Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration application for the initial public offering (IPO) of Bai Ao Sai Tu (Beijing) Pharmaceutical Technology Co., Ltd. on the STAR Market [1] - This approval marks a significant step for the company in its efforts to raise capital and expand its operations in the pharmaceutical sector [1] - The listing on the STAR Market is expected to enhance the company's visibility and credibility in the industry [1]

Core Viewpoint - The company Bai Aosai Tu is on the verge of achieving a dual listing in Hong Kong and on the Sci-Tech Innovation Board, with its IPO registration submitted to the China Securities Regulatory Commission after passing the review [3][4]. Company Overview - Bai Aosai Tu, established in 2009, focuses on preclinical CRO services and biopharmaceuticals, including antibody development and drug discovery based on mouse models [5]. - The company reported revenues of approximately 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of -602 million yuan, -383 million yuan, and 33.54 million yuan during the same period [5][6]. Financial Performance - The company experienced significant losses in 2022 and 2023 due to high R&D expenditures in antibody and new drug development, which have not yet generated substantial revenue [6]. - Bai Aosai Tu's gross profit margins were 73.38%, 70.59%, and 77.67% for 2022, 2023, and 2024, respectively, while net profit margins were -112.79%, -53.42%, and 3.42% [5]. R&D Investment - R&D expenditures decreased from approximately 699 million yuan in 2022 to 324 million yuan in 2024, representing 130.96%, 66.17%, and 33.04% of revenue for those years [9][10]. - The number of R&D personnel dropped from 627 in 2022 to 337 in 2024, with a significant reduction in full-time R&D staff [9][10]. Business Segments - The sales revenue from model animals is projected to grow from approximately 169 million yuan in 2022 to 389 million yuan in 2024, becoming the largest revenue source for the company [6][7]. - The antibody development business is also expected to grow, with revenues of approximately 127 million yuan, 176 million yuan, and 318 million yuan from 2022 to 2024, respectively [7]. Strategic Adjustments - The company has shifted its strategy to focus on partnerships for drug development, reducing its own R&D costs while increasing revenue from antibody development [6][11]. - Bai Aosai Tu aims to maintain a strong technological foundation and innovation capability, with plans to continue investing in R&D in line with business development and cash flow forecasts [4][11].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | - | 說明 | 非上市股份 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 288,616,500 | RMB | | 1 RMB | | 288,616,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 288,616,500 | RMB | | 1 RMB | | 288,616,500 | 本月底法定/註冊股本總額： RMB 399,398,420 FF301 第 1 頁 共 10 頁 v 1.1.1 公司名稱: 百奧賽圖(北京) ...

【环球网财经综合报道】百奥赛图（北京）医药科技股份有限公司作为聚焦基因编辑与抗体药物研发的生物医药企业，目前正在申请上市，然而结合公开资 料与前期披露信息，公司在人员变动、关联交易、信息披露、研发投入等方面存在争议。 人员锐减与研发缩水：经营可持续性遭质疑 百奥赛图研发团队规模的大幅收缩，成为市场质疑其经营稳定性的首要问题。公开数据显示，2022年8月，公司三个服务中心约有904名研发人员从事临床前 研究服务，涵盖基因编辑、临床前药理药效评估、模式动物销售、抗体开发等核心领域。但截至2024年末，公司研发人员仅剩337人，2年半时间内减少 63%，人员流失幅度远超行业平均水平。 从整体员工规模来看，公司同样呈现明显缩减趋势。2021年末至2024年末，员工总数从1392人降至1095人，其中2022年至2023年员工数量从1334人骤减至 1047人，一年之内减少287人。有观点认为，在生物医药行业高度依赖研发人才的背景下，如此大规模的人员流失，不仅可能导致核心技术传承断裂、研发 项目推进受阻，更引发市场对公司经营战略调整、业务收缩或资金压力的猜测，其经营可持续性亟待进一步说明。 | 专业类别 | 人数 | ...

Core Viewpoint - Baiaosaitu's IPO on the Sci-Tech Innovation Board was approved on September 24, aiming to raise 1.185 billion RMB for early drug research and development services [1][4]. Group 1: IPO and Market Reaction - Baiaosaitu's stock price rose over 10% on September 25 after the IPO approval, closing at 29.5 HKD per share, a 5.73% increase [1]. - The company completed its H-share IPO in September 2022, and if the Sci-Tech Innovation Board listing is successful, 77.81% of its shares will be traded on the A-share market [2]. Group 2: Financial Performance - For the first half of 2025, Baiaosaitu reported revenue of 621 million RMB, a 51.27% increase year-on-year, and a net profit of 48 million RMB, marking a turnaround from losses in the previous year [2][3]. - The company's preclinical product and service business, primarily from innovative animal model sales, generated revenue of 4.58 million RMB, up 56.9%, with a gross margin of approximately 70% [2]. Group 3: Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: 38.28% for early drug research platform construction, 26.70% for antibody drug research and evaluation, 13.92% for preclinical research projects, and 21.10% for working capital [5]. - The projected revenue growth from 2022 to 2024 shows a compound annual growth rate of 35.56%, with net profits turning positive in 2024 [5]. Group 4: Research and Development Focus - Baiaosaitu has focused on gene editing technology since its establishment in 2009, developing four major technology platforms [4]. - The company aims to continue its "thousand mice, ten thousand antibodies" initiative, leveraging its gene editing platform to develop innovative mouse models for various diseases [10]. Group 5: Ownership Structure - As of the date of the prospectus, the company's major shareholders, Shen Yulei and Ni Jian, control 27.03% of the voting rights [6][9].

Group 1: Chery Automobile's IPO - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking the largest IPO for a car company in Hong Kong this year [1] - The IPO price was set at HKD 30.75 per share, raising approximately HKD 9.145 billion [1] - Revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from CNY 5.806 billion to CNY 14.334 billion, with a CAGR of 57.1% [1] Group 2: Shandong Gold International's Listing - Shandong Gold International submitted its prospectus to the Hong Kong Stock Exchange, aiming for a main board listing [2] - The company is recognized as one of China's leading gold producers, focusing on the exploration and mining of gold, silver, lead, and zinc [2] - It is noted for having the strongest profitability and cost-effectiveness among listed gold companies in China, with a projected net profit growth of 48.43% year-on-year for the first half of 2025 [2] Group 3: Shuanglin Technology's IPO - Shuanglin Technology has filed for an IPO on the Hong Kong Stock Exchange, with CITIC Securities and GF Securities as joint sponsors [3] - The company specializes in manufacturing intelligent components for automotive drive systems and is the second-largest global supplier of horizontal drive mechanisms (HDM) for automotive seats, holding a 15.1% market share [3] - The funds raised from the IPO are expected to support overseas capacity expansion and technological research and development [3] Group 4: Baiaosaitu's A-Share Issuance Approval - Baiaosaitu received approval from the Shanghai Stock Exchange for its A-share issuance and listing on the Sci-Tech Innovation Board [4] - The company plans to issue up to 99.8496 million A-shares, with proceeds aimed at enhancing early drug research services, antibody drug development, and clinical research projects [4] - Baiaosaitu has shown significant revenue growth and has turned profitable, leveraging its proprietary antibody platform [4]

Core Viewpoint - The initial public offering (IPO) application of Bai'ao Saitou (Beijing) Pharmaceutical Technology Co., Ltd. has been approved by the Shanghai Stock Exchange's listing committee, aiming to raise 1.185 billion yuan through the issuance of approximately 99.85 million shares [1] Financial Performance - The company reported revenues of 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 36.76% in 2024 [1] - The net profit figures for the same years were -600 million yuan, -382 million yuan, and 33.54 million yuan, showing a significant turnaround with a year-on-year growth of 108.76% in net profit for 2024 [1] Research and Development - The company's R&D expenditures over the past three years were 699 million yuan, 474 million yuan, and 324 million yuan, representing 130.96%, 66.17%, and 33.04% of revenue respectively [1] - As of December 31, 2024, the company employed 337 R&D personnel, accounting for 30.78% of its total workforce [1] Use of Proceeds - The funds raised from the IPO will be allocated to the construction of a drug early-stage R&D service platform, antibody drug R&D and evaluation projects, clinical and preclinical R&D projects, and to supplement working capital [1]

百奧賽圖 北京 醫藥科技股份有限公司 Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） Stock code 股份代號：2315 INTERIM REPORT 中期報告 2025 目錄 CONTENTS | 2 | 公司資料 | Corporate Information | | --- | --- | --- | | 6 | 財務概要 | Financial Summary | | 7 | 管理層討論與分析 | Management Discussion and Analysis | | 50 | 企業管治及其他資料 | Corporate Governance and Other Information | | 75 | 審閱報告 | Review Report | | 77 | 綜合損益及其他 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) has risen over 5% following the approval of its IPO on the Sci-Tech Innovation Board and recent international collaborations with Merck and Tubulis [1] Group 1: IPO Approval - Baiaosaitu has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, as confirmed in the 38th review meeting held on September 24, 2025 [1] Group 2: International Collaborations - The company has entered into agreements with Tubulis, a German firm, to advance the development and commercialization of ADC products using Baiaosaitu's fully human antibodies, which includes an upfront payment and potential milestone payments based on development and sales [1] - Collaboration with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

Core Viewpoint - Baosai Technology-B (02315) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, which has positively impacted its stock price, leading to a rise of over 5% in early trading [1] Group 1: Stock Performance - Baosai Technology-B's stock price increased by 4.87%, reaching HKD 29.26, with a trading volume of HKD 6.36 million [1] Group 2: Corporate Developments - The Shanghai Stock Exchange's Sci-Tech Innovation Board approved Baosai Technology's proposal for A-share issuance and listing during the 38th review meeting held on September 24, 2025 [1] - Baosai Technology has entered into collaboration agreements with Germany's Tubulis and global technology leader Merck. Tubulis aims to utilize Baosai's self-developed fully human antibodies to advance its ADC product development and commercialization, providing Baosai with an upfront payment and potential milestone payments along with a single-digit percentage of net sales [1] - The partnership with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]