Core Insights - The growth path of BaiO SaiTu reflects the structural changes in China's biopharmaceutical industry, transitioning from customized services to an innovative platform [1][2] - BaiO SaiTu's transformation involved significant investment in building its own animal facilities and developing proprietary products, which laid the foundation for its research and development capabilities [1] - The company has successfully positioned itself as a key player in the preclinical validation model market, with approximately 70% of its revenue coming from multinational pharmaceutical companies [2] Company Development - BaiO SaiTu started as a provider of customized gene-edited mouse models and shifted its focus to building a product portfolio, investing over 50 million yuan in animal center construction [1] - The launch of the RenMice humanized antibody mouse and the "Thousand Mice, Ten Thousand Antibodies" initiative in 2020 marked a significant shift towards enhancing research efficiency and focusing on core industry segments [1][2] - The company went public on the Hong Kong Stock Exchange in 2022, experiencing over 50% year-on-year revenue growth and achieving a gross profit margin exceeding 74% in its mid-2025 financial report [2] Industry Positioning - BaiO SaiTu aims to enhance efficiency in antibody drug development, positioning itself as a "bottom technology supplier" in the biopharmaceutical ecosystem, similar to TSMC in the semiconductor industry [2] - The company’s strategy avoids direct competition with clients while maintaining an irreplaceable role in the biopharmaceutical supply chain [2] - The overall upgrade of the industry is reflected in how local biopharmaceutical companies are entering the global competitive landscape with higher research and development efficiency [2]