百奥赛图-B(02315)公布，上交所科创板上市委员会2025年第38次审议会议已于 2025年9月24日召开。根 据会议审议结果，公司建议A股发行及于上交所科创板上市已获上交所科创板上市委员会批准。 ...

格隆汇9月24日丨百奥赛图-B(02315.HK)公告，董事会仅此宣布，上交所科创板上市委员会2025年第38 次审议会议已于2025年9月24日召开。根据会议审议结果，公司建议A股发行及于上交所科创板上市已 获上交所科创板上市委员会批准。 ...

智通财经APP讯，百奥赛图-B(02315)公布，上交所科创板上市委员会2025年第38次审议会议已于 2025 年9月24日召开。根据会议审议结果，公司建议A股发行及于上交所科创板上市已获上交所科创板上市 委员会批准。 ...

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 （股份代號：2315） 內幕消息 建議A股發行 獲上海證券交易所科創板上市委員會批准之公告 本公告由百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）遵照香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及證券及期貨條例（香港法 例第571章）第XIVA部的內幕消息條文（定義見上市規則）而發出。 董事會僅此宣佈，上交所科創板上市委員會2025年第38次審議會議（「會議」）已於 2025年9月24日召開。根據會議審議結果，本公司建議A股發行及於上交所科創板 上市已獲上交所科創板上市委員會批准。 （於中華人民共和國註冊成立的股份有限公司） 茲提述本公司日期為2023年3月6日、2023年3月15日、2023年6月20日及2025年 9月17日的公告及 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to return to A-share market after successfully passing the listing review by the Shanghai Stock Exchange, marking its A+H listing strategy [1] Group 1: Company Overview - Baiaosaitu, established in 2009, is a preclinical CRO and biotechnology company that provides innovative model animals and preclinical drug development services based on its proprietary gene editing technology [1] - The company has developed a comprehensive platform that includes gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [1] Group 2: Business Achievements - As of the reporting period, Baiaosaitu has completed over 5,100 customized gene editing projects and developed more than 3,500 types of RenMice and other gene-edited animals and cell line models [2] - The company has established partnerships with numerous renowned biotech and pharmaceutical companies for antibody drug discovery, leveraging its RenMice platform and "thousands of mice, ten thousand antibodies" approach [2] Group 3: Financial Performance - From 2022 to 2024, Baiaosaitu's revenue is projected to be 534 million yuan, 717 million yuan, and 980 million yuan, with a compound annual growth rate of 35.56% [3] - The net profit for the same period is expected to be -602 million yuan, -383 million yuan, and 33.54 million yuan, indicating a turnaround to profitability in 2024 [3] Group 4: IPO and Fundraising - Baiaosaitu plans to raise 1.185 billion yuan through its IPO, which will be directed towards enhancing its existing business and core technologies [3] - The fundraising will support projects aimed at expanding the production capacity of model animals, improving early drug discovery capabilities, and enriching the preclinical research pipeline [3]

在上市委会议上，上市委要求百奥赛图结合全人源抗体小鼠平台的技术先进性，抗体开发业务的市场空 间，研发投入产出情况，从项目测试到转让/授权/合作开发的首付款、里程碑款、药物上市销售分成的 商业模式及目前收入实现情况等，说明抗体开发业务的商业模式稳定性和未来盈利能力。 此外，上市委要求百奥赛图说明若公司本次A股发行上市、实控人减持H股股份，是否影响公司控制权 的稳定性。 北京商报讯（记者 丁宁）上交所官网显示，百奥赛图（北京）医药科技股份有限公司（以下简称"百奥 赛图"）科创板IPO上会获通过。 ...

Core Insights - The article emphasizes the significant opportunities in the biopharmaceutical industry driven by national policies promoting high-quality development and innovation in drug research and development [1][4]. Company Overview - BaiO Saite, established in 2009, focuses on two critical aspects of new drug development: humanized animal models and the acquisition of fully human antibody molecules [1][2]. - The company has developed over 4,390 gene-edited animal models, including more than 1,100 high-tech humanized models, making it the largest repository of humanized mouse models globally [2]. Innovation and Technology - BaiO Saite's human antibody RenMab mouse platform, launched in 2019, allows for the rapid selection of antibodies, significantly shortening the drug discovery cycle and reducing research risks [3]. - The company has a "shelf" of over one million antibody sequences available for drug companies, enhancing the efficiency of the drug development process [3]. Financial Performance - In the first half of 2025, the company's revenue reached 621 million yuan, reflecting a year-on-year growth of over 50% [3]. - Research and development expenditures amounted to 209 million yuan, accounting for nearly one-third of total revenue, indicating a strong commitment to innovation [3]. Strategic Partnerships - BaiO Saite has established collaborations with major international pharmaceutical companies such as Merck, Johnson & Johnson, and Gilead, showcasing its technological recognition and competitive edge [3]. Regional Support - The development of BaiO Saite is supported by the Daxing District's favorable policy environment and industrial ecosystem, which fosters innovation and talent development [4]. - The district aims to become a hub for the life and health industry, with BaiO Saite as a representative of this initiative [5]. Future Outlook - The company is positioned to continue its growth and innovation in the biopharmaceutical sector, contributing to China's global presence in drug development [6].

Core Viewpoint - The Chinese biopharmaceutical industry is undergoing a profound structural transformation, with innovative companies becoming the backbone of high-quality development in the sector [1][8]. Group 1: Industry Recovery - The global biopharmaceutical industry is emerging from a period of tightened capital and stricter regulations, presenting new growth opportunities for innovative drug companies [2]. - In the first half of 2025, the company reported impressive results, achieving revenue of 621 million yuan, a year-on-year increase of 51.5%, and a net profit of 48 million yuan, surpassing the total for the previous year [2]. - The company’s operating cash flow turned positive with a net inflow of 203 million yuan, and R&D investment grew nearly 30% to 209 million yuan, reflecting a trend of industry recovery and the maturation of the company's business model [2]. Group 2: Dual-Engine Growth Model - The company's growth is driven by a dual-engine business model, with the humanized mouse business showing a 56% year-on-year revenue increase and a gross margin of 79%, solidifying its status as a cash cow [3]. - The "thousand mice, ten thousand antibodies" initiative, focusing on the development of fully human antibody molecules, signed approximately 80 new collaborations in the first half of the year, a 60% increase year-on-year, with a gross margin close to 90% [3]. - This innovative business model transforms the traditionally high-risk, long-cycle antibody discovery process into standardized, scalable "shelf-type antibody products," significantly enhancing drug development efficiency [3][4]. Group 3: Globalization and Innovation - The company has established a global network with operational centers in key locations such as Boston, San Francisco, and Heidelberg, enhancing its collaboration capabilities with major pharmaceutical companies [5][6]. - The company has applied for over 400 patents, showcasing its technological strength and providing robust intellectual property protection for international collaborations [5]. - The favorable innovation ecosystem in Daxing District, supported by government policies and infrastructure, has facilitated the company's growth and international expansion [7][8]. Group 4: Future Outlook - The biopharmaceutical industry is a crucial component of the national strategic emerging industries, and the company’s success reflects the solid progress of the biopharmaceutical sector in Daxing [8]. - As Daxing continues to optimize its industrial ecosystem and international cooperation mechanisms, more innovative companies like the subject company are expected to emerge and contribute to the high-quality development of China's biopharmaceutical industry [8].

Core Insights - The concept of "Magic bullets" in cancer treatment has evolved into reality with the development of Antibody-Drug Conjugates (ADCs), which combine monoclonal antibodies with small molecule toxins to target cancer cells while sparing normal cells [1] - The ADC sector is experiencing rapid growth, with 284 clinical trials initiated globally in 2024, a significant increase from the previous year, and three ADCs expected to be approved in the first half of 2025 [1] - The rise of Bispecific Antibody-Drug Conjugates (BsADCs) is seen as a solution to the limitations of monoclonal ADCs, offering enhanced efficacy and reduced resistance risks by targeting two tumor-related antigens simultaneously [2][4] ADC Market Dynamics - The ADC market is witnessing heightened competition, with challenges such as balancing efficacy and safety, resistance, and tumor heterogeneity becoming more pronounced [1] - The financial enthusiasm for ADCs is evident, with nearly $17.3 billion in licensing deals recorded in the first half of 2025 [1] Technological Advancements - The development of BsADCs is gaining traction, with over 170 projects currently in research, predominantly from Chinese companies [2] - Baiyoutai's collaboration with Tubulis aims to leverage its RenMice® platform to develop next-generation ADC therapies, showcasing a strategic approach to global expansion [3] R&D Efficiency - Baiyoutai's RenLite platform addresses the technical challenges of BsADC development, improving molecular stability and efficiency, thus shortening the discovery cycle from an industry average of 5.5 years to 12-18 months [4] - The company's "thousand mice, ten thousand antibodies" initiative has established a vast library of over one million human antibody sequences, enhancing the speed of drug development [4] Business Model and Financial Performance - Baiyoutai's strategy focuses on external licensing rather than solely pursuing in-house clinical trials, allowing for risk mitigation while sharing in the global innovation drug development outcomes [5] - The company reported a revenue of 621 million yuan in the first half of 2025, a 51.5% increase year-on-year, with a net profit of 48 million yuan, indicating strong financial health [5][6] Global Positioning - Baiyoutai has established a significant presence in the global antibody drug development landscape, with over 400 patents filed and more than 280 collaborations signed, including partnerships with major multinational pharmaceutical companies [7] - The company's comprehensive strategy encompasses platform innovation, product development, and business development, positioning it as a key player in the evolving ADC market [7][8] Future Outlook - The next decade is expected to see BsADCs as a breakthrough in cancer treatment, potentially reshaping the overall landscape of oncology therapies [8] - Baiyoutai is positioned as a "new drug origin" entity, embedding itself in the core of the global innovative drug industry chain through continuous platform innovation and international collaboration [8]

Group 1 - The core viewpoint of the articles highlights a shift in China's economic growth logic from relying on scale and cost advantages to focusing on technological innovation, particularly in the fields of robotics, artificial intelligence, and innovative pharmaceuticals [1][2] - Recent policy initiatives, such as the "Artificial Intelligence+" action plan and favorable measures from the National Healthcare Security Administration and the National Medical Products Administration for innovative drugs, have established a regulatory framework that supports the new sectors [1] - The rise of Chinese companies in the innovative drug sector is underscored by data showing that the licensing and authorization transaction value for Chinese innovative drugs reaching overseas markets has already hit $66 billion in the first half of 2025, surpassing the total for the previous year [1] Group 2 - Innovative drugs, alongside robotics and artificial intelligence, form a new high ground in life sciences, with advancements in AI enhancing drug target discovery and clinical predictions, and robotics enabling automated experiments and production [2] - The market valuation of innovative drugs is undergoing a second round of correction, driven by profitability among leading companies and ongoing policy improvements that reduce research and market risks [2] - The company believes that continuous investment in foundational technologies and original capabilities, along with active participation in global competition, is essential for Chinese innovative drugs to transition from a "market story" to "value realization" amid the asset revaluation wave [2]