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]

Group 1 - The core point of the article is that Bai'ao Saitou (688796.SH) has released its prospectus for an initial public offering (IPO) on the Sci-Tech Innovation Board, planning to issue 47.5 million shares, which will account for 10.63% of the total share capital post-issue [1] - The company was established in 2009 and operates as a preclinical CRO and biotechnology firm, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [1][2] - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 types of gene-edited animals and cell line models, expanding its business into innovative animal sales, preclinical pharmacology evaluation services, and antibody drug collaboration [2] Group 2 - The company's main business revenue for the reporting periods were 533 million yuan, 716 million yuan, 980 million yuan, and 621 million yuan, with a compound annual growth rate of 35.56% from 2022 to 2024 [2] - The funds raised from the IPO, after deducting issuance costs, will be invested in projects including early drug development service platform construction, antibody drug research and evaluation, preclinical research projects, and supplementing working capital, totaling 1.185 billion yuan [3]

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 ...

Group 1 - The core point of the news is that Medisi (SH 688202) announced the release of a portion of shares held by shareholder Chen Guoxing, with 4 million unrestricted circulating shares being unfrozen as of November 12, 2025 [1] - As of the announcement date, Chen Guoxing has a total of approximately 880,000 frozen shares, which accounts for 0.65% of the company's total share capital [1] - Medisi's market capitalization is currently valued at 8.9 billion yuan [3] Group 2 - For the year 2024, Medisi's revenue composition shows that the preclinical CRO business accounts for 99.96% of total revenue, while other businesses contribute only 0.04% [2]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board, marking a significant milestone for the company in its growth trajectory [1] Company Overview - Established in 2009, Baiaosaitu is a preclinical CRO and biotechnology company [1] - The company offers various innovative animal models and preclinical pharmaceutical research and development services based on its proprietary gene editing technology [1] Technology and Services - Baiaosaitu utilizes its self-developed RenMice fully human antibody mouse platform, which includes multiple series such as RenMab, RenLite, RenNano, RenTCR, and RenTCR-mimic [1] - The platform targets nearly a thousand potential drug targets in the human body for large-scale drug discovery and development [1] - The company has plans to transfer, license, or co-develop promising antibody molecules [1] IPO Journey - The IPO application for Baiaosaitu was accepted on June 20, 2023, and the company passed the review on September 24, 2023 [1] - The registration for the IPO was submitted on September 26, 2023 [1]

Overview - The global CRO market is projected to reach $90.03 billion by 2024, with the preclinical CRO market accounting for $27.46 billion, representing 30.5% of the total CRO market [1][9]. - The increasing prevalence of chronic diseases and heightened health awareness are driving demand for high-quality biopharmaceutical products and related research services [1][9]. Industry Barriers - The preclinical CRO sector faces significant entry barriers due to the need for experienced professionals and established operational expertise, which new entrants may struggle to acquire quickly [5][6]. - Established CROs typically have over 10 years of experience, making it challenging for newcomers to compete effectively [5]. Market Policies - The pharmaceutical manufacturing industry is a key focus for development in China, supported by various policies aimed at encouraging new drug research and optimizing approval processes [7]. - Recent policies include guidelines for improving drug quality and promoting digital healthcare, creating a favorable environment for the preclinical CRO industry [7]. Industry Chain - The upstream of the preclinical CRO industry includes suppliers of experimental materials, laboratory animals, scientific instruments, and data analysis software [8]. - The primary clients for preclinical CROs are pharmaceutical companies, which outsource research to reduce costs and improve efficiency [8]. Development Status - China's CRO market is expected to reach 89.22 billion yuan in 2024, with a year-on-year growth of 5.19%, and the preclinical CRO market is projected to reach 42.91 billion yuan, growing by 5.74% [9]. - The demand for CRO services is expanding due to the aging population and rising chronic disease rates in China [9]. Competitive Landscape - The global preclinical CRO market is dominated by established companies in the US and Western Europe, with the US holding a significant market share [10][11]. - Domestic companies like WuXi AppTec and Kanglong Chemical are gaining competitive advantages by understanding local regulations and market needs, offering tailored services at lower costs [11]. Representative Domestic Companies - WuXi AppTec reported a total revenue of 39.24 billion yuan in 2024, with a gross profit of 16.02 billion yuan and a gross margin of 40.8% [12]. - YinuoSi achieved a total revenue of 1.142 billion yuan in 2024, with 95.4% of this revenue coming from its non-clinical CRO services [12][13]. Development Trends - Future advancements in AI and big data analytics are expected to enhance drug discovery and toxicology assessments, improving efficiency and accuracy in the preclinical CRO sector [13]. - There will be a growing emphasis on personalized solutions targeting specific diseases or patient groups, necessitating diverse disease models for drug development [13].

New Listings - From September 22 to September 28, one company was listed on the Shanghai Stock Exchange main board, and three companies were listed on the Shenzhen Stock Exchange ChiNext [2] - YouSheng Co., Ltd. is a professional manufacturer of aluminum alloy automotive parts, focusing on lightweight automotive components to enhance the range of electric vehicles and improve fuel efficiency for gasoline vehicles. On its first trading day, the stock price rose by 71.48%, closing at 66.31 CNY per share on September 29, an increase of 43.03% from the issue price of 46.36 CNY, with a total market capitalization of approximately 12.8 billion CNY [3] ChiNext Listings - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. engages in direct sales, distribution, and centralized management of hospital consumables. On its first trading day, the stock price surged by 418.58%, closing at 34.12 CNY per share on September 29, a rise of 383.97% from the issue price of 7.05 CNY, with a total market capitalization of around 14.4 billion CNY [4] - Suzhou Huichuan United Power System Co., Ltd. focuses on the R&D, production, sales, and service of core components for electric drive systems and power systems for electric vehicles. The stock price increased by 147.60% on its first day, closing at 32.77 CNY per share on September 29, up 162.58% from the issue price of 12.48 CNY, with a total market capitalization of approximately 78.8 billion CNY [4] - Beijing Wuchuang Ruitong Electric Equipment Co., Ltd. specializes in the R&D, production, and sales of smart distribution equipment. The stock price rose by 190.76% on its first trading day, closing at 58.78 CNY per share on September 29, an increase of 179.90% from the issue price of 21.00 CNY, with a total market capitalization of about 6.5 billion CNY [5] Companies Passing Review - From September 22 to September 28, two companies passed the review on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company passed the review on the Shenzhen Stock Exchange ChiNext [6] - BaiAo SaiTu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [7] - MoEr Thread focuses on the R&D, design, and sales of GPUs and related products, having successfully launched four generations of GPU architecture [7] Companies Submitting IPO Applications - One company submitted an IPO application on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company submitted an application on the Shenzhen Stock Exchange ChiNext from September 22 to September 28 [10] - Anshi Biotechnology is an innovative biopharmaceutical company focusing on oncology and other diseases with significant unmet clinical needs. The company plans to issue no more than 76.0043 million shares, aiming to raise 2.45 billion CNY for new drug R&D and working capital [12] - Zhongsu Co., Ltd. specializes in the R&D, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances. The company plans to issue no more than 12.3329 million shares, seeking to raise 645 million CNY for various projects [14] Companies with Terminated Review - From September 22 to September 28, no companies had their listing reviews terminated on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange [16]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to return to A-share market after successfully passing the listing review by the Shanghai Stock Exchange, marking its A+H listing strategy [1] Group 1: Company Overview - Baiaosaitu, established in 2009, is a preclinical CRO and biotechnology company that provides innovative model animals and preclinical drug development services based on its proprietary gene editing technology [1] - The company has developed a comprehensive platform that includes gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [1] Group 2: Business Achievements - As of the reporting period, Baiaosaitu has completed over 5,100 customized gene editing projects and developed more than 3,500 types of RenMice and other gene-edited animals and cell line models [2] - The company has established partnerships with numerous renowned biotech and pharmaceutical companies for antibody drug discovery, leveraging its RenMice platform and "thousands of mice, ten thousand antibodies" approach [2] Group 3: Financial Performance - From 2022 to 2024, Baiaosaitu's revenue is projected to be 534 million yuan, 717 million yuan, and 980 million yuan, with a compound annual growth rate of 35.56% [3] - The net profit for the same period is expected to be -602 million yuan, -383 million yuan, and 33.54 million yuan, indicating a turnaround to profitability in 2024 [3] Group 4: IPO and Fundraising - Baiaosaitu plans to raise 1.185 billion yuan through its IPO, which will be directed towards enhancing its existing business and core technologies [3] - The fundraising will support projects aimed at expanding the production capacity of model animals, improving early drug discovery capabilities, and enriching the preclinical research pipeline [3]

Core Viewpoint - The article discusses the recent trend of companies in the A-share market pursuing listings in the Hong Kong stock market, with a specific focus on Bai'ao Saitou (Beijing) Pharmaceutical Technology Co., Ltd. taking a "H first, A later" approach for its IPO [1][3]. Group 1: Company Overview - Bai'ao Saitou is a preclinical CRO enterprise primarily engaged in the sale of experimental mice and is recognized as one of the "three giants of model animals" alongside Yao Kang Biological and Nanmo Biological [3]. - The company achieved profitability, reporting a revenue of 621 million yuan for the first half of 2025, a year-on-year increase of over 50%, and a net profit of 48 million yuan, a significant turnaround from a net loss of 51 million yuan in the same period of 2024 [4]. Group 2: IPO and Financial Disclosures - Bai'ao Saitou's IPO plan aims to raise 1.185 billion yuan, which is over a 30% reduction from its initial application, with funds allocated for the construction of a drug early research service platform, antibody drug research and evaluation, and preclinical research projects [5]. - The company is the first Hong Kong-listed company to apply for the Sci-Tech Innovation Board this year and has been under review for over two years [3][6]. Group 3: Profitability and Revenue Growth - The company reported an expected revenue of 897 million yuan for the first nine months of 2025, reflecting a year-on-year growth of over 50%, with a net profit of 58 million yuan, a significant improvement from a net loss of 93 million yuan in the same period of 2024 [6]. - Bai'ao Saitou's revenue growth is attributed to its model animal sales and antibody development, with model animal sales generating 389 million yuan in 2024, a year-on-year increase of over 40% [13]. - The antibody development business saw even stronger growth, generating 318 million yuan in 2024, a year-on-year increase of over 80% [14]. Group 4: Cost Management - The company has effectively reduced management and research and development expenses, with management costs decreasing by nearly 30% to 187 million yuan and R&D expenses dropping from 474 million yuan in 2023 to 324 million yuan in 2024, a reduction of nearly one-third [17].