机构观点 中信证券在2025年12月13日的研报中，将精密科学目标价上调至118美元，维持"增持"评级。报告预计 公司2026年实现扭亏为盈，并提到雅培拟收购Exact Sciences的潜在合作可能助力国际化扩张。癌症早 筛行业长期前景受液体活检技术商业化进程影响，但需关注行业竞争与政策变化。 业绩经营情况 公司在2025年11月3日发布的2025财年三季报（累计）显示，2025年1月至9月收入为23.69亿美元，同比 增长15.80%，净亏损1.22亿美元，同比收窄25.74%。管理层在业绩会议中上调全年收入指引至32.2 亿-32.35亿美元，并强调Cologuard筛查人数同比增长25万人，多癌种早期检测测试Cancer Guard已推 出。 经济观察网 基于最新公开信息，精密科学（EXAS）近期值得关注的事件主要包括以下方面： 股票近期走势 2026年2月6日，精密科学成交额达4.90亿美元，较前一日增长48.38%，股价报103.18美元，单日上涨 0.51%。过去52周累计涨幅92.75%，年初至今涨幅1.60%。交易活跃度变化可能反映市场对癌症早筛行 业情绪波动。 以上内容基于公开资料整理，不 ...

Core Insights - Exact Sciences Corporation (EXAS) reported a net loss of 21 cents per share in Q4 2025, which is higher than the loss of 6 cents in the same quarter last year, aligning with the Zacks Consensus Estimate [1] - For the full year 2025, earnings per share were 7 cents, a significant improvement from the loss of 23 cents in the previous year [1] EXAS Revenues - Q4 consolidated revenues reached $878.4 million, reflecting a 23.1% increase on a reported basis and 23% on a core revenue basis, surpassing the Zacks Consensus Estimate by 2.1% [2] - Full-year 2025 consolidated revenues totaled $3.25 billion, marking a 17.7% increase on a reported basis and 18% on a core revenue basis [2] - Following the earnings announcement, EXAS shares saw a slight increase of 0.07% [2] EXAS Q4 Segments in Detail - Screening revenues, which include laboratory service revenues from Cologuard and PreventionGenetics, amounted to $695.1 million, up 26% year over year [3] - Precision Oncology revenues, including laboratory service revenues from global Oncotype products and therapy selection products, were $183.2 million, reflecting a 14% year-over-year increase and 12% on a core basis [3] EXAS' Margins - Gross profit increased by 25% year over year to $615.8 million, with gross margin expanding by 106 basis points to 70.1% [4] - Research and development expenses rose by 96% year over year to $191.5 million, while sales and marketing expenses increased by 18% to $288.5 million [4] - General and administrative expenses grew by 14.1% year over year to $218 million [4] EXAS' Financial Update - At the end of Q4 2025, Exact Sciences had cash and cash equivalents and marketable securities totaling $964.7 million, down from $1.04 billion at the end of Q4 2024 [6] - Cumulative net cash provided by operating activities was $491.4 million, compared to $210.5 million in the previous year [6] Notable Developments - In Q4, Exact Sciences announced the first clinical study results from its Oncodetect molecular residual disease test in breast cancer, which showed favorable outcomes [10] - The company also reported pivotal clinical validation results from the ALTUS study during the quarter [10] - On November 19, 2025, Exact Sciences entered into a merger agreement with Abbott Laboratories, aiming for a close in Q2 2026, pending regulatory approvals [11]

Cologuard产品凭借品牌优势和执行效率驱动筛查人数增长(2025年第三季度同比增加25万人)。公司通过 实验室优化和供应链管理提升利润率，2026年计划持续聚焦成本控制与运营效率。 以上内容基于公开资料整理，不构成投资建议。 2025年11月雅培公告拟收购Exact Sciences，该交易若完成可能加速公司国际化扩张。公司于2025年第三 季度推出多癌症早期检测测试Cancer Guard，其商业化进度及市场接受度将成为业务增长关键点。 公司业务状况 经济观察网精密科学预计于2026年实现扭亏为盈，2025至2027年收入预测分别为32.27亿、36.13亿、 40.53亿美元，净利润预计从2025年亏损5800万美元改善至2026年盈利8200万美元。公司在2025年11月3 日的三季度业绩会议上上调2025年全年收入指引至32.2亿-32.35亿美元，调整后EBITDA目标为4.7亿-4.8 亿美元。 业务进展情况 ...

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund focuses on long-term, competitively positioned companies that are well-managed and have significant potential in untapped markets. The letter also addressed the advancements in AI and how humans define themselves in the changing landscape. In Q4, the fund generated a return of 0.19% (Institutional Shares), underperforming the Russell 2 ...

Group 1 - The tumor gene testing industry is experiencing rapid development, with significant international transactions and domestic regulatory reforms since Q4 2025 [1] - Leading U.S. tumor gene testing companies have shown strong stock price growth, with Natera, Exact Science, Guardant, and Grail achieving annual stock price increases of 52%, 78%, 221%, and 464% respectively [1] - The tumor gene testing sector maintains high growth potential, covering early screening, auxiliary diagnosis, companion diagnosis, efficacy monitoring, and recurrence prediction in precision treatment [1] Group 2 - Exact Sciences is a leading company in colorectal cancer screening, with a revenue guidance of $3.22 to $3.235 billion for 2025, representing a growth of 16.7% to 17.2% [2] - The accessible market for colorectal cancer screening in the U.S. is approximately 120 million individuals aged 45-85, with about 70 million already screened [2] - Future growth drivers for Exact Sciences include rescreening, addressing care gaps, pricing increases for Cologuard Plus, targeting younger demographics, and a strong commercialization strategy [2] Group 3 - Natera is a leader in minimal residual disease (MRD) testing, with projected revenue of approximately $2.3 billion for 2025 [3] - The core MRD product, Signatera, achieved over 200,000 samples in Q3 2025, marking a 54% year-over-year increase [3] - Natera's Signatera is one of the most scientifically validated MRD testing products, supported by over 125 peer-reviewed publications across more than 30 tumor types [3] Group 4 - The tumor gene testing industry is in a growth phase, with significant international transactions and domestic regulatory innovations [4] - Key domestic players include Adicon Biotech, which presented innovative lung cancer MRD products, and BGI Genomics, which is expanding into various cancer early screening and monitoring scenarios [4] - Mirxes-B launched China's first early screening product for gastric cancer, while Burning Rock Medical's Lungwei has achieved excellent results in multiple cancer MRD clinical trials [4]

Macro and Strategy - The "fixed income +" strategy enhances returns by participating in various asset classes while reducing portfolio volatility, improving the Sharpe ratio and minimizing drawdown risks [6][7] - Analysis of financial assets from different time frames shows that A-shares and US stocks lead the equity market, while long-term bonds have shown steady growth [6][7] - The report highlights the negative correlation between Chinese bonds and A-share indices, indicating a "seesaw effect" between stocks and bonds [7] Industry and Company Retail Industry - The report discusses the impact of gold price fluctuations on the jewelry retail market, referencing the "gold rush" of 2013 as a comparative case [10][11] - It notes that gold jewelry retail sales surged by 72.16% during the 2013 gold price drop, suggesting a potential similar consumer response in the current market [11] - Current market dynamics differ from 2013, with a focus on product innovation and brand storytelling driving consumer demand rather than solely price speculation [12][13] Aerospace Industry - SpaceX's application to launch over 1 million satellites aims to create a global AI computing infrastructure, marking a shift towards space-based computing capabilities [14][15] - This initiative is expected to drive growth in sectors like space photovoltaics and laser communication, indicating a new wave of investment opportunities in commercial aerospace [15] Pharmaceutical Industry - The tumor gene testing sector is experiencing rapid growth, with significant stock price increases among leading companies in the field [16][19] - The report emphasizes the potential for tumor gene testing to cover various stages of cancer treatment, indicating a substantial market expansion [16][19] Home Appliance Industry - Rising raw material prices are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [20][21] - Production rates for white goods are showing signs of recovery, with a projected stabilization in demand due to government policies [22][23] Chemical Industry - The report recommends investments in oil and gas, refining, potash, and phosphate sectors, highlighting a recovery in profitability within the chemical industry [24][25] - The report notes that the supply-side issues are being addressed through policies aimed at reducing low-quality competition, which should improve overall industry profitability [25][26] Metal Packaging Industry - The company, Aorikin, is positioned as a leader in metal packaging, with a strong market presence in both three-piece and two-piece can segments [28][29] - The report forecasts a recovery in profitability for two-piece cans due to industry consolidation and improved pricing power following recent acquisitions [29][30] Investment Recommendations - The report suggests focusing on companies with strong product innovation and market positioning in the gold jewelry sector, as well as those in the aerospace and pharmaceutical industries that are poised for growth [13][15][19] - In the home appliance sector, it recommends leading brands that can navigate raw material cost pressures effectively [20][21]

Core Viewpoint - Abbott Laboratories' stock has recently declined following disappointing fourth-quarter results, but it remains attractive for dividend-seeking investors due to its strong core business segments [1]. Financial Performance - Abbott's fourth-quarter sales reached $11.5 billion, reflecting a 4.4% increase year-over-year, although this growth fell short of expectations [2]. - The company faced challenges in its nutrition and diagnostics segments, contributing to a sharp decline in stock price after the earnings release [2]. Business Segment Analysis - The core medical device business showed resilience, achieving a 12.3% sales growth in the quarter, driven by a 14.5% increase in revenue from the diabetes care unit [3]. - Abbott's leadership in the continuous glucose monitoring (CGM) market, particularly with the FreeStyle Libre franchise, positions it well for future growth [3][4]. Growth Opportunities - Recent product expansions, including over-the-counter offerings like Libre Rio and Lingo, have broadened Abbott's addressable market in diabetes care [4]. - The structural heart segment, featuring devices like MitraClip and TriClip, is expected to continue driving growth [5]. Strategic Acquisitions - Abbott's acquisition of Exact Sciences for approximately $21 billion is set to transform its diagnostics business and provide significant growth opportunities [5]. - Exact Sciences is known for its Cologuard test for colorectal cancer and has developed new diagnostic products for early cancer detection, tapping into a growing market [6].

Investment Rating - The report maintains an "Outperform" rating for the tumor gene testing industry [1] Core Insights - The tumor gene testing industry is on a fast development track, with significant international transactions and domestic regulatory innovations occurring since Q4 2025. The market is expected to expand significantly as applications for tumor MRD and multi-cancer early screening mature [2][6] - Exact Sciences is a leading company in colorectal cancer screening, projecting revenues of $3.22 to $3.235 billion for 2025, representing a growth of 16.7% to 17.2%. The company aims for a compound annual growth rate (CAGR) of 15% from 2022 to 2027 [2][18] - Natera is recognized as a leader in minimal residual disease (MRD) testing, with its core product, Signatera, achieving a sample volume of over 200,000 in Q3 2025, reflecting a year-on-year growth of 54% [2][68] - The report emphasizes the importance of monitoring technological advancements and the positioning of leading companies in the tumor gene testing sector [2] Summary by Sections 1. Tumor Gene Testing Industry Overview - The tumor gene testing sector is experiencing rapid growth, with significant stock price increases for leading companies such as Natera (52%), Exact Science (78%), Guardant (221%), and Grail (464%) in 2025 [2][6] - The market is projected to expand significantly, with potential market sizes for early screening (multi-cancer MCED and colorectal cancer) estimated at $40-50 billion, MRD at $15-20 billion, and companion diagnostics/treatment guidance at $3-5 billion [11][12] 2. Exact Sciences: Colorectal Cancer Screening Leader - Exact Sciences has established a robust medical ecosystem with a testing capacity exceeding 10 million annually. Its core product, Cologuard, has a brand recognition rate of over 90% [18] - The company anticipates maintaining a revenue growth rate of 15% and aims for an adjusted EBITDA margin exceeding 20% by 2027 [18][24] - Cologuard's future growth drivers include rescreening, addressing care gaps, pricing increases for the Plus version, and expanding into younger demographics [45][48] 3. Natera: Leader in MRD Testing - Natera's MRD product, Signatera, is pivotal in assessing treatment efficacy and guiding clinical decisions, with a significant focus on ctDNA mutation detection [2][68] - The company is expanding its presence in women's health and organ health, while also entering the colorectal cancer screening market [2][68] 4. Domestic Company Landscape and Investment Recommendations - The report highlights the innovative developments from domestic companies such as Aide Biology, BGI, and Mirxes, which are making strides in lung cancer MRD products and multi-cancer early screening [2] - The report suggests monitoring the technological advancements and market positioning of these domestic leaders as the industry evolves [2]

Market Overview - U.S. equity markets in Q4 2025 were influenced by optimism regarding potential monetary easing and caution related to economic growth and valuations [1] - Early gains were attributed to strong AI-related earnings and a rate cut by the U.S. Federal Reserve in October, but sentiment cooled later due to mixed signals from the Fed [1] - Large-cap stocks rose 17.4% for the year and 2.4% in the quarter, while small caps gained 12.8% for the year and 2.2% in the quarter [1] - Value stocks outperformed growth stocks, returning 3.3% versus 1.2% for the quarter [1] Fund Performance - Meridian Growth Fund delivered a return of -0.39% (net) in the quarter, underperforming the Russell 2500 Growth Index's return of 0.33% [1] - The firm is monitoring factors affecting market returns, including potential changes in monetary policy and the sustainability of AI investments due to high valuations among hyperscalers [1] Company Spotlight: Exact Sciences Corporation - Exact Sciences Corporation (NASDAQ:EXAS) is recognized as a leading contributor to the Meridian Growth Fund, specializing in cancer screening and diagnostic test products [2][3] - As of January 26, 2026, Exact Sciences' stock closed at $102.51 per share, with a one-month return of 0.60% and an impressive 85.00% increase in value over the last 52 weeks [2] - The company has a market capitalization of $19.468 billion [2] - Exact Sciences is best known for its at-home colorectal cancer screening test, Cologuard, and saw stock performance improve due to signs of growth and the introduction of a new test [3] - The stock performance was further enhanced by Abbott's announcement to acquire Exact Sciences at a significant premium [3]

Core Insights - Abbott Laboratories reported Q4 2025 sales of $11.46 billion, a 4.4% increase year-over-year, but fell short of analyst projections by approximately 3% [2] - Adjusted EPS for the quarter was $1.50, meeting expectations, while total annual adjusted EPS reached $5.15, indicating a 10% growth [2] Financial Performance - Organic sales growth decreased to 3% during the quarter due to reduced demand in some areas [4] - Adjusted gross margin increased by 20 basis points to 57.1%, and operating margin expanded by 150 basis points to 25.8%, reflecting effective cost management [4] - Guidance for 2026 projects organic sales growth of 6.5%-7.5% and an adjusted EPS around $5.68 at the midpoint, aligning with consensus expectations [6] Valuation Dynamics - Abbott is currently priced at around $109 per share, trading at 21 times its trailing adjusted EPS of $5.15, down from a three-year average P/E of 24 times [6][7] - The forward P/E based on guidance is 19 times, indicating potential stability, but slowdowns in Nutrition and uncertainties regarding acquisitions limit optimism [7] Segment Performance - Medical Devices segment showed strong demand, particularly in structural heart and neuromodulation, with Freestyle Libre contributing significantly to organic growth [10] - Diagnostics revenue is normalizing post-COVID, with the Exact Sciences acquisition valued at up to $23 billion expected to enhance this sector [10] - Nutrition sales declined due to market dynamics, raising concerns about future growth in this segment [10] Future Catalysts and Risks - Potential upside for Abbott depends on realizing synergies from Exact Sciences, stabilization in Nutrition, and successful execution in high-growth devices [8] - Downside risks include persistent weakness in Nutrition, regulatory challenges with the Exact Sciences acquisition, and overall caution in medtech spending [9]