高效、稳定的基因编辑平台是公司业务的重要基石。发展至今，公司已熟练掌握多种主流的基因编辑技术，能够极大程度提升基因编辑效率，突破了以往技 术对基因改造序列长度的限制。凭借高效稳定的技术、成熟的操作流程以及完善的质控体系，截至报告期末，公司累计为客户完成各类定制化基因编辑项目 约5300项，并自主开发出RenMice小鼠平台，以及包括靶点人源化小鼠在内的各类基因编辑动物及细胞系模型超过4300种，成功将业务领域拓展至创新模式 动物对外销售、临床前药理药效评价服务以及抗体药物合作开发。 依托于抗体药物发现平台的领先优势，百奥赛图通过RenMice小鼠授权以及"千鼠万抗"百万级全人抗体库的形式，展开抗体对外授权及合作开发。根据弗若 斯特沙利文数据，公司自主开发的RenMab小鼠为全球范围内人源化程度最高的小鼠平台之一，可产生多样性丰富且亲和力高的抗体分子。截至报告期末， 公司累计签署约300项抗体合作协议，成为全球抗体药物研发的重要源头分子提供者。 目前，公司双业务线与全球前十大制药企业(以2024年度销售收入计算)均建立了合作关系，"全人抗体库"及"靶点人源化小鼠库"受到了医药领域客户及合作 伙伴广泛的认可。 1 ...

"创业17年来，我们先闯进模式动物领域，再进入CRO领域，后来又建立了抗体药物研发团队。这么多 年下来，也算找到了自己的一套方法论。"百奥赛图董事长沈月雷说。 P y e . 9 从单抗到双抗，再到ADC药物、CAR-T……伴随着创新药行业的蓬勃发展，平台型生物技术公司随之 踏上发展的快车道，百奥赛图便是其中之一。 "创业17年来，我们先闯进模式动物领域，再进入CRO领域，后来又建立了抗体药物研发团队。这么多 年下来，也算找到了自己的一套方法论。"百奥赛图董事长沈月雷说。 沈月雷对百奥赛图的定位，是以创新技术驱动新药研发的国际性生物技术公司。自成立以来，公司先后 完成两次转型升级，从最初的基因打靶服务商转型发展为产品驱动型的生物技术公司。如今，公司已成 为新药研发领域的"黑马"。 12月10日，百奥赛图登陆科创板，于沈月雷而言，这一刻是创业长跑的重要里程碑。"既激动又骄傲， 就像看着培养了17年的孩子迎来成人礼，即将独立闯荡世界。"他表示，公司将继续坚守"专注技术创 新，持续新药产出，守护人类健康"的发展使命，全力推进全人抗体库及靶点人源化小鼠库业务线，不 断提升核心竞争力。 小鼠也有大生意 沈月雷的创业历程 ...

在持续较高且可控研发投入的同时，公司盈利能力不断增强。2025年上半年营收6.21亿元，同比增长 51.5%，净利润4,800万元，已超过去年全年水平，经营现金流全面转正，展现出强劲的自我造血能力。 其中，靶点人源化小鼠业务收入2.74亿元，同比增长56.1%，毛利率高达79%。抗体分子转让开发业务 收入达1.63亿元，同比增长38%。公司仍然保持较高的研发投入，2025年上半年公司研发费用达2.09亿 元，同比增长29%。 国际化生物技术公司百奥赛图(688796.SH)今日(11月28日)启动申购，该股于上交所科创板上市，发行价 每股26.68元(人民币，下同)，发行4750万股新A股，占公司总股本10.63%，料净集资约11.44亿元。公司 以创新技术驱动新药研发，依托"源头抗体分子库 + 靶点人源化小鼠库"双核心平台，加速全球合作伙伴 新靶点、新机制与新疗法的研发进程，推动行业从探索式研发迈向更高确定性的成药时代。 百奥赛图成立于2009年，总部位于北京，在中国(江苏海门、上海)、美国(波士顿、旧金山、圣地亚哥) 及德国海德堡等地设有分支机构，全球扩张能力强，具备重构估值逻辑。截至2025年上半年，公 ...

从单抗到双抗，再到ADC药物、CAR-T……伴随着创新药行业的蓬勃发展，平台型生物技术公司随之 踏上发展的快车道，百奥赛图便是其中之一。 "创业17年来，我们先闯进模式动物领域，再进入CRO领域，后来又建立了抗体药物研发团队。这么多 年下来，也算找到了自己的一套方法论。"百奥赛图董事长沈月雷说。 沈月雷对百奥赛图的定位，是以创新技术驱动新药研发的国际性生物技术公司。自成立以来，公司先后 完成两次转型升级，从最初的基因打靶服务商转型发展为产品驱动型的生物技术公司。如今，公司已成 为新药研发领域的"黑马"。 12月10日，百奥赛图登陆科创板，于沈月雷而言，这一刻是创业长跑的重要里程碑。"既激动又骄傲， 就像看着培养了17年的孩子迎来成人礼，即将独立闯荡世界。"他表示，公司将继续坚守"专注技术创 新，持续新药产出，守护人类健康"的发展使命，全力推进全人抗体库及靶点人源化小鼠库业务线，不 断提升核心竞争力。 小鼠也有大生意 沈月雷的创业历程，源于武汉大学的一节免疫课。"当时有一门课程叫免疫学。学习这门课程时，我对 人体如何对抗病毒、如何产生免疫、疫苗的作用机制等非常感兴趣。"这段学术启蒙，成为沈月雷此后 人生轨迹的转 ...

国际化生物技术公司百奥赛图(688796.SH)今日(11月28日)启动申购，该股于上交所科创板上市，发行价 每股26.68元(人民币，下同)，发行4750万股新A股，占公司总股本10.63%，料净集资约11.44亿元。公司 以创新技术驱动新药研发，依托"源头抗体分子库 + 靶点人源化小鼠库"双核心平台，加速全球合作伙伴 新靶点、新机制与新疗法的研发进程，推动行业从探索式研发迈向更高确定性的成药时代。 百奥赛图成立于2009年，总部位于北京，在中国(江苏海门、上海)、美国(波士顿、旧金山、圣地亚哥) 及德国海德堡等地设有分支机构，全球扩张能力强，具备重构估值逻辑。截至2025年上半年，公司累计 签署约300项抗体合作协议，成为全球抗体药物研发的重要赋能者。此外，截至6月底，公司已累计获得 195项授权专利，提交496项专利申请。这些底层技术、创新产品和知识产权共同构筑起坚实的护城河， 也为其在国际BD谈判中提供了议价优势。 在持续较高且可控研发投入的同时，公司盈利能力不断增强。2025年上半年营收6.21亿元，同比增长 51.5%，净利润4,800万元，已超过去年全年水平，经营现金流全面转正，展现出强劲的自我 ...

Core Insights - The article emphasizes the significant opportunities in the biopharmaceutical industry driven by national policies promoting high-quality development and innovation in drug research and development [1][4]. Company Overview - BaiO Saite, established in 2009, focuses on two critical aspects of new drug development: humanized animal models and the acquisition of fully human antibody molecules [1][2]. - The company has developed over 4,390 gene-edited animal models, including more than 1,100 high-tech humanized models, making it the largest repository of humanized mouse models globally [2]. Innovation and Technology - BaiO Saite's human antibody RenMab mouse platform, launched in 2019, allows for the rapid selection of antibodies, significantly shortening the drug discovery cycle and reducing research risks [3]. - The company has a "shelf" of over one million antibody sequences available for drug companies, enhancing the efficiency of the drug development process [3]. Financial Performance - In the first half of 2025, the company's revenue reached 621 million yuan, reflecting a year-on-year growth of over 50% [3]. - Research and development expenditures amounted to 209 million yuan, accounting for nearly one-third of total revenue, indicating a strong commitment to innovation [3]. Strategic Partnerships - BaiO Saite has established collaborations with major international pharmaceutical companies such as Merck, Johnson & Johnson, and Gilead, showcasing its technological recognition and competitive edge [3]. Regional Support - The development of BaiO Saite is supported by the Daxing District's favorable policy environment and industrial ecosystem, which fosters innovation and talent development [4]. - The district aims to become a hub for the life and health industry, with BaiO Saite as a representative of this initiative [5]. Future Outlook - The company is positioned to continue its growth and innovation in the biopharmaceutical sector, contributing to China's global presence in drug development [6].

Core Viewpoint - The Chinese biopharmaceutical industry is undergoing a profound structural transformation, with innovative companies becoming the backbone of high-quality development in the sector [1][8]. Group 1: Industry Recovery - The global biopharmaceutical industry is emerging from a period of tightened capital and stricter regulations, presenting new growth opportunities for innovative drug companies [2]. - In the first half of 2025, the company reported impressive results, achieving revenue of 621 million yuan, a year-on-year increase of 51.5%, and a net profit of 48 million yuan, surpassing the total for the previous year [2]. - The company’s operating cash flow turned positive with a net inflow of 203 million yuan, and R&D investment grew nearly 30% to 209 million yuan, reflecting a trend of industry recovery and the maturation of the company's business model [2]. Group 2: Dual-Engine Growth Model - The company's growth is driven by a dual-engine business model, with the humanized mouse business showing a 56% year-on-year revenue increase and a gross margin of 79%, solidifying its status as a cash cow [3]. - The "thousand mice, ten thousand antibodies" initiative, focusing on the development of fully human antibody molecules, signed approximately 80 new collaborations in the first half of the year, a 60% increase year-on-year, with a gross margin close to 90% [3]. - This innovative business model transforms the traditionally high-risk, long-cycle antibody discovery process into standardized, scalable "shelf-type antibody products," significantly enhancing drug development efficiency [3][4]. Group 3: Globalization and Innovation - The company has established a global network with operational centers in key locations such as Boston, San Francisco, and Heidelberg, enhancing its collaboration capabilities with major pharmaceutical companies [5][6]. - The company has applied for over 400 patents, showcasing its technological strength and providing robust intellectual property protection for international collaborations [5]. - The favorable innovation ecosystem in Daxing District, supported by government policies and infrastructure, has facilitated the company's growth and international expansion [7][8]. Group 4: Future Outlook - The biopharmaceutical industry is a crucial component of the national strategic emerging industries, and the company’s success reflects the solid progress of the biopharmaceutical sector in Daxing [8]. - As Daxing continues to optimize its industrial ecosystem and international cooperation mechanisms, more innovative companies like the subject company are expected to emerge and contribute to the high-quality development of China's biopharmaceutical industry [8].

Group 1 - The core issue in the pharmaceutical industry is the increasing cost of innovative drugs while the success rate of new drug development is declining, referred to as the "anti-Moore's Law" [1] - Chinese biotech companies have significantly increased their presence in global innovative drug business development (BD), accounting for over 40% of major deals in the first half of 2025, up from less than 5% four years ago [2] - The urgency for multinational pharmaceutical companies to collaborate with Chinese firms is driven by an impending patent expiration wave, necessitating new molecules to fill their pipelines [2] Group 2 - Baiyoutai has distinguished itself by building a platform rather than relying on a few blockbuster drugs, enhancing preclinical research efficiency from five to six years to just 12-18 months [3] - The company has signed over 280 collaboration agreements in a few years, capitalizing on its antibody library and addressing the challenges of international expansion [3] - The next two decades are expected to be the era of "antibody+" innovations, with Baiyoutai exploring new combinations such as antibody with nucleic acid delivery systems [4] Group 3 - Baiyoutai is likened to the "TSMC of the innovative drug industry," focusing on foundational technologies that empower others to create significant therapeutic breakthroughs [5] - The company is also described as an "antibody supermarket," providing a diverse range of molecules to meet client needs [5] - The efficiency challenges in innovative drug development may find solutions through Baiyoutai's unique offerings, such as its humanized mouse models and comprehensive human antibody libraries [6]

Core Insights - The global biopharmaceutical industry is undergoing a transformation driven by the rising popularity of antibody-drug conjugates (ADCs), with a projected market size of $11 billion by 2030 and a compound annual growth rate (CAGR) of 28.4% from 2022 to 2030 [1] Group 1: Company Overview - Founded in 2009, the company initially focused on model animal services and has since established over 4,390 gene-edited animal models, including nearly one-third humanized mice for drug efficacy and safety evaluation [2] - The company's proprietary RenMice® platform allows for the generation of high-affinity, low-immunogenicity fully human antibodies, supporting various antibody formats [2] - The "Thousand Mice, Ten Thousand Antibodies" initiative has created a library of over one million fully human antibody molecules, significantly reducing early-stage drug development costs and enhancing discovery efficiency [2] Group 2: Business Performance - In the first half of 2025, the company reported revenue of 621 million yuan, a 51.5% increase year-on-year, and a net profit of 48 million yuan, marking a successful turnaround [4] - The humanized mouse business generated 274 million yuan in revenue, up 56% year-on-year, while the antibody transfer and development business reached 163 million yuan, a 38.1% increase [4] - The company has maintained a gross margin above 74% and a net operating cash flow exceeding 200 million yuan, indicating strong self-sustainability [4] Group 3: Strategic Collaborations - The company has established partnerships with seven of the top ten global pharmaceutical companies, signing approximately 280 antibody transfer or development agreements, with 80 new collaborations in the first half of 2025 alone, a 60% increase year-on-year [3] - Recent collaborations include a partnership with Tubulis for next-generation ADC therapies and an expanded collaboration with Merck to explore antibody-conjugated LNP delivery systems [5][6] Group 4: Market Position and Growth - The company is positioned as a key player in the ADC market, leveraging its unique technology platform to attract global partnerships and drive innovation [6] - The rapid growth of China's innovative drug license-out transactions, exceeding $60 billion in the first half of 2025, highlights the company's successful integration into the international pharmaceutical ecosystem [7] - The company's stock price surged over 400% from the end of 2024 to August 2025, reflecting strong market confidence in its dual-driven business model [7] Group 5: Conclusion - The ADC wave is reshaping the global biopharmaceutical landscape, with the company transitioning from a domestic leader in model animals to a global supplier of antibody molecules [8] - The ongoing expansion of international collaborations and the continuous growth of its antibody library position the company as a representative example of Chinese biotech's globalization efforts [8]

Group 1 - By May 2025, Chinese biopharmaceutical companies accounted for over 40% of BD transactions with upfront payments exceeding $50 million, a significant increase from less than 5% four years ago, indicating a shift in the global pharmaceutical landscape [1] - Despite recent political tensions, the trend of BD cooperation remains strong as multinational pharmaceutical companies face a "patent cliff" with over $100 billion in sales from blockbuster drugs losing protection in the next five years [1] - Reports from Deloitte and McKinsey highlight declining global R&D efficiency and increasing costs, prompting multinational companies to focus more on the Chinese market for new molecular solutions [1] Group 2 - Chinese pharmaceutical companies, including leading firms and biotech companies, have increasingly turned to licensing innovative drugs as a stable source of income, with significant growth in overseas transaction frequency and amounts [2] - Baiyoutai has signed over 280 drug cooperation/authorization/transfer agreements from 2024 to the first half of 2025, with a 50% year-on-year revenue growth and net profit exceeding the previous year's total [2] Group 3 - Baiyoutai has successfully navigated the "efficiency dilemma" in preclinical research, addressing the "anti-Moore's Law" challenge where R&D investment rises but output efficiency declines [3] - The company has developed over 4,390 gene-edited animal models, including over 1,000 humanized mice, enhancing the accuracy of preclinical drug validation [3] - Baiyoutai's "thousand mice, ten thousand antibodies" platform has reduced early drug discovery cycles from over five years to approximately 12-18 months, significantly improving R&D efficiency and success rates [3] Group 4 - The industry is transitioning into the "antibody+" era, where antibody therapies are combined with various technologies, creating new growth opportunities [4] - Baiyoutai has proactively engaged in this trend, collaborating with Merck to explore nucleic acid delivery systems, indicating a shift beyond traditional antibody applications [4] Group 5 - Baiyoutai's platform value is being further realized through the continuous expansion of its antibody library, covering multiple disease areas, and integrating AI and automated R&D systems to enhance industry efficiency [5] Group 6 - Over the past decade, Chinese innovative drugs have evolved from a catch-up phase to becoming a crucial part of global BD transactions, with companies like Baiyoutai redefining the future of the pharmaceutical industry through "technology platform + global cooperation" models [6] - This trend signifies that China is no longer just a follower but is actively participating in shaping the rules of the future pharmaceutical industry [6]