Market Performance - The Sci-Tech Innovation 50 Index opened lower on December 10, fluctuating throughout the day, ultimately closing at 1346.7 points with a slight decline of 0.03% and a total trading volume of approximately 55.36 billion yuan [1] - The overall Sci-Tech Innovation Index rose by 0.14% to close at 1604.56 points, with a total trading volume of 180.3 billion yuan [1] - Among the 595 stocks in the Sci-Tech board, there were more decliners than gainers, with semiconductor and communication equipment stocks performing strongly, while electrical equipment and software service stocks saw significant declines [1] Company Highlights - Bai'ao Saitou was listed on the Sci-Tech board on December 10, with a stock code of 688796 and an issue price of 26.68 yuan per share, resulting in a high price-to-earnings ratio of 519.12 times [1] - Bai'ao Saitou specializes in drug development and preclinical research, offering services such as gene editing, pharmacological efficacy evaluation, model animal sales, antibody development, and innovative drug development [1] - By the end of the trading day, Bai'ao Saitou's stock price increased by 146.6% from its issue price, with a trading volume of approximately 1.67 billion yuan and a turnover rate of 75.8% [1] Stock Performance Analysis - Excluding Bai'ao Saitou's first-day performance, the average increase for the remaining 594 stocks on the Sci-Tech board was approximately 0.01%, with an average turnover rate of 2.37% and a total trading volume of about 178.675 billion yuan [2] - In individual stock performance, Huo Lai Wo reached the daily limit, marking the highest increase, while Jia Hua Technology experienced the largest decline at 10.1% [2] - In terms of trading volume, Mo'er Thread led with a volume of 10.82 billion yuan, while Hanbang Technology had the lowest at 731.4 million yuan [2] - Mo'er Thread also had the highest turnover rate at 51.93%, while Zhongfu Shenying recorded the lowest at 0.14% [2]

Core Viewpoint - The article discusses the upcoming IPO of Bai'ao Saitou on the Sci-Tech Innovation Board, highlighting its market position, financial performance, and future growth prospects [2][3]. Company Overview - Bai'ao Saitou is one of the first companies in China to enter the gene editing field, establishing itself as a leader in the model organism sector [2]. - The company has partnerships with the top ten global pharmaceutical companies based on projected 2024 revenues [2]. Financial Performance - The total market value of Bai'ao Saitou is 10.66 billion yuan, with an issuance price of 26.68 yuan per share and a high price-to-earnings ratio of 519.12 [2]. - The company reported revenue of 980 million yuan in 2024, reflecting a year-on-year growth of 36.76%, with previous years showing revenues of 717 million yuan in 2023 (+34.28%) and 534 million yuan in 2022 (+50.58%) [3]. Business Segmentation - The company's revenue composition includes: - Antibody development business: 26.23% - Model organism sales: 44.20% - Preclinical pharmacology and efficacy evaluation: 24.97% [2][3]. Fundraising Purpose - The funds raised from the IPO will be directed towards the construction of an early drug research and development service platform, antibody drug development, and to supplement working capital [3].