Core Insights - The company, Baiaosaitu, has signed an antibody option and evaluation agreement with German pharmaceutical Merck to jointly develop cutting-edge solutions for nucleic acid drug delivery using antibody-conjugated lipid nanoparticles (LNP) [1] - The agreement allows Merck to evaluate Baiaosaitu's fully human antibodies developed through its proprietary RenMice platform, with Merck having the option for global exclusive rights to selected antibodies [1] - Baiaosaitu's CEO highlighted the potential of the antibody-conjugated delivery system and the broad application prospects of fully human antibodies beyond traditional therapies [1] Financial Performance - In the first half of 2025, Baiaosaitu reported a revenue of 621 million yuan, representing a year-on-year growth of 51.3%, with nearly 70% of revenue coming from overseas collaborations [1] - The company has signed a total of 280 external licensing agreements, with 80 new agreements in the first half of the year, marking a 60% increase compared to the same period last year [1] Research and Development - Baiaosaitu has maintained high R&D investment, with R&D expenses of approximately 209 million yuan in the first half of the year, an increase of 29.3% year-on-year [2] - The company employs around 400 researchers focused on the "Thousand Mice, Ten Thousand Antibodies" initiative and preclinical research [2] - As of June 30, Baiaosaitu has obtained 195 authorized patents and submitted 496 patent applications, with plans to expand its fully human antibody library [2] Company Background - Established in 2009, Baiaosaitu began with target humanized model animals and gradually entered the fully human antibody development business [2] - The company launched the "Thousand Mice, Ten Thousand Antibodies" program in 2020 to create an "antibody shelf" and develop various advanced antibody products [2] - Baiaosaitu has become a leader in China's innovative molecular licensing, leveraging its proprietary fully human antibody mouse platform, RenMice [2]