Core Viewpoint - Baiao Saitu (Beijing) Pharmaceutical Technology Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, completing its H+A capital layout, with a significant first-day stock price increase [1][8]. Group 1: Stock Performance - On its first day of trading, the stock closed at 65.8 CNY per share, a surge of 146.63%, resulting in a market capitalization of 29.406 billion CNY [3][10]. - In contrast, the Hong Kong stock market showed poor performance, with the stock dropping nearly 20% during trading, closing at 29.2 HKD per share, with a market capitalization of 13.049 billion HKD [3][10]. Group 2: Company Overview - Baiao Saitu, established in 2009, focuses on preclinical CRO and innovative drug development, utilizing a "dual-engine platform" system for drug discovery [4][11]. - The company has developed a comprehensive resource library of over 1,000 potential drug targets and more than one million fully human antibody sequences through its RenMice® platform [4][11]. - It has established partnerships with the world's top ten pharmaceutical companies, with overseas revenue expected to account for 68.27% by the first half of 2025 [4][11]. Group 3: Financial Performance - The company has transitioned from losses to profitability, with revenue projected to grow from 534 million CNY in 2022 to 980 million CNY in 2024, and net profit expected to shift from a loss of 602 million CNY to a profit of 33.5 million CNY [5][12]. - For the first nine months of 2025, the company reported revenue of 941 million CNY, a year-on-year increase of 59.50%, and a net profit of 114 million CNY [5][12]. - The company anticipates a total revenue of 1.351 billion CNY for 2025, representing a 37.75% year-on-year growth, with a significant increase in net profit [5][12]. Group 4: Financial Metrics - As of June 30, 2025, total assets are projected to be approximately 2.488 billion CNY, with a debt-to-asset ratio of 63.96% [6][13]. - The company plans to allocate the net proceeds of 1.144 billion CNY from its IPO to various projects, including early drug development services and antibody drug research [7][14]. - Despite the positive financial outlook, the company still faces cumulative losses of 1.706 billion CNY as of mid-2025 [6][13].