（文章来源：每日经济新闻） 每经AI快讯，12月10日，今日无新股申购，有1只新股上市，为科创板的百奥赛图。 ...

Group 1 - The core viewpoint of the article is that Baiaosaitu (688796.SH) has launched its IPO on the STAR Market, with an issue price of 26.68 yuan per share, aiming to raise approximately 1.144 billion yuan through the issuance of 47.5 million new A-shares, which represents 10.63% of the company's total share capital [1] - The company focuses on innovative technology-driven drug development, utilizing a dual-core platform of "source antibody molecular library + humanized mouse library" to accelerate the research and development of new targets, mechanisms, and therapies in collaboration with global partners [1] - Baiaosaitu was established in 2009 and has a strong global expansion capability with branches in China (Jiangsu Haimen, Shanghai), the United States (Boston, San Francisco, San Diego), and Heidelberg, Germany [1] Group 2 - As of the first half of 2025, the company has signed approximately 300 antibody cooperation agreements, positioning itself as a significant enabler in global antibody drug development [1] - The company has obtained 195 authorized patents and submitted 496 patent applications, creating a solid competitive moat through its underlying technologies, innovative products, and intellectual property [1] - The company reported a revenue of 621 million yuan in the first half of 2025, representing a year-on-year increase of 51.5%, with a net profit of 48 million yuan, surpassing the total for the previous year [2] - The revenue from the humanized mouse business reached 274 million yuan, up 56.1% year-on-year, with a gross margin of 79% [2] - The antibody molecular transfer and development business generated 163 million yuan in revenue, reflecting a year-on-year growth of 38% [2] - The company maintained a high level of R&D investment, with R&D expenses reaching 209 million yuan in the first half of 2025, an increase of 29% year-on-year [2]

来源：瑞恩资本RyanbenCapital 建議A股發行後 ++ BALL M 4+ BALL FEL 即 // @h 口 | | 胶切數目 | 付放比例 | 取切數目 | 付放比例 | | --- | --- | --- | --- | --- | | 沈月雷博士、倪健博士及彼等受控制法團(1) | 107,304,340 | 26.87% | 107.304,340 | 24.01% | | 國家開發投資集團有限公司(「國投」及 | | | | | | 其受控制法團(2) | 72,937,440 | 18.26% | 72.937,440 | 16.32% | | 招商银行股份有限公司([CMBC])及 | | | | | | 其受控制法國(3) | 71.105.384 | 17.80% | 71.105.384 | 15.91% | | 其他股東 | 148,051,256 | 37.07% | 148.051,256 | 33.13% | | 將于發行的A股 | | | 47,500,000 | 10.63% | | 總計 | 399,398,420 | 100% | 446,898,420 | ...

今日百奥赛图(688796.SH)申购，无新股上市。 ...

Core Viewpoint - The company announced the resignation of non-independent director Zhang Haichao due to internal work adjustments, while she will continue to hold other positions within the company [1] Group 1 - Zhang Haichao submitted a written resignation report to the board of directors [1] - The company will hold an employee representative meeting on December 5, 2025, to elect Li Yan as the employee representative director [1] - Li Yan's term will last from the date the company's stock is listed on the Sci-Tech Innovation Board until the end of the second board term [1]

Core Viewpoint - The company Bai'ao Saitou (688796.SH) has successfully listed on the STAR Market, focusing on gene editing model animals, innovative breeding, preclinical pharmacology evaluation, and antibody drug discovery [1] Group 1: Company Overview - Bai'ao Saitou is recognized as the "first stock of gene editing" after its listing on the Hong Kong Stock Exchange in 2022 [1] - The company submitted its application for listing on the STAR Market in June 2023, although the progress has since slowed [1] Group 2: Financial Information - The IPO price is set at 26.68 yuan per share, with an institutional offering price of 27.88 yuan per share, resulting in a market capitalization of 11.92 billion yuan [2] - The company has a high issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [2] - The projected revenue for the first half of the year is 2.74 billion yuan, accounting for 44.2% of total revenue [4] Group 3: Business Model and Operations - Bai'ao Saitou operates a direct sales model, engaging directly with clients for sales and service provision [4] - The main business segments include preclinical pharmacology evaluation, model animal sales, antibody development, and gene editing services [4] - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 gene-edited animal and cell line models [3] Group 4: Client Base - The primary clients of Bai'ao Saitou include pharmaceutical research, biotechnology companies, and research institutions [4] - Gilead Sciences, Inc. is the largest client, contributing 0.88 billion yuan, which represents 14.25% of the total revenue for the first half of the year [4]

Group 1 - The core viewpoint of the article is the listing of the company Bai Ao Sai Tu (688796.SH) on the STAR Market, highlighting its focus on gene editing and related services [2] - The company has a market capitalization of 11.92 billion yuan and an issue price of 26.68 yuan per share, with an issue price-to-earnings ratio of 519.12 [1][3] - Bai Ao Sai Tu has developed multiple mainstream gene editing technologies, significantly improving editing efficiency and overcoming previous limitations [3] Group 2 - The company’s revenue for the first half of the year from its model animal sales reached 274 million yuan, accounting for 44.2% of total revenue [4] - Bai Ao Sai Tu's main clients include pharmaceutical research and biotechnology companies, with Gilead Sciences, Inc. being the largest client, contributing 88 million yuan to the company's revenue in the first half of the year [4] - The company plans to invest raised funds into early drug development services, antibody drug research, and preclinical research projects, with a total planned investment of 4.54 billion yuan for early drug development [3]

Core Viewpoint - Baiaosaitu-B (02315) announced the resignation of non-independent director Zhang Haichao due to internal work adjustments, while she will continue to hold other positions within the company [1] Group 1 - The company’s board received a written resignation report from non-independent director Zhang Haichao [1] - Zhang Haichao's resignation is attributed to internal work adjustments within the company [1] - Following her resignation, Zhang Haichao will retain other roles within the company [1] Group 2 - The company will hold a staff representative meeting on December 5, 2025, to elect Li Yan as the staff representative director of the second board [1] - Li Yan's term will last from the date the company's stock is listed on the Sci-Tech Innovation Board until the end of the second board's term [1]

Core Insights - The company, BaiAoSaiTu, is an innovative biotechnology firm focused on drug development, aiming to become a global source of new drugs through proprietary gene editing technologies [1] Group 1: Business Model and Growth - BaiAoSaiTu has developed the RenMice platform, which includes various therapeutic monoclonal antibodies and other advanced antibody formats, indicating a high growth potential and significant technological barriers [1] - The company has achieved rapid growth in its preclinical products and services, with a significant increase in animal model sales from 50 million yuan in 2019 to 389 million yuan projected for 2024, and 274 million yuan in the first half of 2025, reflecting a year-on-year growth of 56.1% [2] Group 2: Competitive Landscape and Strategy - The global competition in early drug research is intense, and the "Thousand Mice, Ten Thousand Antibodies" model enhances development efficiency by allowing parallel comparisons of multiple targets, which helps pharmaceutical companies improve research efficiency and clinical success rates [3] - The antibody business started in 2020 with revenues of 41 million yuan, which is expected to reach 163 million yuan in the first half of 2025, showing a year-on-year growth of 37.8% [3] Group 3: Financial Projections - Revenue forecasts for the company are projected at 1.387 billion yuan, 1.809 billion yuan, and 2.306 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.5%, 30.4%, and 27.4% [3] - The net profit attributable to the parent company is expected to be 147 million yuan, 335 million yuan, and 527 million yuan for the same years, with significant growth rates of 339.3%, 127.3%, and 57.4% respectively [3]

Core Viewpoint - The article highlights the rapid growth and transformation of Baiaosaitu, a biotechnology company, which has evolved from a gene-targeting service provider to a product-driven entity in the innovative drug development sector, emphasizing its commitment to technological innovation and human health [2][3]. Company Development - Baiaosaitu has undergone two major transformations since its inception, moving from a gene-targeting service provider to a biotechnology company focused on product development [2]. - The company was founded in 2008 by Shen Yulei, who was inspired by his academic background in immunology and gene editing technology [3]. - In 2015, the company shifted its strategy from CRO to a "CRO + product" model, focusing on the sale of model animals and the development of a comprehensive human antibody platform [3][4]. Financial Performance - In 2024, Baiaosaitu achieved a revenue of 980 million yuan, representing a year-on-year growth of 36.76%, and a net profit of 33.54 million yuan, marking a successful turnaround [6]. - Currently, 70% to 80% of the company's revenue comes from product sales, contrasting sharply with traditional CRO companies where service revenue dominates [5]. Business Strategy - The company has developed a dual business model with two core business lines: the humanized mouse model business and the human antibody business, which are expected to drive growth synergistically [6][7]. - The humanized mouse model business has maintained an annual growth rate of 30% to 40%, while the human antibody business is entering a rapid growth phase due to the maturity of the "Thousand Mice, Ten Thousand Antibodies" platform [7]. Global Expansion - Baiaosaitu has established a significant global presence, with approximately 70% of its revenue coming from overseas markets and partnerships with major pharmaceutical companies [8]. - The company aims to become a "global source of new drugs," focusing on enhancing its brand and expanding its antibody library to support drug development [9]. Future Outlook - The listing on the Sci-Tech Innovation Board is seen as a crucial step in Baiaosaitu's global strategy, with plans to continue investing in innovative animal models and expanding its antibody library [9].