Core Viewpoint - Bai'ao Saitou (Beijing) Pharmaceutical Technology Co., Ltd. is planning to raise approximately 1.18 billion yuan through its initial public offering (IPO) on the Sci-Tech Innovation Board, with the funds allocated for various drug development projects and working capital [2]. Group 1: Company Overview - Bai'ao Saitou was established in 2009 and operates as a preclinical Contract Research Organization (CRO) and biotechnology company [2]. - As of the signing date of the prospectus, the company is jointly controlled by Shen Yulei and Ni Jian, who hold a combined 26.8665% voting rights and are husband and wife [2]. Group 2: IPO Details - The company plans to issue 47.5 million new shares at an offering price of 26.68 yuan per share, aiming to raise a total of approximately 1.27 billion yuan [2]. - After deducting estimated issuance costs of about 122.95 million yuan (excluding tax), the net proceeds from the IPO are expected to be around 1.14 billion yuan [2]. - The funds will be used for the construction of a drug early-stage research and development service platform, antibody drug research and evaluation projects, preclinical research projects, and to supplement working capital [2].

Group 1 - The core point of the article is the announcement of a new IPO application for the company Bai Ao Sai Tu, which is a preclinical CRO and biotechnology firm [1] - There are no new stock listings today, indicating a focus solely on the IPO application [1] - Bai Ao Sai Tu operates within the clinical research organization (CRO) sector, which is critical for supporting biotechnology and pharmaceutical companies [1]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is focused on innovative drug development and aims to enhance its capabilities through an IPO on the Sci-Tech Innovation Board, raising approximately 1.185 billion RMB for various projects [9][10][35]. Company Overview - Baiaosaitu is an innovative preclinical CRO and biotechnology company established in 2009, specializing in gene editing technology and providing various preclinical drug development services [12]. - The company has developed four major technology platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [7][12]. Business Model and Services - The company addresses two core challenges in antibody drug development: obtaining high-quality antibody molecules and the lack of precise evaluation models [8]. - Baiaosaitu has created a comprehensive human antibody library and a humanized mouse library, enabling the discovery of antibody candidates against over 1,000 potential drug targets [8][16]. - The company has established partnerships with top global pharmaceutical companies, enhancing its credibility and accelerating its international business expansion [8][14]. Financial Overview - The company expects to raise 1.185 billion RMB through its IPO, which will be used for upgrading early drug development service platforms, antibody drug research, and enhancing preclinical research projects [9][35]. - The company's main business revenue has shown a compound annual growth rate of 35.56% over the past three years, with revenues of approximately 533.36 million RMB, 716.40 million RMB, and 980.07 million RMB in recent years [22]. Future Development Plans - The company plans to continue promoting its "Thousand Mice and Ten Thousand Antibodies" initiative, aiming to discover novel antibody candidates for external collaboration or internal development [24]. - Baiaosaitu intends to expand its preclinical product and service offerings, particularly in oncology, autoimmune diseases, cardiovascular, metabolic, and neurological disorders [24][25]. - The company aims to establish extensive partnerships with leading pharmaceutical and biotechnology companies both domestically and internationally [25]. Competitive Advantages - The company possesses leading gene editing technology, a comprehensive range of model animals, and a significant first-mover advantage in antibody development [27]. - The unique "Thousand Mice and Ten Thousand Antibodies" plan provides flexibility in research, collaboration, and business models, enhancing its competitive edge [27]. Regulatory and Market Position - Baiaosaitu has received AAALAC certification, ensuring compliance with international standards for laboratory animal care [20]. - The company meets the listing standards for the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion RMB and recent annual revenue exceeding 300 million RMB [32].

据京沪深交易所披露，上周（11月17日-11月21日）5家企业上会，新增2家新受理企业；5家提交IPO注 册申请，2家IPO注册获通过，4只新股上市。 振石股份主要从事清洁能源领域纤维增强材料的研发、生产及销售，主要产品包括清洁能源功能材料及 其他纤维增强材料。报告期内，振石股份关联采购占比较高，公司向第一大供应商中国巨石采购玻璃纤 维等的金额占营业成本的比例约6成，同时公司与中国巨石还存在采购电力、关联销售、关联租赁等一 般关联交易。 一、IPO审核与注册进展 审5过5，振石股份拟募资近40亿元 上周，5家IPO首发上会获通过。其中，振石股份拟登陆沪市主板，易思维拟登陆科创板，爱得科技、 通领科技、兢强科技拟在北交所上市。 审议会议现场，上市委重点问询该事项，要求公司结合向中国巨石采购玻璃纤维的定价依据、决策程 序、向第三方采购价格、中国巨石向第三方销售价格等，说明其与中国巨石关联交易的公允性；结合关 联方采购价格、采购比例、原材料客户认证要求等，说明公司是否存在对中国巨石的重大依赖。 此次IPO，振石股份计划募集资金39.81亿元，分别投向玻璃纤维制品生产基地建设项目、复合材料生产 基地建设项目、西班牙生 ...

Investment Rating - The investment rating for the company is positioned in the mid-to-lower range, with an AHP score of 2.38, placing it in the 38.9% percentile of the overall score [2][5]. Core Insights - The company, Baiaosaitu, is a leading preclinical CRO and biotechnology firm, focusing on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development. The gene editing technology is a significant foundation for its business, having developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [2][12]. - The company has expanded its business into innovative model animal sales, having developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice. The establishment of a production center compliant with AAALAC international standards supports large-scale breeding and supply of model animals [12][30]. - The company has established a comprehensive pharmacology and efficacy evaluation system, serving approximately 950 partners globally and completing over 6,350 drug evaluation projects. It has collaborations with 9 of the top 10 global pharmaceutical companies in the pharmacology and efficacy sector [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Baiaosaitu is 2.38, indicating a mid-to-lower performance level in the AHP model [5][6]. Company Fundamentals and Highlights - Baiaosaitu has built platforms for gene editing, model animal breeding, preclinical pharmacology evaluation, and antibody drug development, evolving from a single-service biotechnology company to a leading biopharmaceutical enterprise [6][12]. - The company’s revenue composition shows that model animal sales accounted for approximately 44% of total revenue in the first half of 2025, followed by antibody development and preclinical pharmacology services [7][8]. Financial Comparison with Peers - From 2022 to the first half of 2025, Baiaosaitu's revenue was lower than that of comparable companies, with revenues of 5.34, 7.17, 9.80, and 6.21 billion yuan respectively. However, the net profit turned positive in 2024, with a net profit margin that improved over time [22][24]. - The company’s gross margin was relatively high, with figures of 73.38%, 70.59%, 77.67%, and 74.39% from 2022 to the first half of 2025, outperforming the average of comparable companies [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the construction of a drug early research service platform, antibody drug research and evaluation projects, and preclinical research projects, which are expected to enhance its core competitiveness and solidify its industry position [30][31].

Investment Rating - The report assigns a rating of "Subscribe" for the company, with an AHP score of 2.38, placing it in the 38.9% percentile of the AHP model [7][8]. Core Insights - The company, BaiAoSaiTu, is positioned as a leading preclinical CRO and biotechnology firm, with a focus on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development [8][9]. - The company has developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [13][14]. - BaiAoSaiTu has established a comprehensive preclinical pharmacology and efficacy evaluation system, collaborating with nine of the top ten global pharmaceutical companies [18][20]. - The company has turned profitable in 2024, with improving profitability metrics and a richer variety of mouse strains compared to peers [26][28]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - BaiAoSaiTu's AHP score is 2.38, indicating a mid-to-low level performance in the AHP model [7][8]. 2. Fundamental Highlights and Features 2.1 Gene Editing Technology and Innovative Model Animal Development - BaiAoSaiTu has built platforms for gene editing and model animal breeding, evolving from a single service provider to a leading biopharmaceutical enterprise [8][9]. - The company has developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice [14][15]. 2.2 Antibody and Drug Collaboration Development - The company has created the RenMice platform, known for its high humanization level, facilitating the discovery and development of diverse antibody molecules [16][17]. - BaiAoSaiTu's "Thousand Mice, Ten Thousand Antibodies" initiative aims to discover antibodies against over 1,000 potential drug targets, enhancing its antibody library [17][18]. 2.3 Expansion of Preclinical Pharmacology and Efficacy Evaluation Services - BaiAoSaiTu has established a robust pharmacology and efficacy evaluation system, serving over 950 partners and completing more than 6,350 drug evaluation projects [20][21]. 3. Comparable Company Financial Metrics 3.1 Diverse Product Involvement and Rich Mouse Strain Resources - BaiAoSaiTu's humanized mouse strains exceed 1,700, compared to its peers, providing a competitive edge in preclinical evaluations [25][24]. 3.2 Revenue and Profitability Comparison - The company's revenue from 2022 to 2025 H1 was lower than peers, but it achieved profitability in 2024, with a compound annual growth rate of 35.52% [26][27]. 3.3 Higher Gross Margin and Net Profitability - BaiAoSaiTu's gross margin from 2022 to 2025 H1 averaged above 70%, with a net profit margin improving to 7.73% in 2025 H1, outperforming comparable drug development companies [28][29]. 3.4 R&D Expense Ratio Comparison - The company's R&D expense ratio was above the industry average in 2022 and 2023, reflecting its commitment to extensive research and development [31][32]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for early drug development service platform construction, antibody drug research and evaluation, and preclinical research projects, enhancing its core competitiveness [34][35].

Group 1: Company Overview - Moer Technology is a leading domestic GPU manufacturer and will become the "first domestic GPU stock" upon listing, with an issue price of 114.28 yuan per share, the highest for new stocks this year [1] - The total share capital after the issuance of Moer Technology will be 470 million shares, with a total market value of 53.7 billion yuan at the time of listing [1] - Baiaosaitu is engaged in preclinical CRO and biotechnology, with four technology platforms for various innovative animal models and drug development services [2][3] Group 2: Financial Performance - Moer Technology has not yet achieved profitability, with projected revenues of 46.0883 million yuan in 2022, increasing to 1.24 billion yuan in 2024, and an expected revenue of 1.218 billion to 1.498 billion yuan in 2025, representing a year-on-year growth of 177.79% to 241.65% [2] - Baiaosaitu's revenues for 2022 to 2024 are projected at 534 million yuan, 717 million yuan, and 980 million yuan, with a net profit of 340 million yuan expected in 2025, marking a year-on-year growth of 303.57% [3] Group 3: Market Position and Competition - Major global players like NVIDIA and AMD dominate the integrated circuit market, while Moer Technology and other Chinese companies are gradually gaining market share in their specialized fields, contributing to the self-sufficiency of China's GPU industry [2] - Moer Technology has launched four generations of GPU architectures since its establishment in 2020, focusing on applications in AI, cloud computing, and personal computing [1]

Group 1 - The domestic gasoline and diesel prices are expected to decrease by 50 yuan per ton due to a change in the average price of crude oil, which is currently at 61.83 USD per barrel with a change rate of -0.97% [1] - MSCI announced the inclusion of 17 new stocks and the removal of 16 stocks from the MSCI China A-share index, effective after the market closes on November 24, 2025 [2] - Huawei is set to hold a product launch event for the Mate 80 series and other products on November 25, 2023, featuring four models: Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS [3] Group 2 - Over 200 billion yuan worth of restricted shares will be unlocked next week, with Southern Airlines leading the list at 56.89 billion yuan, followed by Huadong Holdings at 17.42 billion yuan and Sains at 14.49 billion yuan [5] - The peak of share unlocks will occur on November 24, 2023, with 40 companies having their restricted shares released [5][6][7] Group 3 - Two new stocks are set to be issued next week: Moer Thread on November 24 at an issue price of 114.28 yuan per share, and Bai Ao Sai Tu on November 28 [8][9]

报告期各期，公司主营业务收入分别为5.33亿元、7.16亿元、9.8亿元以及6.21亿元，2022年度至2024年 度年复合增长率为35.56%，公司主营业务收入均直接或间接与公司核心技术相关。 本次发行上市的募集资金扣除发行费用后，将按轻重缓急顺序投资以下项目：药物早期研发服务平台建 设项目、抗体药物研发及评价项目、临床前研发项目以及补充流动资金，募集资金投资额合计11.85亿 元。 截至报告期末，公司累计为客户完成各类定制化基因编辑项目约5,300项，并自主开发出RenMice小鼠平 台以及各类基因编辑动物及细胞系模型超过4,300种，成功将业务领域拓展至创新模式动物对外销售、 临床前药理药效评价服务以及抗体药物合作开发。 公司各类创新模式动物和细胞产品主要包括以免疫检查点及细胞因子/细胞因子受体为代表的靶点人源 化小鼠模型、重度免疫缺陷(B-NDG)小鼠及衍生产品模型、各类自发疾病模型、工具鼠及靶点敲除小鼠 等动物模型，靶点人源化改造的鼠源细胞系以及各类人源细胞系等细胞模型，涵盖肿瘤、自身免疫、代 谢和神经等疾病领域，可满足科研机构、制药企业等在靶点概念验证及机制研究、药物临床前体内外药 理药效筛选等方 ...

本次发行上市的募集资金扣除发行费用后，将按轻重缓急顺序投资以下项目：药物早期研发服务平台建 设项目、抗体药物研发及评价项目、临床前研发项目以及补充流动资金，募集资金投资额合计11.85亿 元。 公司各类创新模式动物和细胞产品主要包括以免疫检查点及细胞因子/细胞因子受体为代表的靶点人源 化小鼠模型、重度免疫缺陷(B-NDG)小鼠及衍生产品模型、各类自发疾病模型、工具鼠及靶点敲除小鼠 等动物模型，靶点人源化改造的鼠源细胞系以及各类人源细胞系等细胞模型，涵盖肿瘤、自身免疫、代 谢和神经等疾病领域，可满足科研机构、制药企业等在靶点概念验证及机制研究、药物临床前体内外药 理药效筛选等方面的需求。 报告期各期，公司主营业务收入分别为5.33亿元、7.16亿元、9.8亿元以及6.21亿元，2022年度至2024年 度年复合增长率为35.56%，公司主营业务收入均直接或间接与公司核心技术相关。 百奥赛图(688796.SH)发布首次公开发行股票并在科创板上市招股意向书，此次首次公开发行股票4750 万股，公开发行股票的比例占本次发行后公司总股本的10.63%。初步询价日期为2025年11月25日，申 购日期为2025年11月 ...