Core Viewpoint - A groundbreaking achievement in organ transplantation has been made by Chinese scientists, marking the world's first successful transplantation of gene-edited pig lungs into a brain-dead patient, which functioned effectively for over 10 days [1] Group 1: Breakthrough in Organ Transplantation - The successful transplantation represents a significant advancement in xenotransplantation, a concept that has been pursued for over a century [4] - Pigs are considered ideal organ donors due to their organ size and function being similar to humans, but the human immune system poses a major challenge [4][5] - The use of gene editing technology has allowed for modifications in the pig's genome, effectively creating a "pass" for the pig organs to be accepted by the human body [5] Group 2: Role of BGI Genomics - BGI Genomics, based in Shenzhen, played a crucial role in ensuring the safety of the transplantation by utilizing its high-throughput sequencing technology [8] - The DNBSEQ sequencing platform conducted comprehensive genomic screening of the pig lung, identifying any potential pathogens that could pose risks to human health [8] - The sequencing process provided a detailed "health report" confirming the absence of known pathogens, which was essential for the success of the surgery [8] Group 3: Implications for Future Transplantation - The surgery was successful, with the transplanted pig lung performing normal respiratory functions without signs of acute rejection [9] - This historic step indicates the feasibility of xenogeneic lung transplantation, offering hope to countless patients awaiting suitable organ donors [9] - The advancements in gene editing and reliable domestic sequencing platforms highlight the potential for future breakthroughs in organ transplantation [9]

Core Viewpoint - The IVD industry is experiencing a significant downturn in revenue and profits, with over 70% of companies reporting a year-on-year decline in revenue and more than half facing losses or drastically reduced profits [2][5]. Revenue and Profit Trends - In Q1 2025, major IVD companies such as Mindray Medical, Dian Diagnostics, and RunDa Medical reported substantial declines in both revenue and net profit, with Mindray's revenue at 8.237 billion yuan (down 12.12%) and net profit at 2.629 billion yuan (down 16.81%) [2][4]. - Among 60 IVD companies analyzed, 16 reported revenue growth, with 8 achieving both revenue and net profit growth [2]. Market Challenges - The IVD sector is facing multiple challenges, including a slowdown in the conventional medical testing market, stricter cost control policies in healthcare, and the impact of centralized procurement policies [5][6]. - The anticipated centralized procurement in 28 provinces is expected to further pressure IVD companies, particularly in the high-volume chemical luminescence market [6]. Company Strategies and Innovations - Some companies are adapting by focusing on niche markets and innovative product offerings, such as New Industry and Sansure Bio, which reported revenue growth of 10.12% and 21.62% respectively in Q1 2025 [9]. - Companies are also exploring international markets, with Mindray's overseas revenue reaching 16.43 billion yuan in 2024, accounting for 44.75% of total revenue [9][10]. Technological Advancements - The IVD industry is witnessing a shift towards digitalization and AI integration, with partnerships like that of BGI and Dian Diagnostics aiming to enhance diagnostic efficiency and precision [10][11]. - The emergence of AI technologies is reshaping the IVD landscape, although challenges remain in data integration and commercialization [11].

二、打破国际垄断：从技术追赶到全球竞逐 在生物科技领域，基因测序被誉为"解码生命的天梯"，而深圳华大智造科技股份有限公司（股票代码：688114）正是这条赛道的领跑者之一。自2022年登陆 科创板以来，这家成立仅7年的企业以"硬科技"底色吸引了资本市场的持续关注。作为华大集团旗下核心企业，华大智造不仅打破了国际巨头对基因测序设 备的垄断，更以自主创新构建了中国生物科技的"技术护城河"。本刊从资本市场表现与科技创新双维度，深入剖析这家科创板明星企业的成长逻辑。 一、科创板"硬科技"标杆：市值与研发的双向驱动 华大智造于2022年9月9日正式登陆科创板，发行价87.18元/股，首日收盘市值突破420亿元，成为当年生物科技领域最大规模IPO之一。据其招股书披露，募 资净额超36亿元，主要用于基因测序仪研发、生产基地建设及全球营销网络布局。尽管受全球生物科技板块估值回调影响，其股价经历阶段性波动，但截至 2024年一季度末，华大智造仍以超300亿元市值稳居基因测序设备国产企业首位。 财务数据显示，2022年公司实现营收42.3亿元，同比增长7.7%；2023年上半年营收21.6亿元，净利润受研发投入加大及国际市场拓展 ...