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].

Investment Rating - The investment rating for the company is positioned in the mid-to-lower range, with an AHP score of 2.38, placing it in the 38.9% percentile of the overall score [2][5]. Core Insights - The company, Baiaosaitu, is a leading preclinical CRO and biotechnology firm, focusing on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development. The gene editing technology is a significant foundation for its business, having developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [2][12]. - The company has expanded its business into innovative model animal sales, having developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice. The establishment of a production center compliant with AAALAC international standards supports large-scale breeding and supply of model animals [12][30]. - The company has established a comprehensive pharmacology and efficacy evaluation system, serving approximately 950 partners globally and completing over 6,350 drug evaluation projects. It has collaborations with 9 of the top 10 global pharmaceutical companies in the pharmacology and efficacy sector [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Baiaosaitu is 2.38, indicating a mid-to-lower performance level in the AHP model [5][6]. Company Fundamentals and Highlights - Baiaosaitu has built platforms for gene editing, model animal breeding, preclinical pharmacology evaluation, and antibody drug development, evolving from a single-service biotechnology company to a leading biopharmaceutical enterprise [6][12]. - The company’s revenue composition shows that model animal sales accounted for approximately 44% of total revenue in the first half of 2025, followed by antibody development and preclinical pharmacology services [7][8]. Financial Comparison with Peers - From 2022 to the first half of 2025, Baiaosaitu's revenue was lower than that of comparable companies, with revenues of 5.34, 7.17, 9.80, and 6.21 billion yuan respectively. However, the net profit turned positive in 2024, with a net profit margin that improved over time [22][24]. - The company’s gross margin was relatively high, with figures of 73.38%, 70.59%, 77.67%, and 74.39% from 2022 to the first half of 2025, outperforming the average of comparable companies [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the construction of a drug early research service platform, antibody drug research and evaluation projects, and preclinical research projects, which are expected to enhance its core competitiveness and solidify its industry position [30][31].

本次发行上市的募集资金扣除发行费用后，将按轻重缓急顺序投资以下项目：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、临床前研发项目以及补充流动资金，募集资金投资额合计11.85亿 元。 公司各类创新模式动物和细胞产品主要包括以免疫检查点及细胞因子/细胞因子受体为代表的靶点人源 化小鼠模型、重度免疫缺陷(B-NDG)小鼠及衍生产品模型、各类自发疾病模型、工具鼠及靶点敲除小鼠 等动物模型，靶点人源化改造的鼠源细胞系以及各类人源细胞系等细胞模型，涵盖肿瘤、自身免疫、代 谢和神经等疾病领域，可满足科研机构、制药企业等在靶点概念验证及机制研究、药物临床前体内外药 理药效筛选等方面的需求。 报告期各期，公司主营业务收入分别为5.33亿元、7.16亿元、9.8亿元以及6.21亿元，2022年度至2024年 度年复合增长率为35.56%，公司主营业务收入均直接或间接与公司核心技术相关。 百奥赛图(688796.SH)发布首次公开发行股票并在科创板上市招股意向书，此次首次公开发行股票4750 万股，公开发行股票的比例占本次发行后公司总股本的10.63%。初步询价日期为2025年11月25日，申 购日期为2025年11月 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. has been approved for IPO by the Shanghai Stock Exchange, marking it as the 53rd company to pass this year, with a focus on innovative drug development services based on its proprietary gene-editing technology [1]. Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing various innovative model animals and preclinical drug development services [1]. - The company utilizes its self-developed RenMice platform for large-scale drug discovery and development, targeting over a thousand potential drug targets in the human body [1]. IPO Details - The company plans to issue up to 99,849,605 shares on the Sci-Tech Innovation Board, with a minimum public offering ratio of 10% of the total share capital post-issuance [2]. - The intended fundraising amount is 118.504 million yuan, aimed at building a drug early-stage research service platform, antibody drug research and evaluation projects, preclinical research projects, and supplementing working capital [2]. Shareholding Structure - As of the signing date of the prospectus, the actual controllers of Baiaosaitu, Shen Yulei and Ni Jian, collectively control 27.0291% of the voting rights [2]. Market and Business Model Inquiry - The listing committee inquired about the technological advancement of the fully human antibody mouse platform, market space for antibody development, and the stability and future profitability of the business model, including revenue realization from project testing to transfer/authorization/co-development [3].

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]