12月24日，百奥赛图（688796.SH/02315.HK）发行并于香港联合交易所有限公司上市的股份（以下简称"H股"）正式调入港股通标的名单。 自此，中国内地符合条件的机构及个人投资者，可通过上海证券交易所、深圳证券交易所，直接投资百奥赛图H股。 市场反应迅速，公告当日，公司H股收盘大涨22.23%，A股亦联动上涨3.42%。"入通"成为公司继构建"A+H"双上市平台后，在资本市场的又 一里程碑，也标志着公司在资本可达性、市场认可度与长期投资价值等方面迈入全新阶段。 数据来源：上交所，格隆汇整理 "入通"影响几何？ 百奥赛图H股成功纳入港股通标的，其直接影响首先反映在价格表现上："入通"首日，其H股股价大幅收涨22.23%。这一市场表现并非孤例， 将其置于更广阔的样本中观察，能更清晰地看到"入通"的普遍意义。 参考今年以来A+H上市公司的轨迹，根据WIND数据（截至2025年12月24日），在年内已完成两地上市的20家公司中，已有18家成功"入 通"。自纳入港股通至今，这18家公司的股价平均累计涨幅达到12.30%，其中约66.67%的公司实现了正收益。这表明，"入通"本身已成为一个 积极的资本市场催化剂 ...

截至2025年6月30日，百奥赛图已累计签署约280项药物合作开发、授权及转让协议。公司子品牌百奥动 物已建立数千种基因编辑动物/细胞模型，拥有全球规模领先的靶点人源化小鼠库，并为全球客户提供 临床前药理药效研究、基因编辑服务与模型构建等全链条能力支持。百奥赛图总部位于北京，并在中国 (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，形成了覆盖全 球的研发与运营网络。 百奥赛图是一家以创新技术驱动新药研发的国际性生物技术公司。公司围绕新药研发中"获取高质量源 头抗体分子"与"实现高转化体内验证"两大行业痛点，打造了全球领先的"双引擎平台"体系：一方面， 通过全球范围内抗体基因人源化程度最高的小鼠平台之一RenMice全人抗体平台，构建出覆盖1000余个 潜在可成药靶点、超过百万条真实全人抗体序列的"千鼠万抗"抗体资源库，为药企提供高确定性、高成 药性的源头分子；另一方面，以全球规模领先的靶点人源化小鼠库为基础，提供数千种高精度、多疾病 领域的体内验证模型与服务，用于双抗、ADC、核酸药物等多类型创新疗法的药效、安全性与机制研 究。依托"全人抗体库+靶点人源化小鼠库"双业务体系， ...

Core Insights - Biocytogen successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, marking a significant step in its capital market strategy and enhancing its corporate value [1][5][10] - The company's initial offering price was 26.68 CNY per share, with an opening price of 58 CNY, representing a 117% increase from the issue price, resulting in a market capitalization exceeding 25.9 billion CNY at the opening [1][5][10] Company Overview - Biocytogen is an international biotechnology company driven by innovative technology for new drug development, aiming to become a global source of new drugs [4][10] - The company has developed a "dual-engine platform" that addresses two major industry pain points: acquiring high-quality source antibody molecules and achieving high conversion for in vivo validation [4][9] - The RenMice® platform is one of the highest human antibody gene humanization platforms globally, creating a resource library with over 1,000 potential druggable targets and more than one million real human antibody sequences [4][9] - Biocytogen has signed approximately 280 drug cooperation development, licensing, and transfer agreements as of June 30, 2025, indicating strong collaboration with global pharmaceutical companies [10] Strategic Goals - The successful A-share listing signifies a new starting point for Biocytogen in technology platform transformation, global market expansion, and capital strategy synergy [5][10] - The company aims to leverage its "A+H" synergy to deepen diversified cooperation with global pharmaceutical companies, reinforcing its commitment to becoming a global source of new drugs [5][10] - Biocytogen is focused on strengthening its technological barriers and maintaining its leading position in innovative drug development, contributing to the high-quality development of the biopharmaceutical industry and enhancing China's global influence in this field [5][10]

Group 1 - The core viewpoint of the article is that Baiaosaitu successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant step in its capital market strategy and enhancing its corporate value [2] - The company issued shares at a price of 26.68 yuan per share, with an opening price of 58 yuan per share, representing an increase of 117.39% from the issue price, leading to a total market capitalization exceeding 25 billion yuan at the opening price [2] - This listing establishes Baiaosaitu's dual-platform listing structure (A+H), following its previous listing on the Hong Kong Stock Exchange on September 1, 2022 [2] Group 2 - Baiaosaitu is an international biotechnology company driven by innovative technology for new drug development, focusing on addressing two major industry pain points: obtaining high-quality source antibody molecules and achieving high conversion for in vivo validation [3] - The company has developed a leading "dual-engine platform" system, which includes the RenMice® fully human antibody platform and a comprehensive antibody resource library covering over 1,000 potential druggable targets and more than one million real human antibody sequences [3] - Baiaosaitu aims to become a key partner for multinational pharmaceutical companies, facilitating the rapid translation of new targets, mechanisms, and cutting-edge therapies, thereby contributing to a more certain era of drug development [3] Group 3 - The successful A-share listing signifies a new starting point for Baiaosaitu in terms of technology platform transformation, global market expansion, and capital strategy synergy [4] - The company plans to leverage the advantages of its A+H structure to deepen diversified cooperation with global pharmaceutical companies, reinforcing its commitment to becoming a global source of new drugs [4] - Baiaosaitu aims to strengthen its technological barriers and maintain its leading position in the innovative drug development sector, contributing to the high-quality development of the biopharmaceutical industry and enhancing China's global influence in this field [4]

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is focused on innovative drug development and aims to enhance its capabilities through an IPO on the Sci-Tech Innovation Board, raising approximately 1.185 billion RMB for various projects [9][10][35]. Company Overview - Baiaosaitu is an innovative preclinical CRO and biotechnology company established in 2009, specializing in gene editing technology and providing various preclinical drug development services [12]. - The company has developed four major technology platforms: gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [7][12]. Business Model and Services - The company addresses two core challenges in antibody drug development: obtaining high-quality antibody molecules and the lack of precise evaluation models [8]. - Baiaosaitu has created a comprehensive human antibody library and a humanized mouse library, enabling the discovery of antibody candidates against over 1,000 potential drug targets [8][16]. - The company has established partnerships with top global pharmaceutical companies, enhancing its credibility and accelerating its international business expansion [8][14]. Financial Overview - The company expects to raise 1.185 billion RMB through its IPO, which will be used for upgrading early drug development service platforms, antibody drug research, and enhancing preclinical research projects [9][35]. - The company's main business revenue has shown a compound annual growth rate of 35.56% over the past three years, with revenues of approximately 533.36 million RMB, 716.40 million RMB, and 980.07 million RMB in recent years [22]. Future Development Plans - The company plans to continue promoting its "Thousand Mice and Ten Thousand Antibodies" initiative, aiming to discover novel antibody candidates for external collaboration or internal development [24]. - Baiaosaitu intends to expand its preclinical product and service offerings, particularly in oncology, autoimmune diseases, cardiovascular, metabolic, and neurological disorders [24][25]. - The company aims to establish extensive partnerships with leading pharmaceutical and biotechnology companies both domestically and internationally [25]. Competitive Advantages - The company possesses leading gene editing technology, a comprehensive range of model animals, and a significant first-mover advantage in antibody development [27]. - The unique "Thousand Mice and Ten Thousand Antibodies" plan provides flexibility in research, collaboration, and business models, enhancing its competitive edge [27]. Regulatory and Market Position - Baiaosaitu has received AAALAC certification, ensuring compliance with international standards for laboratory animal care [20]. - The company meets the listing standards for the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion RMB and recent annual revenue exceeding 300 million RMB [32].

Core Viewpoint - Antibody-drug conjugates (ADCs) are considered "biological missiles" in the global innovative drug landscape, attracting significant investment from major pharmaceutical companies due to their precise targeting and potent killing capabilities. The rising R&D costs and complexities have increased the demand for outsourcing services, presenting both challenges and opportunities for Chinese companies [1][3]. Industry Overview - The ADC sector is entering a "golden decade," with 19 ADC drugs approved globally by June 2025 and hundreds more in development. The market demand is expanding, prompting upstream and downstream companies to increase investments. The development of ADCs requires expertise across multiple fields, leading to high R&D costs, averaging between 50 million to 70 million RMB, and potentially reaching nearly 100 million RMB with advanced technologies. The outsourcing rate for ADC development exceeds 70%, significantly higher than the 30%-40% for overall biopharmaceuticals. The global ADC outsourcing market is projected to reach $11 billion by 2030, with a compound annual growth rate of 28.4% [3][9]. Company Profile: BaiO Saite - BaiO Saite, established in 2009, initially entered the market through gene-edited model animals. The company has developed the world's largest humanized mouse library, which has expanded into preclinical services and subsequent antibody development [4][5]. Competitive Advantages - BaiO Saite's core competencies lie in two main business lines: - Gene-edited humanized mice: The company has developed over 4,390 gene-edited animal models, including more than 1,100 humanized models, making it the largest library globally. This library is widely used for evaluating new drug efficacy and safety, enhancing its reputation as an "accelerator" for innovative drug development [5][6]. - RenMice platform's "Thousand Mice, Ten Thousand Antibodies" initiative: This platform supports the discovery of diverse human antibodies, providing foundational molecules for complex drug development. The initiative systematically collects and organizes a vast array of antibody molecules, allowing partners to select directly for further development, significantly reducing the traditional development timeline [6][7]. International Expansion - BaiO Saite has accelerated its international collaborations, signing multiple agreements: - Collaboration with Tubulis: On September 16, BaiO Saite licensed antibodies to the German ADC company Tubulis, which will utilize its proprietary linker and toxin technology for ADC development. This agreement includes upfront payments, milestone payments, and revenue sharing, providing both short-term cash flow and long-term revenue potential [7]. - Third collaboration with Merck: Announced on September 4, this partnership focuses on antibody-conjugated LNP delivery, marking the third collaboration between the two companies, indicating an evolving relationship that extends beyond traditional antibodies [8]. - Joint development with IDEAYA: BaiO Saite is collaborating with IDEAYA Biosciences on bsADC (bispecific antibody-drug conjugates) IDE034, which targets B7-H3 and PTK7, showing significant efficacy in various tumor models. IDEAYA plans to submit an IND application in Q4 2025 [8]. Financial Performance - BaiO Saite's collaborative model has positively impacted its financial results. In the first half of 2025, the company signed 80 new licensing agreements, a 60% increase year-on-year, bringing the total to 280. Revenue grew by 51% to 621 million RMB, with a net profit of 48 million RMB, marking a turnaround from a loss of 50.67 million RMB in the same period last year [9][10]. Strategic Positioning - BaiO Saite is transitioning from an "antibody discovery platform" to a "global R&D infrastructure." The demand for new technologies like ADCs and bispecific antibodies is expanding, and the company aims to provide differentiated source antibody molecules to meet both individual project needs and serve as a foundational platform for industry innovation [10][11]. Conclusion - Over 15 years, BaiO Saite has evolved from a model animal provider to a key player in ADC and global collaborations. In an environment of high R&D costs and lengthy timelines, the company enhances efficiency and fosters international partnerships. As ADCs and "antibody+" technologies accelerate, BaiO Saite's ability to solidify its position as a "Taiwan Semiconductor Manufacturing Company of antibodies" may determine its success in the next industry reshuffle [11].