Core Viewpoint - The recent updates to the prospectus for Baiaosaitu-B (02315.HK) have reignited interest in its cross-market listing process, highlighting the complexities faced by domestic innovative pharmaceutical companies in balancing technological breakthroughs and commercial realization [2] Business Overview - Baiaosaitu, founded in 2009, focuses on providing innovative model animals and preclinical pharmaceutical research services based on its proprietary gene editing technology, with a core strategy centered around the "thousand mice, ten thousand antibodies" initiative [3][5] - Currently, the company has 10 drug pipelines, with 5 in clinical trials and the rest in preclinical development, indicating that commercial production has not yet commenced for any products [3] Financial Performance - The company's revenue has shown a steady increase, reaching 534 million yuan, 717 million yuan, and 980 million yuan over the past three years, while the net profit improved from a loss of 602 million yuan to a profit of 34 million yuan in 2024 [3][4] - Despite the positive turnaround, the cumulative unabsorbed losses still stand at 1.754 billion yuan as of the end of the reporting period [3] Revenue Structure - The revenue primarily relies on four segments: model animal sales, antibody development, preclinical pharmacology and efficacy evaluation, and gene editing services [3] - The antibody development segment has consistently reported losses, with net profits of -399 million yuan, -532 million yuan, and -319 million yuan from 2021 to 2023, while the innovative drug development segment also incurs annual losses of around 200 million yuan [5][6] Client Dependency - A significant portion of the company's revenue from antibody development comes from related parties, with 27.81% of total antibody development income derived from major clients, raising concerns about the independence of its business operations [6][7] R&D Investment and Team Dynamics - The company has invested a total of 2.055 billion yuan in R&D from 2021 to 2024, but there has been a noticeable decline in investment intensity, with R&D expenses dropping over 30% in 2024 compared to the previous year [8] - The R&D team has seen a drastic reduction in size, from 627 members at the end of 2022 to 337 by the end of 2024, compounded by the departure of key management personnel [8] Patent Disputes - Baiaosaitu is currently embroiled in a patent dispute with Heptares Therapeutics, which could pose risks to its future technological development and commercial strategies [9][10] Financing and Debt Pressure - The company has faced increasing debt pressure, with the asset-liability ratio rising from 58.9% in 2022 to 65.28% in 2024, indicating financial strain compared to industry peers [12][13] - The actual controller has resorted to personal borrowing to support the company, which raises concerns about the long-term implications of such financial strategies [14][15]

百奥赛图 20250702 摘要 百奥赛图专注于临床前产品和服务及抗体分子转让开发，海外市场收入 占比超 65%，毛利率约 70%，净利率约 30%。2024 年上半年，临床 前产品和服务业务同比增长不低于 50%，显示出强劲的增长势头。 公司推行"千鼠万抗"计划，已投入五六亿人民币，旨在积累大量全人 抗体序列分子，加速 PCC 分子推进临床。截至 2024 年底，累计签署约 200 个分子转让合约，总合同金额达 200 多亿人民币，今年上半年实现 40%以上数量增长，70%转让给海外药企。 百奥赛图通过扩大海外市场，实现了业绩增长，尤其在临床前产品和服 务领域。2024 年上半年，公司预计收入同比增长 40%至 50%，净利润 接近去年全年水平，显示出显著的复苏迹象。 公司专注于底层技术平台的研发，通过"千鼠万抗"产生抗体序列分子 并转让，同时开发临床前 PCC 分子。目标是通过早期抗体序列分子和 PCC 分子的转让获得收益，成为全球新药发源地。 2025 年上半年，临床前 CRO 服务的海外占比达 70%，抗体分子转让 海外客户比例近 80%。国内市场动物模型业务同比增长超 50%，临床 前 CRO 服务 ...

百奥赛图 20260626 摘要 百奥赛图以基因编辑技术为核心，构建了创新动物模型和抗体分子转让 开发两大业务，已开发超过 3,500 种动物模型，并以每年 300-500 种 的速度扩充，覆盖多种疾病领域，确立了在全球创新靶点动物模型领域 的领先地位。 公司通过"千鼠万抗"计划，针对 1,000 多个靶点进行规模化抗体发现， 形成庞大的全人抗体分子库，通过转让抗体分子序列和 PCC 分子，已累 计签署超过 200 亿元人民币的合同额，预计未来里程碑收入将显著增长。 百奥赛图持续投入研发，每年研发投入超 1 亿元，并不断优化全球市场 和销售网络，使得海外业务收入在 2022 年至 2024 年间保持 64%的复 合增长率，2024 年海外业务销售占比超过 65%，海外市场成为增长主 要驱动力。 公司在美国市场持续扩大设施和团队规模，致力于成为美国客户信赖的 优质供应商，美国市场是公司重点发展的市场，占据全球市场规模的近 一半。 Q&A 百奥赛图的业务构成和发展愿景是什么？ 百奥赛图成立于 2009 年，是一家以创新技术驱动新药研发的国际型生物技术 公司，长期愿景是成为全球新药的发源地。公司目前形成了两大业务条 ...

以下文章来源于调兵投资 ，作者userfield 调兵投资 . userfield，田野 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： userfield 来源：雪球 2）BD交易都很活跃； 一、康诺亚 自己有单抗/双抗/ADC多个技术平台，覆盖领域从肿瘤到自免。暂时看，产品技术+覆盖领域没找 到边界。 康诺亚以IL-4Rα为抓手，可能要跃升到BioPharma级别，我判断如果这个靶点商业化做到20亿， 就算晋升成功。当然，其实康诺亚的跃升基石没那么牢固，2-3年的先发优势是否能保证自己不再 掉下来，需要持续跟踪。（其实艾力斯也是一个药，直接干到25年可能小50亿，就跃升成功）。 康诺亚的BD交易也很活跃，从国内权益授权，到临床前合资，到全球权益授权给大药企，再到 NewCo，所有的授权模式都搞了一遍。不能说康诺亚研发出来某个药就是想卖权益，毕竟康悦达 如果做成了，以后还是想着自己研发出来的东西自己来卖。估计未来也会越来越少出现把国内权 益直接卖掉的事情了（类似TSLP给石药）。但是还会积极卖海外权益，近半年的4笔NewCo就非 常明显，不能直接卖给大药企，就先 ...