智通财经APP讯，四环医药(00460)发布公告，集团与百奥赛图(北京)医药科技股份有限公司(股份代号： 688796.SH;02315.HK)正式签署战略合作协定。双方将立足优势互补与专业协同的合作原则，凭借集团 在药物开发、规模化生产及商业化环节的全产业链成熟经验，结合百奥赛图业内领先的AI驱动全人抗 体开发平台核心技术，在减重等多个高潜力疾病领域开展创新药物联合研发工作，建立长期稳定、互利 共赢的合作关系，共同推动全球前沿创新药的研发落地与商业化布局。 本次战略合作的首个合作项目，聚焦集团在研的新一代减重创新药物。该研发项目针对当前减重疗法的 行业痛点进行技术突破，通过创新作用机制实现安全、高效的能量消耗提升，同时实现肌肉量的保持与 增强，精准契合全球肥胖治疗领域尚未被充分满足的临床需求，有望推动减重治疗方案的优化升级，助 力行业发展。 （原标题：四环医药(00460)与百奥赛图(02315)达成战略合作 通过AI驱动的全人抗体研发平台加速减重 等多领域创新药研发） 当前医药研发行业正向人工智能化、高效化深度转型，AI与自动化技术与抗体药物研发的深度融合已 成为行业发展必然趋势。"AI+高通量"的研发模 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 1.378 billion yuan in 2025, representing a year-on-year growth of 40.6%, and a net profit attributable to shareholders of 173.2 million yuan, reflecting a significant increase of 416% [7] - The company is positioned to benefit from the global competitive landscape in the model animal and preclinical CRO services, with a strong focus on antibody development integrated with AI technology [7] - The revenue from model animal sales reached 622 million yuan, up 59.9%, while preclinical CRO services generated 352 million yuan, up 75.2% [7] - The antibody development business generated 332 million yuan in revenue, marking a 42% increase, supported by the proprietary RenMice platform [7] - The company has established a robust AI model to enhance the efficiency of antibody development, which is expected to accelerate the release of potential candidates [7] - Revenue forecasts for 2026-2028 have been revised upwards, with expected revenues of 19.4 billion yuan and 25.5 billion yuan for 2026 and 2027, respectively [7] Financial Summary - Total revenue is projected to grow from 1.378 billion yuan in 2025 to 3.292 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 29.15% [1][8] - The net profit attributable to shareholders is expected to increase from 173.2 million yuan in 2025 to 902.77 million yuan in 2028, indicating a strong growth trajectory [1][8] - The earnings per share (EPS) is forecasted to rise from 0.39 yuan in 2026 to 2.02 yuan in 2028, reflecting the company's improving profitability [1][8]

证券研究报告·海外公司点评·药品及生物科技(HS) 百奥赛图-B（02315.HK） 2025 年年报点评：模式动物和临床前 CRO 提速周期，抗体研发结合 AI 释放弹性 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 980.45 | 1,378.81 | 1,935.59 | 2,549.24 | 3,292.39 | | 同比(%) | 36.76 | 40.63 | 40.38 | 31.70 | 29.15 | | 归母净利润（百万元） | 33.54 | 173.20 | 344.11 | 534.20 | 902.77 | | 同比(%) | 108.76 | 416.36 | 98.68 | 55.24 | 69.00 | | EPS-最新摊薄（元/股） | 0.08 | 0.39 | 0.77 | 1.20 | 2.02 | | P/E（现价&最新摊薄） | 778.76 | 150.82 | ...

百奥赛图-B（2315.HK）2025 年年度业绩公告点评 模式动物+临床前 CRO 引领增长，抗体开发弹性可期 glmszqdatemark 2026 年 03 月 28 日 | 单位/百万人民币 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入 | 1,379 | 1,847 | 2,416 | 3,144 | | 增长率（%） | 40.6 | 34.0 | 30.8 | 30.1 | | 归母净利润 | 173 | 340 | 530 | 752 | | 增长率（%） | 416.4 | 96.4 | 55.8 | 41.9 | | EPS | 0.39 | 0.76 | 1.19 | 1.68 | | P/E | 133 | 68 | 43 | 31 | | P/B | 10.6 | 9.6 | 7.8 | 6.2 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 03 月 27 日收盘价，汇率 1HKD=0.88RMB） | 推荐 | 维持评级 | | --- | --- | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD. 百奧賽圖（北京）醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2315） 此次IND獲批標誌着NEOK002項目取得重要里程碑進展。NEOK002基於百奧賽 圖自主開發並於2024年對外授權的雙特異性抗體構建，由NEOK Bio進一步推進 ADC藥物開發。根據NEOK Bio披露，NEOK002面向實體瘤治療開發，相較於僅 靶向單一抗原的ADC藥物，有望在療效與安全性方面展現差異化優勢。 百奧賽圖董事長兼首席執行官沈月雷博士表示：「我們非常高興看到合作項目推進 至這一重要階段。此次里程碑的達成，進一步驗證了基於RenLite®平台開發的全 人雙特異性抗體在分子質量、成藥性及臨床轉化潛力方面的綜合優勢。RenLite® 平台採用共輕鏈設計，能夠高效支持創新抗體藥物的開發。我們期待該 ...

Financial Performance - Biocytogen Pharmaceuticals reported its annual performance for the year ending December 31, 2025, with a comprehensive income statement included in the report [2]. - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion for the fiscal year, representing a 25% year-over-year growth [19]. - In 2025, the company achieved revenue of RMB1,378.8 million, representing a growth of approximately 40.6% compared to the previous year [29]. - The net profit for 2025 was RMB173.2 million, reflecting a significant increase of 416.4% year-over-year [31]. - The pre-clinical products and services business generated revenue of RMB1,046.4 million, up 58.0% from the previous year, with a gross profit margin of approximately 72.6% [50]. - Innovative animal model sales contributed RMB622.2 million in revenue, representing a 59.9% increase year-over-year, and maintained a gross profit margin of approximately 80.4% [50]. - The antibody discovery business recorded revenue of RMB332.4 million in 2025, a 4.6% increase from the previous year, with a gross profit margin of approximately 86.0% [51]. - The overseas business accounted for 68.2% of total revenue, generating RMB940.4 million, a 42.0% increase from the previous year, while domestic revenue reached RMB438.4 million, up approximately 37.8% [56]. Future Projections - The company provided guidance for the next fiscal year, projecting revenue growth of 30% to reach RMB 1.95 billion [19]. - The company provided an optimistic outlook, projecting a revenue growth of 20% for the next fiscal year, targeting RMB 1.8 billion [25]. - The company aims to enter into over 350 co-development/out-licensing/transfer development agreements by December 31, 2025, with more than 150 new deals signed in 2025, indicating rapid growth [73]. Research and Development - The company is investing RMB 200 million in R&D for new technologies, focusing on antibody-drug conjugates (ADCs) [19]. - R&D expenses reached RMB438.1 million in 2025, with an R&D expense ratio exceeding 30%, highlighting the company's commitment to technological leadership [57]. - The company has developed advanced gene editing platforms, including SUPCE, CRISPR/EGE, and ESC/HR, over more than a decade of dedicated research [150]. - The company has created approximately 5,000 unique gene-edited mouse/cell line projects for antibody discovery and disease models, which are essential for in-vivo efficacy evaluation [107]. - The company has developed and validated hundreds of syngeneic and xenogeneic tumor models to meet client scientific objectives [134]. Product Development - New product YH001 has entered the clinical trial phase, with expectations for market launch in Q3 2024 [19]. - YH001 and YH003 are core products, with YH001 showing good tolerability at doses not exceeding 6.0 mg/kg and promising anti-tumor activity in early trials [81][85]. - YH003 has completed Phase II MRCT clinical studies in patients with pancreatic duct adenocarcinoma (PDAC), demonstrating good safety and efficacy [86]. - The company plans to introduce innovative drug-ready molecules, including bis-antibodies, nano-antibodies, TCRm antibodies, and GPCR antibodies, to expand the richness of its antibody library [67][68]. Corporate Governance - The company has transitioned to a new governance structure following the completion of its A-share issuance and listing on the STAR Market on December 10, 2025, eliminating the Supervisory Committee [15][16]. - The company aims to enhance its corporate governance practices in line with the CG Code, ensuring compliance and transparency [19]. - The company has a dedicated investor relations contact, indicating a commitment to transparency and communication with stakeholders [15][16]. Market Expansion - Market expansion plans include entering the Southeast Asian market by the end of 2024, targeting a market share of 10% within the first year [19]. - The company is expanding its market presence in Southeast Asia, with plans to establish partnerships in three new countries by the end of 2025 [25]. - The company is actively exploring new animal models and cell testing models for various diseases, including cancer and autoimmune diseases, to support drug development [111]. Strategic Partnerships - A strategic partnership has been established with a leading CDMO to streamline production processes and reduce costs by 15% [19]. - The company has established stable cooperative relationships with all of the world's top 10 pharmaceutical companies, with overseas business accounting for 68.2% of total revenue [35][37]. - The company has entered into exclusive licensing agreements for YH001, YH002, and YH003 with Syncromune, which includes upfront payments and milestone payments [90]. Compliance and Quality Management - The company adheres to Good Clinical Practice (GCP) and Good Manufacturing Practices (GMP) to ensure high-quality clinical trials and manufacturing processes [21]. - The quality management department consists of about 60 employees, focusing on quality control based on ISO9001, GMP, and GLP systems, ensuring high standards in product development and manufacturing [198]. - The company emphasizes quality management in product design, R&D, manufacturing, testing, and transportation, actively involving management in quality policy formulation [200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD. 本公告由百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）根據香港聯合交易所 有限公司（「聯交所」）證券上市規則第13.51(1)條作出。 本公司董事（「董事」）會（「董事會」）宣佈，為反映本公司A股於上海證券交易所科 創板上市後之本公司股本，董事會建議修訂本公司公司章程（「公司章程」）的相關 條文（「建議修訂公司章程」）。 建議修訂公司章程 建議修訂之詳情載列如下： | 修訂前 | 修訂後 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第四條公司於[●]經中國證監會註冊， 首次向社會公眾發行人民幣普通股A股 股票[●]股，並於[●]在上海證券交易 所科創板上市。 | 第四條公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD. 百奧賽圖（北京）醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2315） 海外監管公告 本公告乃百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的以下公告，僅供參閱。 1 1. 百奧賽圖（北京）醫藥科技股份有限公司2025年年度報告 2. 百奧賽圖（北京）醫藥科技股份有限公司2025年年度報告摘要 3. 百奧賽圖（北京）醫藥科技股份有限公司2025年度環境、社會和公司治理 (ESG)報告 4. 百奧賽圖（北京）醫藥科技股份有限公司2025年度環境、社會和公司治理 (ESG)報告摘要 5. 百奧賽圖（北京）醫藥科技股份有限公司2025年度利潤分配方案公告 6. 百奧賽圖（北京 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of HKD 66.90, indicating a potential upside of 37.65% from the current price of HKD 48.60 [4][6][7]. Core Insights - The company, Baiaosaitu (2315.HK), is a technology-driven biotechnology firm focused on gene editing and aims to become a global source of new drugs. Its core business revolves around two main lines: preclinical products and services, and antibody molecule transfer and development through the "Thousand Mice, Ten Thousand Antibodies" program [2][16]. - The preclinical business is experiencing robust growth, benefiting from the enthusiasm for innovative research. In the first half of 2025, the preclinical products and services generated revenue of CNY 458 million, with innovative model animal sales reaching CNY 274 million, a year-on-year increase of 56% [3][28]. - The "Thousand Mice, Ten Thousand Antibodies" business model, which includes upfront payments, milestone payments, and revenue sharing, is entering a harvest phase, with expectations for significant revenue growth as the number of transferred antibody projects increases [3][4]. Summary by Sections Company Analysis - Baiaosaitu is positioned as a leading biotechnology company with a focus on gene editing technology, offering preclinical pharmacology and efficacy evaluation services, innovative model animal sales, and gene editing services [2][16]. - The antibody development business leverages the "Thousand Mice, Ten Thousand Antibodies" initiative to create a library of antibodies, providing licensing services that are expected to drive future growth [2][3]. Preclinical Business Growth - The preclinical pharmacology and efficacy evaluation services are expanding rapidly, with revenue projected to grow significantly due to the increasing demand for innovative research tools and services [3][28]. - The sales of model animals, particularly humanized mouse models, are a major revenue source, with sales expected to grow from CNY 66 million in 2020 to CNY 389 million in 2024, reflecting a CAGR of 55.9% [17][28]. Antibody Development - The antibody development segment is projected to grow from CNY 41 million in 2020 to CNY 318 million in 2024, with a CAGR of 66.8%, driven by the RenMice technology platform and a vast antibody library [19][20]. - The company has established a strong foothold in the overseas market, with international revenue increasing from CNY 91 million in 2020 to CNY 662 million in 2024, representing a CAGR of 64.3% [27][28].

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD. 百奧賽圖（北京）醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2315） 董事會會議召開日期 百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」） 謹此宣佈，董事會會議將於2026年3月26日（星期四）舉行，藉以（其中包括）(i)考 慮及批准本公司及其附屬公司截至2025年12月31日止年度之年度業績及其發佈， 以及(ii)考慮派發末期股息（如有）。 百奧賽圖（北京）醫藥科技股份有限公司 董事長、首席執行官兼執行董事 沈月雷 香港，2026年3月16日 於本公告日期，董事會包括董事長、首席執行官兼執行董事沈月雷博士、執行董 事倪健博士；非執行董事周可祥博士、張蕾娣女士及劉弘康博士；獨立非執行董 事華風茂先生、喻長遠博士及梁曉燕女士；及職工 ...