科创板IPO排队超两年，百奥赛图（北京）医药科技股份有限公司（以下简称"百奥赛图"）终于迎来了上会机会，上交所上市审核委员会 定于9月24日召开2025年第38次上市审核委员会审议会议，审议百奥赛图的首发事项。 招股书显示，百奥赛图成立于2009年，是一家临床前CRO以及生物技术企业。公司基于自主开发的基因编辑技术提供各类创新模式动物以 及临床前阶段的医药研发服务，并利用其自主开发的RenMice全人抗体小鼠平台，针对人体内近千个潜在药物靶点进行规模化药物发现与 开发（以下简称"千鼠万抗"），并将有潜力的抗体分子对外转让、授权或合作开发。 百奥赛图方面向北京商报记者表示，"千鼠万抗"计划自2020年启动，已实现阶段性成果。针对千余个靶点形成了近百万个抗体结合表位的 分子序列"货架"。商业化模式包括抗体分子序列授权/转让、合作开发，以及RenMice小鼠对外授权和抗体制备服务，公司可获取首付款、 里程碑付款及销售分成。目前，公司已与德国默克、吉利德、IDEAYA、Neurocrine、翰森制药、华润生物、荣昌生物、ADC Therapeutics 等数十家国内外知名药企达成合作。这表明"千鼠万抗"已成为公司对外 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth with a year-on-year increase of 10.11% in H1 2025, achieving revenue of 375 million yuan. However, the net profit attributable to the parent company decreased by 7.12% year-on-year to 70.91 million yuan [4] - The company is actively developing high-value mouse strains and expanding its international presence, with production capacity in both domestic and overseas markets being ramped up [5][6] - The financial forecasts for 2025-2027 have been adjusted, with expected net profits of 133 million yuan, 162 million yuan, and 193 million yuan respectively, reflecting a positive outlook due to the company's strategic initiatives [4] Financial Performance Summary - In H1 2025, the company reported a revenue of 375 million yuan, with a year-on-year growth of 10.11%. The net profit attributable to the parent company was 70.91 million yuan, down 7.12% year-on-year. The non-recurring net profit was 62.93 million yuan, up 14.75% year-on-year [4] - For Q2 2025, the company achieved a revenue of 204 million yuan, representing a year-on-year increase of 11.27% and a quarter-on-quarter increase of 19.37%. The net profit attributable to the parent company was 40.93 million yuan, down 12.66% year-on-year but up 36.51% quarter-on-quarter [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.32 yuan, 0.40 yuan, and 0.47 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 56.1, 46.0, and 38.7 [4][7] Strategic Developments - The company has established a comprehensive portfolio of over 21,000 mouse strains, including 100 wild-type strains and 700 drug screening strains, with plans to complete the development of approximately 200 wild-type strains by the end of 2025 [5] - The domestic production capacity has reached approximately 280,000 cages, with utilization rates gradually increasing to full capacity. The new headquarters in San Diego, USA, has been operational since June 2025, integrating R&D, production, and experimental functions [5] - The business development (BD) team has expanded to nearly 120 members, serving around 2,100 clients, with significant growth in the overseas market, generating revenue of 67.12 million yuan in H1 2025 [6]

Group 1 - The market saw a total of 31 stocks hitting the daily limit up, with a success rate of 63% for limit up attempts [1] - Xizang Tourism became a market focus, achieving a consecutive limit up for 7 trading days, making it a representative high-limit stock [1] - Innovative drug concept stocks showed strong performance, with Apac Pharmaceutical achieving 5 limit ups in 10 trading days due to improved earnings expectations from a subsidiary sale [1] Group 2 - The overall market performance indicated a slight decline in the Shanghai Composite Index by 0.08% and Shenzhen Component Index by 0.04%, while the ChiNext Index rose by 0.92% [1] - The total trading volume in the three major markets reached 11,460.26 billion yuan, with 3,901 stocks declining and 1,468 stocks rising [1] - The chemical pharmaceutical sector attracted the highest net inflow of funds at 1.568 billion yuan, followed by the biopharmaceutical sector with 1.245 billion yuan [1] Group 3 - Other stocks that hit the limit up included Xingfu Blue Ocean, Kejingyuan, and Haichang New Materials, with some ChiNext stocks achieving a 20% limit up, indicating strong market enthusiasm for related concepts [2] - Medical research outsourcing institutions (CRO) and contract development manufacturing organizations (CDMO) were among the top-performing sectors, along with FPGA chips and CXO medical outsourcing [2]

Core Insights - The company reported a revenue of 687 million yuan for 2024, representing a year-over-year increase of 10.39%, but the net profit attributable to shareholders decreased by 30.89% to 110 million yuan [1] - For Q1 2025, the company achieved a revenue of 171 million yuan, up 8.76% year-over-year, with a net profit of 30 million yuan, reflecting a slight increase of 1.7% [1] Revenue Breakdown - The revenue from the commercialization of mouse models was 400 million yuan, up 9.0% year-over-year; functional efficacy revenue was 150 million yuan, up 14.6%; custom breeding revenue was 85 million yuan, up 8.0%; and model customization revenue was 34 million yuan, down 3.4% [2] - The overall gross margin for the main business in 2024 was 62.0%, a decrease of 5.6 percentage points from 2023 [2] Regional Performance - Domestic revenue reached 572 million yuan in 2024, with a gross margin of 59.4%, reflecting an 8.3% year-over-year increase [3] - The company expanded its overseas market, generating 114 million yuan in revenue, a 22.5% year-over-year increase, with a gross margin of 75.3%, outperforming domestic business [3] - The overall sales expense ratio increased by 2.39 percentage points to 15.60%, impacting net profit, although the sales net profit margin improved in Q1 2025 to 17.55%, up 1.56 percentage points from 2024 [3] Global Capacity Planning - By the end of 2024, the company had seven major bases in China with a total capacity of approximately 280,000 cages, achieving full coverage [4] - New production capacity of 80,000 cages in Shanghai, Beijing, and Guangdong was nearly fully utilized [4] - The company plans to enhance its overseas presence by seeking suitable areas in Europe for animal facility leasing, in addition to its existing facility in San Diego, USA [4] - The company has established sales in over 20 countries and collaborated with eight of the top ten global pharmaceutical companies, while also adding over 200 research users and 600 industrial clients domestically, and 80 research users and 90 industrial clients overseas [4] Profit Forecast and Valuation - Due to weak global biopharmaceutical R&D investment and increased overseas expenditures, the EPS forecasts for 2025 and 2026 have been revised down to 0.34 yuan and 0.40 yuan, respectively, representing reductions of 48% and 50% [4] - An additional EPS forecast for 2027 is set at 0.47 yuan, with corresponding PE ratios of 33, 28, and 24 for 2025-2027 [4] - Given the significant stock price correction and the current low valuation, along with steady progress in overseas business, the company maintains a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term profit pressure, but its overseas business continues to maintain high growth [7] - Revenue for 2024 is projected at 6.87 billion yuan, reflecting a year-on-year growth of 10.39%, while net profit is expected to decline by 30.89% to 1.10 billion yuan [7] - The company has a strong growth potential due to its comprehensive mouse model offerings and successful overseas market expansion [7] Financial Summary - Total revenue forecast for 2023A is 622.19 million yuan, with a projected increase to 686.84 million yuan in 2024A and 814.88 million yuan in 2025E, representing growth rates of 20.45%, 10.39%, and 18.64% respectively [1] - The net profit for 2023A is 158.91 million yuan, expected to decrease to 109.82 million yuan in 2024A, but is projected to recover to 132.74 million yuan in 2025E [1] - The latest diluted EPS is forecasted to be 0.39 yuan for 2023A, decreasing to 0.27 yuan in 2024A, and then gradually increasing to 0.48 yuan by 2027E [1] Business Performance - The company achieved a revenue of 4.0 billion yuan from commercialized mouse models in FY24, with a growth of 9.0%, and 1.5 billion yuan from functional efficacy, growing by 14.6% [7] - Overseas revenue reached 1.14 billion yuan, marking a 22.5% increase, while domestic revenue was 5.72 billion yuan, up by 8.3% [7] - The gross profit margin for 2024 is reported at 61.99%, a decrease of 5.62 percentage points compared to the previous year [7] Growth Drivers - The company has completed its domestic facility layout with approximately 280,000 cages, which is expected to enhance profitability as it transitions to gene-edited mouse business [7] - The overseas market is anticipated to continue its high growth trajectory, supported by a skilled engineering workforce and newly established production capacity [7] - The company is actively expanding its product offerings, including wild-type mice and humanized antibody transgenic models, to capture additional market demand [7]