百普赛斯(301080.SZ)正式向香港联交所递交招股书。根据公司同步发布的2025年度业绩预告，全年预计营业收入约为 8.37亿元，相较2024年实现了约30.00%的显著增长。 作为一家已在深交所挂牌的重组蛋白龙头，此番跨海融资意在通过建立全球化供应链网络来对冲日益复杂的地缘环境。 然而，亮眼的收入背后，百普赛斯的资产负债表正承受着低效率运转与潜在大额减值的双重考量。智通财经记者拆解财 报发现，截至2025年9月30日，公司账面沉淀了超过15.3亿元的货币资金，但权益回报率却下滑至5.06%的低位。 这种高额现金冗余与低资本回报效率的矛盾，使得投资者对百普赛斯港股融资的必要性产生了深度疑虑。与此同时，高 达2.56亿元的存货规模也暗示着公司正面临前所未有的备货压力。 全球化进程 百普赛斯作为一家生命科学工具提供商，在2026年初开启港股IPO进程，核心目标是深化其双引擎战略布局。 这家公司在全球范围内提供了超过5000个规格的重组蛋白与抗体SKU。通过在北京、苏州及美国设立研发中心，实现了 对全球前20大制药公司的深度渗透，并维持了前20大客户100.00%的回购率。 营收端的表现印证了百普赛斯在细分市场 ...

Core Viewpoint - The company, a global provider of life science tools and technology services, is set to go public on the Hong Kong Stock Exchange, having previously listed on the A-share market in 2021, with a current market capitalization of approximately 11.6 billion RMB [1]. Financial Performance - The company reported revenues of 645 million RMB and a net profit of 120 million RMB for 2024, with a gross margin of 84.77% [1]. - For the first nine months of 2025, the company achieved revenues of 613 million RMB and a net profit of 132 million RMB, reflecting a year-on-year revenue growth of 32.26% and a net profit growth of 66.66% [5]. - The gross margin for the first nine months of 2025 was 82.20%, while the net profit margin was 21.48% [5]. Market Position - According to Frost & Sullivan, the company ranks first among all domestic suppliers in China and third globally in the recombinant protein market, with a market share of approximately 2.5% [9][10]. - The global recombinant protein market is projected to grow from 1 billion USD in 2020 to 3 billion USD by 2024, with a compound annual growth rate (CAGR) of 31.9% [6]. Product and Service Offering - The company offers a comprehensive product portfolio that includes high-quality biological reagents, such as recombinant proteins, antibodies, and analytical test kits, along with various technical services [2]. - As of the latest date, the company provides over 5,000 product SKUs and diverse technical service combinations, all produced under strict international quality standards [2]. Client Base and Business Model - The company serves a diverse and high-quality client base, including major pharmaceutical companies and high-growth biotech firms, with a 100% repurchase rate from its top 20 clients [4]. - The company operates on a "dual-engine" business model in both China and the United States, providing lifecycle solutions across research, production, and clinical application stages [4]. Industry Overview - The recombinant protein market in China is expected to expand from 100 million USD in 2020 to 400 million USD by 2024, with a CAGR of 25.9% [6].

摘要： 酒糟中部分淀粉由于与内源性非淀粉成分（蛋白质）结合，利用率低，资源浪费严重。本研究探讨了去除不同内源蛋白对淀粉分子理 化结构和酿造特性的影响。结果表明，酒醅中蛋白质以 β- 折叠为主，其中碱溶性蛋白含量最高 ( 37.47 % ) 。蛋白质的去除导致淀粉表面 形成多孔结构。除溶解度外，各样品的溶胀度、冻融稳定性和体外消化特性均显著提高。其中，醇溶蛋白对成孔和糊化有明显的促进作用，醇 溶蛋白和碱溶蛋白均能减弱淀粉复合物的相互作用，提高酿造性能。这为今后白酒酿造过程中提高淀粉的高效利用，减少资源浪费提供了新的 思路。 关键词： 酒糟；淀粉；内源性蛋白质；特征 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 1.2.3 蛋白质二级结构分析 1. 材料与方法 1.1 仪器与试剂 酒糟购自宜宾南溪酒业有限公司 ( 中国四川 ) ；酿酒酵母 (Saccharomyces cerev i s iae) BF16 ( 安琪酵母股份有限公司，湖北，中国 ) ；胃蛋白酶和胰蛋白酶为生物试剂 ( 上海如吉生物科技发展有限公司，上海，中国 ) ； α- 淀 ...

Group 1 - The core point of the news is that Baipusi has experienced a significant decline in its stock price, dropping 5.1% to 52.81 yuan per share, with a total market value of 8.829 billion yuan and a cumulative drop of 19.75% over four consecutive days [1] - Baipusi Biotechnology Co., Ltd. is located in Beijing and was established on July 22, 2010, with its IPO on October 18, 2021. The company specializes in providing key biological reagent products and technical services, with its main business revenue composition being 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Jiao Yin Schroder has a significant position in Baipusi. The Jiao Yin Medical Innovation Stock A fund held 1.5937 million shares, accounting for 4.37% of the fund's net value, making it the fifth-largest holding. The estimated floating loss today is approximately 4.5262 million yuan, with a total floating loss of 21.8343 million yuan during the four-day decline [2] - The Jiao Yin Medical Innovation Stock A fund was established on March 23, 2017, with a latest scale of 1.9 billion yuan. Year-to-date returns are 1.01%, ranking 4796 out of 5580 in its category, while the one-year return is 24.72%, ranking 3014 out of 4286. Since inception, the fund has achieved a return of 162.82% [2] - The fund manager of Jiao Yin Medical Innovation Stock A is Lou Huiyuan, who has been in the position for 7 years and 146 days, with the best fund return during this period being 129.49% and the worst being -24.1% [2]

Company Overview - Beijing Baipusi Biotechnology Co., Ltd. (Baipusi) has submitted its listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1] - Baipusi is a leading player in the biological reagent industry, particularly in the recombinant protein segment, ranking first among domestic suppliers in China and third globally by revenue in 2024 [1][3] - The company offers a comprehensive product portfolio that includes high-quality biological reagents and various technical services, supporting the entire value chain of biopharmaceutical companies from R&D to clinical applications [3][5] Financial Performance - For the fiscal year 2023, Baipusi reported revenues of approximately RMB 544 million, with projected revenues of RMB 645 million for 2024 and RMB 613 million for the nine months ending September 30, 2025 [6][10] - The gross profit for 2023 was around RMB 459 million, with a gross margin of 84.3%, and is expected to maintain a gross margin of approximately 82.2% in 2025 [8][10] - The company recorded a profit of approximately RMB 148 million for 2023, with a projected profit of RMB 132 million for the nine months ending September 30, 2025 [10][11] Market Overview - The global life sciences tools market reached USD 32.1 billion in 2020 and is projected to grow at a CAGR of 5.2% to USD 39.3 billion by 2024, further expanding to USD 61 billion by 2030 [12] - The biological reagent market, which includes products and services, was valued at USD 18.2 billion in 2020, with expectations to grow to USD 25.1 billion by 2024, and USD 35.6 billion by 2030 [14][16] - The recombinant protein market is anticipated to grow from USD 1 billion in 2020 to USD 3 billion by 2024, with a CAGR of 31.9%, and further to USD 7.8 billion by 2030 [18][19] Business Model - Baipusi operates on a "dual-engine" business model in China and the United States, allowing it to acquire advanced technological knowledge and efficient production capabilities [5] - The company serves a diverse clientele, including the top 20 global pharmaceutical companies and the top five life sciences service providers, with a 100% repurchase rate from its top clients [5][6] - Baipusi's production facilities in Beijing and Suzhou comply with international quality standards, including ISO certifications and GMP [6]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of ACROBIOSYSTEMS CO., LTD 北京百普賽斯生物科技股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republ ...

Group 1 - The core business of the company includes research and development of functional proteins and high molecular organic materials, with a focus on biological reagents, in vitro diagnostics, and antibody drug development [2] - As of September 30, the company reported a total revenue of 952 million yuan for the period from January to September 2025, representing a year-on-year decrease of 3.40%, and a net profit attributable to shareholders of 6.6152 million yuan, down 63.57% year-on-year [2] - The company has a total of 9,447 shareholders, which is an increase of 9.90% compared to the previous period, while the average circulating shares per person decreased by 9.01% to 42,101 shares [2] Group 2 - The company has distributed a total of 731 million yuan in dividends since its A-share listing, with 611 million yuan distributed over the past three years [3] Group 3 - On January 22, the company's stock price increased by 0.70%, with a trading volume of 35.0056 million yuan [1] - The financing buy-in amount on January 22 was 1.6545 million yuan, while the financing repayment was 3.3677 million yuan, resulting in a net financing buy-in of -1.7132 million yuan [1] - The total balance of margin trading for the company as of January 22 was 123 million yuan, accounting for 1.43% of the circulating market value, which is above the 90th percentile level over the past year [1]

Group 1 - The core point of the article is that Zhongyuan Qihhe (600645.SH) has a subsidiary, OriGene Technologies, Inc. (OTI), which primarily operates in the United States and has established a subsidiary in Germany [2] - OTI's overseas sales of research reagents are mainly focused on the U.S. market, while the German subsidiary contributes a relatively small proportion to the company's overall revenue [2]

Core Viewpoint - The company Baipusais has shown a mixed performance in terms of stock trading and financial results, with a notable increase in revenue and net profit year-on-year, while also experiencing a decrease in shareholder numbers. Group 1: Stock Performance - On January 12, Baipusais' stock price fell by 0.39%, with a trading volume of 104 million yuan [1] - The financing buy-in amount for Baipusais on the same day was 7.01 million yuan, while the financing repayment was 6.58 million yuan, resulting in a net financing buy-in of 434,100 yuan [1] - As of January 12, the total balance of margin trading for Baipusais was 85.90 million yuan, which is 0.87% of its market capitalization and below the 40th percentile level over the past year, indicating a low financing balance [1] Group 2: Financial Performance - For the period from January to September 2025, Baipusais achieved an operating income of 613 million yuan, representing a year-on-year growth of 32.26% [2] - The net profit attributable to the parent company for the same period was 132 million yuan, reflecting a year-on-year increase of 58.61% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of Baipusais shareholders was 10,600, a decrease of 9.75% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 54.93% to 11,947 shares [2] - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan distributed over the past three years [3]

Group 1 - Jiangsu Province's Human Resources and Social Security Department announced the list of new doctoral innovation practice bases for 2025, with Suzhou Haofan Bio Co., Ltd. and Suzhou Shuang'en Intelligent Technology Co., Ltd. successfully selected due to their strong research capabilities and talent cultivation systems [1] - Haofan Bio, a national high-tech enterprise, specializes in the field of biological reagents, offering products such as peptide synthesis reagents, molecular building blocks, protein reagents, and liposomal drug delivery systems, providing core support for the biopharmaceutical industry [1] - The company has a research team of over 140 members, including 5 PhDs and 2 national-level talents, holds over 50 authorized invention patents, and has received multiple honors such as "Specialized, Refined, and Innovative" enterprise and provincial technology center [1] Group 2 - Shuang'en Intelligent Technology, also a national high-tech enterprise, focuses on medical-grade metal additive manufacturing, establishing a complete industrial chain from equipment development to customized services [2] - The company has developed medical 3D printing equipment and provides titanium alloy implants and solutions, with a strong core team of 7 PhDs, including 4 national-level talents, and holds 37 authorized patents [2] - The establishment of these two companies as provincial doctoral innovation practice bases reflects the recognition of their research capabilities and talent platforms, contributing to the optimization of the innovation ecosystem in the region [2]