Investment Rating - The report assigns an "Overweight" (OW) rating to Mindray, Genscript, and Dashenlin, indicating a positive outlook for these companies in the healthcare sector [9][21]. Core Insights - The domestic market recovery for Mindray is on track despite macro challenges, with overseas sales expected to grow by approximately 15% in FY25. The company anticipates meaningful growth in the second half of 2025 due to increased hospital tender activities and a government funding injection of around Rmb 20 billion for medical equipment replacement [2]. - Snibe expects a recovery in its IVD business starting in the second half of 2025, with guidance for single-digit growth in China sales for FY25 and double-digit growth anticipated in 4Q25 and the following year [3]. - Genscript's ProBio business is projected to drive future growth, with no changes in guidance despite geopolitical developments. The company expects to reach breakeven once sales hit US$150 million to US$160 million [4][8]. - Dashenlin is positioned as a top pick in the pharmacy space, forecasting a 25% profit growth and around 10% revenue growth for FY25, alongside a significant store expansion plan [9]. Summary by Company Mindray - Domestic market recovery is progressing, with overseas sales growth projected at 15% for FY25. Management expects significant growth in the second half of 2025 due to increased hospital tender activities and a Rmb 20 billion funding injection from the government [2]. Snibe - The company anticipates a recovery in its IVD business in 2H25, with a projected single-digit growth in China sales for FY25. The overall China IVD market size is expected to shrink by approximately 10% in 2025 but recover to over 5% growth in the long term [3]. Genscript - The ProBio business is expected to drive future growth, with management maintaining guidance despite geopolitical challenges. The company anticipates breakeven at US$150 million to US$160 million in sales [4][8]. Dashenlin - The company is expected to achieve a 25% profit growth and around 10% revenue growth for FY25, with a net increase of approximately 2,300 stores planned. Industry consolidation is expected to accelerate, benefiting leading chains like Dashenlin [9].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 IEEE ，谢谢。 1991年，很少有人能上网。那些在网上论坛发帖或给家里的朋友发电子邮件的人通常通过电话线 上网，信息传输速度最高只有每秒14.4千比特。与此同时，有线电视的普及率正在飙升。到1991 年，60%的美国家庭订阅了有线电视服务；世界其他地区的有线电视铺设速度也在加快。 假设使用日益壮大的有线网络取代电话线接入互联网，通信速度将大幅提升。而将有线电视本身数 字化而非模拟化，将使有线电视提供商能够承载更多频道。实现这一目标的理论——使用模数转换 器和数字信号处理技术将同轴电缆上传输的模拟波形转换为数字形式——已经非常成熟。但实现这 种数字宽带网络所需的有线调制解调器尚未在大众市场上普及。 亨利·萨缪利（Henry Samueli）来了。1985年，他在加州大学洛杉矶分校建立了一个多学科研究 项目，致力于开发数字宽带芯片。在接下来的几年里，他和他的团队开发了各种各样的概念验证芯 片，展示了高性能数字调制解调器的关键构建模块。1991年，萨缪利与他在加州大学洛杉矶分校 的研究生亨利·尼古拉斯（Henry Nicholas）共同创立了博通公司 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 IEEE ，谢谢。 1991年，很少有人能上网。那些在网上论坛发帖或给家里的朋友发电子邮件的人通常通过电话线 上网，信息传输速度最高只有每秒14.4千比特。与此同时，有线电视的普及率正在飙升。到1991 年，60%的美国家庭订阅了有线电视服务；世界其他地区的有线电视铺设速度也在加快。 假设使用日益壮大的有线网络取代电话线接入互联网，通信速度将大幅提升。而将有线电视本身数 字化而非模拟化，将使有线电视提供商能够承载更多频道。实现这一目标的理论——使用模数转换 器和数字信号处理技术将同轴电缆上传输的模拟波形转换为数字形式——已经非常成熟。但实现这 种数字宽带网络所需的有线调制解调器尚未在大众市场上普及。 亨利·萨缪利（Henry Samueli）来了。1985年，他在加州大学洛杉矶分校建立了一个多学科研究 项目，致力于开发数字宽带芯片。在接下来的几年里，他和他的团队开发了各种各样的概念验证芯 片，展示了高性能数字调制解调器的关键构建模块。1991年，萨缪利与他在加州大学洛杉矶分校 的研究生亨利·尼古拉斯（Henry Nicholas）共同创立了博通公司 ...