香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD. 百奧賽圖（北京）醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2315） 海外監管公告 本公告乃百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的以下公告，僅供參閱。 1 1. 百奧賽圖（北京）醫藥科技股份有限公司2025年年度報告 2. 百奧賽圖（北京）醫藥科技股份有限公司2025年年度報告摘要 3. 百奧賽圖（北京）醫藥科技股份有限公司2025年度環境、社會和公司治理 (ESG)報告 4. 百奧賽圖（北京）醫藥科技股份有限公司2025年度環境、社會和公司治理 (ESG)報告摘要 5. 百奧賽圖（北京）醫藥科技股份有限公司2025年度利潤分配方案公告 6. 百奧賽圖（北京 ...

Investment Rating - The report initiates coverage on Baiaosaitu (2315.HK) with a "Buy" rating and sets a target price of HKD 66.90, indicating a potential upside of 37.65% from the current price of HKD 48.60 [4][6][7]. Core Insights - Baiaosaitu is a technology-driven biotechnology company focused on gene editing, aiming to become a global source of new drugs. Its core business is divided into two main lines: preclinical products and services, and antibody molecule transfer and development, with the latter being highlighted by the "Thousand Mice, Ten Thousand Antibodies" program [2][16]. - The preclinical business is experiencing robust growth, benefiting from the enthusiasm for innovative research. In the first half of 2025, the preclinical products and services generated revenue of CNY 458 million, with innovative model animal sales increasing by 56% year-on-year [3][28]. - The "Thousand Mice, Ten Thousand Antibodies" business model, which includes upfront payments, milestone payments, and revenue sharing, is entering a harvest period, significantly shortening research and development timelines and improving clinical success rates [3][4]. Company Analysis - Baiaosaitu's preclinical products and services are expected to achieve revenues of CNY 1.86 billion and CNY 2.35 billion in 2026 and 2027, respectively, with year-on-year growth rates of 34.8% and 26.5% [4][5]. - The company has established a high barrier to entry with its innovative model animal sales, which are projected to grow from CNY 660 million in 2020 to CNY 389 million in 2024, reflecting a CAGR of 55.9% [17][18]. - The antibody development business is also on a growth trajectory, with revenues expected to rise from CNY 410 million in 2020 to CNY 318 million in 2024, achieving a CAGR of 66.8% [19][20]. Financial Forecast and Valuation - The report forecasts Baiaosaitu's revenue to reach CNY 1.86 billion in 2026 and CNY 2.35 billion in 2027, with gross margins of 76.68% and 77.53%, respectively [4][5]. - The net profit attributable to the parent company is projected to be CNY 331 million and CNY 500 million for 2026 and 2027, representing year-on-year growth of 91.4% and 51.0% [4][5]. - The current price corresponds to a 2026 PE ratio of 58 times, while the target price corresponds to a PE ratio of 80 times [4].

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of HKD 66.90, indicating a potential upside of 37.65% from the current price of HKD 48.60 [4][6][7]. Core Insights - The company, Baiaosaitu (2315.HK), is a technology-driven biotechnology firm focused on gene editing and aims to become a global source of new drugs. Its core business revolves around two main lines: preclinical products and services, and antibody molecule transfer and development through the "Thousand Mice, Ten Thousand Antibodies" program [2][16]. - The preclinical business is experiencing robust growth, benefiting from the enthusiasm for innovative research. In the first half of 2025, the preclinical products and services generated revenue of CNY 458 million, with innovative model animal sales reaching CNY 274 million, a year-on-year increase of 56% [3][28]. - The "Thousand Mice, Ten Thousand Antibodies" business model, which includes upfront payments, milestone payments, and revenue sharing, is entering a harvest phase, with expectations for significant revenue growth as the number of transferred antibody projects increases [3][4]. Summary by Sections Company Analysis - Baiaosaitu is positioned as a leading biotechnology company with a focus on gene editing technology, offering preclinical pharmacology and efficacy evaluation services, innovative model animal sales, and gene editing services [2][16]. - The antibody development business leverages the "Thousand Mice, Ten Thousand Antibodies" initiative to create a library of antibodies, providing licensing services that are expected to drive future growth [2][3]. Preclinical Business Growth - The preclinical pharmacology and efficacy evaluation services are expanding rapidly, with revenue projected to grow significantly due to the increasing demand for innovative research tools and services [3][28]. - The sales of model animals, particularly humanized mouse models, are a major revenue source, with sales expected to grow from CNY 66 million in 2020 to CNY 389 million in 2024, reflecting a CAGR of 55.9% [17][28]. Antibody Development - The antibody development segment is projected to grow from CNY 41 million in 2020 to CNY 318 million in 2024, with a CAGR of 66.8%, driven by the RenMice technology platform and a vast antibody library [19][20]. - The company has established a strong foothold in the overseas market, with international revenue increasing from CNY 91 million in 2020 to CNY 662 million in 2024, representing a CAGR of 64.3% [27][28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [2][8]. Core Insights - The company's main business is experiencing high growth driven by a robust antibody platform, which provides future flexibility and potential for expansion [1][8]. - For 2025, the company is projected to achieve revenue between 1.369 billion and 1.389 billion RMB, representing a year-on-year growth of 39.61% to 41.65%. The net profit attributable to shareholders is expected to be between 162 million and 182 million RMB, with a significant year-on-year increase of 384.26% to 443.88% [8]. - The report highlights the strong performance of the innovative animal models and preclinical CRO business, which are key drivers of revenue growth. The company has also made significant advancements in its antibody library and strategic partnerships, enhancing its competitive edge in the market [8]. Financial Forecasts - Revenue projections for the company are as follows: 1.376 billion RMB in 2025, 1.845 billion RMB in 2026, and 2.416 billion RMB in 2027, with corresponding growth rates of 40.4%, 34.1%, and 31.0% respectively [2][9]. - The net profit attributable to shareholders is forecasted to be 167 million RMB in 2025, 324 million RMB in 2026, and 530 million RMB in 2027, with growth rates of 399.3%, 93.3%, and 63.6% respectively [2][9]. - The report provides a detailed breakdown of the company's financial ratios, including a projected P/E ratio of 105 for 2025, decreasing to 33 by 2027, indicating improving valuation metrics over time [2][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook with expected stock price appreciation of over 15% relative to the benchmark index [2][11]. Core Insights - The company is projected to achieve significant revenue growth driven by its core business and antibody platform, with expected revenues of RMB 1.376 billion in 2025, representing a year-on-year growth of 40.4% [2][8]. - The net profit attributable to shareholders is forecasted to reach RMB 167 million in 2025, reflecting a staggering growth rate of 399.3% compared to the previous year [2][8]. - The company has made substantial advancements in its animal model and preclinical CRO business, which are key drivers of revenue growth, particularly in the first half of 2025 [8]. Financial Forecasts - Revenue projections for 2024, 2025, 2026, and 2027 are RMB 980 million, RMB 1.376 billion, RMB 1.845 billion, and RMB 2.416 billion, respectively, with growth rates of 36.8%, 40.4%, 34.1%, and 31.0% [2][9]. - The net profit attributable to shareholders is expected to grow from RMB 34 million in 2024 to RMB 530 million in 2027, with corresponding growth rates of 108.8%, 399.3%, 93.3%, and 63.6% [2][9]. - Earnings per share (EPS) are projected to increase from RMB 0.08 in 2024 to RMB 1.19 in 2027, indicating strong profitability growth [2][9]. Business Developments - The company has successfully expanded its humanized mouse model offerings, launching over 400 new models in 2025, which enhances its technological barriers and supports its goal of becoming a global hub for new drug development [8]. - Strategic partnerships have been established with leading pharmaceutical companies, including a global licensing agreement with BeiGene and an antibody licensing deal with Merck, which are expected to contribute to long-term revenue growth [8].

Investment Rating - The report assigns a "Buy" rating for the company Biocytogen (688796) [2]. Core Insights - Biocytogen is a rapidly growing biotechnology platform that has successfully completed dual listings in both A and H shares. The company operates two main platforms: the RenMice platform for antibody drug development and the BioMice platform for preclinical products and services. The company has a history of significant revenue growth and is expected to turn profitable in 2024 [3][17]. - The RenMice platform is positioned to contribute high growth potential, with a focus on developing fully human antibodies. The company has initiated the "Thousand Mice, Ten Thousand Antibodies" program, which aims to create a vast library of antibody sequences targeting numerous druggable targets [4][15]. - The BioMice platform is expected to provide stable cash flow, leveraging the company's expertise in model animals and pharmacological evaluation services. The company has developed over 4,300 genetically modified animals and has established a comprehensive pharmacological evaluation system [5][16]. Summary by Sections Company Overview - Biocytogen is an international biotechnology company focused on innovative drug development, with its headquarters in Beijing and branches in the US and Germany. The company has developed a significant library of over 1 million fully human antibody sequences and offers various preclinical services [3][17][20]. RenMice Platform - The RenMice platform is a leading technology for fully human antibody development, utilizing advanced gene editing techniques. The company has launched the "Thousand Mice, Ten Thousand Antibodies" initiative to develop antibodies against over 1,000 potential drug targets, resulting in a library of over 1 million antibody sequences [4][15][48]. BioMice Platform - The BioMice platform focuses on model animals and pharmacological evaluation, with a market size projected to reach approximately 4.44 billion USD globally by 2024. The company has developed over 4,300 genetically modified animals and has completed over 6,350 drug evaluations for approximately 950 partners [5][16][23]. Financial Projections - The company is expected to achieve revenues of 1.35 billion CNY, 1.80 billion CNY, and 2.32 billion CNY for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 150 million CNY, 318 million CNY, and 507 million CNY for the same years [7][9][38]. Management and Governance - The company has a clear ownership structure with a stable controlling relationship. The management team possesses extensive experience in biomedical fields, contributing to the company's strategic direction and operational success [30][34].

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 5%, currently trading at 36.08 HKD, with a transaction volume of 27.5841 million HKD. The inclusion of Baiaosaitu in the Hong Kong Stock Connect list, effective from December 24, 2025, marks a significant milestone for the company in establishing its "A+H" dual capital market platform, opening its Hong Kong channel to mainland investors [1]. Group 1 - The stock price of Baiaosaitu-B has risen by 4.94% to 36.08 HKD, with a trading volume of 27.5841 million HKD [1]. - The Shanghai and Shenzhen Stock Exchanges announced the inclusion of Baiaosaitu in the Hong Kong Stock Connect list, effective December 24, 2025 [1]. - This inclusion is seen as a key milestone in the company's strategy to build a dual capital market platform [1]. Group 2 - Huafu Securities previously reported that the company's "thousand mice and ten thousand antibodies" strategy is beginning to yield results, with antibody licensing driving significant performance growth [1]. - The company is recognized for its high growth potential and strong barriers to entry, with a solid foundation in preclinical animal and pharmacological evaluations [1]. - The antibody development business is gradually entering a phase of performance realization, complemented by the potential of its new drug pipeline, leading to an initial "buy" rating [1].

Group 1 - The core viewpoint of the report is that China Galaxy has given a "cautious recommendation" rating for Baiaosaitu (688796.SH) based on its comprehensive preclinical research and development layout, projecting a profitability inflection point by 2025 [1] - The company is expanding its business model by leveraging gene editing technology, focusing on model animals and preclinical CRO services [1] - The market for humanized antibodies is experiencing high demand, with significant potential for the "thousand mice, ten thousand antibodies" initiative [1]

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].

1.4980D ，a。 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高的投 资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公 司所披露的风险因素，审慎作出投资决定。 百奥赛图（北京）医药科技股份有限公司 Biocytogen Pharmaceuticals (Beijing) Co., Ltd. （北京市大兴区中关村科技园区大兴生物医药产业基地宝参南街 12 号院） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 百奥赛图（北京）医药科技股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发 行后因发行人经营与收 ...