作为生物医药领域的明星企业，从港股转战科创板的百奥赛图，在正式上市前就颇受市场青睐。数据显示，百奥赛图科创板IPO网上初步超额认购约5383 倍，最终中签率只有0.028%，这个成绩超过今年大多数的科创板新秀，也刷新了同行们在数年前的IPO热潮中留下的数字。 辗转3年多，今日，百奥赛图终于登陆上交所科创板。至此，被业界戏称为"鼠王三巨头"的3家国内头部模式动物企业，齐聚科创板。 相比4年前在港交所的亮相，这一次，百奥赛图交出了一份更成熟的答卷。截至发稿，百奥赛图的首日涨幅一度冲高到157.87%。 从模式小鼠到分子超市 配售火爆的背后，是百奥赛图在医药行业新周期中的艰难转型，和由此带来的长期盈利的微光。 大多数人认识百奥赛图，是作为国内首屈一指的模式动物供应商。2021年前后，药物临床前研究用的实验小鼠突然变得奇货可居，带动百奥赛图和另外两 家供应商集萃药康、南模生物一起出圈。至今，对外出售靶点人源化的模式小鼠，仍然是百奥赛图最主要的收入来源。不过，随着深耕多年的抗体筛选平 台逐步成型，百奥赛图已经不再是单纯的动物模型服务商。 成立于2009年的百奥赛图，定位于临床前CRO以及生物技术企业。在招股说明书中，百 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][15]. Core Insights - The company is positioned as a technology-driven biopharmaceutical firm focused on innovative drug development, aiming to become a global source of new drugs through proprietary gene editing technologies [1][21]. - The company has developed the RenMice® platform for discovering fully human therapeutic monoclonal antibodies and other antibody types, establishing a strong growth trajectory and high technical barriers [1][21]. - The "Thousand Mice, Ten Thousand Antibodies" initiative enhances development efficiency and supports the company's antibody licensing business, which is expected to contribute significantly to revenue growth [3][14]. Summary by Sections 1. Business Overview - The company operates two main business lines: preclinical products and services, and antibody molecule transfer development, leveraging its proprietary gene editing technology [21][22]. - The company has established a global sales system and aims to be a leading supplier of innovative animal models for drug development [25][30]. 2. Financial Performance - Revenue is projected to grow significantly, with estimates of CNY 13.87 billion, CNY 18.09 billion, and CNY 23.06 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 41.5%, 30.4%, and 27.4% [4][15]. - The company is expected to achieve profitability in 2024, with a net profit forecast of CNY 1.47 billion, CNY 3.35 billion, and CNY 5.27 billion for 2025, 2026, and 2027, indicating substantial growth [4][15]. 3. Market Position and Competitive Advantage - The company differentiates itself from traditional model animal companies by integrating model platforms, antibody platforms, and efficacy validation platforms, creating a comprehensive technology platform [13][21]. - The company has a significant first-mover advantage in humanized models and has established a large inventory of humanized models, enhancing its competitive edge [13][14]. 4. Growth Drivers - The company’s antibody development business is expected to maintain significant growth as more antibody molecules enter clinical development, contributing to milestone revenues [11][14]. - The company has signed numerous transfer and licensing agreements, indicating a robust pipeline and potential for future revenue generation [14][15]. 5. Operational Highlights - The company has established three major animal centers in Nantong, Beijing, and Boston, enhancing its capacity to produce high-quality animal models for global clients [30][34]. - The company’s innovative animal models are considered essential resources for drug development, with a focus on validating drug efficacy in preclinical stages [70].

Core Viewpoint - The internal conflicts within the board of directors of Nanmo Biology have drawn significant attention from the capital market, particularly following the recent management changes and the ongoing disagreements among board members [1][4]. Group 1: Management Changes - Nanmo Biology announced the re-election of Fei Jian as chairman and the appointment of Zhang Chunming as general manager and CFO, marking a significant shift in the company's core management [1][3]. - The board's recent meetings revealed multiple dissenting and abstaining votes regarding the election of committee members and the appointment of the new general manager, indicating persistent internal divisions [2][3]. Group 2: Board Dynamics - The newly formed board committees are led by members nominated by major shareholders, with Fei Jian holding significant influence over strategic decisions [2]. - The absence of former general manager Wang Mingjun from the committee member list suggests a decline in his influence within the company, as he opposed several key proposals during the board meetings [2][3]. Group 3: Historical Context - Fei Jian and Wang Mingjun, once aligned as partners, have recently experienced a breakdown in their collaborative relationship, which has become evident in board decisions and strategic discussions [3][4]. - The dissolution of their previously unified action agreement has led to increased conflicts during board elections and strategic planning, raising concerns about the stability of control within Nanmo Biology [4]. Group 4: Financial Performance - Nanmo Biology has shown revenue growth, with a reported revenue of 196 million yuan in the first half of the year, reflecting a year-on-year increase of 10.69%, while the net profit attributable to shareholders rose by 298.69% to 18.17 million yuan [5]. - Despite the revenue growth, the company has faced challenges with profitability, as indicated by negative net profits for three consecutive years from 2022 to 2024 [5].

Core Viewpoint - The recent board meeting of Nanmo Biology (688265.SH) marked a significant management reshuffle, with the company's actual controller Wang Mingjun not re-elected as general manager, highlighting internal governance issues and strategic conflicts within the company [1][12]. Group 1: Company Governance Issues - The dual-controller structure of Nanmo Biology, involving Chairman Fei Jian and General Manager Wang Mingjun, initially provided complementary strengths but has evolved into a source of governance deadlock and internal strife post-IPO [2][9]. - The internal conflicts have escalated, leading to public disputes over strategic decisions, such as the establishment of facilities in economically disadvantaged areas and IT infrastructure investments, which have adversely affected company performance [10][11]. Group 2: Business Development and Market Position - Nanmo Biology operates in the innovative drug industry, focusing on genetically modified animal models, particularly mice, which are essential for drug development processes [3][4]. - The company experienced a pivotal growth phase after the introduction of CRISPR technology in 2012, which allowed for the mass production of genetically engineered mouse models, significantly expanding market opportunities [4][5]. - Despite initial success and a successful IPO in December 2021, the company has faced ongoing losses and a declining stock price, exacerbated by internal conflicts and strategic misalignments [7][11]. Group 3: Recent Developments - The board's recent restructuring resulted in a new leadership team, with Zhang Chunming appointed as general manager, following the removal of Wang Mingjun, indicating a shift in control dynamics within the company [13][14]. - The ongoing internal strife has drawn regulatory scrutiny, with the Shanghai Stock Exchange issuing inquiries regarding the governance issues and the board's decision-making processes [1][12]. Group 4: Market Outlook - The market for genetically modified mice in China is projected to grow significantly, with a compound annual growth rate of 24% from 2019 to 2024, indicating potential future opportunities for Nanmo Biology if governance issues can be resolved [15][16].

Core Viewpoint - The recent shareholder meeting of Nanmo Biology (688265.SH) raised concerns in the market as several key proposals were not approved, indicating potential internal conflicts and governance issues within the company [1][3]. Shareholder Meeting Outcomes - On September 23, 2025, Nanmo Biology held its second extraordinary shareholder meeting, reviewing 11 proposals, of which 5 were rejected, including those related to the company's three-year development plan and management stability [1][4]. - Only one of the additional six temporary proposals put forth by the Shanghai Pudong State-owned Assets Supervision and Administration Commission was approved, specifically regarding the purchase of liability insurance for directors and senior management [4][5]. Shareholding Structure - The shareholding structure of Nanmo Biology has become more concentrated, with a new shareholder, Suzhou Haiwang Hezhong No. 1 Equity Investment Partnership, acquiring 8.68 million shares, representing 11.13% of the total share capital [1][2]. - Haiwang Hezhong and Shanghai Pudong New Industry Investment Co., which holds 7.37% of the shares, are acting in concert, collectively owning 18.50% of the company [2]. Board Composition - The newly elected board consists of 11 directors, with 6 non-independent directors nominated by the controlling shareholder, and 4 independent directors, including one nominated by Haiwang Hezhong [5]. - The board's composition reflects a division among major shareholders, with the controlling shareholder's camp not being entirely unified, as evidenced by the recent dissolution of the agreement between key figures Fei Jian and Wang Mingjun [3][5].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **global and Chinese laboratory animal market**, highlighting a pre-pandemic growth rate of **5%-7%** globally, with China reaching **15%-20%**. Post-pandemic, China's growth has slowed to **5%-7%** primarily due to price increases, not volume changes. The domestic market size is approximately **40 billion RMB**, with ancillary services generating around **20 billion RMB** in revenue [1][2]. Core Insights and Arguments - **Price Increases**: The rise in laboratory animal prices is attributed to multiple factors, including increasing labor, feed, energy costs, and testing fees [4]. - **Market Dynamics**: If internal demand from pharmaceutical companies is included, the overall market space would significantly expand, although specific data is currently unavailable [5]. - **Outsourcing Trends**: Pharmaceutical companies are reducing outsourcing to cut costs but are increasingly adopting one-stop services to enhance R&D efficiency. Many firms are opting for phased outsourcing, keeping early research in-house while outsourcing evaluation stages to ensure objectivity [6]. - **Market Leaders**: In the U.S., key players include **Jackson Laboratory**, **Charles River Laboratories**, and **Taconic Biosciences**, each with distinct market strategies and growth trajectories [7][8]. - **Regulatory Impact**: New U.S. policies from **FDA** and **NIH** limiting animal use may lead to a contraction in the U.S. market, shifting focus towards cell or organoid projects [10]. Additional Important Content - **European Market**: The European laboratory animal industry is fragmented, with strict animal welfare regulations leading to a shift towards cell-based alternatives [9]. - **Gene Editing Technologies**: The conference highlights the dominance of **CRISPR/Cas9** technology in gene editing, with companies like **百奥** and **博** leading in humanized antibody mouse technology [3][14]. - **Market Trends**: Demand for laboratory animals is increasing from pharmaceutical companies, with a **10%** year-on-year sales growth noted, particularly for specific strains like **C57** and **SD rats** [21]. - **CRO Challenges**: The decline in orders from Contract Research Organizations (CROs) is linked to U.S. government restrictions on using Chinese CROs, leading to a shift in orders to South Korea and Japan [22]. - **Future Directions**: The laboratory animal industry is expected to consolidate, with smaller companies potentially being acquired by larger firms, emphasizing the importance of scale in reducing costs [28][29]. - **Emerging Research Areas**: While tumor immunology has been a focus, research into metabolic diseases is gaining traction, indicating a shift in research priorities [30]. Conclusion The laboratory animal market is experiencing significant changes driven by regulatory shifts, cost pressures, and evolving research needs. The consolidation trend suggests that larger firms will dominate, while emerging areas of research may redefine market dynamics in the coming years.

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]