本报讯 2月23日晚间，深圳华大智造科技股份有限公司（以下简称"华大智造"）发布公告，拟以约5000 万美元出售子公司Complete Genomics，Inc.（以下简称"CGI"）100%股权，并升级对交易方的测序技术 授权，新增StandardMPS技术在美国、加拿大地区的独占许可，同时配套授予该区域内该技术领域通用 测序技术的普通许可。 此次交易授权范围仅限StandardMPS产品领域，华大智造全资子公司MGI US LLC仍可自主拓展半导体 自发光测序仪、实验室智能自动化产品、纳米孔单分子测序仪及时空组学产品等多元产品线。同时， CGI将205项覆盖全技术链条的专利、技术秘密及商标，永久性、免费且不可撤销地授权给华大智造全 资子公司，让公司掌握核心技术控制权。 本次交易是华大智造战略、业务与财务层面的综合考量结果，若顺利推进，将推动中国生命科学企业 从"产品输出"迈向"技术输出"，同时改善财务表现、进阶全球化战略。 财务层面，交易将带来多重利好。现金收益方面，除5000万美元股权对价外，公司已收到2025年11月到 账的2000万美元技术授权首付款，还有2000万美元里程碑付款待收，将直接增厚现金 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.869 billion yuan for the first three quarters of 2025, showing a year-over-year decrease of 0.01%, while the net profit attributable to the parent company was -120 million yuan, an increase of 74.20% year-over-year [4][5] - In Q3 2025, the company achieved a revenue of 755 million yuan, representing a year-over-year growth of 14.45%, and a net profit of -16 million yuan, up 90.31% year-over-year [5] - The revenue growth in Q3 2025 is attributed to the shift of domestic customers' data platforms and increased installation and usage of related reagents due to Illumina being listed as an unreliable entity by the Ministry of Commerce [5][6] Financial Performance - The company’s revenue for Q1, Q2, and Q3 of 2025 was 455 million yuan (down 14.26% year-over-year), 659 million yuan (down 2.93% year-over-year), and 755 million yuan (up 14.45% year-over-year) respectively [5] - The company’s expense ratios for sales, management, and R&D in Q3 2025 were 23.19%, 11.19%, and 14.80%, respectively, showing significant reductions both year-over-year and quarter-over-quarter [5] - The company has entered a new phase of globalization by licensing its sequencing technology to Swiss Rockets, with an initial payment of 20 million USD and milestone payments totaling at least 120 million USD [6] Revenue and Profit Forecast - The company is expected to achieve revenues of 2.824 billion yuan, 3.341 billion yuan, and 3.943 billion yuan for the years 2025, 2026, and 2027, with year-over-year growth rates of -6.3%, 18.3%, and 18.0% respectively [7] - The net profit attributable to the parent company is projected to be -98 million yuan, 160 million yuan, and 382 million yuan for the years 2025, 2026, and 2027, with year-over-year growth rates of 83.6%, 262.9%, and 138.6% respectively [7][10]