1.请发行人代表结合全人源抗体小鼠平台的技术先进性，抗体开发业务的市场空间，研发投入产出 情况，从项目测试到转让/授权/合作开发的首付款、里程碑款、药物上市销售分成的商业模式及目前收 入实现情况等，说明抗体开发业务的商业模式稳定性和未来盈利能力。请保荐代表人发表明确意见。 2.请发行人代表说明若发行人本次A股发行上市、实控人减持H股股份，是否影响公司控制权的稳 定性。请保荐代表人发表明确意见。 需进一步落实事项 截至招股说明书签署日，沈月雷、倪健合计直接或间接控制公司27.0291%表决权，为百奥赛图共 同控股股东、实际控制人。沈月雷，中国公民，拥有美国永久居留权（正在办理延期）；倪健，中国公 民，拥有美国永久居留权。 百奥赛图拟在上交所科创板发行股份不超过99,849,605股（行使超额配售选择权之前），公开发行 股票的比例不低于本次发行后公司总股本的10%。公司拟募集资金118,504万元，用于药物早期研发服 务平台建设项目、抗体药物研发及评价项目、临床前研发项目、补充流动资金。 上市委会议现场问询的主要问题 中国经济网北京9月25日讯 上海证券交易所上市审核委员会2025年第38次审议会议于昨日召开，审 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to return to A-share market after successfully passing the listing review by the Shanghai Stock Exchange, marking its A+H listing strategy [1] Group 1: Company Overview - Baiaosaitu, established in 2009, is a preclinical CRO and biotechnology company that provides innovative model animals and preclinical drug development services based on its proprietary gene editing technology [1] - The company has developed a comprehensive platform that includes gene-edited model animal preparation, innovative model animal breeding and supply, preclinical pharmacology and efficacy evaluation, and antibody drug discovery [1] Group 2: Business Achievements - As of the reporting period, Baiaosaitu has completed over 5,100 customized gene editing projects and developed more than 3,500 types of RenMice and other gene-edited animals and cell line models [2] - The company has established partnerships with numerous renowned biotech and pharmaceutical companies for antibody drug discovery, leveraging its RenMice platform and "thousands of mice, ten thousand antibodies" approach [2] Group 3: Financial Performance - From 2022 to 2024, Baiaosaitu's revenue is projected to be 534 million yuan, 717 million yuan, and 980 million yuan, with a compound annual growth rate of 35.56% [3] - The net profit for the same period is expected to be -602 million yuan, -383 million yuan, and 33.54 million yuan, indicating a turnaround to profitability in 2024 [3] Group 4: IPO and Fundraising - Baiaosaitu plans to raise 1.185 billion yuan through its IPO, which will be directed towards enhancing its existing business and core technologies [3] - The fundraising will support projects aimed at expanding the production capacity of model animals, improving early drug discovery capabilities, and enriching the preclinical research pipeline [3]