometry detection system has received certification, with supporting reagents expected to be certified gradually [1][6]. - The sequencing instrument is anticipated to receive certification soon, but its current contribution to performance is limited as it primarily targets the non-clinical market [2][6]. Financial Impact - The company has recognized asset impairment losses primarily due to slow progress in molecular detection instrument projects, reflecting a cautious approach [3][6]. - The biochemical business continues to be affected by price reductions from centralized procurement in Jiangxi, alongside the overall impact of DRG policies, leading to a decline in annual sales [7].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but showed significant improvement in net profit, indicating resilience in its long-term growth despite short-term challenges [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.114 billion yuan, a year-over-year decrease of 7.90%, and a net profit of -104 million yuan, an increase of 65.28% year-over-year [1]. - In Q2 2025, the company reported revenue of 659 million yuan, a year-over-year decrease of 2.93%, and a net profit of 30 million yuan, an increase of 130.62% year-over-year [1]. Group 2: Business Segments and Market Dynamics - In H1 2025, the sequencing business generated revenue of 894 million yuan, down 12%, with instrument sales at 298 million yuan, down 23%, and reagent sales at 555 million yuan, down 6% due to geopolitical tensions and increased competition [2]. - The company sold over 700 sequencing instruments in H1 2025, marking a 60% increase, with significant growth in both research and clinical fields [2]. - Domestic market sales of sequencing instruments exceeded 600 units, an increase of 82%, despite revenue pressure from competition [3]. Group 3: R&D and Product Development - The company invested 320 million yuan in R&D in H1 2025, accounting for 29% of revenue, focusing on product upgrades and new product launches [3]. - New products include the T1+ desktop sequencer capable of producing Tb-level data in 24 hours and the AI-enabled G10-FR sequencer [3]. Group 4: Future Projections - Revenue projections for 2025-2027 are 3.585 billion yuan, 4.184 billion yuan, and 4.936 billion yuan, with year-over-year growth rates of 19.01%, 16.69%, and 17.98% respectively [4]. - Expected net profits for the same period are 29 million yuan, 104 million yuan, and 219 million yuan, with significant growth rates of 104.79%, 262.33%, and 110.26% respectively [4].

Core Viewpoint - The company reported a decline in revenue and a reduced net loss for the first half of 2025, indicating ongoing cost-cutting measures and efficiency improvements [2][3]. Financial Performance - The company achieved a revenue of 1.114 billion yuan in the first half of 2025, a year-on-year decrease of 7.9% [2]. - The net loss for the period was 104 million yuan, an improvement from a loss of 298 million yuan in the same period last year [2]. - Total expenses (excluding financial expenses) were 827 million yuan, down 17.04% year-on-year [2]. - Sales expenses decreased by 12.11%, management expenses by 9.62%, and R&D expenses by 26.98% [2]. Core Business Performance - The long-read sequencing business, a core segment, saw sales volume increase by over 700 units, a growth of 60.35% year-on-year, marking a historical high for the same period [3]. - However, revenue from the long-read sequencing segment fell to 894 million yuan, a decline of 12.15% year-on-year [3]. - Revenue from instrument sales decreased by 23.18%, while reagent and consumable sales dropped by 6.30% [3]. Profitability and Market Challenges - The company's gross margin for the first half of 2025 was 52.85%, down 8.03 percentage points year-on-year [4]. - The decline in gross margin is attributed to increased market competition and changes in product sales structure, prompting a price strategy adjustment [4]. - The company faces risks related to accounts receivable, inventory impairment, and potential future declines in product demand and prices [4].

Core Viewpoint - Shenzhen BGI Genomics Co., Ltd. has revised its 2024 Restricted Stock Incentive Plan and Employee Stock Ownership Plan to better execute its current strategic plan and enhance market competitiveness [1][2]. Group 1: Restricted Stock Incentive Plan - The company has made revisions to the 2024 Restricted Stock Incentive Plan to effectively motivate the core team to increase the market share of sequencing instruments among non-related customers [1][2]. - The revisions comply with relevant regulations and do not harm the interests of the company and all shareholders [1][2]. Group 2: Employee Stock Ownership Plan - The company has also revised the 2024 Employee Stock Ownership Plan to align with its strategic goals and improve market coverage [2]. - The changes made to the Employee Stock Ownership Plan are consistent with applicable guidelines and do not negatively impact the interests of the company and its shareholders [2].