证券研究报告 公司研究 ➢ 业绩呈现逐季度加速趋势，功能药效业务具备高成长潜力。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药康生物(688046) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩呈现逐季度加速趋势，积极培育全人源抗 体平台 [Table_ReportDate] 2025 年 10 月 28 日 [Table_S 事件：2025 ummar年前三季度公司实现营业收入 y] 5.76 亿元，同比增长 12.92%； 实现归母净利润 1.10 亿元，同比增长 11.90%；实现扣非净利润 0.93 亿元， 同比增长 29.21%。单季度来看，2025Q3 公司实现营业收入 2.01 亿元，同 比增 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) surged over 10% following the announcement of a global licensing agreement for antibody molecules with BeiGene, indicating strong market confidence in the company's growth prospects and collaboration with established partners [1] Company Developments - Baiaosaitu has entered into a global licensing agreement with BeiGene, which includes an upfront payment and potential milestone payments based on development and commercialization, as well as royalties based on net sales [1] - The collaboration builds on an existing relationship where BeiGene had previously obtained a license for Baiaosaitu's RenMice fully human antibody platform, reflecting a deepening partnership [1] Financial Performance - Dongwu Securities reported that Baiaosaitu's operational performance in the first half of the year exceeded expectations, with significant growth in business development (BD) activities [1] - The company is expected to achieve over 40% growth in its antibody BD business and maintain over 40% growth in animal models, with preclinical CRO growth nearing 60%, leading to an overall revenue growth exceeding 40% [1]

Core Viewpoint - 百奥赛图-B (02315) has seen a significant increase in stock price following the announcement of a global licensing agreement with BeiGene for antibody molecules, indicating strong market confidence in the company's growth prospects [1] Group 1: Licensing Agreement - 百奥赛图 has entered into a global licensing agreement with BeiGene for antibody molecules, which includes an upfront payment and potential milestone payments based on development and commercialization [1] - The agreement builds on an existing collaboration where BeiGene had previously obtained a license for 百奥赛图's RenMice fully human antibody platform, indicating a deepening partnership [1] Group 2: Financial Performance - 东吴证券 reported that 百奥赛图's operating performance in the first half of the year exceeded expectations, with business development (BD) continuing to grow [1] - The company is expected to achieve over 40% growth in its antibody BD business in the first half of 2025, with animal models maintaining over 40% growth and preclinical CRO growth nearing 60% [1] - Overall revenue growth for 百奥赛图 is projected to exceed 40%, supported by a recovery in domestic industrial clients and a rapid increase in orders [1]