百奥赛图-B（2315.HK）2025 年业绩快报点评

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company achieved a revenue of 1.379 billion RMB in 2025, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders was 173 million RMB, with a remarkable growth of 416.37% [10]. - The growth was driven by both domestic recovery and overseas expansion, with significant contributions from model animals and preclinical CRO services [10]. - The antibody development platform is progressing well, with numerous collaborations that are expected to enhance future growth potential [10]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: 1.379 billion RMB (2025), 1.849 billion RMB (2026), and 2.422 billion RMB (2027), with growth rates of 40.6%, 34.1%, and 31.0% respectively [3][10]. - Net profit forecasts for the same period are 173 million RMB (2025), 335 million RMB (2026), and 528 million RMB (2027), with growth rates of 416.4%, 93.3%, and 57.7% respectively [3][10]. - The earnings per share (EPS) are projected to be 0.39 RMB (2025), 0.75 RMB (2026), and 1.18 RMB (2027) [3][10]. Business Segments - The domestic revenue for the first half of 2025 was 199 million RMB, showing a year-on-year increase of 70.54%, while overseas revenue reached 421 million RMB, up by 43.59% [10]. - Model animals and preclinical CRO services were the main growth drivers, with model animal revenue at 274 million RMB (up 56.13%) and preclinical CRO service revenue at 155 million RMB (up 90.10%) in the first half of 2025 [10]. - The company launched over 400 humanized mouse models in 2025, reinforcing its leading position in the humanized animal model sector [10].