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，公司累计 签署约300项抗体合作协议，成为全球抗体药物研发的重要赋能者。此外，截至6月底，公司已累计获得 195项授权专利，提交496项专利申请。这些底层技术、创新产品和知识产权共同构筑起坚实的护城河， 也为其在国际BD谈判中提供了议价优势。 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 ...

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].