Core Viewpoint - Guolian Minsheng Securities initiates coverage on Baiao Saitu (02315) with a "Buy" rating, highlighting the robust growth across its three main business segments and the positive impact of the "Thousand Mice and Ten Thousand Antibodies" initiative on financial performance [1] Group 1: Model Animals - The company dominates the humanized mouse market with over 1,700 strains, contributing significantly to revenue, with sales and licensing expected to generate 257 million yuan (94% of revenue) by H1 2025 [1] - The sales of model animals are projected to grow at a CAGR of 51.6% from 2022 to 2024, with increasing customer repurchase rates [1] - By 2024, overseas sales of model animals are expected to account for 56.4%, with a mature U.S. subsidiary facilitating order acquisition [1] Group 2: Preclinical CRO Services - The preclinical CRO services segment, which extends from model animals, has an overseas revenue share of 79%, benefiting from a recovering investment environment [2] - The pharmacology and efficacy team operates across Beijing, Haimen, and the U.S., having completed over 6,350 drug evaluation projects for approximately 950 global partners by H1 2025 [2] - Revenue for this segment reached 155 million yuan in H1 2025, reflecting a year-on-year growth of over 90% due to increased client numbers driven by industry growth [2] Group 3: Antibody Molecule Transfer/Authorization - The revenue model based on upfront payments, milestones, and sales sharing allows for significant revenue growth as pipelines advance [3] - The "Thousand Mice and Ten Thousand Antibodies" initiative has created a vast array of antibody combinations, reducing R&D time and uncertainty for pharmaceutical companies [3] - By H1 2025, the company has signed 61 transfer/authorization/co-development projects with renowned pharmaceutical firms, with a projected CAGR of 58.3% for this segment from 2022 to 2024 [3]

Core Viewpoint - Guolian Minsheng Securities initiates coverage on Baiaosaitu (02315) with a "recommended" rating, highlighting the company's three major business segments experiencing high growth and industry prosperity, alongside significant financial relief from fundraising efforts as the "Thousand Mice and Ten Thousand Antibodies" plan achieves milestones [1] Group 1: Model Animals - The company dominates the humanized mouse market with over 1,700 strains, contributing significantly to core profits, with a projected sales revenue of 257 million yuan from humanized mice sales and licensing by H1 2025, accounting for 94% of revenue [1] - The sales CAGR for model animals is expected to be 51.6% from 2022 to 2024, with increasing customer repurchase rates [1] - By 2024, overseas sales of model animals are projected to account for 56.4%, with a mature U.S. subsidiary facilitating rapid order acquisition [1] Group 2: Preclinical CRO Services - The preclinical CRO services segment, which extends from model animals, has an overseas revenue share of 79%, with strong growth certainty amid a recovering investment environment [2] - The pharmacology and efficacy team operates across Beijing, Haimen, and the U.S., having completed over 6,350 drug evaluation projects for approximately 950 global partners by H1 2025 [2] - Revenue for this segment reached 155 million yuan in H1 2025, reflecting a year-on-year growth of over 90%, driven by industry prosperity and a significant increase in client numbers [2] Group 3: Antibody Molecule Transfer/Authorization - The revenue model based on upfront payments, milestones, and sales sharing allows for stepwise revenue growth as pipelines advance, significantly reducing uncertainty for pharmaceutical companies [3] - The "Thousand Mice and Ten Thousand Antibodies" plan has created a vast array of antibody formats, positioning the company as a potential global source of new drug development [3] - By H1 2025, the company has signed 61 transfer/authorization/co-development projects with renowned pharmaceutical companies, with a projected CAGR of 58.3% for this segment from 2022 to 2024 [3]

Group 1 - The investment rating for the company is "Recommended" [3] - The core viewpoint of the report emphasizes that the company is positioned as a global source for new drug development, leveraging innovative gene editing technology and a robust antibody platform to drive growth [8][9] - The report highlights three main business segments: preclinical products and services, antibody platform, and clinical research organization (CRO) services, all of which are experiencing high growth due to favorable industry conditions [8][30] Group 2 - The company is expected to achieve significant revenue growth, with projected revenues of 9.80 billion RMB in 2024, 13.52 billion RMB in 2025, and 18.11 billion RMB in 2026, reflecting compound annual growth rates (CAGR) of 41.96% from 2019 to 2024 [2][30] - The net profit is forecasted to increase dramatically, with estimates of 34 million RMB in 2024, 155 million RMB in 2025, and 321 million RMB in 2026, indicating a CAGR of 362.6% from 2024 to 2025 [2][30] - The company has established a strong international presence, with overseas revenue accounting for 68% of total revenue in the first half of 2025, driven by a mature U.S. subsidiary and a diverse customer base [16][43] Group 3 - The report outlines the company's innovative gene editing technology as a key competitive advantage, enabling the development of customized animal models and enhancing the efficiency of drug development processes [48][51] - The antibody development business is expected to grow significantly, with revenues projected to reach 3.18 billion RMB by 2024, supported by a large library of antibody sequences and a flexible revenue model [39][40] - The company has a well-defined growth strategy, focusing on expanding its international market share and enhancing its service offerings to meet the evolving needs of pharmaceutical companies [8][30]

Core Viewpoint - The company Baiaosaitu-B (02315) has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, marking a significant step in enhancing its capital market presence and corporate value, establishing a dual-platform listing structure with its previous listing on the Hong Kong Stock Exchange on September 1, 2022 [1]. Group 1 - The company's stock price increased by over 5% during trading, with a current increase of 4.15%, reaching HKD 28.12, and a trading volume of HKD 19.5098 million [1]. - According to a report from Western Securities, the company initiated the "Thousand Mice and Ten Thousand Antibodies" plan in March 2020, utilizing an "antibody shelf" model that reduces research and development time and lowers early-stage R&D uncertainties [1]. - The company's antibody business began in 2020, generating revenue of CNY 41 million, which increased to CNY 163 million in the first half of 2025, reflecting a year-on-year growth of 37.8% [1]. Group 2 - The company's platform value is expected to further amplify as subsequent molecules advance in clinical trials, potentially improving research efficiency and clinical conversion success rates for pharmaceutical companies [1].

Core Viewpoint - Baiaosaitu-B (02315) has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, marking a significant step in enhancing its capital market presence and corporate value, establishing a dual-platform listing structure with its previous listing on the Hong Kong Stock Exchange on September 1, 2022 [1] Group 1 - Baiaosaitu-B's stock price increased by over 5% during trading, with a current rise of 4.15%, reaching HKD 28.12, and a trading volume of HKD 19.5098 million [1] - The company initiated the "Thousand Mice and Ten Thousand Antibodies" plan in March 2020, which has streamlined research and development timelines and reduced early-stage R&D uncertainties [1] - The antibody business generated revenue of CNY 0.41 billion in 2020, with revenue reaching CNY 1.63 billion in the first half of 2025, reflecting a year-on-year growth of 37.8% [1]

Core Viewpoint - Baiaosaitu-B (02315) has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, marking a significant step in enhancing its capital market presence and corporate value, establishing a dual-platform listing structure with its previous listing on the Hong Kong Stock Exchange on September 1, 2022 [1] Group 1: Company Performance - Baiaosaitu's stock price increased by over 5% during trading, closing at 28.12 HKD with a trading volume of 19.51 million HKD [1] - The company's antibody business, initiated in March 2020, generated revenue of 0.41 million CNY in its first year, with revenue reaching 1.63 million CNY in the first half of 2025, reflecting a year-on-year growth of 37.8% [1] Group 2: Strategic Initiatives - The company launched the "Thousand Mice and Ten Thousand Antibodies" initiative, which aims to save research and development time and reduce early-stage R&D uncertainties while improving the efficiency and success rate of clinical transformations for pharmaceutical companies [1] - The platform's value is expected to further amplify as subsequent molecules advance in clinical trials [1]

Core Viewpoint - The article discusses the innovative strategies employed by Baiaosaitu in antibody drug development, focusing on their dual-core platform of a human antibody library and a humanized mouse model library, which addresses key challenges in the industry and enhances drug development efficiency [6][12][33]. Group 1: Antibody Drug Development Challenges - The majority of failures in antibody drug development stem from mismatches between candidate antibody molecules and the complex human environment, as well as between preclinical animal models and actual disease mechanisms [5]. - Successful antibody drug development requires high-quality antibody molecules and humanized mouse models that accurately simulate human pathophysiological processes [6][10]. Group 2: Baiaosaitu's Innovative Approaches - Baiaosaitu's "Thousand Mice and Ten Thousand Antibodies" initiative aims to create a comprehensive human antibody sequence library, significantly improving the drug discovery process [8][10]. - The company has developed over 1,000 gene-edited models, including more than 1,700 humanized mouse models, establishing a leading position in the global market [16][18]. Group 3: Financial Performance and Growth - Baiaosaitu's revenue has shown a compound annual growth rate of 40.2% since 2020, with projected revenue of 980 million in 2024, reflecting strong growth [23][27]. - The company achieved profitability for the first time in 2024, with a net profit of 114 million in the first three quarters of 2025, indicating improved financial health [27][30]. Group 4: Market Position and Collaborations - Baiaosaitu has established partnerships with over 950 global clients, including all top ten pharmaceutical companies, highlighting its strong market presence [16][18]. - The company’s humanized mouse model library supports various disease areas, making it a crucial partner for pharmaceutical companies in preclinical evaluations [16][19].

12月10日上午9时30分，伴随一记响亮的锣声，百奥赛图（北京）医药科技股份有限公司（简称"百奥赛图"）在上交所科创板挂牌上市，正式步 入"H+A"双资本运作平台模式。 百奥赛图发行价26.68元/股，开盘价58元/股，高开117.4%，随后股价继续上扬，盘中一度涨超160%。截至12月10日收盘，公司股价报65.8元/股，上涨 146.63%，总市值达294.06亿元。 百奥赛图董事长沈月雷： 百奥赛图将绽放更加耀眼的光彩 在致辞环节，中金公司党委副书记、副董事长、总裁王曙光表示，自2020年起，中金公司已陪伴百奥赛图走过了超过五个春秋。回望携手同行的岁月，中 金公司有幸见证了这家优秀企业的成长与蜕变。在这非凡的旅程中，双方携手走过从公司合并重组到香港上市，再到今日科创板挂牌的完整征程。 王曙光认为，科创板是中国资本市场支持科技创新的重要阵地，公司选择回归科创板，既是对自身技术实力与发展前景的坚定信心，更是对中国资本市场 支持科技创新战略的积极响应。借助资本市场的东风，百奥赛图必将牢牢把握发展机遇，在生物医药的广阔天地中绽放更加耀眼的光彩。 在致辞环节后，上交所副总经理王泊与百奥赛图董事长沈月雷代表双方签订 ...

临床前产品和服务高速增长，全球化运营海外MNC 认证，已实现规模化动物模型销售。凭借SUPCE、 EGE、ESC/HR 三大基因编辑技术平台，公司积极研究新的动物模型和细胞测定模型，覆盖免疫肿瘤 学、肿瘤学、自身免疫/炎症、神经和代谢等更多疾病领域。利用模型进行药物评价被认为是验证临床 前药物药效的"金标准"，公司验证了自主开发的各类模型的有效性，并实现规模化对外销售。位于南 通、北京大兴、波士顿三大运营动物中心，生产全球顶尖的动物模型，供应链覆盖全球。得益于公司在 动物模型领域的前瞻性布局，模式动物销售额由2019 年的0.50 亿元增至2024 年的3.89亿元，2025 年上 半年实现收入2.74 亿元（同比+56.1%）。 全球新药早研竞争激烈，"千鼠万抗"货架模式提升开发效率，抗体授权推动业绩弹性。传统基于的药物 开发模式难度较高，现阶段药物涵盖的靶点高度集中，产品研发及商业化面临激烈的竞争。公司于2020 年3 月率先启动"千鼠万抗"计划，"抗体货架"模式，一方面节省了研发时间并降低了早期研发的不确定 性，另一方面通过源头平行比较多个靶点，有望协助药企提高研发效率及临床转化的成功率。公司抗体 业务 ...

Investment Rating - The investment rating for the company is positioned in the mid-to-lower range, with an AHP score of 2.38, placing it in the 38.9% percentile of the overall score [2][5]. Core Insights - The company, Baiaosaitu, is a leading preclinical CRO and biotechnology firm, focusing on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development. The gene editing technology is a significant foundation for its business, having developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [2][12]. - The company has expanded its business into innovative model animal sales, having developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice. The establishment of a production center compliant with AAALAC international standards supports large-scale breeding and supply of model animals [12][30]. - The company has established a comprehensive pharmacology and efficacy evaluation system, serving approximately 950 partners globally and completing over 6,350 drug evaluation projects. It has collaborations with 9 of the top 10 global pharmaceutical companies in the pharmacology and efficacy sector [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Baiaosaitu is 2.38, indicating a mid-to-lower performance level in the AHP model [5][6]. Company Fundamentals and Highlights - Baiaosaitu has built platforms for gene editing, model animal breeding, preclinical pharmacology evaluation, and antibody drug development, evolving from a single-service biotechnology company to a leading biopharmaceutical enterprise [6][12]. - The company’s revenue composition shows that model animal sales accounted for approximately 44% of total revenue in the first half of 2025, followed by antibody development and preclinical pharmacology services [7][8]. Financial Comparison with Peers - From 2022 to the first half of 2025, Baiaosaitu's revenue was lower than that of comparable companies, with revenues of 5.34, 7.17, 9.80, and 6.21 billion yuan respectively. However, the net profit turned positive in 2024, with a net profit margin that improved over time [22][24]. - The company’s gross margin was relatively high, with figures of 73.38%, 70.59%, 77.67%, and 74.39% from 2022 to the first half of 2025, outperforming the average of comparable companies [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the construction of a drug early research service platform, antibody drug research and evaluation projects, and preclinical research projects, which are expected to enhance its core competitiveness and solidify its industry position [30][31].