Core Viewpoint - Illumina reported a second-quarter revenue of $1.06 billion, a year-on-year decline of 3%, while adjusting its full-year revenue forecast to $4.23 billion to $4.31 billion, indicating a strategic shift towards multi-omics [2][4][6]. Financial Performance - The second-quarter revenue was $1.06 billion, down 2.8% year-on-year but up 1.7% quarter-on-quarter [4]. - Gross margin was 65.6%, down from 68.0% in the same period last year [4]. - Operating cash flow was $234 million, and free cash flow was $204 million [4]. - The company repurchased 4.5 million shares at an average price of approximately $85, with about $800 million remaining in the authorization [4]. Regional Revenue Breakdown - Revenue from Greater China was $63 million, a year-on-year decline of 16% [4]. - Instrument sales in Greater China fell by 40%, while reagent services decreased by 5% [4]. - European revenue was $310 million, a year-on-year increase of 7.3% [4]. - Americas revenue was $586 million, down 5.5% year-on-year [4]. - AMEA revenue was $100 million, down 7.4% year-on-year [4]. Product Sales and Strategic Initiatives - Sequencing instrument sales were approximately $96 million, with NovaSeq X shipments declining to around 50 units [5]. - Sequencing consumables revenue was $740 million, flat year-on-year but up 6% quarter-on-quarter [5]. - Since the new strategy was announced in August 2025, Illumina has been transitioning from single sequencing to integrated solutions in multi-omics, clinical, and data/software [5]. - The acquisition of SomaLogic was announced in June to expand into the proteomics field, further binding customers around sequencing as a core [5]. Updated Financial Guidance - The company raised its full-year revenue guidance from $4.18 billion to $4.26 billion to a new range of $4.23 billion to $4.31 billion [6].

导读： 本文欲探讨关税对测序设备、试剂、耗材及服务的影响，分析主要参与者的策略，窥探市场引发的连锁反应，跨国公司正积极寻求对策，本土制造商则有 机会筑建新的长城。 特别提示 微信公众号机制调整，请点击顶部"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。 导 读： 从研发角度，基于成本、技术以及国际合作方面分析，试图探索中美贸易摩擦持续升级下测序行业的机遇。 最近中美贸易摩擦持续升级，双方都对彼此的商品实施大幅度的关税增长，这些举措给我们测序行业带来了显著干扰和不确定，高额的关税阻 碍了设备、试剂以及耗材的进出口贸易，增加了研发和运营开销。 但往往不确定中就蕴含着机会，毕竟《孙子兵法·形篇》里面开篇就说"昔之 善战者，先为不可胜，以待敌之可胜"，意思是会打仗的人都先保证自己不败，然后等待敌人犯错。 当下大环境骤变，竞争格局即将重塑。本 文欲探讨关税对测序设备、试剂、耗材及服务的影响，分析主要参与者的策略，窥探市场引发的连锁反应，跨国公司正积极寻求对策，本土制 造商则有机会筑建新的长城。 放眼全球，测序是一个充满活力的市场，目前该行业主要由NGS驱动，这些技术使大规模基因组分析 ...