Cytek Biosciences Inc 2025年度报告

April 28, 2026 Dear Stockholders, A company’s true strength is often tested during challenging periods, and early 2025 presentedexactly that—the most difficult conditions our industry had faced since Cytek was founded. Even asthe year began under significant macroeconomic and geopolitical pressure, Cytek delivered year-over-year revenue growth in 2025. This performance—achieved during a period when the broaderindustry contracted—reflects the strength of our technology platform, the value proposition we offerour customers, and the outstanding contributions of our employees. It also reinforces what we hearconsistently from scientists: our tools are viewed as essential infrastructure, not discretionaryitems, even when budgets are tight. In the first half of 2025, restrictions on exporting advanced flow cytometers, reductions in NationalInstitutes of Health and university research funding, new tariffs, and spending pullbacks by majorpharmaceutical companies created a “perfect storm” for our customers and for Cytek. Thesepressures disrupted instrument purchasing cycles globally and required us to respond with speed,discipline, and a clear focus on execution. Despite these challenges, Cytek remained committed to technology leadership, financialstewardship and creating value for our customers. We introduced the Cytek Aurora™ Evo system,our new Full Spectrum Profiling™ (FSP™) analyzer with many new innovative features, generatingstrong customer demand. Our Cytek Aurora™ Cell Sorter continued unit volume growth of over 20%during 2025 compared to the prior year, well above industry growth rates. Our diversifiedregion-for-region manufacturing strategy—including our newest facility in Singapore—providedmeaningful mitigation against tariff-related cost pressures and ensured continuity of supply forcustomers globally. We believe this operational flexibility continues to be a competitive advantagefor Cytek and reinforces the strength of our global footprint. Throughout 2025, we maintained a strong balance sheet and generated positive cash flow, whichenabled us to repurchase more than $15 million of our stock while still ending the year with robustcash and liquid assets. This financial strength positions us to continue investing for growth, bothorganically—through new product introductions, platform enhancements, and expansion of ourtechnology ecosystem—and through strategic acquisitions that extend our reach in cell analysisand adjacent markets. By the end of 2025, all major areas of our business showed improving momentum, including ourinstruments portfolio, which returned to growth in the fourth quarter. Our reagents and servicebusinesses—both recurring revenue streams—performed particularly well and remain importantand growing contributors to our performance. Together, these offerings deepen customer engagement, expand installed-base monetization, and enhance revenue stability across marketcycles. We also continue to see meaningful growth opportunities in the clinical market, where the need forhigh-parameter, high-performance cell analysis solutions is growing. We believe Cytek’s technologyplatform is well suited to support this expansion, and we are investing to meet the evolving needs ofclinical researchers and translational scientists. More broadly, cell analysis remains a long-term growth industry: a leading market research firm inour industry projects an 8.8% compound annual growth rate for the flow cytometry market between2025 and 2032. Scientific demand continues to expand across immunology, oncology, cell therapy,infectious disease, and multi-omics applications. We intend to address this opportunity bycontinuing to lead in technology innovation and by offering best-in-class solutions that accelerateadoption of Cytek’s ecosystem. The global installed base of conventional flow cytometers—estimated at more than 50,000instruments—represents a significant replacement opportunity. Cytek’s leadership in bringing newtechnology to the industry continues to drive a shift toward spectral systems and away from what isfast becoming obsolete conventional technology. As this transition accelerates, spectralinstruments such as our FSP™ systems are increasingly becoming the “go-to” choice forresearchers seeking higher-content, more efficient, and more cost-effective solutions. We are also pleased with the continued growth of Cytek Cloud, which surpassed 24,000 users bythe end of 2025—nearly eight users for every installed FSP™ instrument. This expanding digitalfootprint strengthens customer engagement, enhances workflow efficiency, and supports broaderadoption of our technology ecosystem. We entered 2026 with clear momentum and a compelling investment profile: a technology leader inthe industry, a strong balance sheet, growing market demand, and a significant installed base readyfor modernization. Above all, we have an exceptional global team whose dedication continues todrive our progress. I hope you see why I belie