Core Viewpoint - The company Bai'ao Saitou (688796.SH) has successfully listed on the STAR Market, focusing on gene editing model animals, innovative breeding, preclinical pharmacology evaluation, and antibody drug discovery [1] Group 1: Company Overview - Bai'ao Saitou is recognized as the "first stock of gene editing" after its listing on the Hong Kong Stock Exchange in 2022 [1] - The company submitted its application for listing on the STAR Market in June 2023, although the progress has since slowed [1] Group 2: Financial Information - The IPO price is set at 26.68 yuan per share, with an institutional offering price of 27.88 yuan per share, resulting in a market capitalization of 11.92 billion yuan [2] - The company has a high issuance price-to-earnings ratio of 519.12, compared to the industry average of 39.31 [2] - The projected revenue for the first half of the year is 2.74 billion yuan, accounting for 44.2% of total revenue [4] Group 3: Business Model and Operations - Bai'ao Saitou operates a direct sales model, engaging directly with clients for sales and service provision [4] - The main business segments include preclinical pharmacology evaluation, model animal sales, antibody development, and gene editing services [4] - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 gene-edited animal and cell line models [3] Group 4: Client Base - The primary clients of Bai'ao Saitou include pharmaceutical research, biotechnology companies, and research institutions [4] - Gilead Sciences, Inc. is the largest client, contributing 0.88 billion yuan, which represents 14.25% of the total revenue for the first half of the year [4]

Core Viewpoint - The company BaiO Saite (688796.SH) is set to launch an IPO on the Sci-Tech Innovation Board, focusing on gene editing and related services, following its previous listing on the Hong Kong Stock Exchange in 2022 as the "first gene editing stock" [3]. Group 1: Company Overview - BaiO Saite operates four technical platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [3]. - The company has developed a stable and efficient gene editing platform, completing approximately 5,300 customized gene editing projects and creating over 4,300 gene-edited animal and cell line models by June 30, 2025 [7]. Group 2: Financial Information - The IPO price is set at 26.68 yuan per share, with an institutional offering price of 27.88 yuan, resulting in a market capitalization of 10.66 billion yuan [4]. - The company’s earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 519.12, significantly higher than the industry average P/E of 39.31 [4]. Group 3: Fundraising and Investment Plans - The company plans to allocate raised funds as follows: 4.54 billion yuan (38.28%) for early drug development services, 3.16 billion yuan (26.70%) for antibody drug research and evaluation, 1.65 billion yuan (13.92%) for preclinical research, and 2.50 billion yuan (21.10%) for working capital [7]. Group 4: Business Performance - The company has shifted to a direct sales model, with the mode animal sales segment accounting for 44.2% of total revenue in the first half of the year, generating 274 million yuan [9]. - Gilead Sciences, Inc. is the largest client, contributing 88 million yuan, or 14.25% of total revenue in the same period [9]. Group 5: Workforce Changes - The number of R&D personnel decreased from 627 at the end of 2022 to 403 by mid-2025, a reduction of over 30%, attributed to the completion of a large-scale R&D phase [8].

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]

Core Viewpoint - The company, Bai'ao Saitu, is set to launch an IPO on the Sci-Tech Innovation Board, focusing on gene editing and related services, after previously being listed in Hong Kong as the "first gene editing stock" [1]. Group 1: Company Overview - Bai'ao Saitu operates four technical platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [1]. - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 types of gene-edited animals and cell line models by June 30, 2025 [6]. Group 2: Financial Aspects - The company plans to raise funds for various projects, including 4.54 billion for early drug development services (38.28%), 3.16 billion for antibody drug research and evaluation (26.70%), 1.65 billion for preclinical research (13.92%), and 2.50 billion for working capital (21.10%) [5]. - In the first half of this year, the revenue from model animal sales reached 274 million, accounting for 44.2% of total revenue [7]. Group 3: Human Resources - The number of R&D personnel decreased from 627 at the end of 2022 to 403 by June 30, 2025, a reduction of over 30% due to the completion of a large-scale R&D phase [6]. Group 4: Client Base - The primary clients of Bai'ao Saitu include pharmaceutical R&D, biotechnology companies, and research institutions, with Gilead Sciences, Inc. being the largest client, contributing 88 million in revenue, which is 14.25% of total revenue for the period [7].

Group 1 - The core point of the article is that Bai'ao Saitou (688796.SH) has released its prospectus for an initial public offering (IPO) on the Sci-Tech Innovation Board, planning to issue 47.5 million shares, which will account for 10.63% of the total share capital post-issue [1] - The company was established in 2009 and operates as a preclinical CRO and biotechnology firm, providing innovative animal models and preclinical drug development services based on its proprietary gene editing technology [1][2] - The company has completed approximately 5,300 customized gene editing projects and developed over 4,300 types of gene-edited animals and cell line models, expanding its business into innovative animal sales, preclinical pharmacology evaluation services, and antibody drug collaboration [2] Group 2 - The company's main business revenue for the reporting periods were 533 million yuan, 716 million yuan, 980 million yuan, and 621 million yuan, with a compound annual growth rate of 35.56% from 2022 to 2024 [2] - The funds raised from the IPO, after deducting issuance costs, will be invested in projects including early drug development service platform construction, antibody drug research and evaluation, preclinical research projects, and supplementing working capital, totaling 1.185 billion yuan [3]