百奥赛图-B(02315)涨超12%，高见35.86港元创新高。截至发稿，涨12.52%，报35.76港元，成交额 1169.62万港元。 消息面上，百奥赛图今早发布公告称，经上海证券交易所审核同意，百奥赛图(北京)医药科技股份有限 公司发行的人民币普通股股票将于2025年12月10日在上海证券交易所科创板上市。华福证券此前研报指 出，公司千鼠万抗开始兑现，抗体授权驱动业绩爆发。考虑公司业务的高成长性及高壁垒，临床前动物 及药理药效评价基本盘稳固，抗体开发业务已逐步进入业绩兑现期，叠加潜在的新药管线具有潜力，首 予"买入"评级。 ...

智通财经APP获悉，百奥赛图-B(02315)涨超12%，高见35.86港元创新高。截至发稿，涨12.52%，报 35.76港元，成交额1169.62万港元。 消息面上，百奥赛图今早发布公告称，经上海证券交易所审核同意，百奥赛图(北京)医药科技股份有限 公司发行的人民币普通股股票将于2025年12月10日在上海证券交易所科创板上市。华福证券此前研报指 出，公司千鼠万抗开始兑现，抗体授权驱动业绩爆发。考虑公司业务的高成长性及高壁垒，临床前动物 及药理药效评价基本盘稳固，抗体开发业务已逐步进入业绩兑现期，叠加潜在的新药管线具有潜力，首 予"买入"评级。 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has finally received the opportunity for its IPO review after over two years of waiting on the Sci-Tech Innovation Board, with the Shanghai Stock Exchange's listing review committee scheduled to meet on September 24, 2025, to discuss the company's initial public offering [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company that provides various innovative model animals and preclinical drug development services based on its self-developed gene editing technology [1] - The company utilizes its proprietary RenMice fully human antibody mouse platform for large-scale drug discovery and development targeting nearly a thousand potential drug targets, referred to as the "Thousand Mice Ten Thousand Antibodies" initiative [1] IPO Process and Financial Performance - Baiaosaitu was listed on the Hong Kong Stock Exchange under Rule 18A in 2022 and had its Sci-Tech Innovation Board IPO accepted on June 20, 2023, entering the inquiry stage on July 18, 2023, after undergoing two rounds of inquiries [3] - The company reported revenues of approximately 534 million yuan, 717 million yuan, and 980 million yuan for the years 2022 to 2024, with corresponding net profits of approximately -602 million yuan, -383 million yuan, and 33.54 million yuan [4] - In the first half of this year, Baiaosaitu achieved revenue of 621 million yuan, a year-on-year increase of 51.27%, and a net profit of approximately 47.99 million yuan, marking a turnaround from losses [4] Business Model and Collaborations - The "Thousand Mice Ten Thousand Antibodies" initiative has generated significant commercial interest, with the company forming partnerships with numerous well-known pharmaceutical companies, including Merck, Gilead, and Neurocrine, among others [3] - The company has established a stable core management and R&D team, with core business areas showing growth and R&D investments maintained at reasonable levels, indicating an expected gradual enhancement in profitability [5] Fundraising and Strategic Direction - Baiaosaitu has reduced its initial fundraising target from 1.893 billion yuan to 1.185 billion yuan, with the funds aimed at early drug development service platform construction, antibody drug research and evaluation projects, and working capital [5][6] - The company emphasizes that the reduction in fundraising scale will not alter its strategic direction, as core fundraising projects will still focus on its main business and technology platform [6]

Summary of the Conference Call for Heber Pharmaceuticals Company Overview - Heber Pharmaceuticals is leveraging the capabilities of Nona Biotech for hematopoietic development and business development (BD) collaborations, entering a harvest period in 2025 with significant highlights including licensing agreements and high-quality transactions with companies like Winword and AZ [2][5] Financial Performance - In the first half of the year, Heber Pharmaceuticals achieved a net profit of 500 million RMB, maintaining positive profitability since 2023 [2][5] Strategic Partnerships - AstraZeneca (AZ) has strategically invested 9% in Heber Pharmaceuticals, becoming the largest shareholder, which optimizes the company's equity structure and supports long-term stable development [2][6] - Heber has established collaborations with major multinational companies such as AZ and Pfizer, showcasing its platform's efficient conversion capabilities [4][13] Core Technology and Product Pipeline - The core technology of Heber Pharmaceuticals is based on the Hubermix platform, which allows for the development of complex molecules with low immunogenicity and effective penetration through complex barriers. Only three companies globally possess similar platforms [2][7] - The self-immune pipeline is a key development direction, with the FCRN target having submitted a New Drug Application (NDA), expected to be approved in the second half of this year or early next year, marking the company's first commercial product [2][10] Clinical Trials and Product Development - The TSLP target product 9,378 has initiated the first administration for asthma indications overseas, being the first long-acting TSLP target in clinical trials for asthma globally, with a dosing interval of 3 to 6 months [2][12] - Heber's oncology pipeline is rich, including multiple targets such as CTIL-4, B7H7, and CCR8, with data readouts expected for the 18.2CD3 TCE project in the second half of next year [2][13] Business Development Achievements - Nona Biotech has successfully delivered 17 projects in collaboration with well-known pharmaceutical companies, contributing to Heber's high-quality molecule production [3][15] - Heber's business development performance is notable, with 17 transactions completed, totaling 10 billion USD, which will significantly contribute to future commercialization and financial statements [4][5] Management and Governance - The management team, led by founder Wang Jinsong, possesses extensive industry experience, contributing to an efficient and professional organizational structure [6] - Wang Jinsong holds approximately 8-9% of the shares, providing stability for the company's long-term development [6] Legal and Patent Issues - Heber's subsidiary in Anqing is currently involved in a patent infringement lawsuit in the U.S. concerning 600 infringement cases, following a 2.5 billion USD investment in 2021 [8] Future Outlook - Heber Pharmaceuticals is expected to reach a revenue peak of 500 to 1 billion USD, with ongoing pipeline development and delivery expected to maintain high research and development efficiency [17] - The platform's value and business development capabilities are highly anticipated, with future data readouts expected to validate the clinical benefits of the platform products [18][19]