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 - Baiaosaitu-B (02315) has seen a significant increase in stock price, reaching a new high of 37.28 HKD, following its inclusion in the Hong Kong Stock Connect program effective December 24, 2025, marking a key milestone in its capital market development [1] Group 1: Stock Performance - Baiaosaitu-B's stock rose over 6% in early trading, peaking at 37.28 HKD, and is currently trading at 37.18 HKD with a transaction volume of 78.79 million HKD [1] Group 2: Market Developments - The inclusion in the Hong Kong Stock Connect is seen as a significant achievement for Baiaosaitu, enhancing its capital accessibility, market recognition, and long-term investment value [1] Group 3: Analyst Insights - Galaxy Securities reports that Baiaosaitu's performance is expected to improve significantly as its key project, the "Thousand Mice and Ten Thousand Antibodies" initiative, enters a realization phase [1] - The report highlights that the dual listing on A-share and H-share markets provides better liquidity in A-shares, while the Hong Kong market, being the initial listing platform, shows significant valuation discounts and high safety margins [1]

Core Viewpoint - Baiaosaitu-B (02315) has seen a significant increase in stock price, reaching a new high of 37.28 HKD, following its inclusion in the Hong Kong Stock Connect program effective December 24, 2025, marking a key milestone in its capital market development [1][1][1] Group 1: Stock Performance - Baiaosaitu-B's stock rose over 6% in early trading, reaching a peak of 37.28 HKD and currently trading at 37.18 HKD with a transaction volume of 78.79 million HKD [1][1][1] Group 2: Market Announcement - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced the inclusion of Baiaosaitu in the Hong Kong Stock Connect, effective December 24, 2025 [1][1][1] Group 3: Company Milestones - The successful inclusion in the Hong Kong Stock Connect is viewed as a significant milestone for the company, enhancing its capital accessibility, market recognition, and long-term investment value [1][1][1] Group 4: Analyst Insights - Galaxy Securities reported that Baiaosaitu's core technology is based on gene editing, and with the company's major investment plan entering a realization phase, significant growth in performance is anticipated [1][1][1] - The report highlights that after the company's listing on the Sci-Tech Innovation Board, it has established an A+H dual capital layout, with better liquidity in A-shares [1][1][1] - The report also notes that the Hong Kong market, as an initial listing platform, has a significant valuation discount, indicating a high margin of safety [1][1][1]

（图片来源：摄图网） 中国人爱吃鱼，然而吃鱼最怕鱼刺卡在喉咙了，且相较于西方国家，中国人吃鱼时鱼刺卡喉的发生率明显更 高，尤其在春节期间，这一现象更为突出。2023年除夕夜，杭州某医院一晚就接诊了20例鱼刺卡喉的患者， 医生们忙得"拔到手软"。 长久以来，为了规避鱼刺风险，有人选择改吃海鱼排，可这或多或少牺牲了部分对传统鱼肉美味的追求。难 道就不能既享受鲜美的鱼肉，又摆脱鱼刺的困扰吗？近日，中国科学院水生生物研究所传来喜讯，他们通过 基因编辑技术，成功培育出无肌间刺的鲫鱼——无肌间刺异育银鲫新品系"中科6号"， 新品系鲫鱼完全去除 了令消费者困扰的小刺，让"鱼与熊掌兼得"成为现实。 "中科6号"的诞生，堪称一场针对鱼刺问题的精准手术。科研人员运用基因编辑技术，直接剔除了鱼体内那 些细碎难处理的肌间小刺。不仅如此，还通过生殖调控实现了育性可控，让新品系鲫鱼天生不育，有效避免 了转基因鱼类在自然环境中扩散的风险，解决了转基因生物商业化应用中常见的生态安全顾虑，为大规模推 广扫清了关键障碍。从源头上消灭鱼刺隐患成为可能。 "中科6号"带来的惊喜远不止于此。在多项生产性能上，它均有显著提升。生长速度加快约25%，这意 ...

新华社电 记者从中国药科大学获悉，该校多靶标天然药物全国重点实验室肖易倍教授团队近日揭示了 细菌通过代谢抵抗噬菌体感染的免疫新机制，为今后开发相关药物提供了思路。 肖易倍介绍，噬菌体是一类专门感染细菌的病毒。近年来，国内外研究发现，作为一种单细胞生物，细 菌竟能够抑制噬菌体的感染和传播。"以往科学界认为，只有人类这样的高级动物才拥有免疫系统，细 菌抗病毒的机制和免疫系统很像，因此被称为'细菌免疫'。" 团队成员、中国药科大学药学院副教授陈美容告诉记者，此次研究成果基于CRISPR-Cas系统，基因编 辑技术就来自CRISPR-Cas系统的一个分型，该技术就像剪刀，能够将遗传物质从特定位置切断。 转自：贵州日报 "此前有研究显示，细菌被噬菌体侵染后，会激活体内的Ⅲ型CRISPR-Cas系统，通过切割噬菌体的遗传 物质，干扰其复制。"陈美容介绍，团队历经两年多研究，发现了另一种基于ATP代谢的免疫新机制。 "这是一招'釜底抽薪'，也就是把细菌体内的能量因子ATP消耗殆尽。"中国药科大学生命科学与技术学 院副教授陆美玲说，"生命活动需要能量，这种新机制把ATP代谢为具有毒性的ITP。噬菌体缺少足够能 量进行自我复制 ...

文 | 魏文胜 日前通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》中明确提到，要支持创 新药和医疗器械发展。 近期，中国创新药持续成为资本市场关注的焦点：多家企业和科研团队在前沿领域展现出令人瞩目的自 主研发能力，并通过专利授权（License-out）向全球输出创新成果。 事实上，中国医药创新的能力并非一蹴而就，而是在长期积淀中逐渐生长。如今的星星之火，折射出我 国正从"快速追随者"（Fast Follower）向"首创创新者"（First-in-Class）稳步迈进。 生物科技和AI技术叠加助推 以我长期从事的基因编辑研究为例，基因编辑不仅是探索疾病治疗的重要途径，更是一项具有颠覆性意 义的底层技术，正在重新定义我们理解疾病、干预疾病的方式。 所有生物体，包括人类，都是由一套底层"代码" 驱动的，4种碱基在基因组中的排列组合决定了我们的 生理状态和病理特征。每个细胞都携带同样的"代码本"， 但不同细胞根据环境和调控机制差异，会产 生不同的表达模式。一旦这套底层代码出现问题，人体系统便像软件出现"BUG"，轻则影响功能，重则 危及生命，很多遗传性疾病的病因都可以这样简单理解。 基因编辑技 ...

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 ...

"创业17年来，我们先闯进模式动物领域，再进入CRO领域，后来又建立了抗体药物研发团队。这么多 年下来，也算找到了自己的一套方法论。"百奥赛图董事长沈月雷说。 P y e . 9 从单抗到双抗，再到ADC药物、CAR-T……伴随着创新药行业的蓬勃发展，平台型生物技术公司随之 踏上发展的快车道，百奥赛图便是其中之一。 "创业17年来，我们先闯进模式动物领域，再进入CRO领域，后来又建立了抗体药物研发团队。这么多 年下来，也算找到了自己的一套方法论。"百奥赛图董事长沈月雷说。 沈月雷对百奥赛图的定位，是以创新技术驱动新药研发的国际性生物技术公司。自成立以来，公司先后 完成两次转型升级，从最初的基因打靶服务商转型发展为产品驱动型的生物技术公司。如今，公司已成 为新药研发领域的"黑马"。 12月10日，百奥赛图登陆科创板，于沈月雷而言，这一刻是创业长跑的重要里程碑。"既激动又骄傲， 就像看着培养了17年的孩子迎来成人礼，即将独立闯荡世界。"他表示，公司将继续坚守"专注技术创 新，持续新药产出，守护人类健康"的发展使命，全力推进全人抗体库及靶点人源化小鼠库业务线，不 断提升核心竞争力。 小鼠也有大生意 沈月雷的创业历程 ...

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 ...

Core Viewpoint - The article highlights the rapid growth and transformation of Baiaosaitu, a biotechnology company, which has evolved from a gene-targeting service provider to a product-driven entity in the innovative drug development sector, emphasizing its commitment to technological innovation and human health [2][3]. Company Development - Baiaosaitu has undergone two major transformations since its inception, moving from a gene-targeting service provider to a biotechnology company focused on product development [2]. - The company was founded in 2008 by Shen Yulei, who was inspired by his academic background in immunology and gene editing technology [3]. - In 2015, the company shifted its strategy from CRO to a "CRO + product" model, focusing on the sale of model animals and the development of a comprehensive human antibody platform [3][4]. Financial Performance - In 2024, Baiaosaitu achieved a revenue of 980 million yuan, representing a year-on-year growth of 36.76%, and a net profit of 33.54 million yuan, marking a successful turnaround [6]. - Currently, 70% to 80% of the company's revenue comes from product sales, contrasting sharply with traditional CRO companies where service revenue dominates [5]. Business Strategy - The company has developed a dual business model with two core business lines: the humanized mouse model business and the human antibody business, which are expected to drive growth synergistically [6][7]. - The humanized mouse model business has maintained an annual growth rate of 30% to 40%, while the human antibody business is entering a rapid growth phase due to the maturity of the "Thousand Mice, Ten Thousand Antibodies" platform [7]. Global Expansion - Baiaosaitu has established a significant global presence, with approximately 70% of its revenue coming from overseas markets and partnerships with major pharmaceutical companies [8]. - The company aims to become a "global source of new drugs," focusing on enhancing its brand and expanding its antibody library to support drug development [9]. Future Outlook - The listing on the Sci-Tech Innovation Board is seen as a crucial step in Baiaosaitu's global strategy, with plans to continue investing in innovative animal models and expanding its antibody library [9].