Core Insights - The article analyzes the performance of 20 multinational instrument companies in the Greater China region amidst escalating global trade tensions, aiming to determine whether the Chinese market is recovering or declining [2][3]. Financial Performance Overview - In the first half of 2025, 16 out of 20 multinational instrument companies reported revenue growth, indicating nearly 80% of the companies experienced an upward trend [3]. - The top three companies by revenue in H1 2025 were Thermo Fisher Scientific with $21.22 billion (up 1.59%), Merck at $12.22 billion (up 0.60%), and Danaher at $11.68 billion (up 1.19%) [4][5]. Regional Performance - The Americas, Europe, the Middle East, and Africa were key drivers of revenue growth for most companies, while the Chinese market emerged as a critical variable influencing global performance [6][7]. Chinese Market Opportunities - Waters and Agilent reported significant growth in their Chinese operations, with Waters achieving $777 million in Q2 2025 (up 17%) and Agilent seeing a 10% increase in Q2 [7][8]. - The rapid development of China's biopharmaceutical industry and the demand for high-end instrument replacements were identified as core drivers of growth for these companies [8]. Challenges in the Chinese Market - Despite some companies reporting positive results, industry leader Thermo Fisher experienced a decline in Chinese revenue, with a high single-digit drop in Q2 2025 [10][11]. - Factors such as tariffs, domestic competition, and the impact of local procurement policies have created significant challenges for multinational companies operating in China [14][13]. Long-term Outlook - The Chinese market remains a significant growth opportunity despite short-term challenges, with companies like Thermo Fisher and Sartorius expressing optimism about long-term potential [16][15]. - Recent financial reports indicate a stabilization in revenue, suggesting that the most challenging period may be coming to an end [19].