新股分析 2025 年 11 月 24 日 百奥赛图：布局临床前 CRO 以及生 物技术,核心技术平台全球领先 朱敏 (8621)23297818× zhumin@swsresearch.com 申万宏源研究微信服务- 注册制新股纵览 20251124 本期投资提示: 证券分析师 彭文玉 A0230517080001 pengwv@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 AHP 得分——剔除流动性溢价因素后，百奥赛图 2.38 分，位于总分的 38.9%分位。剔除、 0 考虑流动性溢价因素后, 我们测算百奥赛图 AHP 得分均为 2.38 分, 分别位于科创体系 AHP 模型总分 38.9%分位、41.2%分位，均处于中游偏下水平。假设以 90%入围率计，中性预 期情形下，百奥赛图网下 A、B 两类配售对象的配售比例分别是：0.0292%、0.0217%。 由基因编辑技术延伸至模式动物销售,募投笼位数量 ...

Core Insights - The company reported double growth in revenue and net profit for the third quarter, primarily driven by increased sales of growth hormones and antibody drugs [1] - In the fourth quarter, the company aims to enhance operational efficiency and effectiveness, further solidifying the stable growth of its main business while accelerating the improvement of other business segments to achieve the restorative growth target set at the beginning of the year [1] Revenue and Profit Growth - The third quarter saw a significant increase in both operating income and net profit, attributed to the growth in the main business areas of growth hormones and antibody drugs [1] - The company is focused on maintaining this growth trajectory and improving overall business performance in the upcoming quarter [1] Future Outlook - The company plans to continue enhancing operational efficiency and effectiveness in the fourth quarter [1] - There is a commitment to consolidating the stable growth of the main business while also working on the improvement of other business areas [1] - The goal is to achieve the restorative growth target established at the beginning of the year [1]

11月18日，三生国健盘中下跌2.02%，截至09:56，报68.90元/股，成交1.28亿元，换手率0.29%，总市值 424.97亿元。 资金流向方面，主力资金净流入386.90万元，特大单买入389.94万元，占比3.04%，卖出108.65万元，占 比0.85%；大单买入3398.58万元，占比26.52%，卖出3292.97万元，占比25.70%。 三生国健今年以来股价涨223.52%，近5个交易日涨7.22%，近20日涨12.90%，近60日涨24.24%。 截至9月30日，三生国健股东户数1.12万，较上期减少12.77%；人均流通股55060股，较上期增加 14.64%。2025年1月-9月，三生国健实现营业收入11.16亿元，同比增长18.80%；归母净利润3.99亿元， 同比增长71.15%。 分红方面，三生国健A股上市后累计派现1.27亿元。 机构持仓方面，截止2025年9月30日，三生国健十大流通股东中，工银前沿医疗股票A（001717）位居 第八大流通股东，持股380.00万股，相比上期增加60.10万股。中欧医疗健康混合A（003095）位居第十 大流通股东，持股335.06万股， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.963 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.15%, and a net profit attributable to the parent company of 551 million yuan, a year-on-year decrease of 6.48%. In Q3 2025 alone, the revenue was 670 million yuan, a year-on-year increase of 7.7%, and the net profit was 185 million yuan, a year-on-year increase of 6.56% [4][5] - The company's main business has stabilized and is showing signs of recovery, with positive growth in both revenue and profit in Q3, primarily driven by the growth in revenue from growth hormones and antibody drugs. The decline in profit for the first three quarters is attributed to increased R&D investment, which reached 145 million yuan, a year-on-year increase of 13.08% [5] - The company has successfully introduced two significant long-acting products through business development (BD) collaborations, enhancing its market position in the fields of pediatric growth and assisted reproduction [6] - The company’s affiliate, Bosheng Jian, has made significant progress in its cell therapy platform, with the CD7 CAR-T (PA3-17 injection) being included as a breakthrough therapy and approved for key Phase II clinical trials [7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 2.677 billion yuan, 3.050 billion yuan, and 3.529 billion yuan, respectively, with year-on-year growth rates of 5.6%, 13.9%, and 15.7%. The net profit attributable to the parent company is projected to be 756 million yuan, 848 million yuan, and 987 million yuan for the same years, with year-on-year growth rates of 6.9%, 12.1%, and 16.4% [8][9] - Key financial metrics for 2025 include a gross margin of 78.4%, a return on equity (ROE) of 17.4%, and earnings per share (EPS) of 0.45 yuan [11]

Core Viewpoint - Hualan Co., Ltd. announces an investment in Kemaibiotechnology to enter the AI-driven innovative drug development sector, aiming to cultivate new growth opportunities [1][2] Investment Details - Hualan plans to invest RMB 20 million through its wholly-owned subsidiary, Lingqing Smart Pharmaceutical Technology Co., Ltd., acquiring a 9.53% stake in Kemaibiotechnology and gaining a board seat along with preferential acquisition rights [1][2] Company Background - Kemaibiotechnology, incubated by leading AI drug development firm Jingtai Technology, focuses on antibody design using generative AI models and has a strong data foundation from internal wet lab experiments [2][4] Industry Context - The pharmaceutical industry faces challenges with traditional drug development timelines and costs, prompting a shift towards AI as a core strategic element to enhance efficiency and reduce costs [2][3] - Major global pharmaceutical companies are increasingly integrating AI into their operations, with significant investments from tech giants like NVIDIA and Google [3] Market Potential - The global innovative drug market is projected to reach USD 1.08 trillion by 2024, with the antibody drug market exceeding USD 200 billion, highlighting substantial growth potential in AI-driven antibody design [4] Leadership and Expertise - Kemaibiotechnology's CEO, Dr. Wang Tianyuan, has extensive experience in AI and biopharmaceuticals, positioning the company to become a leader in AI-driven antibody drug discovery [4] Strategic Positioning - Hualan's investment is seen as a strategic move to leverage its established client base of over a thousand pharmaceutical companies across 40 countries, facilitating market access for Kemaibiotechnology [5][6] - The company aims to enhance its capabilities in AI innovative drug development by attracting top industry experts and fostering collaboration across its business units [6]

昨日，欧美同学会海归小镇（广州·生物医药）揭牌活动在广州市举行。欧美同学会海归小镇（广州·生 物医药）是欧美同学会联合广州市共同打造的重点标杆项目，以生物医药领域高科技产业为核心引擎， 充分发挥留学人员专业优势与群体效能，助力广州加快产业升级和高质量发展。 据悉，目前已引入百 济神州、康方生物、诺诚健华等近30家知名创新企业与项目，产品覆盖抗癌药物、抗体药物等创新药， 高端体外诊断仪器设备、集成化质子治疗系统等肿瘤诊疗装备，以及创新型疫苗等关键领域，总投资超 370亿元，预计年产值将达1000亿元。此次正式揭牌，标志着聚焦生物医药领域的广州海归小镇，将正 式迈向人才、创新要素加速集聚、蓬勃发展的新阶段。当前，广州正加快"12218"现代化产业体系建 设，赋予"生物医药与健康"战略性产业集群的定位，全市已汇集6500多家相关企业，力争用五年时间， 集中资源力量重点攻坚，推动"生物医药与健康"迈入3000亿级产业集群。（广州日报） ...

Core Insights - The article discusses a groundbreaking research study published in Nature that utilizes AI for the de novo design of antibodies with atomic-level precision, potentially transforming the traditional antibody development process [1][21]. Traditional Antibody Development Challenges - There are over 160 approved antibody drugs globally, with a market value projected to reach $445 billion in the next five years [3]. - The core challenge in antibody development is the rapid acquisition of antibodies that can precisely bind to specific targets [3]. - Traditional methods rely on animal immunization or random library screening, which are time-consuming, costly, and often yield limited success [4]. AI Revolution: RFdiffusion Design - The RFdiffusion AI protein design tool, developed by David Baker's team at the University of Washington, allows for the design of antibodies from scratch [6]. - RFdiffusion2, a specialized version of this tool, was launched in April and is tailored for antibody design [6]. Capabilities of RFdiffusion2 - RFdiffusion2 can design antibodies that target any desired epitope with atomic-level precision [8]. - It focuses on designing the CDR regions, which are critical for antigen recognition, and samples various binding modes between antibodies and targets [8]. Experimental Validation - The research team designed variable heavy chains (VHH) for four disease-related targets, demonstrating that AI-designed antibodies can bind to target sites with nanomolar affinity [11]. - Cryo-electron microscopy confirmed that the binding modes of the designed antibodies closely matched the computational models, with a backbone structure deviation of only 1.45 Å [13]. Advancements in Antibody Design - After successfully designing single-domain antibodies, the team tackled the more complex single-chain variable fragment (scFv) design, which includes six CDRs [15]. - They employed a clever assembly strategy to combine heavy and light chains from different designs, successfully creating specific scFv antibodies [15]. Affinity Maturation - Initial designs had relatively low affinity (micromolar level), but the team improved the affinity by two orders of magnitude using the OrthoRep system, achieving nanomolar to sub-nanomolar levels [18]. - Importantly, cryo-electron microscopy confirmed that the matured antibodies retained the original binding modes and epitope specificity [19]. Revolutionary Medical Implications - This technology could revolutionize the antibody drug development process, shifting from a trial-and-error approach to a precise design-based method [21]. - AI-designed antibodies offer new solutions for targeting difficult disease targets, such as intracellular proteins or specific conformations of membrane proteins [21]. - As the technology matures, AI de novo antibody design is expected to become a standard tool in biomedicine, providing new treatment options for various diseases [22].

Core Viewpoint - Zhixiang Jintai, established in October 2015 and listed on the Shanghai Stock Exchange in June 2023, focuses on innovative antibody drugs and possesses a strong competitive edge in the innovative drug sector [1] Group 1: Business Overview - The main business of Zhixiang Jintai includes the research, production, and sales of antibody drugs, classified under the pharmaceutical and biological industry [1] - As of Q3 2025, the company reported revenue of 208 million yuan, ranking 30th among 34 companies in the industry, with the industry leader, Changchun High-tech, generating 9.807 billion yuan [2] - The company's net profit for the same period was -333 million yuan, placing it 32nd in the industry, with the top performer, Tonghua Dongbao, reporting a net profit of 1.188 billion yuan [2] Group 2: Financial Performance - As of Q3 2025, Zhixiang Jintai's asset-liability ratio was 41.28%, higher than the industry average of 26.88% [3] - The gross profit margin for the same period was 94.05%, exceeding the industry average of 70.17% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.75% to 12,600, while the average number of circulating A-shares held per shareholder decreased by 7.19% to 9,231.01 [5] Group 4: Strategic Developments - On September 22, 2025, the company signed an exclusive cooperation agreement with a subsidiary of Kangzhe Pharmaceutical for two infection-related products, which are in the NDA stage, potentially accelerating market accessibility [6] - The company anticipates significant revenue growth from 2025 to 2027, with projected revenues of 570 million, 890 million, and 1.28 billion yuan, representing year-on-year growth rates of 1781.5%, 57.3%, and 43.8% respectively [6] - The company is focusing on product development quality and has received approval for a second indication for its core product, Saliqi monoclonal antibody [6]

Core Insights - AstraZeneca officially launched its sixth global strategic R&D center in Beijing Economic-Technological Development Area, marking a significant step in establishing Beijing as a global biopharmaceutical innovation hub [1][2] - The new center aims to leverage Beijing's leading scientific ecosystem and AI advantages to accelerate the development of innovative drugs, enhancing collaboration with local clinical trial institutions, universities, and biotech companies [1][2] - AstraZeneca's investment of $2.5 billion in Beijing signifies a commitment to local innovation and collaboration, positioning the region as a key player in the global biopharmaceutical landscape [1][2] Summary by Sections AstraZeneca's New R&D Center - The new global strategic R&D center is AstraZeneca's second in China, following the establishment of the Shanghai center [1] - The center will collaborate with the Shanghai center to lead drug discovery and clinical development, facilitating the transformation of innovative results into life-changing medications [1] Collaboration with Local Entities - AstraZeneca signed a cooperation agreement with Beijing's Science and Technology Commission and other local authorities to enhance R&D innovation and local partnerships [1] - The collaboration aims to strengthen the entire chain from drug discovery to clinical development and new drug approval [1] Innovation Ecosystem Development - The partnership between AstraZeneca and Heptares Therapeutics focuses on accelerating the development of antibody drugs, particularly in oncology and autoimmune diseases [1] - The establishment of a new innovation laboratory will enhance collaborative efficiency and expedite the R&D process for next-generation antibody drugs [1] Economic Impact and Future Prospects - Beijing's BioPark is expected to create a more international business environment, attracting more global pharmaceutical companies to participate in regional development [2] - The biopharmaceutical industry in Beijing Yizhuang has over 5,000 companies, contributing nearly 90 billion yuan to the local economy, showcasing a robust development pattern [2]

Core Insights - The company reported a revenue of 1.116 billion yuan for the first three quarters of 2025, representing an 18.80% year-on-year growth [1] - The net profit attributable to shareholders reached 399 million yuan, showing a significant increase of 71.15% year-on-year [1] - The basic earnings per share (EPS) stood at 0.65 yuan [2] Financial Performance - The gross profit margin for the first three quarters was 76.85%, up by 1.47 percentage points year-on-year [2] - The net profit margin was 34.92%, an increase of 11.21 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 85.86%, reflecting a year-on-year increase of 6.91 percentage points and a quarter-on-quarter increase of 21.01 percentage points [2] - The net profit margin for Q3 was 43.03%, up 14.33 percentage points year-on-year and 17.15 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 471 million yuan, an increase of 15.09 million yuan year-on-year [2] - The expense ratio was 42.17%, down 6.32 percentage points from the previous year [2] - Sales expenses decreased by 26.42% year-on-year, while management expenses increased by 29.81%, R&D expenses grew by 18.14%, and financial expenses rose by 4.22% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 11,200, a decrease of 1,640 or 12.77% from the end of the previous half [3] - The average market value of shares held per shareholder increased from 2.605 million yuan to 3.1285 million yuan, a growth of 20.09% [3] Company Overview - The company, founded on January 25, 2002, is located in the Shanghai Free Trade Zone and was listed on July 22, 2020 [3] - Its main business involves the research, production, and sales of antibody drugs, with revenue sources including product sales (75.24%), commissioned processing services (15.37%), licensing (7.94%), and leasing services (1.44%) [3] - The company operates in the pharmaceutical and biotechnology sector, specifically in the bioproducts category [3]