智通财经记者 | 贾璐 智通财经编辑 | 崔宇 史国伟 在商业世界的风云变幻中，总有一些领军人物，以其卓越的远见、无畏的勇气和超凡的智慧，带领企业穿过风暴、穿越周期、稳步向前。他们不仅为股东创 造丰厚回报，更为社会经济发展注入稳定向上动能。他们，就是智通财经定义的超级 CEO。在全球经济复苏与产业变革交织的背景下，这一榜单旨在发掘 各行业中兼具战略眼光与执行魄力、带领企业实现高质量发展的卓越管理者。今年，除主榜单「年度超级CEO」外，系列榜单覆盖年度金融行业CEO、年度 新能源行业CEO、年度汽车行业CEO、年度医疗健康行业CEO、年度科技行业CEO、年度跨国公司中国区CEO，全面映射中国经济发展多元动能。 科技领域，中国在6G通信、AI大模型、量子计算等前沿技术持续突破。2024年7月，我国成功搭建了国际首个通信与智能融合的6G外场试验网，并验证了 4G、5G通信链路有望具备6G的传输能力。在AI大模型行业，中国已跻身国际第一阵营，近两年来各式多元、多模态的大模型百花齐放，其中DeepSeek凭借 其高性能、低成本和开源的模式，迅速吸引全球关注。工信部数据显示，目前中国已成为全球开源参与者数量排名第二、增长 ...

Summary of Baiaosaitu Conference Call Company Overview - Baiaosaitu is a technology-driven international biotechnology company focused on becoming a global source of new drugs, leveraging its gene editing technology to develop fully humanized mouse platforms for various antibody discoveries [3][9] Industry and Business Model - The company specializes in the research and sales of model animals, with operational centers located in Nantong, Beijing Daxing, and Boston [2][4] - Core business lines include innovative model animals and clinical CRO services, as well as antibody sequence molecule transfers, ensuring rapid growth [3][4] Financial Performance - Revenue is projected to reach 389 million yuan in 2024, with a growth rate of 56% in the first half of 2025, indicating strong growth momentum [2][4] - The "Thousand Mice, Ten Thousand Antibodies" initiative has significantly improved drug development efficiency, contributing to revenue growth from 40 million yuan in 2020 to 163 million yuan in the first half of 2025 [2][5] - Expected net profit for 2024 is the first positive figure, with projections of 140-150 million yuan in 2025, and potential growth to 330-350 million yuan and 520-550 million yuan in subsequent years [2][6] Competitive Advantages - Baiaosaitu offers specialized mice designed for tumor disease models, closely integrated with new drug development processes, enhancing competitiveness in the antibody new drug field [2][7] - The company has developed multiple platforms (mAb, Light, Nano, TCR) aimed at improving new drug development efficiency [4][10] Catalysts for Stock Price Increase - Potential catalysts for stock price increase include rapid growth in model animal business, milestone revenues from antibody platform licensing, and positive cash flow from operating activities leading to breakeven [2][8] - The company has historically faced losses due to high R&D investments, but consistent revenue growth is expected to positively impact stock performance following the achievement of breakeven in 2024 [8] Future Outlook - Revenue for 2025-2027 is expected to exceed industry average growth rates, reflecting a favorable industry outlook and Baiaosaitu's competitive positioning [2][6] - The company plans to retain some proprietary development rights to address promising new targets and drugs, while continuing to grow its preclinical products and services [10]

来源：中科创星 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 12月11日，中科创星先导创业投资基金完成终关募集，基金总规模达到40.8亿元。本次终关签约的新增LP涵盖太保资本长航母基金、海淀区中关村 科学城科技成长基金、蚂蚁集团、广州产投、珠海科技产业集团、南京市创投集团、复旦科创母基金、国联民生等多元化机构。 整体来看，中科创星先导创业投资基金的LP组合，进一步推动了LP结构向"国家级母基金+险资+产业资本+高校资本+区域资本"的多元协同格局升 级。基金自首关以来，在不到半年的时间内已投资46笔项目， 包括AI芯片、TPU、具身智能、AI4Science、AI硬件、量子、可控核聚变、小型裂 变堆，以及基因编辑、免疫细胞治疗、病毒感染预防、生物基色素、农业微生物等领域。 基金"投早投小"特色鲜明，前两轮项目达42笔，占比超过90%，精准覆盖技术萌芽阶段。同时，源头创新转化成效显著，有32笔项目直接来源于科 研院所与高校的成果转化，有效激活了智力资源。 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. successfully listed on the STAR Market, marking a significant step in its capital market strategy and enhancing its corporate value, following its previous listing on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Since its establishment in 2009, the company has focused on key aspects of innovative drug preclinical development, evolving into a biotechnology enterprise with four technical platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [4] - The company has developed a highly efficient and stable gene editing platform, mastering various mainstream gene editing technologies, significantly improving gene editing efficiency, and overcoming previous technical limitations regarding gene modification sequence length [4] Group 2: Business Achievements - As of the reporting period, the company has completed approximately 5,300 customized gene editing projects and developed over 4,300 types of gene-edited animals and cell line models, including the RenMice mouse platform and humanized target mice [4] - The company has signed around 300 antibody cooperation agreements, establishing itself as a significant source of molecular providers for global antibody drug research and development [5] Group 3: Market Position and Future Strategy - The company has established partnerships with the top ten global pharmaceutical companies based on projected sales revenue for 2024, receiving broad recognition for its "full human antibody library" and "target humanized mouse library" [7] - The successful A-share listing marks a new starting point for the company in technology platform transformation, global market expansion, and capital strategy collaboration, aiming to strengthen its industry-leading position in innovative drug development and contribute to the high-quality development of the biopharmaceutical industry [7]

Group 1 - The company N Bai Ao (688796) was listed today, opening with a rise of 117.39%, and by midday, the increase expanded to 135.38% with a trading volume of 20.49 million shares and a turnover of 1.244 billion yuan, resulting in a turnover rate of 57.10% [2][3] - The company specializes in providing innovative model animals and preclinical pharmaceutical research and development services based on its self-developed gene editing technology, utilizing its RenMice platform for large-scale drug discovery and development targeting over a thousand potential drug targets in the human body [2] - After over a decade of development, the company has established itself with four technical platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery, aiming to provide high-quality products and services for new drug development [2] Group 2 - The total number of shares issued by the company is 47.5 million, with an online issuance of 11.461 million shares at a price of 26.68 yuan per share, resulting in an issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [3] - The final online issuance success rate was 0.02801388%, and the total fundraising amount from the initial public offering (IPO) is 1.267 billion yuan, primarily directed towards early drug development service platform construction, working capital supplementation, preclinical and clinical research projects, and antibody drug research and evaluation projects [3]

作为生物医药领域的明星企业，从港股转战科创板的百奥赛图，在正式上市前就颇受市场青睐。数据显示，百奥赛图科创板IPO网上初步超额认购约5383 倍，最终中签率只有0.028%，这个成绩超过今年大多数的科创板新秀，也刷新了同行们在数年前的IPO热潮中留下的数字。 辗转3年多，今日，百奥赛图终于登陆上交所科创板。至此，被业界戏称为"鼠王三巨头"的3家国内头部模式动物企业，齐聚科创板。 相比4年前在港交所的亮相，这一次，百奥赛图交出了一份更成熟的答卷。截至发稿，百奥赛图的首日涨幅一度冲高到157.87%。 从模式小鼠到分子超市 配售火爆的背后，是百奥赛图在医药行业新周期中的艰难转型，和由此带来的长期盈利的微光。 大多数人认识百奥赛图，是作为国内首屈一指的模式动物供应商。2021年前后，药物临床前研究用的实验小鼠突然变得奇货可居，带动百奥赛图和另外两 家供应商集萃药康、南模生物一起出圈。至今，对外出售靶点人源化的模式小鼠，仍然是百奥赛图最主要的收入来源。不过，随着深耕多年的抗体筛选平 台逐步成型，百奥赛图已经不再是单纯的动物模型服务商。 成立于2009年的百奥赛图，定位于临床前CRO以及生物技术企业。在招股说明书中，百 ...

【隔夜行情】 【今日新股】 【重要新闻】 •周二（2025年12月9日），A股市场三大指数涨跌不一，截至收盘，沪指报0点，涨0%；深证成指报 13277.36点，跌0.39%；创业板指报3209.6点，涨0.61%。总体来看，个股跌多涨少，下跌个股超300 只。沪深两市全天成交额1.12万亿元，较上个交易日缩量9000亿元。 【IDC：预计2030年中国具身智能机器人用户支出规模达770亿美元】12月9日，IDC最新报告预测， 2025年中国具身智能机器人用户支出规模预计超过14亿美元，到2030年将飙升至770亿美元，年均复合 增长率（CAGR）高达94%。IDC指出，当前，在政策推动、资本活跃与产业链协同加速的共同作用 下，中国正快速形成完整的具身智能机器人产业链，政府推进技术标准与示范应用建设，资本持续投 入，产业端则通过开放合作加快技术成果的工程化落地。 •周二（2025年12月9日），港股三大指数涨跌互现，截止收盘，恒生指数跌0.34%或87.04点，报 25858.89点，全日成交额为1462.04亿港元；恒生国企指数跌0.38%，报9130.18点；恒生科技指数涨 0.02%，报5599.11点 ...

Core Viewpoint - The company Bai'ao Saitou (688796.SH) has successfully listed on the STAR Market, focusing on gene editing model animals, innovative breeding, preclinical pharmacology evaluation, and antibody drug discovery [1] Group 1: Company Overview - Bai'ao Saitou is recognized as the "first stock of gene editing" after its listing on the Hong Kong Stock Exchange in 2022 [1] - The company submitted its application for listing on the STAR Market in June 2023, although the progress has since slowed [1] Group 2: Financial Information - The IPO price is set at 26.68 yuan per share, with an institutional offering price of 27.88 yuan per share, resulting in a market capitalization of 11.92 billion yuan [2] - The company has a high issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [2] - The projected revenue for the first half of the year is 2.74 billion yuan, accounting for 44.2% of total revenue [4] Group 3: Business Model and Operations - Bai'ao Saitou operates a direct sales model, engaging directly with clients for sales and service provision [4] - The main business segments include preclinical pharmacology evaluation, model animal sales, antibody development, and gene editing services [4] - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 gene-edited animal and cell line models [3] Group 4: Client Base - The primary clients of Bai'ao Saitou include pharmaceutical research, biotechnology companies, and research institutions [4] - Gilead Sciences, Inc. is the largest client, contributing 0.88 billion yuan, which represents 14.25% of the total revenue for the first half of the year [4]

Group 1 - The core viewpoint of the article is the listing of the company Bai Ao Sai Tu (688796.SH) on the STAR Market, highlighting its focus on gene editing and related services [2] - The company has a market capitalization of 11.92 billion yuan and an issue price of 26.68 yuan per share, with an issue price-to-earnings ratio of 519.12 [1][3] - Bai Ao Sai Tu has developed multiple mainstream gene editing technologies, significantly improving editing efficiency and overcoming previous limitations [3] Group 2 - The company’s revenue for the first half of the year from its model animal sales reached 274 million yuan, accounting for 44.2% of total revenue [4] - Bai Ao Sai Tu's main clients include pharmaceutical research and biotechnology companies, with Gilead Sciences, Inc. being the largest client, contributing 88 million yuan to the company's revenue in the first half of the year [4] - The company plans to invest raised funds into early drug development services, antibody drug research, and preclinical research projects, with a total planned investment of 4.54 billion yuan for early drug development [3]

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].