Investment Rating - The investment rating for the company is positioned in the mid-to-lower range, with an AHP score of 2.38, placing it in the 38.9% percentile of the overall score [2][5]. Core Insights - The company, Baiaosaitu, is a leading preclinical CRO and biotechnology firm, focusing on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development. The gene editing technology is a significant foundation for its business, having developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [2][12]. - The company has expanded its business into innovative model animal sales, having developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice. The establishment of a production center compliant with AAALAC international standards supports large-scale breeding and supply of model animals [12][30]. - The company has established a comprehensive pharmacology and efficacy evaluation system, serving approximately 950 partners globally and completing over 6,350 drug evaluation projects. It has collaborations with 9 of the top 10 global pharmaceutical companies in the pharmacology and efficacy sector [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Baiaosaitu is 2.38, indicating a mid-to-lower performance level in the AHP model [5][6]. Company Fundamentals and Highlights - Baiaosaitu has built platforms for gene editing, model animal breeding, preclinical pharmacology evaluation, and antibody drug development, evolving from a single-service biotechnology company to a leading biopharmaceutical enterprise [6][12]. - The company’s revenue composition shows that model animal sales accounted for approximately 44% of total revenue in the first half of 2025, followed by antibody development and preclinical pharmacology services [7][8]. Financial Comparison with Peers - From 2022 to the first half of 2025, Baiaosaitu's revenue was lower than that of comparable companies, with revenues of 5.34, 7.17, 9.80, and 6.21 billion yuan respectively. However, the net profit turned positive in 2024, with a net profit margin that improved over time [22][24]. - The company’s gross margin was relatively high, with figures of 73.38%, 70.59%, 77.67%, and 74.39% from 2022 to the first half of 2025, outperforming the average of comparable companies [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the construction of a drug early research service platform, antibody drug research and evaluation projects, and preclinical research projects, which are expected to enhance its core competitiveness and solidify its industry position [30][31].

策 略 研 究 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 ——注册制新股纵览 20251124 本期投资提示： 相关研究 - 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 证 券 研 究 报 告 ⚫ 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、 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 ...

Core Insights - The Chinese government is prioritizing the development of innovative drugs as a key strategic emerging industry, with significant policy support and a comprehensive support system established for the entire drug development chain [1][4]. - Baiaosaitu (02315.HK) stands out in the industry due to its "dual business line" strategy, positioning itself as a representative of high-tech barrier products [2][6]. Business Lines - The first business line, "Baiao Animals," focuses on humanized animal models, addressing industry pain points by offering over 4,000 innovative animal models, significantly improving research efficiency and controllability for pharmaceutical companies [4][7]. - The second business line, "Thousand Mice, Ten Thousand Antibodies," centers on the development of fully human antibody molecules, utilizing the RenMice® platform to create a vast library of antibody candidates, thus shortening the research and development cycle [5][8]. Competitive Advantages - Baiaosaitu has established a complete integrated research and development platform, breaking foreign technology monopolies and creating a closed-loop system from target validation to molecular discovery [7][9]. - The company’s model allows for sustainable output of standardized and scalable products, differentiating it from traditional biotech firms reliant on single drug pipelines [7][9]. Impact on Healthcare - The innovative drug value ultimately benefits patients, with Baiaosaitu's dual business lines accelerating the global development of innovative drugs, aligning with national health strategies [8][9]. - The company aims to transform China from a "follower" to a "leader" in the innovative drug sector, contributing to global healthcare advancements [8][9]. Future Vision - Baiaosaitu envisions becoming a global source of new drugs, expanding its animal product line and enhancing the RenMice platform with AI and automation technologies [9]. - The company plans to embed itself in multinational pharmaceutical research pipelines through various collaboration models, ensuring long-term growth [9].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the turning point has been reached, and there is optimism regarding the elasticity of the scientific services sector [3][6] - The sector has experienced significant adjustments in funding, and with the combination of fundamental turning points and policy support, a valuation reversal is expected [4] Summary by Sections 1. Funding Situation - As of Q1 2025, the total market value of institutional holdings in the scientific services sector is 3.286 billion, accounting for 0.11% of total fund holdings, indicating a low allocation by institutions [4][12] - From January 1, 2025, to May 7, 2025, the average increase in the scientific services sector was 9%, outperforming the pharmaceutical index by 7.7 percentage points [4][13] 2. Fundamentals - **Revenue**: The average year-on-year revenue growth for core scientific service targets in 2024 is 7.17%, with significant recovery in low-consumption categories [5][23] - **Gross Margin**: The average gross margin for core targets in 2024 is 47.99%, with a gradual recovery expected as cost control and capacity utilization improve [5][25] - **Capital Expenditure**: The total capital expenditure for the sector in 2024 is 4.643 billion, a decrease of 35% year-on-year, indicating a shift towards an investment harvest period [5][29] - **Inventory**: The average inventory turnover rate for core targets in 2024 is 3.7 times, showing an optimization trend [5][39] - **Net Profit Margin**: The average net profit margin for core targets in 2024 is 5.22%, with a slight increase to 5.47% in Q1 2025, indicating a recovery in profitability [5][50] 3. Investment Recommendations - The report recommends focusing on companies with strong growth certainty and clear trends in profitability improvement, highlighting Titan Technology, Haoyuan Pharmaceutical, Bid Medical, and Nanwei Technology as key recommendations [7][53]