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].

Market Performance - A-shares showed a slight increase with the Shanghai Composite Index up 0.18% to 4139.9 points, and the Shenzhen Component Index up 0.09%[1] - The Hang Seng Index rebounded, rising 1.35% to 27126.95 points, with the Hang Seng Technology Index up 0.5% and the Hang Seng China Enterprises Index up 1.07%[1] - The total market turnover in Hong Kong was 2543.726 billion HKD[1] Currency and Federal Reserve Insights - Trump downplayed concerns over the dollar's depreciation, leading to a significant drop in the dollar index, with the euro rising above 1.20 against the dollar[1][12] - The Federal Reserve is expected to pause its interest rate cuts, indicating a potential consensus on policy direction[1][12] Economic Sentiment - A survey by the People's Bank of China revealed that more households are looking to increase savings and reduce spending compared to before the latest round of the US-China trade war, reflecting a more pessimistic outlook on income[8][12] - The market is closely monitoring the Federal Reserve's interest rate decision, with expectations of no changes this week[12]

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 ...