百奥赛图-B（2315.HK）2025 年业绩预告点评 主业景气带动业绩高增，抗体平台提供未来弹性 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 980 | 1,376 | 1,845 | 2,416 | | 增长率（%） | 36.8 | 40.4 | 34.1 | 31.0 | | 归母净利润 | 34 | 167 | 324 | 530 | | 增长率（%） | 108.8 | 399.3 | 93.3 | 63.6 | | EPS | 0.08 | 0.37 | 0.72 | 1.19 | | P/E | 522 | 105 | 54 | 33 | | P/B | 21.0 | 8.1 | 7.1 | 5.8 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 1 月 30 日收盘价,汇率 1HKD=0.89RMB） 2026 年 01 月 31 日 | 分析师 | 张金洋 ...

百奥赛图-B（2315.HK）2025 年业绩预告点评 主业景气带动业绩高增，抗体平台提供未来弹性 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 980 | 1,376 | 1,845 | 2,416 | | 增长率（%） | 36.8 | 40.4 | 34.1 | 31.0 | | 归母净利润 | 34 | 167 | 324 | 530 | | 增长率（%） | 108.8 | 399.3 | 93.3 | 63.6 | | EPS | 0.08 | 0.37 | 0.72 | 1.19 | | P/E | 522 | 105 | 54 | 33 | | P/B | 21.0 | 8.1 | 7.1 | 5.8 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 1 月 30 日收盘价,汇率 1HKD=0.89RMB） 2026 年 01 月 31 日 | 推荐 | 维持评级 ...

Investment Rating - The report assigns a "Buy" rating for the company Biocytogen (688796) [2]. Core Insights - Biocytogen is a rapidly growing biotechnology platform that has successfully completed dual listings in both A and H shares. The company operates two main platforms: the RenMice platform for antibody drug development and the BioMice platform for preclinical products and services. The company has a history of significant revenue growth and is expected to turn profitable in 2024 [3][17]. - The RenMice platform is positioned to contribute high growth potential, with a focus on developing fully human antibodies. The company has initiated the "Thousand Mice, Ten Thousand Antibodies" program, which aims to create a vast library of antibody sequences targeting numerous druggable targets [4][15]. - The BioMice platform is expected to provide stable cash flow, leveraging the company's expertise in model animals and pharmacological evaluation services. The company has developed over 4,300 genetically modified animals and has established a comprehensive pharmacological evaluation system [5][16]. Summary by Sections Company Overview - Biocytogen is an international biotechnology company focused on innovative drug development, with its headquarters in Beijing and branches in the US and Germany. The company has developed a significant library of over 1 million fully human antibody sequences and offers various preclinical services [3][17][20]. RenMice Platform - The RenMice platform is a leading technology for fully human antibody development, utilizing advanced gene editing techniques. The company has launched the "Thousand Mice, Ten Thousand Antibodies" initiative to develop antibodies against over 1,000 potential drug targets, resulting in a library of over 1 million antibody sequences [4][15][48]. BioMice Platform - The BioMice platform focuses on model animals and pharmacological evaluation, with a market size projected to reach approximately 4.44 billion USD globally by 2024. The company has developed over 4,300 genetically modified animals and has completed over 6,350 drug evaluations for approximately 950 partners [5][16][23]. Financial Projections - The company is expected to achieve revenues of 1.35 billion CNY, 1.80 billion CNY, and 2.32 billion CNY for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 150 million CNY, 318 million CNY, and 507 million CNY for the same years [7][9][38]. Management and Governance - The company has a clear ownership structure with a stable controlling relationship. The management team possesses extensive experience in biomedical fields, contributing to the company's strategic direction and operational success [30][34].

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 5%, currently trading at 36.08 HKD, with a transaction volume of 27.5841 million HKD. The inclusion of Baiaosaitu in the Hong Kong Stock Connect list, effective from December 24, 2025, marks a significant milestone for the company in establishing its "A+H" dual capital market platform, opening its Hong Kong channel to mainland investors [1]. Group 1 - The stock price of Baiaosaitu-B has risen by 4.94% to 36.08 HKD, with a trading volume of 27.5841 million HKD [1]. - The Shanghai and Shenzhen Stock Exchanges announced the inclusion of Baiaosaitu in the Hong Kong Stock Connect list, effective December 24, 2025 [1]. - This inclusion is seen as a key milestone in the company's strategy to build a dual capital market platform [1]. Group 2 - Huafu Securities previously reported that the company's "thousand mice and ten thousand antibodies" strategy is beginning to yield results, with antibody licensing driving significant performance growth [1]. - The company is recognized for its high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological evaluations [1]. - The antibody development business is gradually entering a phase of performance realization, complemented by the potential of its new drug pipeline, leading to an initial "buy" rating [1].

Group 1 - The core viewpoint of the report is that China Galaxy has given a "cautious recommendation" rating for Baiaosaitu (688796.SH) based on its comprehensive preclinical research and development layout, projecting a profitability inflection point by 2025 [1] - The company is expanding its business model by leveraging gene editing technology, focusing on model animals and preclinical CRO services [1] - The market for humanized antibodies is experiencing high demand, with significant potential for the "thousand mice, ten thousand antibodies" initiative [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][15]. Core Insights - The company is positioned as a technology-driven biopharmaceutical firm focused on innovative drug development, aiming to become a global source of new drugs through proprietary gene editing technologies [1][21]. - The company has developed the RenMice® platform for discovering fully human therapeutic monoclonal antibodies and other antibody types, establishing a strong growth trajectory and high technical barriers [1][21]. - The "Thousand Mice, Ten Thousand Antibodies" initiative enhances development efficiency and supports the company's antibody licensing business, which is expected to contribute significantly to revenue growth [3][14]. Summary by Sections 1. Business Overview - The company operates two main business lines: preclinical products and services, and antibody molecule transfer development, leveraging its proprietary gene editing technology [21][22]. - The company has established a global sales system and aims to be a leading supplier of innovative animal models for drug development [25][30]. 2. Financial Performance - Revenue is projected to grow significantly, with estimates of CNY 13.87 billion, CNY 18.09 billion, and CNY 23.06 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 41.5%, 30.4%, and 27.4% [4][15]. - The company is expected to achieve profitability in 2024, with a net profit forecast of CNY 1.47 billion, CNY 3.35 billion, and CNY 5.27 billion for 2025, 2026, and 2027, indicating substantial growth [4][15]. 3. Market Position and Competitive Advantage - The company differentiates itself from traditional model animal companies by integrating model platforms, antibody platforms, and efficacy validation platforms, creating a comprehensive technology platform [13][21]. - The company has a significant first-mover advantage in humanized models and has established a large inventory of humanized models, enhancing its competitive edge [13][14]. 4. Growth Drivers - The company’s antibody development business is expected to maintain significant growth as more antibody molecules enter clinical development, contributing to milestone revenues [11][14]. - The company has signed numerous transfer and licensing agreements, indicating a robust pipeline and potential for future revenue generation [14][15]. 5. Operational Highlights - The company has established three major animal centers in Nantong, Beijing, and Boston, enhancing its capacity to produce high-quality animal models for global clients [30][34]. - The company’s innovative animal models are considered essential resources for drug development, with a focus on validating drug efficacy in preclinical stages [70].

1.4980D ，a。 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高的投 资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公 司所披露的风险因素，审慎作出投资决定。 百奥赛图（北京）医药科技股份有限公司 Biocytogen Pharmaceuticals (Beijing) Co., Ltd. （北京市大兴区中关村科技园区大兴生物医药产业基地宝参南街 12 号院） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 百奥赛图（北京）医药科技股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发 行后因发行人经营与收 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is focused on innovative drug development and aims to enhance its capabilities through an IPO on the Sci-Tech Innovation Board, raising approximately 1.185 billion RMB for various projects [9][10][35]. Company Overview - Baiaosaitu is an innovative preclinical CRO and biotechnology company established in 2009, specializing in gene editing technology and providing various preclinical drug development services [12]. - The company has developed four major technology platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [7][12]. Business Model and Services - The company addresses two core challenges in antibody drug development: obtaining high-quality antibody molecules and the lack of precise evaluation models [8]. - Baiaosaitu has created a comprehensive human antibody library and a humanized mouse library, enabling the discovery of antibody candidates against over 1,000 potential drug targets [8][16]. - The company has established partnerships with top global pharmaceutical companies, enhancing its credibility and accelerating its international business expansion [8][14]. Financial Overview - The company expects to raise 1.185 billion RMB through its IPO, which will be used for upgrading early drug development service platforms, antibody drug research, and enhancing preclinical research projects [9][35]. - The company's main business revenue has shown a compound annual growth rate of 35.56% over the past three years, with revenues of approximately 533.36 million RMB, 716.40 million RMB, and 980.07 million RMB in recent years [22]. Future Development Plans - The company plans to continue promoting its "Thousand Mice and Ten Thousand Antibodies" initiative, aiming to discover novel antibody candidates for external collaboration or internal development [24]. - Baiaosaitu intends to expand its preclinical product and service offerings, particularly in oncology, autoimmune diseases, cardiovascular, metabolic, and neurological disorders [24][25]. - The company aims to establish extensive partnerships with leading pharmaceutical and biotechnology companies both domestically and internationally [25]. Competitive Advantages - The company possesses leading gene editing technology, a comprehensive range of model animals, and a significant first-mover advantage in antibody development [27]. - The unique "Thousand Mice and Ten Thousand Antibodies" plan provides flexibility in research, collaboration, and business models, enhancing its competitive edge [27]. Regulatory and Market Position - Baiaosaitu has received AAALAC certification, ensuring compliance with international standards for laboratory animal care [20]. - The company meets the listing standards for the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion RMB and recent annual revenue exceeding 300 million RMB [32].

Core Viewpoint - The article discusses the upcoming IPOs of two companies, Moer Technology and Baiaosaitu, highlighting their significance in the GPU and biotechnology sectors respectively [1][2]. Group 1: Moer Technology - Moer Technology is a leading player in the domestic GPU market and will become the "first domestic GPU stock" upon its listing [2]. - The IPO price for Moer Technology is set at 114.28 yuan per share, with a maximum subscription limit of 11,000 shares per account, requiring a market value of 110,000 yuan in the Shanghai market for full subscription [2]. - The company focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and high-performance computing [2]. - Moer Technology has successfully launched four generations of GPU architectures and has a diverse product matrix covering various application fields, including AI computing, high-performance computing, and consumer entertainment [2][3]. - The company achieved revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan from 2022 to 2024, with net losses of -1.894 billion yuan, -1.703 billion yuan, and -1.618 billion yuan respectively [3]. Group 2: Baiaosaitu - Baiaosaitu has a maximum subscription limit of 7,500 shares per account, requiring a market value of 75,000 yuan in the Shanghai market for full subscription [4]. - The company operates as a preclinical CRO and biotechnology firm, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [4]. - Baiaosaitu has developed a platform called RenMice for antibody discovery, targeting nearly a thousand potential drug targets, and has established partnerships with numerous well-known biotech and pharmaceutical companies [5]. - The company expects revenues of 5.34 billion yuan, 7.17 billion yuan, and 9.8 billion yuan from 2022 to 2024, with net losses of -602 million yuan, -383 million yuan, and a profit of 34 million yuan respectively [5].

1.4980D ，a。 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高的投 资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公 司所披露的风险因素，审慎作出投资决定。 百奥赛图（北京）医药科技股份有限公司 Biocytogen Pharmaceuticals (Beijing) Co., Ltd. （北京市大兴区中关村科技园区大兴生物医药产业基地宝参南街 12 号院） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 一、发行人上市的目的 发行人是一家创新药临床前 CRO 及生物技术公司，自成立以来，发行人始终以创 新为公司之本，坚持不懈推进公司基因编辑技术、抗体发现平台、创新动物模型以及药 理药效评价等研发活动，研发投入水平相对较高。通过本次首次公开发行股票并上市， 发行人能够通过搭配使用债权融资以及股权融资工具，优化财务结构，降低财务风险， 为公司未来创造更加稳健的经营环境，提升公司经营业绩，从而进一步提 ...