证券研究报告·公司研究 首次覆盖 百奥赛图（2315.HK）：基因编辑筑基，千鼠万抗 进入规模化兑现期 基因编辑奠定基础，双核心业务快速发展： 百奥赛图是一家技术驱动的国际性生物技术公司，致力于成为全球新 药发源地，核心业务围绕基因编辑技术展开，分为两大业务主线；其 中临床前产品与服务包括临床前药理药效评估服务、创新模式动物销 售、基因编辑服务；抗体分子转让与开发业务主要通过"千鼠万抗" 计划构建抗体货架，提供抗体序列授权服务，通过首付款+里程碑付 款+销售分成方式成为未来业务增长亮点。 临床前业务稳健增长，持续受益于创新研发热情： 公司临床前产品与服务 2025 年上半年实现营收 4.58 亿元，其中创新 模式动物销售实现营收 2.74 亿元，同比跃升 56%；临床前 CRO 服务 实现营收 1.55 亿元，同比大幅增加 90%；基因编辑业务实现营收 0.29 亿，基本持平。公司提供几千种包括靶点人源化小鼠在内的基因编辑 动物和细胞模型，创新靶点动物模型形成高护城河，产品质量高、出 海早、深受客户认可，受益于大分子药物研发百花齐放，高增长有望 持续； 千鼠万抗的首付款+里程碑+销售分成业务模式进入收获期： ...

证券研究报告·公司研究 首次覆盖 百奥赛图（2315.HK）：基因编辑筑基，千鼠万抗 进入规模化兑现期 基因编辑奠定基础，双核心业务快速发展： 百奥赛图是一家技术驱动的国际性生物技术公司，致力于成为全球新 药发源地，核心业务围绕基因编辑技术展开，分为两大业务主线；其 中临床前产品与服务包括临床前药理药效评估服务、创新模式动物销 售、基因编辑服务；抗体分子转让与开发业务主要通过"千鼠万抗" 计划构建抗体货架，提供抗体序列授权服务，通过首付款+里程碑付 款+销售分成方式成为未来业务增长亮点。 临床前业务稳健增长，持续受益于创新研发热情： 公司临床前产品与服务 2025 年上半年实现营收 4.58 亿元，其中创新 模式动物销售实现营收 2.74 亿元，同比跃升 56%；临床前 CRO 服务 实现营收 1.55 亿元，同比大幅增加 90%；基因编辑业务实现营收 0.29 亿，基本持平。公司提供几千种包括靶点人源化小鼠在内的基因编辑 动物和细胞模型，创新靶点动物模型形成高护城河，产品质量高、出 海早、深受客户认可，受益于大分子药物研发百花齐放，高增长有望 持续； 千鼠万抗的首付款+里程碑+销售分成业务模式进入收获期： ...

Core Viewpoint - BaiO Saite's stock price increased by 8.15% with a trading volume of 211 million yuan and a market capitalization of 34.639 billion yuan [1] Group 1: Company Overview - BaiO Saite (Beijing) Pharmaceutical Technology Co., Ltd. was established on November 13, 2009, and is listed on December 10, 2025 [7] - The company primarily engages in drug development and preclinical research, operating through five divisions: gene editing services, preclinical pharmacology and efficacy evaluation, model animal sales, antibody development, and innovative drug development [7] - The company is located in the Daxing District of Beijing, within the Zhongguancun Science Park [7] Group 2: Business Segments - The gene editing services division offers customized gene editing services based on animals and cells [7] - The preclinical pharmacology and efficacy evaluation division provides services for drug efficacy and toxicity assessment [7] - The model animal sales division breeds and sells both external and internal model animals and licenses several model animals to clients [7] - The antibody development division identifies potential candidate antibodies for drug development and collaborates with partners [7] - The innovative drug development division focuses on developing new drugs, particularly for oncology and autoimmune diseases [7] Group 3: Financial Performance - As of the 2024 annual report, overseas revenue accounted for 67.94% of total revenue, benefiting from the depreciation of the RMB [3] - The stock has seen a net inflow of 2.1842 million yuan from major investors today, with a total net inflow of -889 million yuan over the past three days [4][5] Group 4: Market Position - BaiO Saite is categorized under the pharmaceutical and biotechnology industry, specifically in medical services and medical research outsourcing [7] - The company is part of several concept sectors, including small and mid-cap stocks, pre-profit growth, AI applications, and securities lending [7]

Market Performance - The Sci-Tech Innovation 50 Index opened lower on December 10, fluctuating throughout the day, ultimately closing at 1346.7 points with a slight decline of 0.03% and a total trading volume of approximately 55.36 billion yuan [1] - The overall Sci-Tech Innovation Index rose by 0.14% to close at 1604.56 points, with a total trading volume of 180.3 billion yuan [1] - Among the 595 stocks in the Sci-Tech board, there were more decliners than gainers, with semiconductor and communication equipment stocks performing strongly, while electrical equipment and software service stocks saw significant declines [1] Company Highlights - Bai'ao Saitou was listed on the Sci-Tech board on December 10, with a stock code of 688796 and an issue price of 26.68 yuan per share, resulting in a high price-to-earnings ratio of 519.12 times [1] - Bai'ao Saitou specializes in drug development and preclinical research, offering services such as gene editing, pharmacological efficacy evaluation, model animal sales, antibody development, and innovative drug development [1] - By the end of the trading day, Bai'ao Saitou's stock price increased by 146.6% from its issue price, with a trading volume of approximately 1.67 billion yuan and a turnover rate of 75.8% [1] Stock Performance Analysis - Excluding Bai'ao Saitou's first-day performance, the average increase for the remaining 594 stocks on the Sci-Tech board was approximately 0.01%, with an average turnover rate of 2.37% and a total trading volume of about 178.675 billion yuan [2] - In individual stock performance, Huo Lai Wo reached the daily limit, marking the highest increase, while Jia Hua Technology experienced the largest decline at 10.1% [2] - In terms of trading volume, Mo'er Thread led with a volume of 10.82 billion yuan, while Hanbang Technology had the lowest at 731.4 million yuan [2] - Mo'er Thread also had the highest turnover rate at 51.93%, while Zhongfu Shenying recorded the lowest at 0.14% [2]