On April 24, Mgi Tech Co.,Ltd. (688114.SH) released its 2025 annual report and 2026 first-quarter report. The reports indicate the company achieved annual revenue of 2.78 billion yuan in 2025, with a net loss attributable to shareholders of -222 million yuan. The loss narrowed significantly by over 63%, indicating a markedly accelerated pace of improvement in operational quality. Benefiting from enhanced collection efficiency and effective cash flow management, the company's net operating cash flow turned positive, reaching 219 million yuan. Period expenses (excluding financial expenses) decreased by 20.15% year-on-year. Furthermore, the company reported first-quarter 2026 revenue of 585 million yuan, a 24.8% increase compared to the same period last year. Net operating cash flow remained positive for consecutive periods, turning positive year-on-year by 168.74%, marking a strong start for the full-year performance recovery.
As the world's only life science tools manufacturer offering a full-stack product portfolio covering "Full-Range Sequencing + Intelligent Automation + Multi-Omics," Mgi Tech saw its core business maintain steady leadership in 2025, with the potential of new growth drivers becoming increasingly evident. The Full-Range Sequencing (SEQ ALL) business, as the core pillar, continued to solidify its leading market position. In 2025, the global new sales volume of the company's Full-Range series sequencers exceeded 1,470 units, a year-on-year increase of 16.15%, setting a new record high for the same period. Within this, sales of sequencing equipment in the clinical field reached 898 new units, surging 67.54% year-on-year. Regarding market share, the company's portion of publicly tendered sequencing markets in China rose to approximately 70%, securing the top position for the fourth consecutive year and further consolidating its leadership.
Analyzing the performance of various products within the Full-Range Sequencing business line in 2025, Mgi Tech's advantage in comprehensive throughput layout was prominent. The newly launched ultra-high-throughput sequencer T7+, released in September, had successfully delivered and installed 27 units globally by year-end, demonstrating strong demand in the high-end market. The mid-to-low throughput platform G99 showed significant competitive advantages in clinical applications, with reagent revenue increasing 24.90% year-on-year during the reporting period. The miniaturized E-series platform performed particularly strongly. Revenue from the E25 device grew 150.75% year-on-year, while reagent revenue skyrocketed 459.70% during the reporting period. This innovative technology broke the single-supplier monopoly in the global low-throughput market, strengthening the company's competitive edge across the entire industry chain.
The Intelligent Automation (GLI) and Multi-Omics (OMICS) businesses, cultivated as key secondary growth drivers, delivered impressive results in 2025, with their growth potential continuing to be unleashed. For the full year 2025, the company's Intelligent Automation business generated revenue of 254 million yuan, with new sales exceeding 350 units. Revenue from the Spatial-Temporal Omics segment within the Multi-Omics business soared 161.76% year-on-year, with Spatial-Temporal business revenue in North America jumping 299.79% year-on-year. The company's proprietary Spatial-Temporal Omics technology, Stereo-seq, holds dual leading advantages of "nanometer-level resolution" and "centimeter-level panoramic field of view." The promotion and application of each unit of the Spatial-Temporal Omics kit can effectively drive consumption of approximately twice the volume of the company's complementary sequencing reagents, further amplifying the product portfolio effect and utilization rate, and continuously enhancing the market value and competitiveness of the full-stack multi-omics tools system.
Currently, the life science industry is experiencing three major trends: the integration of AI and life sciences, the convergence of multi-omics, and the deepening of domestic substitution. Mgi Tech has completed its strategic upgrade from an "equipment manufacturer" to the "world's only full-stack life science tools platform," and has fully integrated AI technology into its three core business segments: SEQ ALL, GLI, and OMICS. As the industry accelerates from a phase of technical feasibility to one of commercial viability, leveraging its full-stack advantages and forward-looking布局, combined with the synergistic effects released by its three business lines and the continued deepening of its global strategy, the company is poised for a fundamental valuation reassessment.
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