Core Viewpoint - Shanghai Baiying Biotechnology Co., Ltd. (Baiying Bio) is preparing for its IPO on the Beijing Stock Exchange, with a focus on antibody and protein expression services, and is responding to inquiries regarding its revenue recognition policies [2][6]. Group 1: Company Overview - Baiying Bio specializes in contract research organization (CRO) services, particularly in antibody and protein expression, as well as antibody discovery and optimization [6]. - The company has developed a high-throughput, high-expression, and rapid delivery platform for antibody and protein expression, aiming to provide one-stop antibody discovery services [6]. - Baiying Bio is actively expanding its overseas market, with the proportion of overseas business increasing year by year [6]. Group 2: Financial Performance - Baiying Bio's revenue for the years 2022 to 2024 is projected to be 260 million yuan, 338 million yuan, and 402 million yuan, respectively [6]. - The net profit for the same period is expected to be 57.65 million yuan, 84.02 million yuan, and 124 million yuan, respectively [6]. - The gross profit margin is forecasted to be 65.88%, 66.15%, and 70.04% for the years 2022, 2023, and 2024, respectively [6]. Group 3: Revenue Recognition Policies - Baiying Bio has different revenue recognition points for domestic and international clients, with domestic clients confirming revenue upon receipt of acceptance emails, while international clients do so upon sending completion emails [2][4]. - The company operates two revenue recognition models: order-based settlement and monthly settlement, which need to be analyzed for their commercial rationality and compliance with industry practices [4][5]. - The inquiry from the Beijing Stock Exchange requires Baiying Bio to detail the revenue recognition policies, execution cycles, and the rationale behind the monthly settlement model, including its stability and potential risks [5].