Core Viewpoint - The article discusses the recent trend of companies in the A-share market pursuing listings in the Hong Kong stock market, with a specific focus on Bai'ao Saitou (Beijing) Pharmaceutical Technology Co., Ltd. taking a "H first, A later" approach for its IPO [1][3]. Group 1: Company Overview - Bai'ao Saitou is a preclinical CRO enterprise primarily engaged in the sale of experimental mice and is recognized as one of the "three giants of model animals" alongside Yao Kang Biological and Nanmo Biological [3]. - The company achieved profitability, reporting a revenue of 621 million yuan for the first half of 2025, a year-on-year increase of over 50%, and a net profit of 48 million yuan, a significant turnaround from a net loss of 51 million yuan in the same period of 2024 [4]. Group 2: IPO and Financial Disclosures - Bai'ao Saitou's IPO plan aims to raise 1.185 billion yuan, which is over a 30% reduction from its initial application, with funds allocated for the construction of a drug early research service platform, antibody drug research and evaluation, and preclinical research projects [5]. - The company is the first Hong Kong-listed company to apply for the Sci-Tech Innovation Board this year and has been under review for over two years [3][6]. Group 3: Profitability and Revenue Growth - The company reported an expected revenue of 897 million yuan for the first nine months of 2025, reflecting a year-on-year growth of over 50%, with a net profit of 58 million yuan, a significant improvement from a net loss of 93 million yuan in the same period of 2024 [6]. - Bai'ao Saitou's revenue growth is attributed to its model animal sales and antibody development, with model animal sales generating 389 million yuan in 2024, a year-on-year increase of over 40% [13]. - The antibody development business saw even stronger growth, generating 318 million yuan in 2024, a year-on-year increase of over 80% [14]. Group 4: Cost Management - The company has effectively reduced management and research and development expenses, with management costs decreasing by nearly 30% to 187 million yuan and R&D expenses dropping from 474 million yuan in 2023 to 324 million yuan in 2024, a reduction of nearly one-third [17].