股票研究 /[Table_Date] 2026.01.15 2026-01-16 Charles River 战略收购强化供应链，DSA 需求回暖提振 2026 年展望 本报告导读： 随着 Charles River 于 2026 年初完成 NHP 供应商 K.F.的战略收购并全面控股 PathoQuest，叠加 DSA 订单回暖，公司可能在 2026 年迎来业绩与估值的双重修复。 投资要点： 行 业 专 题 研 究 票 研 究 [table_Authors] [Table_Summary] 两起收购事件。Charles River 宣布两项战略收购：以约 5.1 亿美元收 购柬埔寨非人灵长类动物供应商 K.F. (Cambodia) Ltd.，预计 2026 年 Q1 完成，交易完成后将通过 K.F.及其毛里求斯子公司 Noveprim 实 现大部分年度 NHP 需求自供；同时行权收购 PathoQuest 剩余 79% 股权，收购价约 5160 万欧元（约 6000 万美元），预计 2026 年贡献 收入 1500-2000 万美元。 供应链与技术能力双重强化。收购 K.F.有助于公司在全球 NHP 资源 ...

Fundraising Performance - In December 2025, 18 new stocks were listed on the A-share market, raising a total of 31.41 billion yuan, marking the highest monthly fundraising since September 2023[4] - For the entire year of 2025, a total of 116 new stocks were listed, raising 131.77 billion yuan, which represents increases of 16% and 96% compared to the same period in 2024, respectively[5] - The monthly fundraising amount in December 2025 exceeded 30 billion yuan, driven by several large projects including Moer Thread and Muxi Co., which raised over 4 billion yuan each[3] Initial Performance of New Stocks - In December 2025, 14 out of 15 new stocks listed on the Shanghai and Shenzhen markets adopted offline issuance, with an average first-day increase of 249%, continuing the upward trend from November[11] - The average first-day increase for new stocks on the Sci-Tech Innovation Board exceeded 300%, with Moer Thread and Muxi Co. seeing increases of over 600% and 400%, respectively[14] - The main board saw an average first-day increase of 200% for its four new stocks, with China Uranium Industry leading at 269%[14] Subscription Returns - In December 2025, the estimated returns for A/B class accounts from new stock subscriptions were 5.48 million yuan and 2.87 million yuan, respectively, marking the highest monthly returns of the year[21] - The returns from the Sci-Tech Innovation Board's new stocks contributed significantly, with the average return for A/B class accounts being 4.71 million yuan and 2.13 million yuan, respectively[21] Investment Strategy and Risks - The current optimal strategy is to participate in low-priced, small-cap new stocks with expected first-day increases exceeding expectations, as well as large-cap stocks with significant offline allocation[22] - Risks include an increased rate of new stock price declines and a potential decrease in subscription success rates, which could impact overall returns[3]

Group 1 - The core viewpoint of the news is that Baiaosaitu has successfully listed its H-shares on the Hong Kong Stock Exchange and has been included in the Hong Kong Stock Connect program, allowing eligible investors from mainland China to invest directly in its H-shares [1][3] - Following this announcement, Baiaosaitu's H-shares surged by 22.23% to HKD 35.08 per share, while its A-shares increased by 3.42% to CNY 52.6 per share, indicating strong market reaction [1] - The inclusion in the Hong Kong Stock Connect is seen as a significant milestone for the company, enhancing its capital accessibility, market recognition, and long-term investment value [1][3] Group 2 - Baiaosaitu, established in 2009, operates as a preclinical CRO and biopharmaceutical company, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [2] - The company has developed a comprehensive platform for drug discovery and development, including the RenMice platform, which targets over a thousand potential drug targets [2] - Baiaosaitu has signed approximately 280 drug cooperation development, licensing, and transfer agreements, establishing a leading global repository of humanized mouse models and offering full-chain capabilities in preclinical pharmacology and efficacy research [3] Group 3 - The company aims to leverage the synergy between its A-share and H-share platforms to enhance its technological platform transformation, global business expansion, and long-term strategic implementation [3] - Baiaosaitu is committed to maintaining a technology innovation-driven approach, deepening its global collaboration network, and improving operational quality and communication with the capital market [3] - The company positions itself as a "global source of new drugs," contributing long-term value to the high-quality development of China's biopharmaceutical industry and global innovation [3]

Core Viewpoint - The company Bai'ao Saituo has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, leveraging its "Thousand Mice and Ten Thousand Antibodies" plan and RenMice human antibody platform, but faces multiple risks including reliance on cost-cutting for profitability, high proportion of related-party transactions, patent infringement lawsuits, and significant unremedied losses [1][4]. Group 1: Financial Performance and Cost Management - From 2022 to 2024, Bai'ao Saituo's operating revenue steadily increased, with net profit turning from a loss of 602 million yuan to a profit of 33.54 million yuan, and achieving a net profit of 114 million yuan in the first three quarters of this year [6]. - However, R&D expenses significantly decreased from 699 million yuan to 324 million yuan, and the total number of R&D personnel dropped from 627 to 337, with dedicated R&D staff reduced from 58 to 5 [6]. - The revenue growth of 446 million yuan during the same period contrasts with a decline in R&D expenses of 375 million yuan, raising concerns about whether profitability improvements stem from cost-cutting rather than genuine business growth [6]. Group 2: Related-Party Transactions and Patent Litigation - The antibody development business, a key growth area for Bai'ao Saituo, has a compound annual growth rate of 58.26% from 2022 to 2024, with a gross margin exceeding 80% [7]. - Nearly 30% of the revenue in this segment comes from related parties, specifically from joint ventures such as Doma Pharmaceutical and its subsidiary, contributing a total of 170 million yuan, which accounts for 27.43% of total antibody development revenue [7]. - The core technology platform RenMice faces intellectual property risks, as a lawsuit was filed by He Bo Pharmaceutical in September 2024, alleging patent infringement, which could undermine market confidence in the company's technological independence [7]. Group 3: Unremedied Losses and Debt Concerns - As of the end of 2024, Bai'ao Saituo has accumulated unremedied losses of 1.754 billion yuan, with the company acknowledging the risk of returning to losses if R&D investments remain high or revenue growth does not meet expectations [8]. - The controlling shareholders, Shen Yuele and his wife, face significant debt obligations, needing to repay approximately 129 million yuan from 2025 to 2028, primarily relying on the liquidation of their H-shares in the company [8]. - The total compensation for the company's directors, supervisors, and key technical personnel from 2022 to 2024 reached 61.6072 million yuan, maintaining a high level despite the company's losses, which has raised inquiries from the stock exchange [8].

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].

IPO Review and Registration Progress - Five companies passed the IPO review last week, including振石股份, 易思维, 爱得科技, 通领科技, and 兢强科技, with振石股份 planning to raise approximately 39.81 billion yuan [3][4] - 易思维 focuses on machine vision equipment for automotive manufacturing, reporting revenues of 20.4 million yuan and a net loss of 7.1755 million yuan for the first three quarters of 2025 [4] - Three companies passed the review at the North Exchange, with爱得科技 specializing in orthopedic medical devices, 通领科技 in automotive interior parts, and 兢强科技 in electromagnetic wire [5] Upcoming IPOs - Three companies, 永大股份, 美德乐, and 海菲曼, are set to present their IPO applications this week at the North Exchange [6] - 永大股份 reported revenues of 696 million yuan in 2022, with a projected decline in net profit for 2024 [6] - 美德乐's revenue from products in the new energy battery sector accounts for about 60% of its main business income, with high customer concentration [7] - 海菲曼 expects revenues between 232 million and 266 million yuan for 2025, with a net profit forecast of 70 million to 85 million yuan [7] New IPO Applications - Two IPO applications were accepted last week, with 北斗院 focusing on satellite navigation and space control technologies, and 格林生物 specializing in fragrance products [8][9] - 北斗院's revenue for 2025 is projected at 112 million yuan, with a declining gross margin trend [9] - 格林生物 aims to raise approximately 690 million yuan for various projects, including the production of high-end fragrances [9] New Stock Listings - Four new stocks were listed last week, with 大鹏工业 seeing a significant first-day increase of 1211.11% [11][13] - 海安集团 will officially list on November 25, with a share price of 48 yuan, reporting a revenue decline of 4.77% for the first three quarters of 2025 [12] - Other companies listed include 北矿检测, 恒坤新材, and 南网数字, all showing substantial first-day gains [13] Upcoming New Stock Subscriptions - Two new stocks are scheduled for subscription this week, with 摩尔线程 setting a record IPO price of 114.28 yuan per share [14] - 摩尔线程 expects to raise approximately 7.576 billion yuan, which would be a record for the year in the Sci-Tech Innovation Board [14] - 百奥赛图 anticipates a revenue of 1.351 billion yuan for 2025, reflecting a growth of 37.75% [16]

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].