Core Insights - The global nucleic acid drug sector is entering a phase of accelerated commercialization, with Baiaosaitu taking a significant step by signing an antibody option evaluation agreement with Merck to develop lipid delivery solutions for nucleic acid drugs [1] - Baiaosaitu's dual-technology model, focusing on humanized animal models and a comprehensive human antibody library, addresses key challenges in drug development and aligns with industry demands for cost reduction and efficiency [3][4] Company Developments - Baiaosaitu has developed over 4,390 gene-edited animal models, including more than 1,100 humanized models, establishing a leading position in the global humanized mouse model library [3] - The "Thousand Mice, Ten Thousand Antibodies" initiative aims to create a library of over one million human antibody sequences targeting more than 1,000 potential druggable targets, providing a direct selection resource for pharmaceutical companies [4][5] - In the first half of 2025, Baiaosaitu's BioMice business generated revenue of 274 million yuan, a year-on-year increase of 56.1%, with a gross margin of 79% [3] Industry Context - The traditional drug development model faces challenges, with a 50% failure rate in preclinical stages and increasing pressure for efficiency as the global financing environment tightens [2] - The lipid nanoparticle (LNP) delivery technology, while mainstream, is limited by targeting issues and off-target risks, highlighting the need for innovative solutions [2] Global Expansion - Baiaosaitu has established deep partnerships with the top ten global pharmaceutical companies, signing approximately 280 agreements for antibody molecule licensing, transfer, or co-development, covering major pharmaceutical markets worldwide [8] - The company has set up R&D and operational centers in key locations such as Boston, San Francisco, San Diego, and Heidelberg to enhance local service capabilities and respond to market demands [8] - In the first half of 2025, Baiaosaitu reported revenue of 621 million yuan, a 51.5% year-on-year increase, with overseas business accounting for about 70% of total revenue [9]

Core Insights - The global nucleic acid drug sector is entering a phase of accelerated commercialization, with BaiO SaiTu taking a significant step by signing an antibody option evaluation agreement with Merck to develop lipid nanoparticle delivery solutions for nucleic acid drugs [1] - BaiO SaiTu's dual business model, focusing on humanized animal models and a comprehensive human antibody library, addresses key challenges in drug development and aligns with industry demands for cost reduction and efficiency [2][3] Business Model and Innovation - BaiO SaiTu has developed over 4,390 gene-edited animal models, including more than 1,100 humanized models, leading to a revenue of 274 million yuan in the first half of 2025, a 56.1% year-on-year increase, with a gross margin of 79% [4] - The "Thousand Mice, Ten Thousand Antibodies" initiative aims to create a library of over one million human antibody sequences targeting more than 1,000 potential druggable targets, revolutionizing the traditional antibody selection process [4][5] Market Position and Global Expansion - BaiO SaiTu has established deep partnerships with the top ten global pharmaceutical companies, signing approximately 280 agreements for antibody molecule licensing, transfer, or co-development, covering major pharmaceutical markets worldwide [6][7] - The company has set up R&D and operational centers in key locations such as Boston, San Francisco, and Heidelberg to enhance local service capabilities and respond to market demands [7] Financial Performance - In the first half of 2025, BaiO SaiTu reported revenues of 621 million yuan, a 51.5% increase year-on-year, with overseas business accounting for approximately 70% of total revenue [8]

Core Viewpoint - The stock of Baiaosaitu-B (02315) surged over 15% in early trading, driven by the upcoming IPO on the STAR Market and a recent partnership with Merck for antibody development [1] Group 1: IPO Details - Baiaosaitu plans to raise 1.185 billion yuan through its STAR Market IPO, with funds allocated for early drug development services, antibody drug research, preclinical and clinical research projects, and to supplement working capital [1] - The IPO review is scheduled for September 24, marking a critical milestone for the company [1] Group 2: Partnership with Merck - Earlier this month, Baiaosaitu signed an evaluation agreement with Merck to develop antibody-conjugated lipid delivery solutions for nucleic acid drugs [1] - Under the agreement, Baiaosaitu will provide fully human antibodies developed on its RenMice platform for Merck to assess their feasibility for antibody-conjugated lipid nanoparticle formulations [1] - Merck has been granted exclusive rights to acquire selected antibody assets, while Baiaosaitu is entitled to receive corresponding fee payments, sales shares, and sublicensing royalties [1]

Core Viewpoint - Baiaosaitu-B (02315) has seen a significant stock price increase, with a rise of over 15% in early trading, currently up 11.41% at HKD 27.74, with a trading volume of HKD 12.0264 million [1] Group 1: IPO and Fundraising - The Shanghai Stock Exchange's listing review committee announced that Baiaosaitu's IPO on the Sci-Tech Innovation Board will be reviewed on September 24 [1] - The company plans to raise HKD 1.185 billion through this IPO, which will be allocated to the construction of an early drug development service platform, antibody drug research and evaluation projects, preclinical and clinical research projects, and to supplement working capital [1] Group 2: Collaboration with Merck - Earlier this month, Baiaosaitu signed an antibody selection assessment agreement with Merck, a leading global technology company, to advance the development of antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1] - Under the agreement, Baiaosaitu will provide fully human antibodies developed on its RenMice platform for Merck to evaluate their feasibility for use in antibody-conjugated LNP formulation services [1] - Merck has been granted exclusive rights to acquire selected antibody asset rights, while Baiaosaitu is entitled to receive corresponding fee payments, sales shares, and sublicensing shares [1]

每经AI快讯，9月18日，港股百奥赛图-B(02315.HK)早盘涨超15%，截至发稿，涨11.41%，报27.74港 元，成交额1202.64万港元。 ...

每经AI快讯，9月18日，港股生物医药股再度活跃，百奥赛图涨近15%，三叶草生物涨近10%，荣昌生 物、映恩生物涨超7%，康方生物、百济神州、晶泰控股涨超3%。 ...

Core Viewpoint - Baiaosaitu-B (02315) has seen a significant stock price increase, attributed to its upcoming IPO on the STAR Market, which is set to raise approximately 1.185 billion yuan for various R&D projects and working capital [1] Group 1: Stock Performance - Baiaosaitu-B's stock rose over 15% in early trading, currently up 11.41% at 27.74 HKD with a trading volume of 12.0264 million HKD [1] Group 2: IPO Details - The IPO is scheduled for review on September 24, with plans to raise 1.185 billion yuan [1] - The funds will be allocated to the construction of a drug early-stage R&D service platform, antibody drug R&D and evaluation projects, preclinical and clinical R&D projects, and to supplement working capital [1] Group 3: Strategic Partnership - Baiaosaitu has signed an evaluation agreement with Merck to develop antibody-conjugated lipid delivery solutions for nucleic acid drugs [1] - Under the agreement, Baiaosaitu will provide fully human antibodies developed on its RenMice® platform for Merck to assess their feasibility for antibody-conjugated lipid nanoparticle formulations [1] - Merck has exclusive rights to acquire selected antibody assets, while Baiaosaitu is entitled to receive corresponding fee payments, sales shares, and sublicensing shares [1]

Summary of Key Points Core Viewpoint - Four companies are set to present their IPO applications at the upcoming listing committee meetings of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange, indicating a robust pipeline of new listings in the market [1]. Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board, focusing on the research, production, and sales of rubber track products [3]. - Xin Guang Yi intends to list on the ChiNext Board, specializing in high-performance special functional materials, including anti-adhesion special films and strong resistance special films [4]. - You Xun Co., Ltd. and Bai Ao Sai Tu are both targeting the Sci-Tech Innovation Board (STAR Market) for their IPOs, with You Xun focusing on optical communication front-end transceiver chips and Bai Ao Sai Tu providing innovative model animals and preclinical pharmaceutical research services based on self-developed gene editing technology [5]. Group 2: Fundraising Details - Bai Ao Sai Tu is expected to raise the highest amount of 1.185 billion yuan, with funds allocated for early drug research service platform construction, working capital, and various R&D projects [1]. - You Xun plans to raise 808 million yuan, while Xin Guang Yi aims for 638 million yuan in their respective fundraising efforts [1]. - The geographical distribution of the upcoming IPOs includes one company each from Beijing, Fujian, Jiangsu, and Zhejiang provinces [1]. Group 3: Underwriting Institutions - You Xun and Xin Guang Yi are both backed by CITIC Securities as their underwriting institution [2]. - Bai Ao Sai Tu is sponsored by China International Capital Corporation (CICC), while Yuan Chuang is underwritten by Guotai Junan Securities [5].

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《首次公開發行股票並在科創板上市招股說明書（上會稿）》，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9月17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。 点，投资者面临较大的市场风险。投资者应充分了解 ...

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分內容而產生或因依 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） 內幕消息 建議A股發行的進度 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。 茲提述本公司日期為2023年3月6日、2023年3月15日及2023年6月20日的公告及 日期為2023年3月31日的通函，當中載有（其中包括）建議首次公開發行A股（「建 議A股發行」）並在上海證券交易所（「上交所」）科創板上市的相關事宜。 本公司已就建議A股發行提交了《首次公開發行股票並在科創板上市招股章程（上 會稿）》（「招股章程上會稿」），全 ...