Core Viewpoint - The recent updates to the prospectus for Baiaosaitu-B (02315.HK) have reignited interest in its cross-market listing process, highlighting the complexities faced by domestic innovative pharmaceutical companies in balancing technological breakthroughs and commercial realization [2] Business Overview - Baiaosaitu, founded in 2009, focuses on providing innovative model animals and preclinical pharmaceutical research services based on its proprietary gene editing technology, with a core strategy centered around the "thousand mice, ten thousand antibodies" initiative [3][5] - Currently, the company has 10 drug pipelines, with 5 in clinical trials and the rest in preclinical development, indicating that commercial production has not yet commenced for any products [3] Financial Performance - The company's revenue has shown a steady increase, reaching 534 million yuan, 717 million yuan, and 980 million yuan over the past three years, while the net profit improved from a loss of 602 million yuan to a profit of 34 million yuan in 2024 [3][4] - Despite the positive turnaround, the cumulative unabsorbed losses still stand at 1.754 billion yuan as of the end of the reporting period [3] Revenue Structure - The revenue primarily relies on four segments: model animal sales, antibody development, preclinical pharmacology and efficacy evaluation, and gene editing services [3] - The antibody development segment has consistently reported losses, with net profits of -399 million yuan, -532 million yuan, and -319 million yuan from 2021 to 2023, while the innovative drug development segment also incurs annual losses of around 200 million yuan [5][6] Client Dependency - A significant portion of the company's revenue from antibody development comes from related parties, with 27.81% of total antibody development income derived from major clients, raising concerns about the independence of its business operations [6][7] R&D Investment and Team Dynamics - The company has invested a total of 2.055 billion yuan in R&D from 2021 to 2024, but there has been a noticeable decline in investment intensity, with R&D expenses dropping over 30% in 2024 compared to the previous year [8] - The R&D team has seen a drastic reduction in size, from 627 members at the end of 2022 to 337 by the end of 2024, compounded by the departure of key management personnel [8] Patent Disputes - Baiaosaitu is currently embroiled in a patent dispute with Heptares Therapeutics, which could pose risks to its future technological development and commercial strategies [9][10] Financing and Debt Pressure - The company has faced increasing debt pressure, with the asset-liability ratio rising from 58.9% in 2022 to 65.28% in 2024, indicating financial strain compared to industry peers [12][13] - The actual controller has resorted to personal borrowing to support the company, which raises concerns about the long-term implications of such financial strategies [14][15]
百奥赛图“千鼠万抗”盈利幻象：研发投入规模锐减，专利劫悬而未决｜创新药观察