百奥赛图-B(02315)获纳入港股通名单 业绩高增驱动价值重估

Core Viewpoint - The inclusion of Baiaosaitu-B (02315) in the Hong Kong Stock Connect marks a significant milestone for the company, opening its capital market access to mainland investors starting December 24, 2025 [1] Group 1: Market Impact - Inclusion in the Hong Kong Stock Connect is often a catalyst for value re-evaluation of listed companies, enhancing liquidity and trading activity while alleviating valuation discounts due to insufficient liquidity [4] - The broader market attention is expected to lead to a more thorough examination of the company's investment logic, making this timing particularly advantageous for Baiaosaitu [4] Group 2: Business Model and Growth - Baiaosaitu has developed a unique "dual-engine" platform business model that has transitioned from technology validation to accelerated commercialization, supported by a robust core technology "moat" [4][5] - The company has established a comprehensive system covering over 1,000 targets and more than one million human antibody sequences, with a global leading scale in humanized disease models [5] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 941 million yuan, a significant year-on-year increase of 59.5%, and a net profit of 114 million yuan, marking a successful turnaround [6] - The net cash flow from operating activities reached 263 million yuan, a year-on-year surge of 162.2%, indicating a strong financial position [6] Group 4: Global Expansion - Since its establishment in 2009, Baiaosaitu has focused on becoming a global hub for new drug development, with internationalization now serving as a core growth driver [7] - By mid-2025, the company had signed over 280 antibody molecule licensing agreements and established partnerships with nine of the top ten global pharmaceutical companies [7] Group 5: Strategic Collaborations - Recent collaborations with leading global firms, such as Merck and Tubulis, validate the company's international competitiveness and commercial value in antibody drug development and innovative delivery technologies [8] - The introduction of Hong Kong Stock Connect is expected to enhance liquidity and visibility for the company, while its established platform model and strong fundamentals position it for long-term growth [8]