Core Viewpoint - BaiO Pharmaceutical-B (02315) experienced a significant increase of nearly 20%, closing at 34.3 HKD, following its inclusion in the Hong Kong Stock Connect list effective December 24, 2025 [1] Company Summary - BaiO Pharmaceutical is recognized as a leading preclinical CRO and life sciences company in China, possessing a globally advanced gene editing technology platform [1] - The company has a rich resource of model mice and is actively developing its antibody development business through the "Thousand Mice, Ten Thousand Antibodies" initiative [1] - There is strong growth potential for its overseas business, indicating a promising outlook for future expansion [1]

国泰海通证券此前指出，百奥赛图是国内领先的临床前CRO及生命技术企业，拥有全球领先的基因编 辑技术平台，模式小鼠资源丰富，通过"千鼠万抗"计划大力发展抗体开发业务，海外业务增长潜力强 劲。 消息面上，上交所、深交所发布公告称，因百奥赛图-B在香港市场价格稳定期结束且相应A股上市满10 个交易日，根据有关规定，港股通标的证券名单发生调整并自2025年12月24日起生效，调入百奥赛图。 百奥赛图-B(02315)早盘大涨近20%，截至发稿，涨19.51%，报34.3港元，成交额2273.51万港元。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock price of Baiaosaitu-B (02315), which surged nearly 20% in early trading, reaching HKD 34.3 with a trading volume of HKD 22.7351 million [1] - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced that Baiaosaitu-B will be added to the Hong Kong Stock Connect eligible securities list effective December 24, 2025, following the end of its price stabilization period in the Hong Kong market and after being listed for 10 trading days in A-shares [1] - Guotai Junan Securities previously noted that Baiaosaitu is a leading preclinical CRO and life technology company in China, possessing a globally advanced gene editing technology platform and abundant resources of model mice, significantly developing its antibody development business through the "Thousand Mice and Ten Thousand Antibodies" initiative, with strong growth potential in overseas markets [1]

Core Viewpoint - The Shenzhen Stock Exchange announced the adjustment of the Hong Kong Stock Connect eligible securities list, specifically including Baidu Biotechnology-B (02315) due to its A-share listing meeting the 10 trading days requirement and the end of its price stabilization period in the Hong Kong market, effective from December 24, 2025 [1]. Group 1 - The adjustment involves Baidu Biotechnology-B being included in the Hong Kong Stock Connect [1][3]. - The decision is based on the company's A-share listing having been active for 10 trading days [1]. - The price stabilization period for Baidu Biotechnology-B in the Hong Kong market has concluded [1].

每经AI快讯，12月24日，深交所公告称，港股通标的证券名单调整，调入百奥赛图-B(02315)，12月24 日起生效。 ...

人民财讯12月24日电，深交所公告，深港通下的港股通标的证券名单调整，调入百奥赛图-B(02315)， 12月24日起生效。 ...

Core Viewpoint - The "Annual A+H Excellence Company Award" recognizes outstanding listed companies operating on both A-share and H-share platforms, highlighting their business growth, financial stability, and governance [1] Group 1: Award Winners - The following companies received the "Annual A+H Excellence Company Award": BaiO Saite (688796.SH/02315.HK), Dazhong Public Utilities (600635.SH/01635.HK), CATL (300750.SZ/03750.HK), Seres (601127.SH/09927.HK), and CIMC (000039.SZ/02039.HK) [1] - The award aims to honor companies that set benchmarks in business growth, financial health, and corporate governance while demonstrating exceptional capabilities in value integration and strategic leadership [1] Group 2: Event Overview - The event titled "Technology Empowerment, Capital Breakthrough" was held online by Gelonghui on December 22, where the award winners were announced [1] - Gelonghui's mission is to create a reference value ranking of listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Summary of Baiaosaitu Conference Call Company Overview - Baiaosaitu is a technology-driven international biotechnology company focused on becoming a global source of new drugs, leveraging its gene editing technology to develop fully humanized mouse platforms for various antibody discoveries [3][9] Industry and Business Model - The company specializes in the research and sales of model animals, with operational centers located in Nantong, Beijing Daxing, and Boston [2][4] - Core business lines include innovative model animals and clinical CRO services, as well as antibody sequence molecule transfers, ensuring rapid growth [3][4] Financial Performance - Revenue is projected to reach 389 million yuan in 2024, with a growth rate of 56% in the first half of 2025, indicating strong growth momentum [2][4] - The "Thousand Mice, Ten Thousand Antibodies" initiative has significantly improved drug development efficiency, contributing to revenue growth from 40 million yuan in 2020 to 163 million yuan in the first half of 2025 [2][5] - Expected net profit for 2024 is the first positive figure, with projections of 140-150 million yuan in 2025, and potential growth to 330-350 million yuan and 520-550 million yuan in subsequent years [2][6] Competitive Advantages - Baiaosaitu offers specialized mice designed for tumor disease models, closely integrated with new drug development processes, enhancing competitiveness in the antibody new drug field [2][7] - The company has developed multiple platforms (mAb, Light, Nano, TCR) aimed at improving new drug development efficiency [4][10] Catalysts for Stock Price Increase - Potential catalysts for stock price increase include rapid growth in model animal business, milestone revenues from antibody platform licensing, and positive cash flow from operating activities leading to breakeven [2][8] - The company has historically faced losses due to high R&D investments, but consistent revenue growth is expected to positively impact stock performance following the achievement of breakeven in 2024 [8] Future Outlook - Revenue for 2025-2027 is expected to exceed industry average growth rates, reflecting a favorable industry outlook and Baiaosaitu's competitive positioning [2][6] - The company plans to retain some proprietary development rights to address promising new targets and drugs, while continuing to grow its preclinical products and services [10]

Quantum Technology - The report highlights the release of the world's first 3D-extended architecture 10,000-qubit quantum processor VIO-40K by QuantWare, which aims to overcome the scaling bottleneck of quantum processors and is compatible with NVIDIA's NVQLink platform [3][7][8] - The 2025 Zhongguancun Quantum Conference announced 16 quantum technology achievements and a 500 million yuan investment fund to support quantum entrepreneurship, showcasing advancements in quantum computing and applications in energy [3][13][14] Biomanufacturing - Levinthal Biotech completed a multi-million Pre-A round financing to accelerate the development of its AI-driven full-atom model protein design platform Pallatom, which addresses the design challenges of cyclic peptides [3][15][16] - Aopu Mai's acquisition of 100% of Pengli Biotechnology was approved, enhancing its capabilities in cell culture media and CDMO services, thereby expanding its market position [3][20][21] - Baiaosaitu has established a dual-platform listing strategy with its recent listing on the STAR Market, focusing on innovative drug development driven by gene editing technology [3][23][24] Hydrogen Energy and Nuclear Fusion - The report notes the deepening international cooperation in nuclear fusion, with a Chinese expert set to chair the ITPA Coordination Committee from 2026 to 2028, and the signing of a contract for the mass production of the ITER first wall [3][28][29] - Snowman Group's metal plate fuel cell stack project has passed final acceptance, marking a significant step in the commercialization of hydrogen energy technology [3][30][31] Brain-Computer Interface - Neuralink has demonstrated a significant efficiency breakthrough with its new surgical robot, reducing the electrode implantation time from 17 seconds to 1.5 seconds, showcasing advancements in surgical precision and safety [3][34][46] - The report emphasizes the competitive landscape, with the U.S. leading in invasive technologies while China excels in non-invasive applications, highlighting the ongoing developments in both sectors [3][48][49] Embodied Intelligence - Beijing Humanoid Robotics has launched the first fully autonomous humanoid robot tour guide solution, integrating IoT capabilities for various applications in exhibition halls and shopping malls [3][50][51] - The Shanghai humanoid robot pilot alliance was established to enhance the supply chain for humanoid robots, indicating a collaborative effort to scale the industry [3][53][54] - Yushu Technology has introduced a humanoid robot App Store, allowing users to upload and share action models, further promoting the commercialization of humanoid robotics [3][55]

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]