Core Viewpoint - Baiaosaitu is an innovative technology-driven biopharmaceutical company focused on new drug development, aiming to become a global source of new drugs [1] Company Overview - Baiaosaitu has developed the RenMice platform, which includes RenMab, RenLite, RenNano, and RenTCR mimicTM, for the discovery of human therapeutic monoclonal antibodies, bispecific/multispecific antibodies, bispecific ADCs, nanobodies, and TCR-like antibodies [1] - The company has achieved rapid growth in preclinical products and services, with global operations certified by overseas MNCs, and has successfully scaled animal model sales [1] Market Dynamics - The competition in the global new drug early research market is intense, with the "thousand mice and ten thousand antibodies" shelf model enhancing development efficiency [1] - Antibody licensing is driving performance elasticity for the company [1] Financial Performance - The antibody business started in 2020, generating revenue of 41 million yuan, which increased to 163 million yuan in the first half of 2025, representing a year-on-year growth of 37.8% [1] - As subsequent molecules advance in clinical trials, the platform's value is expected to further amplify [1] Investment Recommendation - The company is initiating coverage with a "buy" rating [1]
研报掘金丨西部证券：首予百奥赛图“买入”评级，临床前产品和服务高速增长