Core Viewpoint - Baiaosaitu (688796) has successfully listed on the Sci-Tech Innovation Board, with its stock opening up 117.4% at 58 CNY per share [1] Company Overview - Baiaosaitu is an innovative drug preclinical CRO and biotechnology company, primarily providing antibody drug discovery and preclinical research services [1] - The company's services include the sale of innovative model animals, preclinical pharmacology and efficacy evaluation services, and antibody development [1] Stock Listing Details - Baiaosaitu previously issued H-shares in September 2022 and is listed on the Hong Kong Stock Exchange [1] - Following the A-share public offering, the company will have its stock listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with 75.21% of shares circulating in A-shares and 24.79% in H-shares [1] - The proportion of circulating shares in A-shares is higher than that in H-shares [1]

Core Viewpoint - BaiO Saite (688796) is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, with an issue price of 26.68 yuan per share [2]. Company Overview - BaiO Saite is an innovative drug preclinical CRO and biotechnology company, primarily engaged in providing antibody drug discovery and preclinical research services for innovative drug enterprises [2]. - The company's specific services include the sale of innovative model animals, preclinical pharmacology and efficacy evaluation services, and antibody development [2].

股票简称：百奥赛图 股票代码：688796 百奥赛图（北京）医药科技股份有限公司 Biocytogen Pharmaceuticals (Beijing) Co., Ltd. （北京市大兴区中关村科技园区大兴生物医药产业基地宝参南街12号院） 首次公开发行股票科创板上市公告书 保荐机构（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二五年十二月九日 特别提示 百奥赛图（北京）医药科技股份有限公司（以下简称"百奥赛图"、"本公司"、 "发行人"或"公司"）股票将于 2025 年 12 月 10 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担法律责 任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明对 本公司的任何保证。 本 公 司 提 醒 广 大 投 ...

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].