大卫·保罗·戈德曼作为美国经济学家，在2023年的一次访谈中直言，中国大规模生产某种商品时，美国 相关企业往往难以维持优势。 他强调，中国工业能力提升让美国同行感受到压力，东南亚国家更看重实际合作。 戈德曼的观点基于历史案例，比如卫星导航系统。 美国GPS从上世纪90年代主导市场，芯片售价一度达数千美元。中国2000年启动北斗项目，初期克服光 学和原子钟难题。2007年发射首颗卫星，2012年亚太网络建成。信号覆盖后，全球芯片价格降至1美元 左右。美国供应商为保份额，只能降价。 中国企业通过产业链整合，实现批量输出，终结了行业高利润时代。2025年，北斗卫星达30颗，超过 GPS的24颗。 光伏产业是另一个典型，美国贝尔实验室1954年发明太阳能电池，早期高价用于航天。中国从2000年代 进入市场，靠大规模生产线控制成本。 2010年，中国产量占全球一半以上，每瓦价格从数美元跌至不足1美元。德国Q-Cells和美国SunPower等 企业亏损严重，许多破产。中国技术进步，如PERC电池应用，提高效率并压低价格。全球市场转向低 价产品，美国份额从主导降至边缘。2025年，中国光伏出口增长73%。 锂电池行业，中 ...

转自：扬子晚报 12月19日，南京卫星应用行业协会发布"关于12月17日南京区域导航信号异常情况的技术性探讨分析"。 从技术原理来看： 1. 离线地图的核心功能是存储地理数据，仅解决"地图显示"问题，无法替代定位信号来源； 内容如下—— 各会员单位及社会各界： 2025年12月17日傍晚，南京部分区域出现导航定位异常现象，引发社会广泛关注。 为澄清公众认知误区、解读技术原理与战略价值，南京卫星应用行业协会作如下说明： 一、离线地图无法解决本次导航异常问题 本次导航失灵的核心原因是GNSS卫星信号（含北斗、GPS）受到临时干扰压制，而非网络信号中断， 因此下载离线地图并无实际意义。 2. 手机导航需依赖GNSS卫星信号（至少4颗卫星）解算位置坐标，再将位置信息匹配至地图，定位信 号与地图数据是相互独立的两大系统； 3. 本次干扰精准针对北斗、GPS民用频段，导致定位信号无法被接收机识别，即便搭载离线地图，也因 缺乏位置数据源出现定位漂移、无数据反馈等问题，无法实现有效导航。（离线地图更适用于公海荒漠 深山等有卫星定位信号、无通信网络信号的区域）。 二、北斗与GPS民用频段兼容的战略意义得到验证 本次异常中北斗与 ...

Core Viewpoint - On December 17, 2025, a navigation signal anomaly occurred in Nanjing, affecting multiple navigation software systems and causing delivery delays for food delivery services due to the inability to access navigation data [12][18]. Group 1: Technical Analysis of the Navigation Anomaly - The core reason for the navigation failure was temporary interference suppression of GNSS satellite signals (including Beidou and GPS), rather than a network signal interruption, making offline maps ineffective [6][20]. - Offline maps only store geographic data and cannot replace the positioning signal source, as mobile navigation relies on GNSS satellite signals to calculate location coordinates [8][21]. - The interference specifically targeted the civilian frequency bands of Beidou and GPS, leading to the inability of receivers to recognize positioning signals, resulting in navigation drift and lack of data feedback [8][22]. Group 2: Strategic Significance of Beidou and GPS Compatibility - The simultaneous impact on Beidou and GPS signals during the anomaly validates the forward-looking strategic vision of China's Beidou system's civilian frequency band planning [8][22]. - The international satellite navigation spectrum resources follow a "first come, first served" rule, with GPS having occupied core L-band resources early on, leaving limited quality spectrum for Beidou [8][22]. - The compatibility of Beidou's civilian signal (B1C band) with GPS's civilian signal (L1C band) not only breaks the spectrum resource blockade but also creates a strategic balance where interference with Beidou also affects GPS applications [8][22]. Group 3: Resilience of Beidou Military Frequency - It is important to note that the signal anomaly only affected civilian GNSS frequency bands, while Beidou's military frequencies remained completely unaffected [9][23]. - The Beidou system employs a military-civilian frequency separation design, with military frequencies being exclusive and physically isolated from civilian bands [9][23]. - The military system is equipped with advanced anti-jamming technology and adaptive filtering algorithms, providing strong resistance to interference and deception, ensuring stable and reliable time-space services for national defense and emergency support [9][23].

Core Viewpoint - The navigation signal anomaly in Nanjing on December 17, 2025, was caused by temporary interference with GNSS satellite signals, not by a network signal interruption, highlighting the limitations of offline maps in resolving such issues [1][2]. Technical Analysis - Offline maps only store geographic data and cannot replace the source of positioning signals, which rely on GNSS satellite signals from at least four satellites [2] - The interference specifically targeted the civilian frequency bands of Beidou and GPS, preventing the reception of positioning signals, leading to issues like position drift and lack of data feedback even with offline maps [2] - Offline maps are more suitable for areas with satellite positioning signals but without communication network signals, such as oceans or remote mountains [2] Strategic Significance of Beidou and GPS Compatibility - The simultaneous impact on both Beidou and GPS signals during the anomaly validates the strategic foresight of China's Beidou system in planning its civilian frequency bands [3] - The international satellite navigation spectrum follows a "first come, first served" rule, with GPS having occupied core L-band resources early on, leaving limited quality spectrum for Beidou [3] - The compatibility of Beidou's civilian signal (B1C band) with GPS's civilian signal (L1C band) breaks the spectrum resource blockade and creates a strategic balance, where interference with Beidou also affects GPS applications [3] Military Frequency Resilience - The signal anomaly only affected civilian GNSS frequency bands, while Beidou's military frequencies remained unaffected [4] - Beidou employs a military-civilian frequency separation design, with military frequencies being exclusive and physically isolated from civilian bands [4] - The military system incorporates advanced anti-jamming technologies, ensuring strong resilience against interference and deception, providing stable and reliable time-space services for national defense and emergency response [4] Industry Response - The Nanjing Satellite Application Industry Association will continue to monitor industry dynamics and share professional knowledge on satellite navigation technology to enhance public understanding [5] - The association aims to facilitate communication between enterprises and the government, encouraging participation from relevant companies without membership fees [5]

南京卫星应用行业协会：关于12月17日南京区域导航信号异常情况的技术性探讨分析 各会员单位及社会各界： 2025年12月17日傍晚，南京部分区域出现导航定位异常现象，引发社会广泛关注。 为澄清公众认知误区、解读技术原理与战略价值，南京卫星应用行业协会作如下说明： 一、离线地图无法解决本次导航异常问题 本次导航失灵的核心原因是GNSS卫星信号（含北斗、GPS）受到临时干扰压制，而非网络信号中断， 因此下载离线地图并无实际意义。 从技术原理来看： 2.手机导航需依赖GNSS卫星信号（至少4颗卫星）解算位置坐标，再将位置信息匹配至地图，定位信号 与地图数据是相互独立的两大系统； 3.本次干扰精准针对北斗、GPS民用频段，导致定位信号无法被接收机识别，即便搭载离线地图，也因 缺乏位置数据源出现定位漂移、无数据反馈等问题，无法实现有效导航。（离线地图更适用于公海荒漠 深山等有卫星定位信号、无通信网络信号的区域）。 二、北斗与GPS民用频段兼容的战略意义得到验证 本次异常中北斗与GPS信号同步受影响，恰恰印证了我国北斗系统民用频段规划的前瞻性战略眼光： 1.国际卫星导航频谱资源遵循"先到先得"规则，GPS早年间占据了L频 ...

Core Viewpoint - The core issue of the navigation signal anomaly in Nanjing on December 17 is attributed to temporary interference suppressing GNSS satellite signals, including BeiDou and GPS, rather than a network signal interruption [1] Group 1: Technical Analysis - The offline maps are ineffective in resolving the navigation anomaly, as the core problem lies in the GNSS satellite signal interference [1] - Both BeiDou and GPS signals were simultaneously affected, highlighting the strategic foresight in the planning of China's BeiDou system for civilian frequency bands [1] Group 2: Impact on Military and Civilian Use - The signal anomaly only impacted civilian GNSS frequency bands, while the military frequency of BeiDou remained completely unaffected [1]

Core Insights - SELLAS Life Sciences Group, Inc. announced promising clinical data for SLS009, a CDK9 inhibitor, in combination with azacitidine and venetoclax for treating relapsed or refractory acute myeloid leukemia with myelodysplastic syndrome-related changes [1][3] Group 1: Clinical Study Details - The Phase 2 study involved 35 evaluable patients with a median age of 69, where 98% had ELN adverse-risk AML, with common mutations including ASXL1, RUNX1, TP53, and SRSF2 [2] - The overall response rate for SLS009 in combination with AZA/VEN was 46%, with 29% achieving complete response (CR) or CR with incomplete blood count recovery (CRi) [3] - Patients with ASXL1 and TP53 mutations had response rates of 48% and 57%, respectively, with median overall survival (mOS) significantly exceeding the expected 2.6 months [3] Group 2: Safety and Tolerability - No dose-limiting toxicities (DLTs) or treatment-related deaths were reported, indicating that the combination therapy was well tolerated [3][5] - The combination therapy demonstrated a median overall survival of 8.9 months in the least pretreated cohort, with a 58% response rate in patients with one prior line of therapy [5] Group 3: Future Plans and Implications - The company plans to expand the study to evaluate SLS009 plus AZA/VEN in newly diagnosed AML with high-risk features in Q1 2026 [5] - The results suggest that SLS009 may effectively overcome resistance to venetoclax-based regimens by targeting MCL-1, a key resistance mechanism in AML [4]

Financial Data and Key Metrics Changes - Q3 revenue reached $27.4 million, representing an 18% increase compared to $23.3 million in Q3 2024 [6][11] - Adjusted EBITDA for Q3 was $1 million, a significant improvement from a negative $3.8 million in Q3 2024 [12] - Gross profit increased by 25% to $17.9 million, with gross margins improving to 65.2% from 61.2% in the prior year [12] - Net loss decreased by 28% to $8 million compared to $11.2 million in the previous year [12] Business Line Data and Key Metrics Changes - Total billable volume for Q3 was approximately 33,000 tests, with tissue-based tests increasing by 18% and liquid-based tests growing by 65% year-over-year [11][12] - Tissue-based tests accounted for 76% of revenues in Q3 [11] Market Data and Key Metrics Changes - The company reported a compound annual growth rate of 45% in its sales organization over the last four years, while reducing sales and marketing expenses as a percentage of revenue [4] - The integration of the Exosome Diagnostics business is expected to enhance the company's market position in precision diagnostics for urology [3][10] Company Strategy and Development Direction - The company is focused on integrating the ExoDx acquisition to optimize sales and operational efficiencies, with a strategic expansion of the sales organization from 50 to 60 direct sales representatives [7][10] - MDxHealth aims to maintain its revenue guidance of $108-$110 million for 2025, despite the decision to forgo the germline offering [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained top-line growth and advancing operating profitability, following two consecutive quarters of positive adjusted EBITDA [5][14] - The company is committed to enhancing the customer experience and operational excellence, which are seen as critical to driving future growth [14][15] Other Important Information - Cash and cash equivalents as of September 30, 2025, were reported at $32 million [13] - The company is prioritizing the integration of ExoDx and expects to provide updates on progress in early 2026 [10][14] Q&A Session Summary Question: Contribution of ExoDx in the quarter - Management indicated that there was no material contribution from ExoDx in Q3 due to the timing of the acquisition, but they remain confident in meeting revenue guidance [18][19] Question: Performance of GPS - GPS and ConfirmMDx tests reported an 18% growth, with management confident in maintaining this performance despite a slight slowdown in patient flow [23][24] Question: Germline test strategy - The company decided to forgo the germline test for now, focusing resources on the ExoDx integration, but plans to reevaluate the opportunity in 2026 [10][56] Question: Gross margins and ExoDx impact - Management expects ExoDx to be neutral to accretive to gross margins, with a clearer view anticipated after a couple of quarters of integration [59][60] Question: Sales team expansion - The sales team was expanded by adding 10 reps from ExoDx, with territory adjustments made to optimize coverage [67][68]

Core Insights - SELLAS Life Sciences Group, Inc. reported positive developments in its clinical programs, particularly for SLS009 and GPS, with significant upcoming milestones and a strong financial position [1][2][3] Financial Performance - As of September 30, 2025, the company had cash and cash equivalents totaling approximately $44.3 million, with an additional $29.1 million received from warrant exercises in October 2025 [1][11] - Research and development expenses for Q3 2025 were $4.2 million, a decrease from $4.4 million in Q3 2024, primarily due to reduced clinical trial expenses [8] - General and administrative expenses for Q3 2025 were $2.9 million, slightly down from $3.0 million in Q3 2024, attributed to lower professional fees [9] - The net loss for Q3 2025 was $6.8 million, or a loss per share of $0.06, compared to a net loss of $7.1 million, or $0.10 per share, in Q3 2024 [10][16] Clinical Developments - The Phase 3 REGAL trial of GPS is progressing as planned, with a final analysis expected by year-end 2025 after reaching 80 events [3] - Positive Phase 2 data for SLS009 in relapsed/refractory AML has been accepted for presentation at the ASH Annual Meeting in December 2025, with plans for an 80-patient trial in newly diagnosed AML patients expected to start in Q1 2026 [4][6] - Preclinical data presented at ESMO 2025 showed significant survival benefits of SLS009 in T-cell prolymphocytic leukemia (T-PLL), supporting its potential across various hematologic malignancies [5] Corporate Events - A virtual R&D Day was held on October 29, 2025, showcasing the company's ongoing clinical trials and receiving positive feedback from key opinion leaders [6] - The company raised approximately $54.6 million in gross proceeds from warrant exercises in September and October 2025, enhancing its financial foundation [7]

Core Viewpoint - MDxHealth reported strong financial results for Q3 2025, with an 18% increase in revenues and a positive adjusted EBITDA of $1 million, alongside the strategic acquisition of Exosome Diagnostics from Bio-Techne Corporation [1][2][3]. Financial Performance - Q3 revenues reached $27.4 million, an 18% increase from $23.3 million in the same period last year [5][6]. - Year-to-date revenue growth was 20%, totaling $78.3 million compared to $65.3 million in the prior year [10][11]. - Gross profit for Q3 increased by 25% to $17.9 million, with gross margins improving to 65.2% from 61.2% [8][9]. - Operating expenses remained flat at $20.5 million, despite $1.5 million in acquisition-related expenses [9][11]. - The net loss for Q3 decreased by 28% to $8.0 million, compared to $11.2 million in the prior year [9][12]. Strategic Developments - The acquisition of Exosome Diagnostics was completed on September 15, 2025, which is expected to enhance the company's product offerings and sales capabilities [3][4]. - The company plans to focus on integrating the ExoDx business and has expanded its direct sales team from 50 to 60 representatives to leverage cross-selling opportunities [3][4]. - The introduction of germline products has been suspended to allocate resources towards ExoDx, Confirm, and GPS, with a reevaluation planned for 2026 [3][4]. Future Outlook - MDxHealth reaffirmed its full-year revenue guidance of $108 million to $110 million, expecting Q4 growth to meet or exceed 20% [4][12]. - The company reported a positive adjusted EBITDA of $1 million for Q3, marking a significant improvement from a loss of $3.9 million in the prior year [10][12].