Core Viewpoint - The company, BaiAo SaiTu, is launching an IPO on the Sci-Tech Innovation Board, focusing on gene editing and related services, despite a significant reduction in R&D personnel. Group 1: Company Overview - BaiAo SaiTu is recognized as the "first stock in gene editing" and was listed on the Hong Kong Stock Exchange in 2022 [2] - The company operates four technical platforms: gene-edited model animals, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [2] - As of June 30, 2025, BaiAo SaiTu has completed approximately 5,300 customized gene editing projects and developed over 4,300 gene-edited animal and cell line models [2] Group 2: R&D and Personnel Changes - The number of R&D personnel at BaiAo SaiTu decreased from 627 at the end of 2022 to 403 by mid-2025, a reduction of over 30% [3] - The company stated that the large-scale R&D phase concluded in Q3 2023, leading to a significant drop in internal R&D projects and subsequent personnel optimization [3] Group 3: Business Performance - BaiAo SaiTu's business segments include preclinical pharmacology and efficacy evaluation, model animal sales, antibody development, and gene editing services [3] - Model animal sales have become increasingly significant, generating revenue of 274 million yuan in the first half of the year, accounting for 44.2% of total revenue [3] - The largest client, Gilead Sciences, Inc., contributed 88 million yuan in revenue during the first half of the year, representing 14.25% of total revenue [3]

11月28日，有一只新股申购，为科创板的百奥赛图（688796.SH）。招股书显示，该公司是一家以基因 编辑模式动物制备、创新模式动物繁殖与供应、临床前药理药效评价以及抗体药物发现四个技术平台为 一体的企业。2022年，百奥赛图登陆港交所，被誉为"基因编辑第一股"。早在2023年6月，百奥赛图便 向上交所递交了科创板上市申请，但此后推进节奏放缓。 | 拟投入募集资金金额 | | --- | | (17 = ) | | 药物早期研发服务平台建设项目 | 4.54 | 38.28% | | --- | --- | --- | | 抗体药物研发及评价项目 | 3.16 | 26.70% | | 临床前研发项目 | 1.65 | 13.92% | | 补充流动资金 | 2.50 | 21.10% | 技术方面，高效、稳定的基因编辑平台是百奥赛图业务的重要基石。发展至今，百奥赛图熟练掌握了多 种主流的基因编辑技术，这些技术极大地提升了基因编辑效率，突破了以往技术对基因改造序列长度的 限制。凭借高效稳定的技术、成熟的操作流程以及完善的质控体系，截至2025年6月30日，公司累计为 客户完成各类定制化基因编辑项目约5300 ...

报告期各期，公司主营业务收入分别为5.33亿元、7.16亿元、9.8亿元以及6.21亿元，2022年度至2024年 度年复合增长率为35.56%，公司主营业务收入均直接或间接与公司核心技术相关。 本次发行上市的募集资金扣除发行费用后，将按轻重缓急顺序投资以下项目：药物早期研发服务平台建 设项目、抗体药物研发及评价项目、临床前研发项目以及补充流动资金，募集资金投资额合计11.85亿 元。 截至报告期末，公司累计为客户完成各类定制化基因编辑项目约5,300项，并自主开发出RenMice小鼠平 台以及各类基因编辑动物及细胞系模型超过4,300种，成功将业务领域拓展至创新模式动物对外销售、 临床前药理药效评价服务以及抗体药物合作开发。 公司各类创新模式动物和细胞产品主要包括以免疫检查点及细胞因子/细胞因子受体为代表的靶点人源 化小鼠模型、重度免疫缺陷(B-NDG)小鼠及衍生产品模型、各类自发疾病模型、工具鼠及靶点敲除小鼠 等动物模型，靶点人源化改造的鼠源细胞系以及各类人源细胞系等细胞模型，涵盖肿瘤、自身免疫、代 谢和神经等疾病领域，可满足科研机构、制药企业等在靶点概念验证及机制研究、药物临床前体内外药 理药效筛选等方 ...