Group 1: Industry Overview - Antibody-drug conjugates (ADCs) are emerging as a prominent sector in the global innovative drug landscape, with a significant increase in clinical trials, reaching 284 in 2024, a year-on-year increase of over 50% [1] - The capital market's enthusiasm for ADCs is reflected in nearly $17.3 billion in licensing deals within just six months [1] - The limitations of single-target ADCs are becoming apparent, with challenges in balancing efficacy and safety, as well as issues related to drug resistance [1] Group 2: Next-Generation Developments - Bispecific antibody-drug conjugates (BsADCs) are viewed as an upgraded version of ADCs, capable of targeting two tumor-related antigens simultaneously, thus enhancing tumor coverage and reducing resistance risks [2] - Over 170 BsADCs are currently in development globally, with 70% originating from Chinese companies, highlighting the growing interest and investment in this area [2] - The collaboration between Baiyoutianheng and BMS, valued at $8.4 billion, underscores the international spotlight on this emerging sector [2] Group 3: Company Insights - Baiyoutianheng - Baiyoutianheng has addressed key challenges in BsADC development, such as molecular stability and complex CMC processes, through its RenLite platform [3] - The company has established a vast library of over one million fully human antibody sequences, allowing for rapid validation of new dual-target combinations [3] - Baiyoutianheng's innovative "antibody shelf" model positions it as a molecular accelerator for global pharmaceutical companies [3] Group 4: Business Model and Financial Performance - Unlike many biotech firms, Baiyoutianheng focuses on an out-licensing strategy, sharing the global innovative drug benefits while maintaining controlled risks [4] - In the first half of 2025, Baiyoutianheng reported revenues of 621 million yuan, a year-on-year increase of 51.5%, and achieved a net profit of 48 million yuan, marking a successful turnaround [4] - The company has signed over 280 antibody molecule transfer or collaboration agreements, with 80 new agreements in the first half of 2025, a 60% increase year-on-year, indicating a shift from a project-based to a platform-based company [4] Group 5: Future Outlook - Baiyoutianheng's evolution from mouse models to antibody molecules and from monoclonal to bispecific ADCs demonstrates a clear and determined growth path [5] - The company's value lies not only in its rich pipeline but also in its sustainable platform capabilities, positioning it well for long-term growth in the ADC sector [5] - As bispecific ADCs are poised to reshape cancer treatment paradigms, Baiyoutianheng's pivotal moment may just be beginning [5]

2025年9月，创新药研发平台型企业百奥赛图在过去一个月连续发布多项重要合作进展。无论是与跨国 巨头默克在抗体偶联脂质纳米颗粒（LNP）递送方案上的探索，还是与德国Tubulis的抗体许可协议，亦 或是合作伙伴IDEAYA在双抗ADC联合治疗的推进，都进一步印证了公司"双业务线"战略布局的前瞻性 与国际竞争力。 双业务线逻辑：模式动物+抗体平台 百奥赛图的发展战略核心在于"双业务线"： 与默克再度携手：探索抗体偶联LNP递送 9月初，百奥赛图宣布与默克（Merck）签署抗体选择权评估协议，围绕抗体偶联LNP递送展开合作。百 奥赛图将基于其RenMice®平台提供全人抗体，由默克评估其在LNP系统中的可行性。若默克选择行 权，百奥赛图将获得相应首付款、里程碑及分成收益。 这一合作不仅拓展了全人抗体在传统抗体药物之外的应用场景，也展示了抗体在核酸药物递送系统中潜 在的关键作用。业内人士认为，随着mRNA、siRNA等核酸疗法快速发展，精准递送已成为瓶颈，而抗 体偶联LNP有望提供更高效和更靶向的解决方案。 Tubulis行权：全人抗体进入ADC研发 紧随其后，9月中旬，百奥赛图宣布与德国新锐ADC企业Tubuli ...

近期，百奥赛图在全球创新药产业链上的存在感愈发强烈。进入9月，公司接连发布三项合作消息，涵 盖核酸药物递送、ADC研发与双抗ADC合作项目进展，充分展现了其"双业务线"战略的纵深布局与国 际竞争力。 核酸递送新尝试：携手默克推进抗体偶联LNP 在与默克（Merck）的最新合作中，百奥赛图基于RenMice®平台提供全人抗体，默克将评估其在抗体 偶联脂质纳米颗粒（LNP）中的应用潜力。LNP是当下核酸药物领域的关键技术，而通过抗体偶联提升 递送精准度，可能为下一代核酸疗法打开新空间。 该协议赋予默克独家选择权，一旦行权，百奥赛图将获得费用、里程碑付款以及销售分成。这一合作不 仅验证了百奥赛图全人抗体平台的广泛适配性，也突显其在新兴治疗模式中的应用前景。 ADC管线加速：Tubulis签署抗体许可协议 另一边，德国生物技术公司Tubulis宣布引入百奥赛图自主开发的全人抗体，用于新一代抗体偶联药物 （ADC）的研发。这一分子同样源自RenMice®平台，具备高亲和力和良好的开发潜力。 双方合作的推进意味着百奥赛图的抗体资产不仅能提供研究阶段的支持，更能真正进入后续临床开发与 商业化通道。公司将在协议下获得首付款、 ...

值得注意的是，本月初，据百奥赛图官微消息，公司与全球领先的科技公司默克(Merck)已签署一项抗 体选择权的评估协议，推进开发应用于核酸药物的抗体偶联脂质递送解决方案，例如抗体偶联脂质纳米 颗粒(LNP)。根据协议条款，百奥赛图将提供基于其RenMice®平台自主开发的全人抗体，由默克评估将 其用于抗体偶联LNP制剂服务的可行性。默克被授予获取选中抗体资产权益的独家选择权，百奥赛图有 权获得相应的费用付款及销售分成和再许可分成。 智通财经APP获悉，百奥赛图-B(02315)早盘涨超15%，截至发稿，涨11.41%，报27.74港元，成交额 1202.64万港元。 消息面上，9月17日，上交所上市审核委员会发布公告，百奥赛图的科创板IPO迎来关键节点，首发事 项将于9月24日接受审议。此次科创板IPO，百奥赛图计划募集资金11.85亿元，募集资金将投向药物早 期研发服务平台建设项目、抗体药物研发及评价项目、临床前及临床研发项目、补充流动资金。 ...

Core Insights - The company reported a revenue of RMB 621 million for the six months ending June 30, 2025, representing a year-on-year growth of 51.3% [1] - Shareholder profit reached RMB 47.99 million, marking a turnaround from loss to profit, with earnings per share at RMB 0.12 [1] Business Segments - The preclinical products and services segment, centered on innovative animal model sales, generated revenue of RMB 458 million, a 56.9% increase compared to the same period last year, with a gross margin of approximately 70% [1] - The antibody discovery business achieved revenue of RMB 163 million, a 37.8% increase year-on-year, with a gross margin of around 90% [2] - The company signed approximately 280 agreements for therapeutic antibodies and various clinical asset collaborations, with 80 new contracts signed in the first half of 2025, a 60% increase from the previous year [2] Market Expansion - The company expanded its overseas market presence, achieving revenue of RMB 422 million from international operations, while domestic revenue reached RMB 200 million due to the recovery of the local biopharmaceutical industry [2] - The global network enhances the company's resilience and risk management capabilities, allowing for steady growth through cycles [2] Research and Development - The company maintained high levels of R&D investment, with R&D expenses amounting to RMB 209 million, an increase of RMB 47.74 million year-on-year, resulting in an R&D expense ratio exceeding 30% [3] - The company implemented lean management practices, leading to a continuous decline in management expense ratios [3]

Core Viewpoint - Baiaosaitu-B (02315) reported a significant increase in revenue and profitability for the first half of 2025, driven by innovation, market expansion, and optimized management strategies [1] Financial Performance - The company expects revenue for the first half of 2025 to reach between RMB 616 million and RMB 626 million, representing a year-on-year growth of approximately 50.1% to 52.5% [1] - Research and development expenses are projected to be between RMB 206.1 million and RMB 216.1 million, reflecting a year-on-year increase of about 27.5% to 33.6% [1] - The anticipated net profit is between RMB 42.7 million and RMB 52.7 million, indicating a turnaround from losses to profitability [1] Strategic Initiatives - The company has maintained a high level of R&D investment and dynamically adjusted its R&D focus based on business development needs [1] - Baiaosaitu has strengthened its overseas market presence by expanding its sales team and improving its sales system, leading to rapid growth in international business [1] - The release of R&D demand from domestic biopharmaceutical companies has created opportunities for Baiaosaitu, particularly in preclinical products and services [1] Market Performance - The stock price of Baiaosaitu has surged nearly 300% from a low of HKD 5.6 in late November last year to HKD 21.45 as of July 28, significantly outperforming the Hang Seng Index and Hang Seng Tech Index [2] Core Technology and Business Growth - Baiaosaitu has established a strong technological barrier with its unique gene editing technology and animal model platform, focusing on over 20 key disease areas [3] - The company has developed thousands of high-value target models, serving nearly 900 pharmaceutical and research institutions globally, completing over 5,300 drug evaluation projects [3] Revenue Diversification - The antibody licensing and development business is supported by the RenMice® platform, which has created a resource library of over one million fully human antibody molecules [4] - By the end of 2024, Baiaosaitu has established around 200 cooperation agreements with various domestic and international pharmaceutical companies, with over 50 licensed projects [4] - The ongoing expansion of clinical pre-service scale and growth in antibody licensing business is expected to enhance the company's value in the innovative drug industry chain [4]

Core Viewpoint - The Hong Kong stock market's biotechnology sector is experiencing a resurgence, with Baiaosaitu (02315) emerging as a standout performer due to its unique dual business model of "innovative animal models + antibody molecule transfer," leading to a significant increase in its stock price and valuation [1] Group 1: Innovative Animal Models - Baiaosaitu has established a strong foundation in innovative animal models, developing over 3,500 gene-edited animal and cell models, with more than 1,000 used for drug evaluation [2] - The company has transitioned from a service-oriented model to a product sales model, significantly enhancing drug development efficiency for innovative pharmaceutical companies [2] - In 2024, revenue from innovative animal models is projected to reach 389 million yuan, a 43% increase from 2023, with a three-year compound growth rate of approximately 52% and a gross margin exceeding 75% [3][4] Group 2: Antibody Transfer Development - The antibody discovery business has rapidly developed into a key growth driver for Baiaosaitu, with the "Thousand Mice Ten Thousand Antibodies" initiative aimed at large-scale drug development for over 1,000 potential drug targets [5][6] - By the end of 2024, Baiaosaitu had signed approximately 200 cooperation agreements for antibody molecule development, with seven of the top ten global pharmaceutical companies as clients [7] - Revenue from the antibody business is expected to reach 318 million yuan in 2024, an 81% increase from 2023, with a three-year compound growth rate of nearly 58% and a gross margin exceeding 80% [8] Group 3: Financial Performance and Valuation - In 2024, Baiaosaitu achieved total revenue of 980 million yuan, a year-on-year increase of approximately 37%, while maintaining a gross margin of around 78% [9] - The company reported a net profit of 33.54 million yuan, marking a turnaround from previous losses, and generated a net cash inflow from operating activities of 211 million yuan [9] - The unique dual-driven model of "innovative animal models + antibody transfer development" positions Baiaosaitu favorably in the market, leading to a higher valuation compared to peers [10]

Core Viewpoint - The announcement by Baiaosaitu-B (02315.HK) regarding the issuance of a patent certificate for its RenMab® platform by the Japan Patent Office signifies a significant advancement in its global intellectual property strategy and highlights the innovation and international recognition of its core technology [1][2] Group 1: Patent and Technology Development - The RenMab® mouse is a core member of Baiaosaitu's RenMice® human antibody discovery platform, utilizing unique super-large fragment chromosome engineering technology (SUPCE®) to replace mouse antibody genes with human counterparts, enhancing the success rate of discovering high-potential antibody drug molecules [1] - The issuance of the patent certificate represents a key progress in the systematic global patent layout strategy of Baiaosaitu, showcasing the innovation and international recognition of its core technology [1] Group 2: Market Recognition and Collaborations - The RenMice® series platforms have gained widespread recognition from leading pharmaceutical and biotechnology companies, with approximately 20 collaborations established, including partnerships with Merck, Janssen/Johnson & Johnson, and BeiGene [2] - By the end of 2024, Baiaosaitu aims to achieve nearly 200 licensing and transfer agreements for antibody molecules based on the RenMice platform, demonstrating its international competitiveness and commercial value [2] Group 3: Global Patent Strategy - Baiaosaitu is actively pursuing patent protection for the RenMice® platform globally, with patents granted in nearly 10 countries, including the US, China, and Japan, and around 40 patent applications under examination in 15 countries and regions [2] - The steady advancement of Baiaosaitu's global patent layout strategy will continue to provide robust intellectual property protection for its global partners [2]