在持续较高且可控研发投入的同时，公司盈利能力不断增强。2025年上半年营收6.21亿元，同比增长 51.5%，净利润4,800万元，已超过去年全年水平，经营现金流全面转正，展现出强劲的自我造血能力。 其中，靶点人源化小鼠业务收入2.74亿元，同比增长56.1%，毛利率高达79%。抗体分子转让开发业务 收入达1.63亿元，同比增长38%。公司仍然保持较高的研发投入，2025年上半年公司研发费用达2.09亿 元，同比增长29%。 国际化生物技术公司百奥赛图(688796.SH)今日(11月28日)启动申购，该股于上交所科创板上市，发行价 每股26.68元(人民币，下同)，发行4750万股新A股，占公司总股本10.63%，料净集资约11.44亿元。公司 以创新技术驱动新药研发，依托"源头抗体分子库 + 靶点人源化小鼠库"双核心平台，加速全球合作伙伴 新靶点、新机制与新疗法的研发进程，推动行业从探索式研发迈向更高确定性的成药时代。 百奥赛图成立于2009年，总部位于北京，在中国(江苏海门、上海)、美国(波士顿、旧金山、圣地亚哥) 及德国海德堡等地设有分支机构，全球扩张能力强，具备重构估值逻辑。截至2025年上半年，公 ...

Core Viewpoint - The biotechnology company Baiaosaitu (688796.SH) has launched its IPO on the Shanghai Stock Exchange's STAR Market, with an issue price of 26.68 yuan per share, aiming to raise approximately 1.144 billion yuan through the issuance of 47.5 million new A-shares, representing 10.63% of the company's total share capital [1] Group 1: Company Overview - Baiaosaitu was established in 2009 and is headquartered in Beijing, with branches in China (Haimen, Shanghai), the United States (Boston, San Francisco, San Diego), and Germany (Heidelberg), showcasing strong global expansion capabilities [1] - The company has signed approximately 300 antibody collaboration agreements as of mid-2025, positioning itself as a significant enabler in global antibody drug development [1] - As of June 30, the company has obtained 195 authorized patents and submitted 496 patent applications, creating a solid competitive moat and providing bargaining power in international business development negotiations [1] Group 2: Financial Performance - For the first half of 2025, the company reported revenue of 621 million yuan, a year-on-year increase of 51.5%, and a net profit of 48 million yuan, surpassing the total for the previous year [2] - The operating cash flow has turned positive, demonstrating strong self-sustaining capabilities [2] - Revenue from the humanized mouse business reached 274 million yuan, up 56.1% year-on-year, with a gross margin of 79% [2] - Revenue from antibody molecule transfer and development business amounted to 163 million yuan, reflecting a year-on-year growth of 38% [2] - The company maintained high R&D investment, with R&D expenses reaching 209 million yuan in the first half of 2025, a 29% increase year-on-year [2]

Core Viewpoint - The company, Baiaosaitu-B (02315.HK), is expected to report significant growth in revenue and profitability for the first half of 2025, driven by strategic innovation and market expansion efforts [1][2]. Group 1: Financial Performance - The estimated revenue for the six months ending June 30, 2025, is approximately RMB 616 million to RMB 626 million, representing a year-on-year increase of about 50.1% to 52.5% [1]. - The expected net profit is around RMB 42.7 million to RMB 52.7 million, indicating a turnaround from loss to profit [1]. - Research and development expenses are projected to be between RMB 206.1 million and RMB 216.1 million, reflecting a year-on-year increase of approximately 27.5% to 33.6% [1]. Group 2: Growth Drivers - The company attributes its strong performance to its strategic focus on "driving new drug development through innovative technology," aiming to become a global source of new drugs while maintaining a strong presence in China [2]. - In the first half of 2025, the company has intensified its efforts in overseas market expansion, supported by an expanding sales team and improved sales systems, leading to rapid growth in international business [2]. - The domestic biopharmaceutical sector has seen increased R&D demand, allowing the company to provide innovative R&D products and services that meet customer needs, resulting in robust growth in domestic operations [2]. Group 3: Operational Efficiency - The company is implementing lean management practices, adjusting and optimizing its management team to enhance operational efficiency, which has led to a continuous decline in management expense ratios [2]. - By reorganizing R&D and production activities more effectively, the company has improved the efficiency of human resource utilization, facilitating a smoother transition from innovative R&D to commercial production [2]. - These ongoing initiatives have significantly enhanced the company's profitability [2].