来源：市场资讯 （来源：弗若斯特沙利文） 2026年1月26日，百普赛斯首次向港交所递交招股书，拟在香港主板上市，独家保荐人为招商国际。公 司于2021年10月，在A股创业板上市，股票代码301080。截至2026年1月26日，公司总市值约116亿元人 民币。 公司是全球生命科学工具及技术服务提供商，2024年收入6.45亿元，净利润1.20亿元，毛利率84.77%。 2025年前9月收入6.13亿元，净利润1.32亿元，毛利率82.20%。盈利能力持续增强。 公司是全球生命科学工具及技术服务提供商，致力于赋能生物制药公司覆盖研发、生产及临床应用的全 价值链。 根据弗若斯特沙利文（Frost & Sullivan）报告，在全球重组蛋白市场中，按2024年收入计，公司在所有 中国本土供应商中排名第一，在全球所有供应商中排名第三。同年，公司在中国生物试剂行业的所有供 应商中排名第四。 公司提供全面产品组合，整合了高质量生物试剂（包括重组蛋白、抗体、分析检测试剂盒及其他产品） 以及多项技术服务。截至最后实际可行日期，公司提供超过5,000个产品SKU及多样化的技术服务组 合，所有生产或执行均在严格的国际质量标准下进 ...

Core Viewpoint - The company, Beijing Baipusais Biotechnology Co., Ltd., is actively developing products related to monkeypox and has a strong focus on recombinant proteins and cell immunotherapy, benefiting from the depreciation of the RMB and being recognized as a "specialized, refined, distinctive, and innovative" enterprise [2][3][4]. Group 1: Company Performance - As of September 30, 2025, the company achieved a revenue of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, with a year-on-year increase of 58.61% [9]. - The company's overseas revenue accounted for 66.46% of total revenue, benefiting from the depreciation of the RMB [4]. - The main business revenue composition includes 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [8]. Group 2: Market Position and Recognition - The company has been included in the Ministry of Industry and Information Technology's list of national "specialized, refined, distinctive, and innovative" small giant enterprises, which signifies its strong innovation capability and market share in niche markets [3]. - The company is involved in various concept sectors, including monkeypox, Alzheimer's, cell immunotherapy, biomedicine, and artificial intelligence [9]. Group 3: Stock Performance and Trading Activity - On February 12, the company's stock rose by 0.94%, with a trading volume of 311 million yuan and a turnover rate of 4.78%, leading to a total market capitalization of 8.476 billion yuan [1]. - The average trading cost of the stock is 56.87 yuan, with recent buying activity observed, although the buying strength is not strong [7]. - The stock has a significant number of shareholders, totaling 10,600, with a decrease of 9.75% compared to the previous period [9].

Core Viewpoint - The company, Beijing Baipusais Biotechnology Co., Ltd., is actively developing products related to monkeypox and has a strong focus on recombinant proteins and cell immunotherapy, benefiting from the depreciation of the RMB and being recognized as a "specialized, refined, distinctive, and innovative" enterprise [2][3][4]. Group 1: Company Performance - On February 11, the company's stock rose by 1.43%, with a trading volume of 133 million yuan and a turnover rate of 2.11%, leading to a total market capitalization of 8.397 billion yuan [1]. - For the period from January to September 2025, the company achieved a revenue of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, up 58.61% year-on-year [9]. - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan distributed over the past three years [9]. Group 2: Product Development and Market Position - The company has initiated the development of products in response to the monkeypox virus and has launched multiple recombinant proteins, antibodies, and test kits to support vaccine and therapeutic drug development [2]. - The company has developed high-quality recombinant proteins targeting various disease markers, which are essential for biopharmaceutical research and production [2]. - The company has introduced a specific antibody targeting the CD19 antigen, enhancing the detection methods for CAR-T cell therapy, and is expanding its product offerings related to cell and gene therapy [2]. Group 3: Market and Financial Insights - The company's overseas revenue accounted for 66.46% of total revenue, benefiting from the depreciation of the RMB [4]. - The company is classified under the pharmaceutical and biotechnology sector, focusing on antigen detection, monkeypox concepts, Alzheimer's, and cell immunotherapy [9]. - As of September 30, the number of shareholders decreased by 9.75%, while the average number of circulating shares per person increased by 54.93% [9].

来源：新浪证券-红岸工作室 2月6日，百普赛斯涨0.18%，成交额1.50亿元，换手率2.39%，总市值83.04亿元。 异动分析 猴痘概念+重组蛋白+细胞免疫治疗+专精特新+人民币贬值受益 1、2023年7月14日互动易：公司已经关注猴痘病毒传播情况，并启动相关产品的开发工作，目前以已上 线多款重组蛋白、抗体以及试剂盒产品，助力相关预防性疫苗及治疗性药物的开发。 2、根据2025年4月21日公告：公司依托自主研发的生物技术平台，开发出众多高质量、高活性的重组蛋 白，涵盖多种疾病靶点及生物标志物，满足生物药研发和生产各环节的需求。 3、根据2025年5月9日公告：针对目前CAR-T细胞治疗领域中应用最广泛的靶点CD19，公司推出特异性 靶向FMC63 scFv抗原识别表位的抗独特型抗体，此抗体灵敏度高、特异性好，进一步丰富了FMC63 CAR的检测手段。同时，公司不断拓宽细胞与基因治疗相关的产品，包括用于人类诱导多能干细胞 （iPSCs）诱导分化培养的细胞因子、层粘连蛋白（ Laminin）等蛋白产品，用于CAR细胞特异性激活 扩增、富集、体外分析的靶点特异性激活磁珠，以及残留检测试剂盒、EPO定量检测试剂盒 ...

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Group 1 - The core point of the news is that Baipusi has experienced a significant decline in its stock price, dropping 5.1% to 52.81 yuan per share, with a total market value of 8.829 billion yuan and a cumulative drop of 19.75% over four consecutive days [1] - Baipusi Biotechnology Co., Ltd. is located in Beijing and was established on July 22, 2010, with its IPO on October 18, 2021. The company specializes in providing key biological reagent products and technical services, with its main business revenue composition being 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Jiao Yin Schroder has a significant position in Baipusi. The Jiao Yin Medical Innovation Stock A fund held 1.5937 million shares, accounting for 4.37% of the fund's net value, making it the fifth-largest holding. The estimated floating loss today is approximately 4.5262 million yuan, with a total floating loss of 21.8343 million yuan during the four-day decline [2] - The Jiao Yin Medical Innovation Stock A fund was established on March 23, 2017, with a latest scale of 1.9 billion yuan. Year-to-date returns are 1.01%, ranking 4796 out of 5580 in its category, while the one-year return is 24.72%, ranking 3014 out of 4286. Since inception, the fund has achieved a return of 162.82% [2] - The fund manager of Jiao Yin Medical Innovation Stock A is Lou Huiyuan, who has been in the position for 7 years and 146 days, with the best fund return during this period being 129.49% and the worst being -24.1% [2]

Group 1 - The core viewpoint of the news is that Baipusais has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading activity in its stock [2][3] - As of January 29, Baipusais' stock price decreased by 1.15%, with a trading volume of 194 million yuan, and a net financing buy of -4.85 million yuan [1] - The company has a financing balance of 108 million yuan, which is 1.11% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - For the period from January to September 2025, Baipusais achieved an operating income of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, up 58.61% year-on-year [2] - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 9.75% to 10,600, while the average circulating shares per person increased by 54.93% to 11,947 shares [2]

Core Viewpoint - The company Baipusais announced an expected net profit attributable to shareholders of 160 million to 190 million yuan for 2025, indicating a year-on-year growth of 29.21% to 53.43% [1] - The projected operating revenue is expected to reach 837 million yuan, reflecting an approximate year-on-year increase of 30% [1] Financial Performance - Expected net profit for 2025: 160 million to 190 million yuan [1] - Year-on-year growth in net profit: 29.21% to 53.43% [1] - Projected operating revenue for 2025: 837 million yuan [1] - Year-on-year growth in operating revenue: approximately 30% [1]

Core Viewpoint - Baipusais (301080.SZ) has disclosed its performance forecast for the year 2025, expecting a net profit attributable to shareholders of between 160 million yuan and 190 million yuan, representing a year-on-year growth of 29.21% to 53.43% [1] Summary by Category - **Net Profit Forecast** - The company anticipates a net profit of 160 million to 190 million yuan for 2025, indicating a significant increase compared to the previous year [1] - **Adjusted Net Profit** - The forecasted net profit, excluding non-recurring gains and losses, is expected to be between 155 million and 185 million yuan, reflecting a year-on-year growth of 30.13% to 55.31% [1]