"创新药越来越贵，却越来越难做。" 这是行业里最常听到的一句话。 放眼全球，研发投入一路狂飙，但新药上市的成功率却连年下降——这就是所谓的"反摩尔定律"。钱砸 得越多，药却不一定越快上市。对于跨国药企来说，这是头号难题；对中国Biotech来说，更是生死考 题。 出海浪潮里的中国药企 过去几年，最热的词莫过于 BD（对外授权合作）。 数据显示，2025年上半年，中国药企在全球创新药BD大单里已经占到40%以上。要知道，四年前这个 比例还不到5%。从"陪跑"到"主角"，中国创新药的身份变化几乎是跳跃式的。 当然，中间也有插曲。美国政坛一度传出"要限制中国药企出海"的声音，让市场短暂紧张。但现实是， 跨国药企根本离不开合作。专利到期潮逼近，他们急需新分子填补管线，而中国的药企恰好能提供。 百奥赛图：从"小鼠模型"到"抗体平台" 在这股浪潮里，百奥赛图是一个有点特别的存在。 简单说，以前一个抗体分子从发现到PCC阶段，可能要五六年；而用百奥赛图的平台，12-18个月就能 完成。速度和效率的差距，足够让很多合作方心动。 这也是为什么它能在短短几年里签下280+合作协议：别人还在为怎么"出海"发愁，它已经把抗体库"卖 ...

Group 1 - By May 2025, Chinese biopharmaceutical companies accounted for over 40% of BD transactions with upfront payments exceeding $50 million, a significant increase from less than 5% four years ago, indicating a shift in the global pharmaceutical landscape [1] - Despite recent political tensions, the trend of BD cooperation remains strong as multinational pharmaceutical companies face a "patent cliff" with over $100 billion in sales from blockbuster drugs losing protection in the next five years [1] - Reports from Deloitte and McKinsey highlight declining global R&D efficiency and increasing costs, prompting multinational companies to focus more on the Chinese market for new molecular solutions [1] Group 2 - Chinese pharmaceutical companies, including leading firms and biotech companies, have increasingly turned to licensing innovative drugs as a stable source of income, with significant growth in overseas transaction frequency and amounts [2] - Baiyoutai has signed over 280 drug cooperation/authorization/transfer agreements from 2024 to the first half of 2025, with a 50% year-on-year revenue growth and net profit exceeding the previous year's total [2] Group 3 - Baiyoutai has successfully navigated the "efficiency dilemma" in preclinical research, addressing the "anti-Moore's Law" challenge where R&D investment rises but output efficiency declines [3] - The company has developed over 4,390 gene-edited animal models, including over 1,000 humanized mice, enhancing the accuracy of preclinical drug validation [3] - Baiyoutai's "thousand mice, ten thousand antibodies" platform has reduced early drug discovery cycles from over five years to approximately 12-18 months, significantly improving R&D efficiency and success rates [3] Group 4 - The industry is transitioning into the "antibody+" era, where antibody therapies are combined with various technologies, creating new growth opportunities [4] - Baiyoutai has proactively engaged in this trend, collaborating with Merck to explore nucleic acid delivery systems, indicating a shift beyond traditional antibody applications [4] Group 5 - Baiyoutai's platform value is being further realized through the continuous expansion of its antibody library, covering multiple disease areas, and integrating AI and automated R&D systems to enhance industry efficiency [5] Group 6 - Over the past decade, Chinese innovative drugs have evolved from a catch-up phase to becoming a crucial part of global BD transactions, with companies like Baiyoutai redefining the future of the pharmaceutical industry through "technology platform + global cooperation" models [6] - This trend signifies that China is no longer just a follower but is actively participating in shaping the rules of the future pharmaceutical industry [6]

Core Insights - The Chinese innovative drug sector is rapidly rising, with over 40% of BD transactions from multinational pharmaceutical companies involving Chinese biotech firms as of May 2023, compared to less than 5% four years ago [1] - Despite political tensions, the demand for innovative drugs continues to grow, driven by multinational companies facing patent cliffs and declining R&D efficiency [3][4] - Companies like Baiaosaitou are redefining the globalization path of Chinese innovative drugs, positioning themselves as essential infrastructure for global drug development [1][12] Industry Trends - The current wave of BD collaborations is supported by two main factors: the impending loss of patent protection for over $1 trillion in blockbuster drugs and the need for improved innovation returns [3][4] - Major pharmaceutical companies are increasingly focusing on efficiency and are actively seeking partnerships in China, recognizing the speed and quality of Chinese innovative drugs [7] - The trend of Chinese companies transitioning from "license in" to "license out" signifies a shift towards a new model of drug development, emphasizing platform-based approaches [18] Company Performance - Baiaosaitou achieved profitability in 2024, with further improvements in profit quality in the first half of 2025, demonstrating the sustainability of its innovation capabilities [2] - The company has established over 280 drug collaboration agreements, with a significant increase in new orders, leading to a revenue of 621 million yuan in the first half of 2025, a 51.5% year-on-year increase [8] - Baiaosaitou's unique technology platforms, including gene editing and humanized mouse models, enable it to efficiently support drug discovery and development, significantly shortening the drug development cycle [11][12] Technological Advancements - Baiaosaitou's innovative platforms, such as the RenMab and RenLite, allow for the rapid discovery and development of human antibodies, addressing critical challenges in drug development [11][17] - The integration of AI and automation with its extensive antibody library enhances the efficiency of drug discovery processes, positioning Baiaosaitou as a key player in the global antibody drug development landscape [17] - The company is expanding its capabilities to include diverse therapeutic formats, such as bispecific antibodies and antibody-drug conjugates, to meet evolving market demands [15][17] Future Outlook - The emergence of the "antibody+" era indicates a shift towards more complex therapeutic modalities, providing opportunities for companies like Baiaosaitou to leverage their technological advancements [13][14] - As global collaborations deepen, Baiaosaitou is poised to become an indispensable partner in the antibody drug development process, driving innovation and growth in the industry [12][18] - The ongoing transformation in the Chinese pharmaceutical landscape reflects a broader trend of redefining value chains through technological platforms and global market engagement [18]