Core Viewpoint - Guolian Minsheng Securities initiates coverage on Baiaosaitu (02315) with a "recommended" rating, highlighting the company's three major business segments experiencing high growth and industry prosperity, alongside significant financial relief from fundraising efforts as the "Thousand Mice and Ten Thousand Antibodies" plan achieves milestones [1] Group 1: Model Animals - The company dominates the humanized mouse market with over 1,700 strains, contributing significantly to core profits, with a projected sales revenue of 257 million yuan from humanized mice sales and licensing by H1 2025, accounting for 94% of revenue [1] - The sales CAGR for model animals is expected to be 51.6% from 2022 to 2024, with increasing customer repurchase rates [1] - By 2024, overseas sales of model animals are projected to account for 56.4%, with a mature U.S. subsidiary facilitating rapid 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%, with strong growth certainty amid 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%, driven by industry prosperity and a significant increase in client numbers [2] Group 3: Antibody Molecule Transfer/Authorization - The revenue model based on upfront payments, milestones, and sales sharing allows for stepwise revenue growth as pipelines advance, significantly reducing uncertainty for pharmaceutical companies [3] - The "Thousand Mice and Ten Thousand Antibodies" plan has created a vast array of antibody formats, positioning the company as a potential global source of new drug development [3] - By H1 2025, the company has signed 61 transfer/authorization/co-development projects with renowned pharmaceutical companies, with a projected CAGR of 58.3% for this segment from 2022 to 2024 [3]