Group 1 - The core issue in the pharmaceutical industry is the increasing cost of innovative drugs while the success rate of new drug development is declining, referred to as the "anti-Moore's Law" [1] - Chinese biotech companies have significantly increased their presence in global innovative drug business development (BD), accounting for over 40% of major deals in the first half of 2025, up from less than 5% four years ago [2] - The urgency for multinational pharmaceutical companies to collaborate with Chinese firms is driven by an impending patent expiration wave, necessitating new molecules to fill their pipelines [2] Group 2 - Baiyoutai has distinguished itself by building a platform rather than relying on a few blockbuster drugs, enhancing preclinical research efficiency from five to six years to just 12-18 months [3] - The company has signed over 280 collaboration agreements in a few years, capitalizing on its antibody library and addressing the challenges of international expansion [3] - The next two decades are expected to be the era of "antibody+" innovations, with Baiyoutai exploring new combinations such as antibody with nucleic acid delivery systems [4] Group 3 - Baiyoutai is likened to the "TSMC of the innovative drug industry," focusing on foundational technologies that empower others to create significant therapeutic breakthroughs [5] - The company is also described as an "antibody supermarket," providing a diverse range of molecules to meet client needs [5] - The efficiency challenges in innovative drug development may find solutions through Baiyoutai's unique offerings, such as its humanized mouse models and comprehensive human antibody libraries [6]