作为生物医药领域的明星企业，从港股转战科创板的百奥赛图，在正式上市前就颇受市场青睐。数据显示，百奥赛图科创板IPO网上初步超额认购约5383 倍，最终中签率只有0.028%，这个成绩超过今年大多数的科创板新秀，也刷新了同行们在数年前的IPO热潮中留下的数字。 辗转3年多，今日，百奥赛图终于登陆上交所科创板。至此，被业界戏称为"鼠王三巨头"的3家国内头部模式动物企业，齐聚科创板。 相比4年前在港交所的亮相，这一次，百奥赛图交出了一份更成熟的答卷。截至发稿，百奥赛图的首日涨幅一度冲高到157.87%。 从模式小鼠到分子超市 配售火爆的背后，是百奥赛图在医药行业新周期中的艰难转型，和由此带来的长期盈利的微光。 大多数人认识百奥赛图，是作为国内首屈一指的模式动物供应商。2021年前后，药物临床前研究用的实验小鼠突然变得奇货可居，带动百奥赛图和另外两 家供应商集萃药康、南模生物一起出圈。至今，对外出售靶点人源化的模式小鼠，仍然是百奥赛图最主要的收入来源。不过，随着深耕多年的抗体筛选平 台逐步成型，百奥赛图已经不再是单纯的动物模型服务商。 成立于2009年的百奥赛图，定位于临床前CRO以及生物技术企业。在招股说明书中，百 ...

澳大利亚著名投资机构Simply Wall St发布报告指，和铂医药的收益在过去一年里飙升了243%，超过了 整个行业4.1%的平均增速。尽管盈利表现令人印象深刻，但其23倍的市盈率仍低于生物科技行业52倍 的平均水平，未来增长潜力巨大。该公司近期通过配股筹集了5.17亿港元的资金，并回购了1.21亿港元 的股票。截至2025年6月，和铂医药的股东权益为正数，自由现金流为4900万美元，公司已准备好继续 保持财务稳定。 和铂医药此前公布的中期业绩显示，截至2025年6月30日，上半年总收入约7.25亿元，同比增长327%； 盈利约5.23亿元，同比增长51倍。基于创新产品的对外授权与合作，为公司的收入增长做出了重要贡 献，并逐步成为公司的常态化收入来源。依托行业领先的Harbour Mice®技术平台及由其延展的2.0版本 技术平台体系，和铂医药已建立了强大的全球合作生态，成为全球抗体药物开发的"新基建"。 ...

Core Viewpoint - The article highlights the systematic policy support for innovative drugs in China, emphasizing the role of companies like Baiaosaitu in driving global innovation through their RenMice platform [1][12]. Group 1: Policy Support for Innovative Drugs - The National Healthcare Security Administration and the National Health Commission have jointly released measures to support the high-quality development of innovative drugs, focusing on real-world data, dynamic adjustment of medical insurance catalogs, and commercial health insurance [1]. - The policy aims to make innovative drugs more accessible and affordable through optimized payment systems and mechanisms [1]. Group 2: Baiaosaitu's RenMice Platform - Baiaosaitu has developed the RenMice platform, which includes various technologies such as RenMab, RenLite, RenNano, and RenTCR, covering all necessary tools for next-generation antibody drug development [3]. - The platform's originality lies in its ability to produce fully human antibodies directly from engineered mice, significantly reducing time and costs while avoiding immunogenic risks [3]. - The RenMice platform has secured patents in over ten countries, establishing a comprehensive international intellectual property layout, which enhances the marketability of its antibody products [4]. Group 3: Clinical Applications and Collaborations - Baiaosaitu has signed over 200 drug cooperation agreements, with more than 50 projects entering IND and clinical stages, showcasing the platform's practical value [6]. - Notable projects include NTB003, a second-generation fully human antibody targeting IGF-1R, and several dual-antibody ADC projects that have received IND approvals from regulatory bodies [6][7]. - The company acts not only as an antibody provider but also as a drug design partner, enhancing the efficiency and success rate of projects moving from early research to clinical trials [7]. Group 4: Expansion of Technology and Future Potential - Baiaosaitu is expanding its technology beyond traditional antibody platforms to include novel therapeutic areas such as nanobodies and TCR-based therapies, indicating a broader scope for drug discovery [9]. - The RenTCR-mimic platform opens new target spaces for antibody recognition of intracellular antigens, potentially addressing previously "undruggable" targets [9]. - The company's approach to solving complex system issues positions it as a comprehensive solution provider in drug discovery, moving beyond being merely a tool provider [9]. Group 5: Long-term Value and Market Position - Baiaosaitu exemplifies a "long-term compounding" success model in the Chinese innovative drug sector, focusing on platform stickiness, intellectual property strength, and international commercial viability [11][12]. - The company's ongoing efforts in antibody development and collaboration are shaping the future landscape of new drug ecosystems in China, raising the question of whether more global drugs will be "Made by China" [12].