视频回放：中国诊断专家-关于带量采购、关税和体外诊断市场趋势的最新情况

USA | Life Science Tools & Diagnostics Video Replay: China Dx Expert - Update on VBP,Tariffs and IVD Market Trends This morning, we held a call with Wenxin (Vincent) Ma, GM of Sales andMarketing at Shandong Accurdx Biotechnology. Topics covered includedevolvingfederal reimbursement and VBP policies,recent shifts in tradepolicy and IVD-related exemptions, pricing pressures, the intensifying localcompetitive landscape, market share dynamics, and broader structural andemerging trends shaping China’s IVD market. See here for our recap note. Tycho Peterson * | Equity Analyst+1 (212) 738-5583 | tpeterson2@jefferies.com Matthew Stanton * | Equity Analyst(615) 963-8397 | mstanton@jefferies.com Priya Patel * | Equity Associate+1 (332) 204-0140 | ppatel5@jefferies.com Jack Melick, CPA * | Equity Associate+1 (617) 345-8671 | jmelick@jefferies.com Noah Kava * | Equity Associate+1 (212) 323-3939 | nkava@jefferies.com Lauren Timmins, Ph.D. * | Equity Associate+1 (929) 237-2038 (mobile) | ltimmins@jefferies.com Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Priya Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Jack Melick, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Noah Kava, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Lauren Timmins, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 13, 2025 17:28 P.M.Recommendation DistributedJune 13, 2025 17:28 P.M. For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock mar