晨会纪要 核心结论 分析师 【食品饮料】2026 消费行业投资展望：底部，是走出来的 消费行业呈现底部特征，基本面触底修复构成股价催化剂。政策面（24 年 9 月）领先资金面（25 年 Q3），资金面领先基本面，基本面触底修复构成催 化剂。除了基本面积极的信息开始增多，催化剂也包括：越来越多的公司开 始注重分红和回购，竞争理性背景下格局有所改善，白酒等公司开始清理报 表包袱，企业沟通治理更加透明和国际化。 【保险Ⅱ】保险行业 2026 年度策略：风起之时：财富权益大迁徙下的寿险 价值重估 以估值、弹性、股息率作为筛选维度，建议关注存量成本较低、经营稳健的 【中国太保】，股息率高且欠配明显的【中国平安】，业绩优异、股息率具备 竞争力的【中国人寿 H】，估值低、投资改善幅度大的【中国太平】，推荐权 益投资能力强、弹性大且股息率高的【新华保险】。 【医药生物】百奥赛图（2315.HK）深度报告：技术驱动研发创新，致力于 成为全球新药发源地 盈利预测与评级：预计 2025-2027 年公司营收分别为 13.87/18.09/23.06 亿 元，同比增长 41.5%/30.4%/27.4%，归母净利润 1.47/3.3 ...

Summary of Baiaosaitu Conference Call Company Overview - Baiaosaitu is a biotechnology company founded in 2009, focusing on innovative drug development driven by gene editing technology. The company aims to become a global source of new drugs and has established two main business lines: preclinical products and services, and antibody molecule transfer development [2][3][4]. Key Business Developments - The company has developed over 3,500 innovative animal models, expanding at a rate of 300-500 models per year, covering various disease areas and establishing a leading position in the global innovative target animal model market [2][4][5]. - The "Thousand Mice, Ten Thousand Antibodies" program targets over 1,000 drug targets for large-scale antibody discovery, resulting in a substantial human antibody molecule library. The company has signed contracts worth over 20 billion RMB, with significant milestone revenue expected in the future [2][3][12]. - Baiaosaitu invests over 100 million RMB annually in R&D, optimizing its global market and sales network, leading to a projected 64% compound annual growth rate (CAGR) in overseas business revenue from 2022 to 2024, with overseas sales expected to exceed 65% of total sales by 2024 [2][7][8]. Market Expansion and Strategy - The U.S. market is a key focus, accounting for nearly half of the global market size. The company is expanding its facilities and team in the U.S., increasing its facility size from 1,000 square meters to 4,000-5,000 square meters by 2023, and plans to grow its team from over 100 to 150-200 in the coming years [8][9]. - Baiaosaitu has established a global sales network, with significant growth in overseas revenue, particularly in the U.S. and Europe, where it has become a preferred supplier for innovative animal models [6][27]. Financial Performance - The company achieved operational cash flow of 210 million RMB in 2024, marking its first positive cash flow year, with an overall profit of over 30 million RMB. It expects continued significant improvement in cash flow in 2025 [3][15][16]. - Revenue growth from 2020 to 2024 has been robust, with revenue increasing from over 200 million RMB in 2020 to approximately 980 million RMB in 2024, representing a CAGR of over 35% [14][20]. Competitive Advantages - Baiaosaitu's competitive edge lies in its innovative target animal models, high-purity animal housing, and global sales network. The company aims to capture over 50% of the global market share in innovative animal models [3][19][26]. - The company has established partnerships with major pharmaceutical companies, maintaining high gross margins despite industry challenges [5][17]. Future Outlook - Baiaosaitu plans to enter a new development phase characterized by "dual wings flying, scalable profitability" in 2025 and beyond. The company aims to enhance its market performance and return value to investors through continuous growth and profitability [24][33]. - The antibody molecule transfer business is expected to see steady growth, with plans to increase the number of transferred antibody sequences and milestone payments in the coming years [21][28]. Industry Context - Despite tightening R&D investments among global pharmaceutical companies, there has been an increase in early upstream innovation R&D investments, particularly from overseas pharmaceutical companies. This trend has positively impacted Baiaosaitu's innovative animal model business, which continues to grow rapidly in overseas markets [25][26].