C百奥(688796)上市首日上涨146.63%，换手率达75.80%，成交额为16.71亿元。 力 | | 新 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 301584 | 建发致 | 2025.09.25 | 418.58 | 4714.25 | 2.56 | 0.00 | （文章来源：证券时报网） 证券时报·数据宝统计显示，融资融券交易方面，该股上市首日融资买入额为1.23亿元，占该股全天交易 额的7.39%，最新融资余额为1.11亿元，占流通市值的比例为4.72%。 | 代码 | 简称 | 上市日期 | 上市首日涨跌 | 上市首日融资余额 | 占流通市值比 | 上市首日融券余额 | | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | （万元） | 例（%） | （万元） | | 688796 | C百奥 | 2025.12.10 | 146.63 | 11136.70 | 4.72 | 0.00 | | 688795 | C摩尔 U | 2025.12.05 | 42 ...

Group 1 - The company N Bai Ao (688796) was listed today, opening with a rise of 117.39%, and by midday, the increase expanded to 135.38% with a trading volume of 20.49 million shares and a turnover of 1.244 billion yuan, resulting in a turnover rate of 57.10% [2][3] - The company specializes in providing innovative model animals and preclinical pharmaceutical research and development services based on its self-developed gene editing technology, utilizing its RenMice platform for large-scale drug discovery and development targeting over a thousand potential drug targets in the human body [2] - After over a decade of development, the company has established itself with four technical platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery, aiming to provide high-quality products and services for new drug development [2] Group 2 - The total number of shares issued by the company is 47.5 million, with an online issuance of 11.461 million shares at a price of 26.68 yuan per share, resulting in an issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [3] - The final online issuance success rate was 0.02801388%, and the total fundraising amount from the initial public offering (IPO) is 1.267 billion yuan, primarily directed towards early drug development service platform construction, working capital supplementation, preclinical and clinical research projects, and antibody drug research and evaluation projects [3]

Group 1 - The core viewpoint of the article highlights the successful listing of N百奥, with an opening price of 58.00 yuan, reflecting a significant increase of 117.39% on its first trading day [2] - The company specializes in gene editing technology, providing innovative model animals and preclinical pharmaceutical research services, utilizing its proprietary RenMice platform for large-scale drug discovery and development [2] - N百奥 has developed into a comprehensive enterprise over the past decade, focusing on gene-edited model animal production, innovative model animal breeding, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [2] Group 2 - The total issuance of shares for N百奥 was 47.50 million, with an online issuance of 11.46 million shares at a price of 26.68 yuan per share, resulting in a high issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [3] - The effective subscription number for the online issuance reached 6.03 million households, with a final winning rate of 0.02801388% [3] - The funds raised, totaling 1.267 billion yuan, will primarily be allocated to early drug development service platform construction, working capital, preclinical and clinical research projects, and antibody drug research and evaluation projects [3]

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 ...

Core Viewpoint - The new share issuance results of Bai'ao Saitou indicate strong demand from offline investors, while online investors showed a low abandonment rate, reflecting overall positive market sentiment towards the company’s stock [1][2][3] Summary by Category Share Issuance Results - The total number of shares issued by the company was 47.50 million, with an issuance price of 26.68 yuan per share [3] - Online investors subscribed for 11.42 million shares, amounting to 304.68 million yuan, while offline investors subscribed for 27.15 million shares, totaling 724.27 million yuan [2][3] - The abandonment rate for online subscriptions was 0.36%, with 4.12 thousand shares abandoned, amounting to 109.98 thousand yuan [1][2] Subscription Details - The final online issuance volume accounted for 24.13% of the total issuance, with a final online winning rate of 0.028% [3] - Offline investors fully subscribed, and the number of shares abandoned by online investors was fully underwritten by the lead underwriter, representing 0.09% of the total issuance [1][3] Recent Trends in New Share Issuance - In the past month, notable companies with high online subscription abandonment included C China Uranium, Nanfang Digital, and Hai'an Group, with abandonment rates of 0.71%, 0.40%, and 0.38% respectively [3] - Bai'ao Saitou's abandonment rate of 0.36% places it among the companies with lower abandonment rates in recent new share issuances [3]

Summary of Upcoming IPOs - Four new stocks on the Sci-Tech Innovation Board are set to be issued, with a total expected fundraising of 8.552 billion yuan [1] Company Details 百奥赛图 (BaiAo SaiTu) - Issuance date: November 28, 2025 - Planned public offering: 47.5 million shares, with 7.6 million shares for online subscription - Issue price: 26.68 yuan, with a price-earnings ratio of 519.12 times - The company specializes in gene editing technology and provides various innovative model animals and preclinical drug development services [2] - Projected net profit for 2023: -383 million yuan, and for 2024: 33.54 million yuan, with year-on-year changes of 36.38% and 108.76% respectively [2] 昂瑞微 (AngRui Wei) - Issuance date: December 5, 2025 - Planned public offering: 24.8829 million shares, with 3.981 million shares for online subscription - Expected fundraising: 2.203 billion yuan - The company focuses on integrated circuit design in the RF and analog fields, recognized as a national-level "little giant" enterprise [3] - Projected net profit for 2023: -450 million yuan, and for 2024: -64.7092 million yuan, with year-on-year changes of -55.28% and 85.62% respectively [3] 沐曦股份 (MuXi Co., Ltd.) - Issuance date: December 5, 2025 - Planned public offering: 40.1 million shares, with 6.416 million shares for online subscription - Expected fundraising: 4.182 billion yuan - The company is dedicated to the research and development of high-performance GPU chips and computing platforms for AI training and inference [3] - Projected net profit for 2023: -871 million yuan, and for 2024: -1.409 billion yuan, with year-on-year changes of -12.12% and -61.72% respectively [3] 优迅股份 (YouXun Co., Ltd.) - Issuance date: December 8, 2025 - Planned public offering: 20 million shares, with 4.8 million shares for online subscription - Expected fundraising: 900 million yuan - The company is a national champion in the optical communication field, focusing on the research, design, and sales of optical communication front-end transceiver chips [4] - Projected net profit for 2023: 72.0835 million yuan, and for 2024: 77.8664 million yuan, with year-on-year changes of -11.44% and 8.02% respectively [4]

Market Overview - On November 27, 2025, A-shares showed mixed performance with the Shanghai Composite Index closing at 3875.26 points, up 0.29%, while the Shenzhen Component Index fell 0.25% to 12875.19 points, and the ChiNext Index decreased by 0.44% to 3031.30 points. Over 2700 stocks rose in value, with total trading volume in the Shanghai and Shenzhen markets at 1.71 trillion yuan, a decrease of 70 billion yuan from the previous trading day [1] - Hong Kong stocks experienced fluctuations, with the Hang Seng Index closing up 0.07% at 25945.93 points and a total trading volume of 204.73 billion HKD. The Hang Seng China Enterprises Index rose 0.03%, while the Hang Seng Tech Index fell 0.36% [1] - U.S. stock markets were closed on November 27 due to the Thanksgiving holiday, with early market closure expected on November 28 [1] New Stock Subscription - The new stock available for subscription is Bai'ao Saitou, listed on the Sci-Tech Innovation Board with a stock code of 688796. The issue price is 26.68 yuan per share, with a price-to-earnings ratio of 519.12 times. The company focuses on gene editing technology and aims to become a global source of new drugs, providing innovative animal models and preclinical drug development services [3] Regulatory News - The State Administration for Market Regulation held its fifth enterprise fair competition symposium on November 27, 2025, discussing the promotion of fair competition and optimization of the business environment. Key foreign enterprises such as Samsung, BMW, Johnson & Johnson, and Bayer participated in the discussions [4] - The administration emphasized strengthening antitrust enforcement in key areas, enhancing fair competition reviews, and addressing barriers to the construction of a unified national market to create a market-oriented, law-based, and international business environment [5] - The National Development and Reform Commission highlighted the rapid growth of the humanoid robot industry, which is expected to exceed a market scale of 100 billion yuan by 2030, growing at over 50% annually. However, it cautioned against the risk of oversaturation in the market with similar products and the potential compression of R&D space due to the influx of over 150 humanoid robot companies, many of which are startups [5]

Summary of Key Points Core Viewpoint - The company Bai'ao Saitou is set to launch its public offering, with a total share capital of 399 million shares before the issuance and plans to issue 47.5 million shares, representing 10.63% of the post-issue total share capital. The offering price is set at 26.68 yuan per share, with a high price-to-earnings ratio of 519.12 times, indicating a premium valuation compared to the industry average of 39.31 times [1]. Company Information - Bai'ao Saitou specializes in providing innovative model animals and preclinical pharmaceutical research and development services based on its self-developed gene editing technology [1]. New Share Issuance Details - The public offering will consist of 47.5 million shares, with 7.6 million shares available for online subscription. The subscription code is 787796, and the maximum subscription limit for a single account is 7,500 shares, requiring a minimum market value of 75,000 yuan in the Shanghai market [1]. Fundraising Allocation - The funds raised from the public offering will be allocated to several projects: - Early drug research and development service platform construction: 59.797 million yuan - Antibody drug research and evaluation project: 39.513 million yuan - Preclinical and clinical research projects: 40 million yuan - Supplementing working capital: 50 million yuan [1]. Financial Performance - The company reported total assets of 2.415 billion yuan in 2024, a decrease from 2.449 billion yuan in 2023 and 2.799 billion yuan in 2022. - Net assets increased to 834.0588 million yuan in 2024 from 785.8889 million yuan in 2023, but down from 1.1462665 billion yuan in 2022. - Operating revenue rose to 980.4539 million yuan in 2024, compared to 716.9118 million yuan in 2023 and 533.8808 million yuan in 2022. - The net profit attributable to shareholders was 33.5418 million yuan in 2024, a significant recovery from losses of 38.295 million yuan in 2023 and 60.1947 million yuan in 2022 [2]. Research and Development Investment - Research and development investment amounted to 323.9245 million yuan in 2024, accounting for 33.04% of operating revenue, a decrease from 66.17% in 2023 and 130.96% in 2022 [2].

Group 1: Company Overview - Moer Thread is a leading company in the domestic GPU field, recognized as one of the few enterprises with full-function GPU R&D capabilities, and will become the "first domestic GPU stock" upon listing [1] - The company has successfully launched four generations of GPU architecture, covering various application areas including AI computing, high-performance computing, and graphics rendering [2] - Bai Ao Sai Tu is a global leader in innovative technology-driven biotechnology, focusing on preclinical CRO and drug development services based on self-developed gene editing technology [3] Group 2: Financial Performance - Moer Thread's projected revenues for 2022, 2023, and 2024 are 0.46 billion, 1.24 billion, and 4.38 billion respectively, with net losses of -1.894 billion, -1.703 billion, and -1.618 billion [2] - Bai Ao Sai Tu's projected revenues for the same period are 5.34 billion, 7.17 billion, and 9.8 billion, with net losses of -0.602 billion, -0.383 billion, and a profit of 0.034 billion in 2024 [4] Group 3: Fundraising and Investment Plans - Moer Thread plans to use the funds raised for the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [2] - Bai Ao Sai Tu intends to invest the raised funds in early drug development service platform construction, antibody drug R&D and evaluation projects, and preclinical R&D projects [4]

Group 1 - The core viewpoint of the news is the upcoming IPOs of two companies on the Sci-Tech Innovation Board, namely Moer Thread and Bai Ao Sai Tu, with significant fundraising goals and innovative technology focus [1][2][3]. Group 2 - Moer Thread is set to launch its IPO on November 24, with an issue price of 114.28 yuan per share, making it the highest-priced IPO of the year, aiming to raise approximately 75.76 billion yuan after deducting issuance costs [1]. - The company specializes in the research, design, and sales of full-function GPU products, positioning itself as a domestic leader in both graphics rendering and AI computing, often referred to as the "Chinese version of Nvidia" [1]. - The funds raised will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2]. - Bai Ao Sai Tu will initiate its IPO on November 28, aiming to raise 1.185 billion yuan, and is a preclinical CRO and biotechnology company that utilizes its proprietary gene editing technology for drug development services [2][3]. - Bai Ao Sai Tu is transitioning to an A+H listing, having already been listed on the Hong Kong Stock Exchange since September 2022 [3].