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].

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is focused on innovative drug development and aims to enhance its capabilities through an IPO on the Sci-Tech Innovation Board, raising approximately 1.185 billion RMB for various projects [9][10][35]. Company Overview - Baiaosaitu is an innovative preclinical CRO and biotechnology company established in 2009, specializing in gene editing technology and providing various preclinical drug development services [12]. - The company has developed four major technology platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [7][12]. Business Model and Services - The company addresses two core challenges in antibody drug development: obtaining high-quality antibody molecules and the lack of precise evaluation models [8]. - Baiaosaitu has created a comprehensive human antibody library and a humanized mouse library, enabling the discovery of antibody candidates against over 1,000 potential drug targets [8][16]. - The company has established partnerships with top global pharmaceutical companies, enhancing its credibility and accelerating its international business expansion [8][14]. Financial Overview - The company expects to raise 1.185 billion RMB through its IPO, which will be used for upgrading early drug development service platforms, antibody drug research, and enhancing preclinical research projects [9][35]. - The company's main business revenue has shown a compound annual growth rate of 35.56% over the past three years, with revenues of approximately 533.36 million RMB, 716.40 million RMB, and 980.07 million RMB in recent years [22]. Future Development Plans - The company plans to continue promoting its "Thousand Mice and Ten Thousand Antibodies" initiative, aiming to discover novel antibody candidates for external collaboration or internal development [24]. - Baiaosaitu intends to expand its preclinical product and service offerings, particularly in oncology, autoimmune diseases, cardiovascular, metabolic, and neurological disorders [24][25]. - The company aims to establish extensive partnerships with leading pharmaceutical and biotechnology companies both domestically and internationally [25]. Competitive Advantages - The company possesses leading gene editing technology, a comprehensive range of model animals, and a significant first-mover advantage in antibody development [27]. - The unique "Thousand Mice and Ten Thousand Antibodies" plan provides flexibility in research, collaboration, and business models, enhancing its competitive edge [27]. Regulatory and Market Position - Baiaosaitu has received AAALAC certification, ensuring compliance with international standards for laboratory animal care [20]. - The company meets the listing standards for the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion RMB and recent annual revenue exceeding 300 million RMB [32].

根据发行安排，本周（11月24日—11月28日），A股市场将有两只新股申购，为科创板的摩尔线程和百奥赛图， 两股分别将于本周一和周五开启申购。 资料显示，摩尔线程是国内GPU领域龙头，公司是国内极少数具备全功能GPU研发能力的企业，上市后公司将 成为"国产GPU第一股"。百奥赛图是全球领先的创新技术驱动型生物技术公司。 依托于抗体药物发现平台的领先优势，公司通过RenMice小鼠授权以及"千鼠万抗"的形式展开抗体对外合作开 发。目前公司已与Merck KGaA（德国默克）、Gilead Sciences（吉利德科学）、Johnson&Johnson（强生公 司）、IDEAYA Biosciences、Neurocrine Biosciences、百济神州、Xencor、ADC Therapeutics、Myricx Bio、 ABL Bio、翰森制药、正大天晴、华润生物、信达生物、荣昌生物、上海生物制品研究所等数十家海内外知名 生物科技或医药研发企业就"千鼠万抗"发现的药物分子授权/转让或RenMice平台授权达成合作。 2022—2024年，公司实现营业收入分别为5.34亿元、7.17亿元、9.8亿元，归属 ...

Group 1 - The core point of the article is that Bai'ao Saitou (688796.SH) has released its prospectus for an initial public offering (IPO) on the Sci-Tech Innovation Board, planning to issue 47.5 million shares, which will account for 10.63% of the total share capital post-issue [1] - The company was established in 2009 and operates as a preclinical CRO and biotechnology firm, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [1][2] - 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, expanding its business into innovative animal sales, preclinical pharmacology evaluation services, and antibody drug collaboration [2] Group 2 - The company's main business revenue for the reporting periods were 533 million yuan, 716 million yuan, 980 million yuan, and 621 million yuan, with a compound annual growth rate of 35.56% from 2022 to 2024 [2] - The funds raised from the IPO, after deducting issuance costs, will be invested in projects including early drug development service platform construction, antibody drug research and evaluation, preclinical research projects, and supplementing working capital, totaling 1.185 billion yuan [3]

Core Viewpoint - The company leverages gene editing technology to create a comprehensive antibody drug development platform, focusing on innovative solutions and high-quality antibody molecules targeting over 1,000 epitopes [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 621 million yuan, representing a year-on-year growth of 51.3%, with a gross margin maintained at a high level of 74.4% [1]. - The company is expected to turn a profit for the first time in 2024, with a net profit of approximately 48 million yuan in the first half of 2025 [1]. - Revenue from preclinical animal products and pharmacodynamic services is a solid foundation, with sales of model animals reaching 274 million yuan in the first half of 2025, a year-on-year increase of 56% [1]. Group 2: Business Development - The company has established partnerships with all of the top ten global pharmaceutical companies, leveraging its expertise in gene editing and model animals [2]. - The antibody development business has become the core driver of revenue growth, with a compound annual growth rate (CAGR) of 53% from 2021 to 2024, and revenue of 163 million yuan in the first half of 2025, up 38% year-on-year [2]. - The company has signed approximately 280 agreements for cooperation, authorization, or transfer of antibody molecules as of the first half of 2025, with 61 projects already transferred or authorized [2]. Group 3: Future Outlook - Revenue growth is projected at 45%, 36%, and 35% for 2025 to 2027, with net profit growth expected at 323%, 103%, and 75% respectively [3]. - The company is anticipated to generate revenues of 1.42 billion yuan, 1.93 billion yuan, and 2.61 billion yuan in 2025, 2026, and 2027, respectively, with a current market value corresponding to price-to-sales ratios of 7.6, 5.6, and 4.1 [3]. - Given the high growth potential and solid foundation of the preclinical animal and pharmacodynamic evaluation business, the company is rated as a "buy" [3].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company leverages gene editing technology to create a comprehensive antibody drug development platform, focusing on innovative solutions [2][16]. - The company has shown significant revenue growth, with a projected revenue CAGR of over 40% from 2021 to 2024, and is expected to turn profitable in 2024 [28][30]. - The antibody development business is a key driver of growth, with a revenue CAGR of 53% from 2021 to 2024 [5][34]. Summary by Sections Company Overview - Established in 2009, the company has developed a full human antibody library using its proprietary RenMice® platform, launching the "Thousand Mice, Ten Thousand Antibodies" initiative in 2020 [3][17]. - The company has created over 1 million full human antibody sequences targeting more than 1,000 potential drug targets [3][17]. Financial Performance - In the first half of 2025, the company achieved revenue of 621 million yuan, a year-on-year increase of 51.3%, with a gross margin of 74.4% [3][30]. - The company is expected to achieve revenues of 14.2 billion yuan, 19.3 billion yuan, and 26.1 billion yuan from 2025 to 2027, with net profit growth rates of 323%, 103%, and 75% respectively [6][8]. Business Segments - The preclinical animal products and pharmacological services provide a stable foundation, with model animal sales reaching 274 million yuan in the first half of 2025, a 56% increase year-on-year [4][34]. - The antibody development business has become the core driver of performance, with 163 million yuan in revenue in the first half of 2025, a 38% increase year-on-year [5][34]. Market Position - The company has established partnerships with the top ten global pharmaceutical companies, leveraging its expertise in gene editing and model animals [4][21]. - The antibody drug market is experiencing rapid growth, with the global antibody drug market projected to reach 2.704 trillion USD in 2024, growing to 4.634 trillion USD by 2031 [47][49].

Core Viewpoint - Baiaosaitu's IPO on the Sci-Tech Innovation Board was approved on September 24, aiming to raise 1.185 billion RMB for early drug research and development services [1][4]. Group 1: IPO and Market Reaction - Baiaosaitu's stock price rose over 10% on September 25 after the IPO approval, closing at 29.5 HKD per share, a 5.73% increase [1]. - The company completed its H-share IPO in September 2022, and if the Sci-Tech Innovation Board listing is successful, 77.81% of its shares will be traded on the A-share market [2]. Group 2: Financial Performance - For the first half of 2025, Baiaosaitu reported revenue of 621 million RMB, a 51.27% increase year-on-year, and a net profit of 48 million RMB, marking a turnaround from losses in the previous year [2][3]. - The company's preclinical product and service business, primarily from innovative animal model sales, generated revenue of 4.58 million RMB, up 56.9%, with a gross margin of approximately 70% [2]. Group 3: Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: 38.28% for early drug research platform construction, 26.70% for antibody drug research and evaluation, 13.92% for preclinical research projects, and 21.10% for working capital [5]. - The projected revenue growth from 2022 to 2024 shows a compound annual growth rate of 35.56%, with net profits turning positive in 2024 [5]. Group 4: Research and Development Focus - Baiaosaitu has focused on gene editing technology since its establishment in 2009, developing four major technology platforms [4]. - The company aims to continue its "thousand mice, ten thousand antibodies" initiative, leveraging its gene editing platform to develop innovative mouse models for various diseases [10]. Group 5: Ownership Structure - As of the date of the prospectus, the company's major shareholders, Shen Yulei and Ni Jian, control 27.03% of the voting rights [6][9].

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to return to A-share market after successfully passing the listing review by the Shanghai Stock Exchange, marking its A+H listing strategy [1] Group 1: Company Overview - Baiaosaitu, established in 2009, is a preclinical CRO and biotechnology company that provides innovative model animals and preclinical drug development services based on its proprietary gene editing technology [1] - The company has developed a comprehensive platform that includes gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [1] Group 2: Business Achievements - As of the reporting period, Baiaosaitu has completed over 5,100 customized gene editing projects and developed more than 3,500 types of RenMice and other gene-edited animals and cell line models [2] - The company has established partnerships with numerous renowned biotech and pharmaceutical companies for antibody drug discovery, leveraging its RenMice platform and "thousands of mice, ten thousand antibodies" approach [2] Group 3: Financial Performance - From 2022 to 2024, Baiaosaitu's revenue is projected to be 534 million yuan, 717 million yuan, and 980 million yuan, with a compound annual growth rate of 35.56% [3] - The net profit for the same period is expected to be -602 million yuan, -383 million yuan, and 33.54 million yuan, indicating a turnaround to profitability in 2024 [3] Group 4: IPO and Fundraising - Baiaosaitu plans to raise 1.185 billion yuan through its IPO, which will be directed towards enhancing its existing business and core technologies [3] - The fundraising will support projects aimed at expanding the production capacity of model animals, improving early drug discovery capabilities, and enriching the preclinical research pipeline [3]

Core Insights - The global biopharmaceutical industry is undergoing a transformation driven by the rising popularity of antibody-drug conjugates (ADCs), with a projected market size of $11 billion by 2030 and a compound annual growth rate (CAGR) of 28.4% from 2022 to 2030 [1] Group 1: Company Overview - Founded in 2009, the company initially focused on model animal services and has since established over 4,390 gene-edited animal models, including nearly one-third humanized mice for drug efficacy and safety evaluation [2] - The company's proprietary RenMice® platform allows for the generation of high-affinity, low-immunogenicity fully human antibodies, supporting various antibody formats [2] - The "Thousand Mice, Ten Thousand Antibodies" initiative has created a library of over one million fully human antibody molecules, significantly reducing early-stage drug development costs and enhancing discovery efficiency [2] Group 2: Business Performance - In the first half of 2025, the company reported revenue of 621 million yuan, a 51.5% increase year-on-year, and a net profit of 48 million yuan, marking a successful turnaround [4] - The humanized mouse business generated 274 million yuan in revenue, up 56% year-on-year, while the antibody transfer and development business reached 163 million yuan, a 38.1% increase [4] - The company has maintained a gross margin above 74% and a net operating cash flow exceeding 200 million yuan, indicating strong self-sustainability [4] Group 3: Strategic Collaborations - The company has established partnerships with seven of the top ten global pharmaceutical companies, signing approximately 280 antibody transfer or development agreements, with 80 new collaborations in the first half of 2025 alone, a 60% increase year-on-year [3] - Recent collaborations include a partnership with Tubulis for next-generation ADC therapies and an expanded collaboration with Merck to explore antibody-conjugated LNP delivery systems [5][6] Group 4: Market Position and Growth - The company is positioned as a key player in the ADC market, leveraging its unique technology platform to attract global partnerships and drive innovation [6] - The rapid growth of China's innovative drug license-out transactions, exceeding $60 billion in the first half of 2025, highlights the company's successful integration into the international pharmaceutical ecosystem [7] - The company's stock price surged over 400% from the end of 2024 to August 2025, reflecting strong market confidence in its dual-driven business model [7] Group 5: Conclusion - The ADC wave is reshaping the global biopharmaceutical landscape, with the company transitioning from a domestic leader in model animals to a global supplier of antibody molecules [8] - The ongoing expansion of international collaborations and the continuous growth of its antibody library position the company as a representative example of Chinese biotech's globalization efforts [8]

Core Insights - The article highlights the rapid evolution of the biopharmaceutical industry, particularly focusing on the dual-target antibody-drug conjugates (ADC) showcased at the WCLC and the increasing trend of business development (BD) in China [2][8] - The company, Baiaosaitu, is positioned as a key player in the global innovation drug landscape through its dual business lines and the "Thousand Mice, Ten Thousand Antibodies" initiative, which enhances its capabilities in antibody discovery and validation tools [1][8] Industry Trends - The WCLC 2025 showcased the promising efficacy data of the dual-target ADC (BL-B01D1) from Chinese company Bailitianheng, reinforcing the development direction of "dual-target + delivery" [2] - The first half of 2025 saw a historic high in the number of external licensing deals and total transaction value for Chinese innovative drugs, driven by multinational pharmaceutical companies facing patent cliffs and the advantages of Chinese firms in early discovery and clinical efficiency [2] Company Evolution - Baiaosaitu originated from gene-edited model animals and has developed humanized mouse models and comprehensive preclinical evaluation capabilities, shifting its focus to antibody discovery with the "Thousand Mice, Ten Thousand Antibodies" plan [3] - This initiative aims to create a large library of high-quality human antibodies by pre-creating model mice for thousands of potential druggable targets, significantly reducing the time and cost from discovery to proof of concept (PoC) [3] Synergy of Dual Business Lines - The company's business engine consists of two parts: the model animal business providing standardized, high-quality humanized and disease models, and the antibody platform business generating a continuous supply of developable human antibodies [4] - This synergy enhances the company's infrastructure-level position and influence in the industry chain, ensuring a broad and deep supply of validation tools and molecular supply [4] Trend Alignment - Baiaosaitu's RenLite® platform simplifies the development of dual-target antibodies by addressing the complexity of chain mismatches, making production more akin to monoclonal antibodies and improving project advancement efficiency [5] - The company is actively collaborating with partners in the dual-target/ADC space, with the B7-H3/PTK7 dual-target ADC (IDE034) expected to file for IND in Q4 2025, targeting solid tumors like lung and colorectal cancer [5] External Collaborations - In the ADC field, Baiaosaitu signed an antibody licensing agreement with Germany's Tubulis to develop innovative ADCs using antibodies from its RenMice® platform, ensuring continuous monetization of its antibody assets [6] - The company is also exploring precision delivery solutions for antibody-conjugated lipid nanoparticles (LNP) through a collaboration with Merck, expanding the application boundaries of human antibodies beyond traditional therapies [6] Platform-Based Business Model - Baiaosaitu's business model is BD-oriented, focusing on being a "basic infrastructure supplier" for molecular discovery and validation rather than relying on a single self-developed pipeline [7] - The "Thousand Mice, Ten Thousand Antibodies" initiative serves as an open platform, allowing multiple validation opportunities across different partners and indications, enhancing the probability of success for individual molecules [7] Competitive Barriers and Outlook - The company has established high barriers to entry in providing standardized, scalable human antibodies and models from a technical perspective, while its "platform + assets + BD" combination creates strong synergistic effects [8] - As the industry moves towards integrating dual-target/ADC and nucleic acid drugs, Baiaosaitu is expected to continue acting as an "industry accelerator," delivering high-quality source molecules and validation tools to enhance global drug development efficiency [8]