Shanghai Securities News China Securities Network News After trading on January 16, MGI (688114. SH) announced its 2024 annual results. According to the company's preliminary estimates, it is expected to achieve a net profit attributable to the parent company of -670 million yuan to -554 million yuan in 2024, and a net profit of -730 million yuan to -603 million yuan after deducting non-profits. Based on the full-year profit forecast, the company's fourth-quarter 2024 results are expected to narrow the loss at the highest value.

In 2024, due to the impact of the macro environment, geopolitics, market competition and other aspects, companies in the biotechnology industry will face the dual challenges of capital and market. Despite the difficulties, MGI still adheres to technological innovation and market development, and under the refined management of various expenses, the company has achieved high-quality development results, and its single-quarter performance has shown a steady growth trend.

At present, MGI's overseas market expansion is still in the investment period, and the construction of international marketing outlets and the use of infrastructure projects have led to an increase in fixed costs. Although the external environment in 2024 is more complex, MGI still shows strong development resilience with its profound technical background. The company's gene sequencer achieved revenue of 530 million yuan in the third quarter, of which 90 million yuan was achieved in Europe and Africa, an increase of 10% quarter-on-quarter, showing a growth recovery trend; The revenue of the Americas region was 30 million yuan, a year-on-year increase of 29%.

After years of running-in and trust, MGI's partners have a certain degree of continuity and stability, and the company has established long-term and stable cooperation with a number of partners in China, including core users in clinical application fields such as Geyinga, Beikang Medical, Golden Key Medical, and Shihe Gene.

Despite the short-term fluctuations in demand and the increase in risks and challenges in the global market, the company is still committed to improving its R&D capabilities and product technology competitiveness, and its market position has been steadily improved, ranking first in many dimensions of the gene sequencing industry. According to the data of Bidi's bidding network, in the first three quarters of 2024, MGI's market share among the winning brands of gene sequencer equipment reached 55.05%, ranking first.

In the field of gene sequencers, MGI's product matrix of "short read length + long read length" has achieved remarkable market results. In November last year, the nanopore sequencer CycloneSEQ-WT02 exceeded 100 units in just two months after its release. At the same time, MGI's 1,000th DNBSEQ-G99 gene sequencer rolled off the production line, empowering more and more scientific research and clinical users around the world with its fast and excellent performance.

Recently, MGI's DNBSEQ-E25, the world's first gene sequencer based on the biochemical principle of self-luminescence sequencing, was approved by the National Medical Products Administration (NMPA) for medical device registration, marking another breakthrough in product accessibility and qualification completeness. (Cheng Hongxia).