Group 1 - The core point of the article is the IPO of Bai'ao Saitou, which is set to open for subscription on November 28, with a listing price of 26.68 yuan per share and a high price-to-earnings ratio of 519.12 times [1] - Bai'ao Saitou plans to issue a total of 47.5 million shares, with an expected online issuance of 7.6 million shares [1] - The company focuses on the research and development of innovative drugs and related technical services [1]

Core Viewpoint - The article discusses the upcoming IPO of Bai'ao Saitou on the Sci-Tech Innovation Board, highlighting its market position, financial performance, and future growth prospects [2][3]. Company Overview - Bai'ao Saitou is one of the first companies in China to enter the gene editing field, establishing itself as a leader in the model organism sector [2]. - The company has partnerships with the top ten global pharmaceutical companies based on projected 2024 revenues [2]. Financial Performance - The total market value of Bai'ao Saitou is 10.66 billion yuan, with an issuance price of 26.68 yuan per share and a high price-to-earnings ratio of 519.12 [2]. - The company reported revenue of 980 million yuan in 2024, reflecting a year-on-year growth of 36.76%, with previous years showing revenues of 717 million yuan in 2023 (+34.28%) and 534 million yuan in 2022 (+50.58%) [3]. Business Segmentation - The company's revenue composition includes: - Antibody development business: 26.23% - Model organism sales: 44.20% - Preclinical pharmacology and efficacy evaluation: 24.97% [2][3]. Fundraising Purpose - The funds raised from the IPO will be directed towards the construction of an early drug research and development service platform, antibody drug development, and to supplement working capital [3].

Group 1 - The core point of the article is the announcement of a new IPO application for the company Bai Ao Sai Tu, which is a preclinical CRO and biotechnology firm [1] - There are no new stock listings today, indicating a focus solely on the IPO application [1] - Bai Ao Sai Tu operates within the clinical research organization (CRO) sector, which is critical for supporting biotechnology and pharmaceutical companies [1]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is focused on innovative drug development and aims to enhance its capabilities through an IPO on the Sci-Tech Innovation Board, raising approximately 1.185 billion RMB for various projects [9][10][35]. Company Overview - Baiaosaitu is an innovative preclinical CRO and biotechnology company established in 2009, specializing in gene editing technology and providing various preclinical drug development services [12]. - The company has developed four major technology platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [7][12]. Business Model and Services - The company addresses two core challenges in antibody drug development: obtaining high-quality antibody molecules and the lack of precise evaluation models [8]. - Baiaosaitu has created a comprehensive human antibody library and a humanized mouse library, enabling the discovery of antibody candidates against over 1,000 potential drug targets [8][16]. - The company has established partnerships with top global pharmaceutical companies, enhancing its credibility and accelerating its international business expansion [8][14]. Financial Overview - The company expects to raise 1.185 billion RMB through its IPO, which will be used for upgrading early drug development service platforms, antibody drug research, and enhancing preclinical research projects [9][35]. - The company's main business revenue has shown a compound annual growth rate of 35.56% over the past three years, with revenues of approximately 533.36 million RMB, 716.40 million RMB, and 980.07 million RMB in recent years [22]. Future Development Plans - The company plans to continue promoting its "Thousand Mice and Ten Thousand Antibodies" initiative, aiming to discover novel antibody candidates for external collaboration or internal development [24]. - Baiaosaitu intends to expand its preclinical product and service offerings, particularly in oncology, autoimmune diseases, cardiovascular, metabolic, and neurological disorders [24][25]. - The company aims to establish extensive partnerships with leading pharmaceutical and biotechnology companies both domestically and internationally [25]. Competitive Advantages - The company possesses leading gene editing technology, a comprehensive range of model animals, and a significant first-mover advantage in antibody development [27]. - The unique "Thousand Mice and Ten Thousand Antibodies" plan provides flexibility in research, collaboration, and business models, enhancing its competitive edge [27]. Regulatory and Market Position - Baiaosaitu has received AAALAC certification, ensuring compliance with international standards for laboratory animal care [20]. - The company meets the listing standards for the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion RMB and recent annual revenue exceeding 300 million RMB [32].

Summary of Key Points Core Viewpoint - The company Bai'ao Saitou is set to launch its public offering, with a total share capital of 399 million shares before the issuance and plans to issue 47.5 million shares, representing 10.63% of the post-issue total share capital. The offering price is set at 26.68 yuan per share, with a high price-to-earnings ratio of 519.12 times, indicating a premium valuation compared to the industry average of 39.31 times [1]. Company Information - Bai'ao Saitou specializes in providing innovative model animals and preclinical pharmaceutical research and development services based on its self-developed gene editing technology [1]. New Share Issuance Details - The public offering will consist of 47.5 million shares, with 7.6 million shares available for online subscription. The subscription code is 787796, and the maximum subscription limit for a single account is 7,500 shares, requiring a minimum market value of 75,000 yuan in the Shanghai market [1]. Fundraising Allocation - The funds raised from the public offering will be allocated to several projects: - Early drug research and development service platform construction: 59.797 million yuan - Antibody drug research and evaluation project: 39.513 million yuan - Preclinical and clinical research projects: 40 million yuan - Supplementing working capital: 50 million yuan [1]. Financial Performance - The company reported total assets of 2.415 billion yuan in 2024, a decrease from 2.449 billion yuan in 2023 and 2.799 billion yuan in 2022. - Net assets increased to 834.0588 million yuan in 2024 from 785.8889 million yuan in 2023, but down from 1.1462665 billion yuan in 2022. - Operating revenue rose to 980.4539 million yuan in 2024, compared to 716.9118 million yuan in 2023 and 533.8808 million yuan in 2022. - The net profit attributable to shareholders was 33.5418 million yuan in 2024, a significant recovery from losses of 38.295 million yuan in 2023 and 60.1947 million yuan in 2022 [2]. Research and Development Investment - Research and development investment amounted to 323.9245 million yuan in 2024, accounting for 33.04% of operating revenue, a decrease from 66.17% in 2023 and 130.96% in 2022 [2].

格隆汇11月27日丨百奥赛图-B(02315.HK)发布公告，于2025年11月25日完成向询价对象进行的初步询价 后，公司将按发行价每股A股人民币26.68元发行4750万股新A股。发行价由公司及承销商根据初步咨询 结果，考虑到发行人基础、市场情况、同行业上市公司估值水平、募集资金需要、承销风险及其他因素 后协商及厘定。 ...

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） 沈月雷 香港，2025年11月27日 於本公告日期，本公司董事會包括董事長、首席執行官兼執行董事沈月雷博士、 執行董事倪健博士及張海超博士；非執行董事魏義良先生、周可祥博士及張蕾娣 女士；獨立非執行董事華風茂先生、喻長遠博士及梁曉燕女士。 北京市海问律师事务所 关于百奥赛图（北京）医药科技股份有限公司 首次公开发行股票并在上海证券交易所科创板上市 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《律師關於參與戰略配售的投資者核查的專項法律意見書》，僅供參 閱。 承董事會命 百奧 ...

智通财经APP讯，百奥赛图-B(02315)公布，于2025年11月25日完成向询价对象进行的初步询价后，公司 将按发行价每股A股人民币26.68元发行4750万股新A股。 ...

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《主承銷商關於參與戰略配售的投資者的專項核查報告》，僅供參閱。 承董事會命 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，2025年11月27日 於本公告日期，本公司董事會包括董事長、首席執行官兼執行董事沈月雷博士、 執行董事倪健博士及張海超博士；非執行董事魏義良先生、周可祥博士及張蕾娣 女士；獨立非執行董事華風茂先生、喻長遠博士及梁曉燕女士。 中国国际金融股份有限公司 关于百奥赛图（北京）医药 ...

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。 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《首次公開發行股票並在科創板上市投資風險特別公告》，僅供參閱。 承董事會命 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） 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，2025年11月27日 於本公告日期，本公司董事會包括董事長、首席執行官兼執行董事沈月雷博士、 執行董事倪健博士及張海超博士；非執行董事魏義良先生、周可祥博士及張蕾娣 女士；獨立非執行董事華風茂先生、喻長遠博士及梁曉燕女士。 百奥赛图（北京）医药科技股份有限公司 首次公开发行 ...