Core Viewpoint - The article highlights the journey and transformation of Baiao Saitu, a biotechnology company, from a gene-targeting service provider to a product-driven entity, emphasizing its innovative approach in drug development and the significance of its recent listing on the STAR Market as a milestone in its growth [3][10]. Company Development - Baiao Saitu has undergone two major transformations since its inception, evolving from a gene-targeting service provider to a product-driven biotechnology company, and is now recognized as a "dark horse" in the new drug development field [3][4]. - The company was founded in 2008 in the United States and returned to China in 2009, initially focusing on customized gene knockout mouse services for research clients [4]. Strategic Transformation - In 2015, the company initiated a strategic shift from CRO (Contract Research Organization) to a "CRO + Product" model, focusing on the sale of model animal products and developing a comprehensive human antibody platform [4][5]. - By 2019, Baiao Saitu achieved a significant technological breakthrough with the development of "humanized antibody mice," which replaced mouse antibody genes with human antibody genes, leading to the establishment of a large-scale human antibody library [5]. Financial Performance - In 2024, Baiao Saitu reported a revenue of 980 million yuan, a year-on-year increase of 36.76%, and a net profit of 33.54 million yuan, marking a successful turnaround [7]. - Currently, 70% to 80% of the company's revenue comes from product sales, contrasting sharply with traditional CRO companies where service revenue dominates [5]. Business Model and Growth - The company has developed a dual-engine growth model, with the model animal business providing stable cash flow and the human antibody business driving exponential growth [7][8]. - The model animal business has maintained an annual growth rate of 30% to 40%, while the human antibody business has entered a rapid growth phase due to the maturity of the "thousand mice, ten thousand antibodies" platform [8]. Global Expansion - Baiao Saitu has established a global presence, with approximately 70% of its revenue coming from overseas, and has collaborated with major pharmaceutical companies worldwide [9]. - The company aims to become a "global source of new drugs," focusing on enhancing its brand and expanding its human antibody library to support drug development [9]. Future Outlook - The listing on the STAR Market is viewed as a significant step in the company's global strategy, with expectations for further growth and development in the biotechnology sector [10].

Core Viewpoint - The article highlights the rapid growth and transformation of Baiaosaitu, a biotechnology company, which has evolved from a gene-targeting service provider to a product-driven entity in the innovative drug development sector, emphasizing its commitment to technological innovation and human health [2][3]. Company Development - Baiaosaitu has undergone two major transformations since its inception, moving from a gene-targeting service provider to a biotechnology company focused on product development [2]. - The company was founded in 2008 by Shen Yulei, who was inspired by his academic background in immunology and gene editing technology [3]. - In 2015, the company shifted its strategy from CRO to a "CRO + product" model, focusing on the sale of model animals and the development of a comprehensive human antibody platform [3][4]. Financial Performance - In 2024, Baiaosaitu achieved a revenue of 980 million yuan, representing a year-on-year growth of 36.76%, and a net profit of 33.54 million yuan, marking a successful turnaround [6]. - Currently, 70% to 80% of the company's revenue comes from product sales, contrasting sharply with traditional CRO companies where service revenue dominates [5]. Business Strategy - The company has developed a dual business model with two core business lines: the humanized mouse model business and the human antibody business, which are expected to drive growth synergistically [6][7]. - The humanized mouse model business has maintained an annual growth rate of 30% to 40%, while the human antibody business is entering a rapid growth phase due to the maturity of the "Thousand Mice, Ten Thousand Antibodies" platform [7]. Global Expansion - Baiaosaitu has established a significant global presence, with approximately 70% of its revenue coming from overseas markets and partnerships with major pharmaceutical companies [8]. - The company aims to become a "global source of new drugs," focusing on enhancing its brand and expanding its antibody library to support drug development [9]. Future Outlook - The listing on the Sci-Tech Innovation Board is seen as a crucial step in Baiaosaitu's global strategy, with plans to continue investing in innovative animal models and expanding its antibody library [9].