Investment Rating - The investment rating for the company is positioned in the mid-to-lower range, with an AHP score of 2.38, placing it in the 38.9% percentile of the overall score [2][5]. Core Insights - The company, Baiaosaitu, is a leading preclinical CRO and biotechnology firm, focusing on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development. The gene editing technology is a significant foundation for its business, having developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [2][12]. - The company has expanded its business into innovative model animal sales, having developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice. The establishment of a production center compliant with AAALAC international standards supports large-scale breeding and supply of model animals [12][30]. - The company has established a comprehensive pharmacology and efficacy evaluation system, serving approximately 950 partners globally and completing over 6,350 drug evaluation projects. It has collaborations with 9 of the top 10 global pharmaceutical companies in the pharmacology and efficacy sector [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Baiaosaitu is 2.38, indicating a mid-to-lower performance level in the AHP model [5][6]. Company Fundamentals and Highlights - Baiaosaitu has built platforms for gene editing, model animal breeding, preclinical pharmacology evaluation, and antibody drug development, evolving from a single-service biotechnology company to a leading biopharmaceutical enterprise [6][12]. - The company’s revenue composition shows that model animal sales accounted for approximately 44% of total revenue in the first half of 2025, followed by antibody development and preclinical pharmacology services [7][8]. Financial Comparison with Peers - From 2022 to the first half of 2025, Baiaosaitu's revenue was lower than that of comparable companies, with revenues of 5.34, 7.17, 9.80, and 6.21 billion yuan respectively. However, the net profit turned positive in 2024, with a net profit margin that improved over time [22][24]. - The company’s gross margin was relatively high, with figures of 73.38%, 70.59%, 77.67%, and 74.39% from 2022 to the first half of 2025, outperforming the average of comparable companies [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the construction of a drug early research service platform, antibody drug research and evaluation projects, and preclinical research projects, which are expected to enhance its core competitiveness and solidify its industry position [30][31].

Investment Rating - The report assigns a rating of "Subscribe" for the company, with an AHP score of 2.38, placing it in the 38.9% percentile of the AHP model [7][8]. Core Insights - The company, BaiAoSaiTu, is positioned as a leading preclinical CRO and biotechnology firm, with a focus on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development [8][9]. - The company has developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [13][14]. - BaiAoSaiTu has established a comprehensive preclinical pharmacology and efficacy evaluation system, collaborating with nine of the top ten global pharmaceutical companies [18][20]. - The company has turned profitable in 2024, with improving profitability metrics and a richer variety of mouse strains compared to peers [26][28]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - BaiAoSaiTu's AHP score is 2.38, indicating a mid-to-low level performance in the AHP model [7][8]. 2. Fundamental Highlights and Features 2.1 Gene Editing Technology and Innovative Model Animal Development - BaiAoSaiTu has built platforms for gene editing and model animal breeding, evolving from a single service provider to a leading biopharmaceutical enterprise [8][9]. - The company has developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice [14][15]. 2.2 Antibody and Drug Collaboration Development - The company has created the RenMice platform, known for its high humanization level, facilitating the discovery and development of diverse antibody molecules [16][17]. - BaiAoSaiTu's "Thousand Mice, Ten Thousand Antibodies" initiative aims to discover antibodies against over 1,000 potential drug targets, enhancing its antibody library [17][18]. 2.3 Expansion of Preclinical Pharmacology and Efficacy Evaluation Services - BaiAoSaiTu has established a robust pharmacology and efficacy evaluation system, serving over 950 partners and completing more than 6,350 drug evaluation projects [20][21]. 3. Comparable Company Financial Metrics 3.1 Diverse Product Involvement and Rich Mouse Strain Resources - BaiAoSaiTu's humanized mouse strains exceed 1,700, compared to its peers, providing a competitive edge in preclinical evaluations [25][24]. 3.2 Revenue and Profitability Comparison - The company's revenue from 2022 to 2025 H1 was lower than peers, but it achieved profitability in 2024, with a compound annual growth rate of 35.52% [26][27]. 3.3 Higher Gross Margin and Net Profitability - BaiAoSaiTu's gross margin from 2022 to 2025 H1 averaged above 70%, with a net profit margin improving to 7.73% in 2025 H1, outperforming comparable drug development companies [28][29]. 3.4 R&D Expense Ratio Comparison - The company's R&D expense ratio was above the industry average in 2022 and 2023, reflecting its commitment to extensive research and development [31][32]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for early drug development service platform construction, antibody drug research and evaluation, and preclinical research projects, enhancing its core competitiveness [34][35].

Group 1: Company Overview - Moer Thread is a leading company in the domestic GPU field, recognized as one of the few enterprises with full-function GPU R&D capabilities, and will become the "first domestic GPU stock" upon listing [1] - The company has successfully launched four generations of GPU architecture, covering various application areas including AI computing, high-performance computing, and graphics rendering [2] - Bai Ao Sai Tu is a global leader in innovative technology-driven biotechnology, focusing on preclinical CRO and drug development services based on self-developed gene editing technology [3] Group 2: Financial Performance - Moer Thread's projected revenues for 2022, 2023, and 2024 are 0.46 billion, 1.24 billion, and 4.38 billion respectively, with net losses of -1.894 billion, -1.703 billion, and -1.618 billion [2] - Bai Ao Sai Tu's projected revenues for the same period are 5.34 billion, 7.17 billion, and 9.8 billion, with net losses of -0.602 billion, -0.383 billion, and a profit of 0.034 billion in 2024 [4] Group 3: Fundraising and Investment Plans - Moer Thread plans to use the funds raised for the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [2] - Bai Ao Sai Tu intends to invest the raised funds in early drug development service platform construction, antibody drug R&D and evaluation projects, and preclinical R&D projects [4]

New IPOs This Week - This week, two new stocks are scheduled for subscription: Moer Thread (688795) and Baiaosaitu (688796) [1][3] - Moer Thread focuses on the research, design, and sales of GPUs and related products, being one of the few companies in China with full GPU development capabilities [1][4] - The subscription price for Moer Thread is set at 114.28 CNY per share, making it the most expensive new stock this year [1][4] - Baiaosaitu, established in 2009, is a preclinical CRO and biopharmaceutical company specializing in gene editing technology [6][7] Company Profiles - Moer Thread was founded in 2020 and has developed a proprietary MUSA architecture to create differentiated competitive advantages in the GPU market [5] - The company has launched four generations of GPU architectures and aims to provide computing acceleration platforms for AI, digital transformation, and scientific computing [4][5] - Baiaosaitu has completed approximately 5,300 gene editing projects and developed over 4,300 gene-edited models, focusing on various diseases [7] Market Position and Comparisons - Moer Thread's revenue scale is below the average of comparable companies, which have an average revenue of 2.887 billion CNY for 2024, while its gross profit margin is in the mid-to-high range compared to peers [5] - Baiaosaitu's revenue scale is also below the average of its comparable companies, which have an average revenue of 1.35 billion CNY for 2024, with a gross profit margin of 59.07% [7] Upcoming Listings - Hai'an Group (001233) is set to be listed this week, recognized as one of the few companies globally capable of mass-producing all-steel giant tires [8]

Market Overview - A-shares experienced a significant drop, with a market value evaporation of nearly 2.5 trillion yuan, and the Shanghai Composite Index fell by 2.45%, marking the largest decline since April 7 of this year [1] - In contrast, U.S. stocks showed a strong rebound, with the Dow Jones rising by 1.83% and the Nasdaq recovering from an early drop to close up by 0.88% [2][3] - The semiconductor sector was particularly strong, with notable gains from companies like Intel and Texas Instruments, which rose by 2.62% and 3.96% respectively [2] Federal Reserve Insights - Federal Reserve officials acknowledged a slowdown in economic growth and a cooling labor market while emphasizing that "inflation progress has stalled," leading to confusion regarding the direction of interest rates [3] - The probability of a rate cut in December fluctuated significantly, indicating uncertainty among traders [7] Chinese Concept Stocks - After a nine-day decline, the Chinese concept stock index rose by 0.84%, with companies like NIO and Bilibili seeing gains of 3.33% and 2.24% respectively [4] - The market sentiment among investors regarding Chinese stocks has been volatile, with some expressing relief at the recent recovery [4] Investment Strategies - A significant outflow of 178 billion yuan from domestic investors raised concerns about market support, while some private equity managers indicated that quality growth stocks are now in a favorable position for investment [4] - The trend of stock buybacks is gaining momentum, with at least 17 companies announcing buyback plans, which may signal confidence from industry capital [7] Sector Performance - The travel and tourism sector saw unexpected gains, attributed to the recovery of international flights, with related stocks rising by 3% [9] - The technology sector is undergoing a repositioning, with funds actively seeking to capitalize on undervalued tech stocks [7] Market Sentiment - The market is experiencing a split sentiment, with some investors feeling panic while others are looking for buying opportunities, as evidenced by increased online activity in stock forums [11] - The upcoming trading session is anticipated to be a critical battleground for bulls and bears, with expectations for a potential rebound [11]

Market Overview - US stock market experienced a rebound with the Dow Jones up by 1.08%, S&P 500 up by 0.98%, and Nasdaq up by 0.88%, providing a glimmer of hope after three weeks of declines [1] - Chinese concept stocks also saw an increase, with the index rising by 0.84%, indicating a positive sentiment among investors [7] A-share Market Performance - A-share market faced a significant drop, with the Shanghai Composite Index falling by 2.45%, and the ChiNext Index dropping over 4%, marking the largest decline in nearly six months [10] - Over 5,000 stocks in the A-share market declined, with more than 100 stocks hitting the daily limit down [10] Sector Performance - Notable sectors included gene editing, which surged by 10.50%, and nanotechnology, which rose by 8.13%, showcasing strong performance in specific areas [4][5] - Despite the overall market downturn, certain sectors like the shipbuilding sector and video content related to artificial intelligence showed resilience, indicating selective investment opportunities [17] Investor Sentiment - The market sentiment is characterized by fear and pessimism, with many retail investors caught off guard by the sudden drop [10] - However, historical patterns suggest that extreme sell-offs often lead to technical rebounds, creating potential for recovery [15] Future Outlook - Analysts predict a high probability of a short-term rebound, with the key focus on whether the market can maintain momentum and attract new capital [20] - The performance of Northbound capital will be a crucial indicator for market confidence moving forward [20] - The biotechnology and semiconductor sectors are highlighted as potential areas for investment, especially if market sentiment improves [21]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 全世界目前已发现了超过 8000 种遗传疾病，影响着数亿患者。其中，约 24% 的致病突变是" 无义突变 " （n onsense mutation ） ——这类突变指基因序列中 因突变产生了 提前终止密码子 （PTC） ，导致蛋白质合成的提前终止，细胞也就无法合成完整的功能性蛋白质。 传统的基因治疗方法，需要为每种基因突变设计独特的治疗策略，这就像为每把锁打造不同的钥匙，开发成本高、周期长。科学家们一直在寻找更通用的解决方 案，而"抑制性 tRNA" （ suppressor tRNA，简称为 sup-tRNA ） 技术正是这样一个有前景的方向。 2025 年 11 月 19 日，碱基编辑和先导编辑发明人、 Broad 研究所 刘如谦 教授在国际顶尖学术期刊 Nature 上发表了题为： Prime editing-installed suppressor tRNAs for disease-agnostic genome editing 的研究论文。 该研究将 先导编辑 （Prime Editing） 技术与 抑制性 tRNA （ suppressor tRNA ） ...

Core Insights - The article emphasizes the growing importance of biomanufacturing in China's economic development, highlighting its recognition alongside quantum technology and embodied intelligence as a key future industry [1] - The shift from a generics-based pharmaceutical industry to one focused on innovative drugs has garnered significant global attention [1] Industry Position - Biomanufacturing is positioned as a miraculous field with transformative potential, exemplified by companies like He Yuan Biotechnology, which utilizes rice to produce human serum albumin, addressing China's reliance on imports [2] - Gene editing technologies are revolutionizing the treatment of infectious and genetic diseases, showcasing the power of biomanufacturing to alter production and lifestyle [2] Health and Longevity - China's average life expectancy is projected to reach 79 years by 2024, necessitating a focus on preventing diseases to improve quality of life and reduce economic burdens [3] - The medical community is shifting towards a health-centered approach, emphasizing the need to manage diseases like Alzheimer's to extend life expectancy further [3] Technological Advancements - The potential for nationwide genetic testing could significantly enhance disease prevention, particularly for age-related conditions, by making screenings more affordable and accessible [4][5] - The U.S. acknowledges China's rapid rise in biotechnology, with both countries being leaders in the field, particularly in terms of application and industrial transformation [6] Competitive Landscape - The article discusses the comparable capabilities of China and the U.S. in biomanufacturing, noting that both utilize similar foundational tools, which allows for competitive parity [7] - China's biopharmaceutical sector is characterized by a strong engineering workforce and a culture of resilience in competition, contributing to its rapid advancements [7] Global Market Opportunities - Despite potential challenges from U.S. policies, China is encouraged to explore markets in developing regions, emphasizing the importance of technology accessibility for broader populations [8] - The trend of Chinese pharmaceutical companies engaging in international business development and licensing is expected to double, indicating a robust global strategy [9] Future Directions - Significant advancements are anticipated in four key areas: biomedicine and high-end medical devices, agricultural biotechnology, bioplastics, and marine biomanufacturing [10] - The agricultural sector is expected to benefit from improved breeding technologies and sustainable practices, while marine resources are seen as a new frontier for biomanufacturing [10]

Core Insights - The article discusses the controversial topic of "CRISPR babies" and highlights the emergence of Cathy Tie, a biotech entrepreneur, who advocates for the consideration of gene editing in human embryos to prevent genetic diseases [2][8]. Company and Industry Summary - Cathy Tie, a Canadian entrepreneur, has founded multiple biotech companies over the past 11 years, including Locke Bio in 2020, which focuses on telemedicine and medical data mining services [4]. - Tie's latest venture, Manhattan Genomics, co-founded with Eriona Hysolli, aims to explore human embryo gene editing to prevent hereditary diseases [7][8]. - On the same day, another company, Preventive, announced nearly $30 million in funding to explore human embryo gene editing, indicating a growing interest in this controversial field [8]. - The scientific community generally views the commercialization of embryo gene editing as premature, citing significant safety and ethical concerns compared to existing CRISPR therapies approved for treating specific genetic disorders [8][9]. - CRISPR technology, awarded the Nobel Prize in Chemistry in 2020, is recognized as a revolutionary biotechnological advancement, yet the push for embryo editing has faced global condemnation and regulatory restrictions [9]. - Recent advancements in non-reproductive cell gene editing have been significant, with the first CRISPR-Cas9 therapy approved for hereditary blood disorders in 2023, showcasing the potential of gene editing while emphasizing the ethical divide between editing somatic and germline cells [9].

Core Viewpoint - The company is focusing on both endogenous growth and external expansion to achieve sustainable development, leveraging its core product and exploring innovative drug frontiers through strategic investments [1][5]. Internal Growth - The company has established a comprehensive industrial layout covering Tibet, Sichuan, Shanghai, and overseas markets over the past two decades [6]. - Its product range includes biopharmaceuticals, Tibetan medicine, traditional Chinese medicine, and chemical drugs, with key products addressing cardiovascular, liver, and respiratory issues [6]. - The core product, Xinhuasuan, is a self-developed national biological product for treating acute heart failure, which has maintained stable sales revenue [6]. - The company plans to invest several million yuan in evidence-based medical exploratory research for Xinhuasuan to expand its application scenarios and enhance academic promotion [6]. - Xinhuasuan has reached nearly 7,000 medical institutions, with plans to strengthen partnerships with commercial companies to further expand its coverage [6][7]. External Expansion - The company is investing in the cutting-edge field of gene editing, having invested $60 million in Accuredit Therapeutics Limited, acquiring a 40.82% stake [8][9]. - Accuredit focuses on developing in vivo gene editing technologies and products, aiming to provide innovative treatment solutions with cost advantages [9]. - The company also invested $30 million in Jiangsu Chentai Pharmaceutical Technology Co., acquiring a 13.04% stake, with Chentai's Zorifertinib being a significant product for advanced non-small cell lung cancer [10]. Future Strategy - The company aims to enhance its innovation platform to support cutting-edge innovation and increase its product pipeline, focusing on both internal and external growth strategies [11]. - Future efforts will include increasing R&D investment and project introduction, driven by new media marketing and innovative drug development to improve profitability and sustainable growth [11].