Core Viewpoint - 百奥赛图-B has signed a licensing agreement with German ADC developer Tubulis to utilize its RenMice fully human antibody development platform for innovative ADC therapies, indicating strong international competitiveness and drug conversion potential [1] Group 1: Company Developments - 百奥赛图-B's stock rose over 7% in the afternoon trading session, with a current price of 26.58 HKD and a trading volume of 16.7354 million HKD [1] - The agreement with Tubulis includes an upfront payment, milestone payments for development, regulatory, and commercialization, as well as a single-digit percentage of net sales [1] - On September 4, 百奥赛图-B signed an antibody option and evaluation agreement with Merck to assess antibodies developed using the RenMice platform for advanced solutions like nucleic acid drug delivery [1] Group 2: Market Implications - The agreements with Tubulis and Merck highlight the international competitiveness of 百奥赛图-B's fully human antibody platform and its potential for drug conversion [1]

Core Viewpoint - The company BaiO Saite-B (02135) has signed a licensing agreement with German ADC developer Tubulis, leveraging its RenMice fully human antibody development platform for innovative ADC therapies, which is expected to enhance its market position and revenue potential [1] Group 1: Licensing Agreement with Tubulis - On September 16, BaiO Saite announced a licensing agreement with Tubulis to utilize its RenMice platform for developing ADC therapies, which includes an upfront payment and milestone payments based on development, regulatory, and commercialization achievements, along with a single-digit percentage of net sales [1] - The stock price of BaiO Saite increased by over 7% in the afternoon trading session, reflecting positive market sentiment regarding the agreement [1] Group 2: Previous Agreement with Merck - On September 4, BaiO Saite signed an antibody option and evaluation agreement with Merck to assess the fully human antibodies developed using the RenMice platform for potential applications in nucleic acid drug delivery [1] - The agreements with Tubulis and Merck highlight the international competitiveness and drug conversion potential of BaiO Saite's fully human antibody platform, as stated by the company's Chairman and CEO Shen Yuelai [1]

Core Insights - The company, Baiaosaitu, has secured two significant licensing agreements within a month, highlighting the value of its proprietary RenMice fully human antibody development platform [1][2] - The company has established itself as a leader in the innovative molecular licensing space in China, with a total of 280 licensing projects, including partnerships with seven of the top ten global pharmaceutical companies [2][3] Group 1: Licensing Agreements - On September 16, Baiaosaitu signed an antibody licensing agreement with Tubulis, which will utilize Baiaosaitu's RenMice platform for developing innovative ADC therapies [1] - Just over a week prior, on September 4, Baiaosaitu entered into an antibody option and evaluation agreement with Merck to assess antibodies developed using the RenMice platform [1] - These agreements demonstrate the international competitiveness and drug conversion potential of Baiaosaitu's fully human antibody platform [1] Group 2: Financial Performance - In the first half of the year, Baiaosaitu achieved a revenue of 621 million yuan, representing a year-on-year growth of over 51% [2] - The company's gross margin remained high at approximately 74.4%, with a net profit of 48 million yuan [2] - The stock price of Baiaosaitu increased significantly, from a low of 7.8 HKD per share to a high of 28.58 HKD per share, reflecting a growth of over 320% since the beginning of the year [2] Group 3: Research and Development - Baiaosaitu's R&D expenses for the first half of the year were approximately 209 million yuan, an increase of 29.3% year-on-year [4] - The company has obtained 195 authorized patents and submitted 496 patent applications, focusing on expanding its fully human antibody library [4] - Baiaosaitu aims to enhance its core advantages in target humanized mouse and fully human antibody discovery by integrating AI and automation into its R&D processes [4]

Core Insights - The company, Baiaosaitu, has signed an antibody option and evaluation agreement with German pharmaceutical Merck to jointly develop cutting-edge solutions for nucleic acid drug delivery using antibody-conjugated lipid nanoparticles (LNP) [1] - The agreement allows Merck to evaluate Baiaosaitu's fully human antibodies developed through its proprietary RenMice platform, with Merck having the option for global exclusive rights to selected antibodies [1] - Baiaosaitu's CEO highlighted the potential of the antibody-conjugated delivery system and the broad application prospects of fully human antibodies beyond traditional therapies [1] Financial Performance - In the first half of 2025, Baiaosaitu reported a revenue of 621 million yuan, representing a year-on-year growth of 51.3%, with nearly 70% of revenue coming from overseas collaborations [1] - The company has signed a total of 280 external licensing agreements, with 80 new agreements in the first half of the year, marking a 60% increase compared to the same period last year [1] Research and Development - Baiaosaitu has maintained high R&D investment, with R&D expenses of approximately 209 million yuan in the first half of the year, an increase of 29.3% year-on-year [2] - The company employs around 400 researchers focused on the "Thousand Mice, Ten Thousand Antibodies" initiative and preclinical research [2] - As of June 30, Baiaosaitu has obtained 195 authorized patents and submitted 496 patent applications, with plans to expand its fully human antibody library [2] Company Background - Established in 2009, Baiaosaitu began with target humanized model animals and gradually entered the fully human antibody development business [2] - The company launched the "Thousand Mice, Ten Thousand Antibodies" program in 2020 to create an "antibody shelf" and develop various advanced antibody products [2] - Baiaosaitu has become a leader in China's innovative molecular licensing, leveraging its proprietary fully human antibody mouse platform, RenMice [2]

Group 1 - The Hang Seng Index rose by 0.29%, gaining 75 points to reach 26,463 points, while the Hang Seng Tech Index increased by 1.11%. The early trading volume in Hong Kong was HKD 162 billion [1] - CRO concept stocks saw significant gains, with Kanglong Chemical (03759) rising over 8% due to accelerated clinical trial review and approval processes. Other notable performers included Zhaoyan New Drug (06127) up 7%, WuXi Biologics (02269) up 5.5%, and Kelaiying (06821) up 4.2% [1] Group 2 - Yaojie Ankang (02617) surged over 33% after being included in the Hong Kong Stock Connect list, effective from September 8 [2] - The lithium battery sector performed well, with Morgan Stanley issuing a positive report on CATL, as market attention shifts to lithium demand expectations for next year. Notable stock movements included Zhongxin Hang (03931) up 4%, CATL (03750) up 7%, and Ganfeng Lithium (01772) up 4% [2] Group 3 - Yunfeng Financial (00376) increased by over 19%, with its stock price doubling within the month following the approval of its virtual asset trading services [3] Group 4 - Ruipu Lanjun (00666) rose nearly 2%, driven by sustained high production levels at major battery manufacturers and a significant increase in the company's energy storage battery shipments [4] Group 5 - Hushang Ayi (02589) gained over 8% after being included in the Hong Kong Stock Connect list, with stable growth in store numbers during the first half of the year [5] - Brainstorm Cell Therapeutics-B (06681) saw a dramatic rise, initially up 83% to a record high, and closing up 36%, with a cumulative increase of over 130% since its inclusion in the Stock Connect list on September 8. The company is noted for developing the first medical-grade digital therapy product for cognitive disorders in China [5] Group 6 - Baiao Saitu-B (02315) increased by over 11% after signing an antibody selection rights evaluation agreement with Merck to advance antibody-drug conjugate lipid delivery solutions [6] Group 7 - Domestic property stocks collectively declined, with Shimao Group (00813) falling nearly 5% and Zhongliang Holdings (02772) dropping over 3% [7]

消息面上，近日，据百奥赛图官微消息，公司与全球领先的科技公司默克(Merck)已签署一项抗体选择 权的评估协议，推进开发应用于核酸药物的抗体偶联脂质递送解决方案，例如抗体偶联脂质纳米颗粒 (LNP)。根据协议条款，百奥赛图将提供基于其RenMice平台自主开发的全人抗体，由默克评估将其用 于抗体偶联LNP制剂服务的可行性。默克被授予获取选中抗体资产权益的独家选择权，百奥赛图有权获 得相应的费用付款及销售分成和再许可分成。 据介绍，百奥赛图正在对1000多个潜在可成药的靶点进行规模化药物开发("千鼠万抗TM"计划)，并已 建立起超100万条全人抗体序列库，用于全球合作。截至2025年6月30日，百奥赛图已签署了约280项药 物合作开发/授权/转让协议，并与包括多家MNC在内的企业达成了50多个靶点项目RenMice平台授权开 发合作，多个临床阶段抗体分子也达成了对外授权合作。 （原标题：港股异动 | 百奥赛图-B(02315)涨超10% 与默克签署抗体选择权评估协议 推进抗体偶联脂质 递送解决方案） 智通财经APP获悉，百奥赛图-B(02315)涨超10%，截至发稿，涨10.43%，报25.4港元，成交额108 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 10%, currently trading at 25.4 HKD, following the announcement of a collaboration with Merck to develop antibody-conjugated lipid delivery solutions for nucleic acid drugs [1] Group 1: Partnership and Agreements - Baiaosaitu has signed an evaluation agreement with Merck to advance the development of antibody-conjugated lipid nanoparticle (LNP) solutions [1] - Under the agreement, Baiaosaitu will provide fully human antibodies developed on its RenMice platform for Merck to assess their feasibility for LNP formulation services [1] - Merck has been granted exclusive rights to acquire selected antibody assets, while Baiaosaitu will receive corresponding fee payments, sales shares, and sublicensing shares [1] Group 2: Development Pipeline - Baiaosaitu is conducting large-scale drug development targeting over 1,000 potential druggable targets under its "Thousand Mice, Ten Thousand Antibodies" program [1] - The company has established a library of over 1 million fully human antibody sequences for global collaborations [1] - As of June 30, 2025, Baiaosaitu has signed approximately 280 drug collaboration/development/transfer agreements and has engaged in over 50 target projects for RenMice platform development with various multinational corporations [1]

Core Viewpoint - The stock of Baiaosaitu-B (02315) has risen over 10% following the announcement of a collaboration with Merck to develop antibody-conjugated lipid delivery solutions for nucleic acid drugs [1] Group 1: Company Developments - Baiaosaitu has signed an evaluation agreement with Merck for antibody selection rights, focusing on the development of antibody-conjugated lipid nanoparticles (LNP) [1] - The agreement allows Merck to evaluate the feasibility of using Baiaosaitu's fully human antibodies, developed on its RenMice platform, for LNP formulation services [1] - Baiaosaitu is entitled to receive corresponding fee payments, sales shares, and sublicensing shares from Merck [1] Group 2: Research and Development Initiatives - The company is conducting large-scale drug development targeting over 1,000 potential druggable targets under its "Thousand Mice, Ten Thousand Antibodies" program [1] - Baiaosaitu has established a library of over 1 million fully human antibody sequences for global collaborations [1] - As of June 30, 2025, Baiaosaitu has signed approximately 280 drug collaboration/development/transfer agreements and has engaged in over 50 target projects for RenMice platform development with multiple multinational corporations [1]

Group 1 - The core viewpoint of the news highlights the significant performance increase of Baiaosaitu-B (02315), with a mid-year profit attributable to shareholders of 47.99 million yuan, marking a turnaround from losses [1] - The company reported a revenue of 621 million yuan for the six months ending June 30, 2025, representing a year-on-year growth of 51.3% [1] - The preclinical products and services business, centered on innovative animal models, generated revenue of 458 million yuan, a 56.9% increase compared to the same period last year, with a gross margin of approximately 70% [1] Group 2 - Baiaosaitu has established a dual-engine growth model based on innovative animal models and antibody molecule transfer development, differentiating itself from traditional CROs and pharmaceutical companies [2] - The company has built a competitive moat through its RenMice series of fully human antibody mouse platforms and a global patent network, creating a difficult-to-replicate barrier to entry [2] - As Baiaosaitu accelerates its establishment as a "global new drug origin," its long-term growth value and investment appeal are continuously increasing [2]

Group 1 - The core viewpoint of the news is that Baiaosaitu-B (02315) has demonstrated significant financial growth, with a 51.3% increase in revenue and a return to profitability in the first half of 2025 [1][2] - The company's revenue for the six months ending June 30, 2025, reached RMB 621 million, with a net profit attributable to shareholders of RMB 47.99 million, marking a turnaround from losses [1] - The preclinical products and services business, centered on innovative animal models, generated RMB 458 million in revenue, reflecting a 56.9% year-on-year increase, while maintaining a high gross margin of approximately 70% [1] Group 2 - Baiaosaitu has established a dual-engine growth model based on innovative animal models and antibody molecule transfer development, differentiating itself from traditional CROs and pharmaceutical companies [2] - The company has built a competitive moat through its RenMice series of fully human antibody mouse platforms and a global patent network, creating barriers that are difficult to replicate [2] - As Baiaosaitu accelerates its establishment as a "global new drug origin" hub, its long-term growth value and investment appeal are continuously increasing [2]