Core Viewpoint - Guolian Minsheng Securities initiates coverage on Baiao Saitu (02315) with a "Buy" rating, highlighting the robust growth across its three main business segments and the positive impact of the "Thousand Mice and Ten Thousand Antibodies" initiative on financial performance [1] Group 1: Model Animals - The company dominates the humanized mouse market with over 1,700 strains, contributing significantly to revenue, with sales and licensing expected to generate 257 million yuan (94% of revenue) by H1 2025 [1] - The sales of model animals are projected to grow at a CAGR of 51.6% from 2022 to 2024, with increasing customer repurchase rates [1] - By 2024, overseas sales of model animals are expected to account for 56.4%, with a mature U.S. subsidiary facilitating order acquisition [1] Group 2: Preclinical CRO Services - The preclinical CRO services segment, which extends from model animals, has an overseas revenue share of 79%, benefiting from a recovering investment environment [2] - The pharmacology and efficacy team operates across Beijing, Haimen, and the U.S., having completed over 6,350 drug evaluation projects for approximately 950 global partners by H1 2025 [2] - Revenue for this segment reached 155 million yuan in H1 2025, reflecting a year-on-year growth of over 90% due to increased client numbers driven by industry growth [2] Group 3: Antibody Molecule Transfer/Authorization - The revenue model based on upfront payments, milestones, and sales sharing allows for significant revenue growth as pipelines advance [3] - The "Thousand Mice and Ten Thousand Antibodies" initiative has created a vast array of antibody combinations, reducing R&D time and uncertainty for pharmaceutical companies [3] - By H1 2025, the company has signed 61 transfer/authorization/co-development projects with renowned pharmaceutical firms, with a projected CAGR of 58.3% for this segment from 2022 to 2024 [3]