研发人员降超三成，“基因编辑第一股”今日申购

Core Viewpoint - The company BaiO Saite (688796.SH) is set to launch an IPO on the Sci-Tech Innovation Board, focusing on gene editing and related services, following its previous listing on the Hong Kong Stock Exchange in 2022 as the "first gene editing stock" [3]. Group 1: Company Overview - BaiO Saite operates four technical platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [3]. - The company has developed a stable and efficient gene editing platform, completing approximately 5,300 customized gene editing projects and creating over 4,300 gene-edited animal and cell line models by June 30, 2025 [7]. Group 2: Financial Information - The IPO price is set at 26.68 yuan per share, with an institutional offering price of 27.88 yuan, resulting in a market capitalization of 10.66 billion yuan [4]. - The company’s earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 519.12, significantly higher than the industry average P/E of 39.31 [4]. Group 3: Fundraising and Investment Plans - The company plans to allocate raised funds as follows: 4.54 billion yuan (38.28%) for early drug development services, 3.16 billion yuan (26.70%) for antibody drug research and evaluation, 1.65 billion yuan (13.92%) for preclinical research, and 2.50 billion yuan (21.10%) for working capital [7]. Group 4: Business Performance - The company has shifted to a direct sales model, with the mode animal sales segment accounting for 44.2% of total revenue in the first half of the year, generating 274 million yuan [9]. - Gilead Sciences, Inc. is the largest client, contributing 88 million yuan, or 14.25% of total revenue in the same period [9]. Group 5: Workforce Changes - The number of R&D personnel decreased from 627 at the end of 2022 to 403 by mid-2025, a reduction of over 30%, attributed to the completion of a large-scale R&D phase [8].