作为生物医药领域的明星企业，从港股转战科创板的百奥赛图，在正式上市前就颇受市场青睐。数据显示，百奥赛图科创板IPO网上初步超额认购约5383 倍，最终中签率只有0.028%，这个成绩超过今年大多数的科创板新秀，也刷新了同行们在数年前的IPO热潮中留下的数字。 辗转3年多，今日，百奥赛图终于登陆上交所科创板。至此，被业界戏称为"鼠王三巨头"的3家国内头部模式动物企业，齐聚科创板。 相比4年前在港交所的亮相，这一次，百奥赛图交出了一份更成熟的答卷。截至发稿，百奥赛图的首日涨幅一度冲高到157.87%。 从模式小鼠到分子超市 配售火爆的背后，是百奥赛图在医药行业新周期中的艰难转型，和由此带来的长期盈利的微光。 大多数人认识百奥赛图，是作为国内首屈一指的模式动物供应商。2021年前后，药物临床前研究用的实验小鼠突然变得奇货可居，带动百奥赛图和另外两 家供应商集萃药康、南模生物一起出圈。至今，对外出售靶点人源化的模式小鼠，仍然是百奥赛图最主要的收入来源。不过，随着深耕多年的抗体筛选平 台逐步成型，百奥赛图已经不再是单纯的动物模型服务商。 成立于2009年的百奥赛图，定位于临床前CRO以及生物技术企业。在招股说明书中，百 ...

一、科创板新贵的华丽登场 作为一名浸-市场多年的量化投资者，我习惯用数据说话。当看到百奥赛图以519倍市盈率登陆科创板时，我的第一反应不是惊叹，而是立即调出了历史数据 比对。这种高估值在A股历史上实属罕见，但更值得玩味的是市场反应——网上投资者弃购率仅0.36%，显示出散户们对这只生物医药股的狂热追捧。 仔细研读招股书后，我发现几个关键数据： 这些数字背后暗藏玄机。作为一名量化派，我更关注的是机构资金的真实态度。通过我的交易系统监测发现，在上市前暗盘交易中，机构买单集中在25-27 元区间，而散户买单则普遍高于30元。这种分歧往往预示着后续走势的分化。 二、牛市中的"双面挨抽"困境 当下的市场让我想起2024年二季度的场景。当时上证指数从2800点一路飙升至3500点，表面看是普涨行情，但我的量化系统显示：超过60%的个股实际涨幅 不及指数的一半。这就是典型的"流动性牛市"特征——资金集中在少数标的，多数股票只是陪跑。 "千鼠万抗"计划确实带来了盈利拐点，2024年首次盈利3354万元 但研发投入占比从130%骤降至33%，研发人员缩减35% 模式动物销售仍占营收44%，单价三年仅上涨7% 我亲身经历过这种" ...

近日，临床前CRO企业百奥赛图正式登陆上交所科创板，引发市场关注。公司凭借"千鼠万抗"计划与 RenMice全人抗体平台，在生物医药领域具有一定技术积累与业务布局。然而，其招股书及财务数据背 后，却透露出盈利依赖研发压缩、关联交易占比高、专利侵权诉讼、未弥补亏损巨大等多重风险，值得 投资者警惕。 一、扭亏为盈背后的"成本压缩术"：研发投入大幅缩水 从财务表现看，百奥赛图在2022年至2024年间营业收入稳步增长，归母净利润从-6.02亿元转为正收益 3354.18万元，今年前三季度更是实现1.14亿元净利润，看似走出亏损泥潭。 然而，仔细观察发现，公司同期研发费用从6.99亿元骤降至3.24亿元，研发人员总数从627人减至337 人，专职研发人员更是从58人锐减至5人。2022至2024年间，公司营收增长4.46亿元，研发费用却下降 3.75亿元。这引发市场质疑：盈利改善是否更多来自"节流"而非真正的业务成长？公司解释称"大规模 研发阶段已结束"，但作为一家以技术为核心竞争力的生物医药企业，研发投入的持续性仍是其长期价 值的关键。 二、关联交易与专利诉讼双重隐患 抗体开发业务是百奥赛图的重要增长点，2022至 ...

Investment Rating - The report assigns a rating of "Subscribe" for the company, with an AHP score of 2.38, placing it in the 38.9% percentile of the AHP model [7][8]. Core Insights - The company, BaiAoSaiTu, is positioned as a leading preclinical CRO and biotechnology firm, with a focus on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development [8][9]. - The company has developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [13][14]. - BaiAoSaiTu has established a comprehensive preclinical pharmacology and efficacy evaluation system, collaborating with nine of the top ten global pharmaceutical companies [18][20]. - The company has turned profitable in 2024, with improving profitability metrics and a richer variety of mouse strains compared to peers [26][28]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - BaiAoSaiTu's AHP score is 2.38, indicating a mid-to-low level performance in the AHP model [7][8]. 2. Fundamental Highlights and Features 2.1 Gene Editing Technology and Innovative Model Animal Development - BaiAoSaiTu has built platforms for gene editing and model animal breeding, evolving from a single service provider to a leading biopharmaceutical enterprise [8][9]. - The company has developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice [14][15]. 2.2 Antibody and Drug Collaboration Development - The company has created the RenMice platform, known for its high humanization level, facilitating the discovery and development of diverse antibody molecules [16][17]. - BaiAoSaiTu's "Thousand Mice, Ten Thousand Antibodies" initiative aims to discover antibodies against over 1,000 potential drug targets, enhancing its antibody library [17][18]. 2.3 Expansion of Preclinical Pharmacology and Efficacy Evaluation Services - BaiAoSaiTu has established a robust pharmacology and efficacy evaluation system, serving over 950 partners and completing more than 6,350 drug evaluation projects [20][21]. 3. Comparable Company Financial Metrics 3.1 Diverse Product Involvement and Rich Mouse Strain Resources - BaiAoSaiTu's humanized mouse strains exceed 1,700, compared to its peers, providing a competitive edge in preclinical evaluations [25][24]. 3.2 Revenue and Profitability Comparison - The company's revenue from 2022 to 2025 H1 was lower than peers, but it achieved profitability in 2024, with a compound annual growth rate of 35.52% [26][27]. 3.3 Higher Gross Margin and Net Profitability - BaiAoSaiTu's gross margin from 2022 to 2025 H1 averaged above 70%, with a net profit margin improving to 7.73% in 2025 H1, outperforming comparable drug development companies [28][29]. 3.4 R&D Expense Ratio Comparison - The company's R&D expense ratio was above the industry average in 2022 and 2023, reflecting its commitment to extensive research and development [31][32]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for early drug development service platform construction, antibody drug research and evaluation, and preclinical research projects, enhancing its core competitiveness [34][35].

Core Insights - The Chinese innovative drug sector is experiencing unprecedented growth, with a significant increase in collaboration with multinational pharmaceutical companies, as evidenced by 40% of licensing deals with upfront payments exceeding $50 million coming from China by May 2025, compared to less than 5% four years ago [1] - The urgency for global pharmaceutical companies to replenish their pipelines due to over $100 billion worth of blockbuster drugs losing patent protection in the next five years is driving the acceleration of business development (BD) transactions [2] - BaiO's success exemplifies the transformation of the industry, achieving profitability for the first time in 2024 with revenues of 980 million yuan and a net profit of 33.54 million yuan, while continuing to grow in 2025 [3] Industry Dynamics - The decline in R&D productivity and rising costs have compelled pharmaceutical companies to seek more efficient external innovations, leading to a surge in BD transactions over the past two years [2] - BaiO's innovative business model, which allows partners to select suitable molecules early in the project, significantly reduces the R&D timeline from over five years to 12-18 months [3] - The company has signed approximately 280 antibody licensing or collaboration agreements, positioning it at the forefront of China's innovative drug BD transactions [3] Technological Advancements - BaiO's success is a response to the industry's "anti-Moore's Law," utilizing technological platforms and scalable supply to provide new solutions amid rising R&D challenges [4] - The company has developed over 4,000 gene-edited animal models, with more than 1,000 being humanized models, which are widely used for preclinical efficacy and safety validation [4] - BaiO's dual-driven approach of "models + antibodies" has solidified its position in early-stage innovative drug development, with overseas revenue accounting for approximately 70% [4] Future Trends - The biopharmaceutical industry is entering the "antibody+" era, where antibody therapies are increasingly combined with cell therapies, nucleic acid drugs, and small molecules [5] - BaiO is strategically expanding its antibody library and integrating AI and automation to enhance R&D efficiency, positioning itself advantageously in emerging fields [5] - The company has established collaborations with Merck to advance new generation nucleic acid delivery systems, indicating its proactive approach in the evolving landscape [5] Conclusion - The transformation of Chinese innovative drugs is marked by companies like BaiO, which have become indispensable partners for multinational pharmaceutical firms, reflecting a broader shift in the Chinese biotech model from "license in" to "license out" [7] - This evolution signifies not only the success of individual companies but also the redefinition of China's position in the global value chain of innovative drugs [7]

Core Viewpoint - Antibody-drug conjugates (ADCs) are considered "biological missiles" in the global innovative drug landscape, attracting significant investment from major pharmaceutical companies due to their precise targeting and potent killing capabilities. The rising R&D costs and complexities have increased the demand for outsourcing services, presenting both challenges and opportunities for Chinese companies [1][3]. Industry Overview - The ADC sector is entering a "golden decade," with 19 ADC drugs approved globally by June 2025 and hundreds more in development. The market demand is expanding, prompting upstream and downstream companies to increase investments. The development of ADCs requires expertise across multiple fields, leading to high R&D costs, averaging between 50 million to 70 million RMB, and potentially reaching nearly 100 million RMB with advanced technologies. The outsourcing rate for ADC development exceeds 70%, significantly higher than the 30%-40% for overall biopharmaceuticals. The global ADC outsourcing market is projected to reach $11 billion by 2030, with a compound annual growth rate of 28.4% [3][9]. Company Profile: BaiO Saite - BaiO Saite, established in 2009, initially entered the market through gene-edited model animals. The company has developed the world's largest humanized mouse library, which has expanded into preclinical services and subsequent antibody development [4][5]. Competitive Advantages - BaiO Saite's core competencies lie in two main business lines: - Gene-edited humanized mice: The company has developed over 4,390 gene-edited animal models, including more than 1,100 humanized models, making it the largest library globally. This library is widely used for evaluating new drug efficacy and safety, enhancing its reputation as an "accelerator" for innovative drug development [5][6]. - RenMice platform's "Thousand Mice, Ten Thousand Antibodies" initiative: This platform supports the discovery of diverse human antibodies, providing foundational molecules for complex drug development. The initiative systematically collects and organizes a vast array of antibody molecules, allowing partners to select directly for further development, significantly reducing the traditional development timeline [6][7]. International Expansion - BaiO Saite has accelerated its international collaborations, signing multiple agreements: - Collaboration with Tubulis: On September 16, BaiO Saite licensed antibodies to the German ADC company Tubulis, which will utilize its proprietary linker and toxin technology for ADC development. This agreement includes upfront payments, milestone payments, and revenue sharing, providing both short-term cash flow and long-term revenue potential [7]. - Third collaboration with Merck: Announced on September 4, this partnership focuses on antibody-conjugated LNP delivery, marking the third collaboration between the two companies, indicating an evolving relationship that extends beyond traditional antibodies [8]. - Joint development with IDEAYA: BaiO Saite is collaborating with IDEAYA Biosciences on bsADC (bispecific antibody-drug conjugates) IDE034, which targets B7-H3 and PTK7, showing significant efficacy in various tumor models. IDEAYA plans to submit an IND application in Q4 2025 [8]. Financial Performance - BaiO Saite's collaborative model has positively impacted its financial results. In the first half of 2025, the company signed 80 new licensing agreements, a 60% increase year-on-year, bringing the total to 280. Revenue grew by 51% to 621 million RMB, with a net profit of 48 million RMB, marking a turnaround from a loss of 50.67 million RMB in the same period last year [9][10]. Strategic Positioning - BaiO Saite is transitioning from an "antibody discovery platform" to a "global R&D infrastructure." The demand for new technologies like ADCs and bispecific antibodies is expanding, and the company aims to provide differentiated source antibody molecules to meet both individual project needs and serve as a foundational platform for industry innovation [10][11]. Conclusion - Over 15 years, BaiO Saite has evolved from a model animal provider to a key player in ADC and global collaborations. In an environment of high R&D costs and lengthy timelines, the company enhances efficiency and fosters international partnerships. As ADCs and "antibody+" technologies accelerate, BaiO Saite's ability to solidify its position as a "Taiwan Semiconductor Manufacturing Company of antibodies" may determine its success in the next industry reshuffle [11].

Core Insights - The Chinese innovative pharmaceutical industry is entering a significant era of external business development (BD), with over 70 external licensing agreements signed in the first half of 2025, totaling over $60 billion, setting historical records [1][3][4] - The surge in BD transactions is driven by the alignment of supply from Chinese companies and the global demand from multinational pharmaceutical firms facing patent cliffs in the next 3-5 years [1][2][4] - Companies like Hengrui Medicine and Baiyue Biotechnology exemplify two distinct models in this landscape: a "heavyweight model" focusing on extensive R&D capabilities and a "lightweight model" leveraging efficiency and cost advantages [6][7][11] Industry Trends - The trend of external BD is expected to continue as multinational companies seek cost-effective innovative pipelines before finding higher-value sources [4][5] - Morgan Stanley predicts that by 2040, annual sales from innovative drugs originating in China will reach $220 billion, with 35% of FDA-approved innovative drugs coming from Chinese pipelines [4] Company Strategies - Hengrui Medicine, with a robust R&D team and numerous projects, has seen significant revenue from BD transactions, nearing 2 billion RMB in upfront payments in the first half of 2025 [7][19] - Baiyue Biotechnology's "Thousand Mice, Ten Thousand Antibodies" plan has redefined its business model, allowing for a vast library of candidate antibodies and a more efficient drug discovery process [10][11][12] Competitive Advantages - Baiyue Biotechnology's model allows for rapid access to high-quality antibodies, significantly reducing the time from discovery to clinical testing, from an average of 5.5 years to 12-18 months [12][13] - The company's approach enables a "target freedom" for innovative drug companies, allowing them to explore multiple targets with lower costs and risks [14][27] Market Position - Baiyue Biotechnology has established itself as a leader in the industry, with 80 new agreements signed in the first half of 2025, reflecting a 60% year-on-year growth [19] - The company's partnerships with major pharmaceutical firms like Merck and IDEAYA Biosciences highlight its growing influence and the high demand for its antibody discovery platform [20][21][24] Future Outlook - The open nature of Baiyue Biotechnology's model allows for shared access to its antibody library, increasing the chances of success for various companies in the innovative drug sector [26][27] - As the "Thousand Mice, Ten Thousand Antibodies" plan continues to evolve, Baiyue Biotechnology is positioned to become a significant player in the BD era of innovative pharmaceuticals [27][28]

Core Viewpoint - The pharmaceutical and biotechnology sector has entered a structural market upturn since 2025, driven by multiple favorable factors including government support for innovative drugs and strong mid-year performance from several innovative drug companies [1] Group 1: Company Performance - The company, Baiaosaitu, has seen its stock price surge from 5.6 HKD in November last year to 28.58 HKD in August this year, marking a rise of over 400% [1] - In the first half of 2025, the company reported a sales revenue of 621 million CNY, a year-on-year increase of 51.5%, with a net profit of 48 million CNY, surpassing the total profit of the previous year [2][3] - The company achieved a positive net cash flow of over 33.3 million CNY, indicating a significant improvement in its financial health and self-sustaining growth capabilities [1][3] Group 2: Business Model and Growth Drivers - Baiaosaitu has established a dual-engine growth model centered on innovative animal models and antibody molecule transfer, differentiating itself from traditional CROs and pharmaceutical companies [2] - The innovative animal model business generated 274 million CNY in revenue, a 56% increase year-on-year, with a high gross margin of 79% [2] - The antibody molecule transfer business has signed approximately 280 agreements, with 80 new contracts in the first half of 2025, generating 163 million CNY in revenue, a 38% increase year-on-year, and a gross margin of about 90% [3] Group 3: International Expansion and Market Position - The company has expanded its international presence, establishing branches in key locations such as Boston, San Francisco, and Heidelberg, enhancing its global influence and market responsiveness [3] - Both domestic and overseas businesses have experienced rapid growth, with overseas revenue reaching 422 million CNY and domestic revenue around 200 million CNY [3] Group 4: Technological and Intellectual Property Strength - Baiaosaitu has developed a leading human antibody library and established a robust patent network, with 301 registered trademarks and 195 authorized patents as of June 30, 2025 [6] - The company’s RenMice platform and "Thousand Mice, Ten Thousand Antibodies" initiative provide a comprehensive library of potential drug targets, significantly improving drug discovery efficiency [5][6] - The company maintains a high level of R&D investment, with nearly 209 million CNY spent in the first half of 2025, focusing on core innovative animal models and antibody development [5] Group 5: Future Outlook - The company has successfully transitioned from the typical "burning cash" phase of early-stage biotech firms to a self-sustaining growth model, enhancing its long-term growth value and investment appeal [7] - With its dual technological and patent moat, Baiaosaitu is positioned to solidify its status as a "global source of new drugs," further increasing its attractiveness to investors [7]

Core Viewpoint - The pharmaceutical and biotechnology sector has entered a structural market trend and a turning point in prosperity since 2025, driven by multiple favorable factors, including government support for "innovative drugs" and strong mid-year performance from several innovative pharmaceutical companies [1] Group 1: Company Performance - The company, Baiaosaitu, has seen its stock price surge from 5.6 HKD in November last year to 28.58 HKD in August this year, marking a rise of over 400% [1] - In the first half of 2025, the company reported sales revenue of 621 million CNY, a year-on-year increase of 51.5%, with a gross margin of 74.4% [2] - The net profit reached 48 million CNY, surpassing the total for the previous year, indicating strong profitability and growth potential [2] - The company achieved a positive net cash flow of over 33.3 million CNY, reflecting improved financial health [3] Group 2: Business Segments - The company's two core business segments, innovative animal models and antibody molecule transfer, both recorded significant growth, with the innovative animal model segment generating 274 million CNY in revenue, up 56% year-on-year [2] - The antibody molecule transfer business established partnerships with seven of the top ten global pharmaceutical companies, signing approximately 280 agreements, with a revenue of 163 million CNY, a 38% increase [2] Group 3: International Expansion - Baiaosaitu is accelerating its international expansion, with overseas revenue reaching 422 million CNY and domestic revenue around 200 million CNY [3] - The company has established branches in key international markets, enhancing its global influence and ability to respond to international client needs [3] Group 4: Technological and Intellectual Property Strength - The company has developed a leading human antibody library and established a dual-engine growth model based on innovative animal models and antibody molecule transfer [4][5] - Baiaosaitu has a robust patent network, with 301 registered trademarks and 195 authorized patents, reflecting its strong innovation capabilities [6] - The company maintains a high level of R&D investment, with nearly 209 million CNY spent in the first half of 2025, focusing on core innovative animal models and antibody development [5] Group 5: Summary of Achievements - Baiaosaitu's impressive performance in the first half of 2025 demonstrates its operational excellence and sustainable business model, successfully overcoming the common "burning cash" dilemma faced by early-stage biotech firms [7] - The company has built significant competitive barriers through its technological and patent advantages, positioning itself as a potential "global source of new drugs" [7]

Core Viewpoint - The innovative pharmaceutical sector has emerged as the "most shining track" in the capital market for the first half of 2025, with the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index achieving a year-to-date increase of 97.01%, marking the highest half-year growth since 2018 [1] Group 1: Company Performance - By the first half of 2025, the company reported revenue exceeding RMB 6 billion, a year-on-year increase of over 50%, and net profit ranging from RMB 42.7 million to RMB 52.7 million, marking a continuous profit validation [1][3] - The company's stock price surged by 209.88% year-to-date, outperforming both the Hang Seng Healthcare Index and the Hang Seng Index [1] Group 2: Strategic Transformation - The company has transitioned its revenue structure from "service infusion" to "product self-sustenance," indicating a successful shift towards high-value products and validating the commercial viability of its technology [3] - The company has established a global presence, enhancing its local service capabilities through the expansion of its Boston laboratory and securing collaborations with top 10 multinational pharmaceutical companies [4] Group 3: Operational Efficiency - The company increased its R&D expenditure to approximately RMB 206.1 million to RMB 216.1 million, a year-on-year increase of about 30%, while optimizing its management structure and digitalizing production processes to enhance operational efficiency [5] - The company achieved net profit for two consecutive reporting periods, indicating the establishment of a commercial flywheel effect from R&D investment to product revenue and profit accumulation [5] Group 4: Market Opportunities - Recent policy measures from the National Healthcare Security Administration and the National Health Commission support the high-quality development of innovative drugs, creating a favorable environment for companies like the subject firm [6] - The capital market's evaluation logic for innovative pharmaceutical companies has fundamentally changed, with a shift from "story-driven" to "performance-driven" valuation, enhancing confidence in profitability [7] Group 5: Globalization and Future Growth - The company is positioned as a significant contributor to the global pharmaceutical pipeline, particularly in the ADC (antibody-drug conjugate) field, and ranks among the top three in terms of outbound licensing transactions [8] - The company's unique technology platforms and innovative antibody assets are expected to establish it as a "technical arms dealer" in the global pharmaceutical landscape, potentially leading to a dual growth trajectory [8] Conclusion - The company is poised for a significant transformation from a follower to a leader in the global innovative drug sector, with its recent profitability breakthrough marking just the beginning of its growth journey [9][10]