Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is undergoing an IPO process on the Sci-Tech Innovation Board, revealing a significant reduction in dedicated R&D personnel and a decrease in fundraising amount from 18.93 billion to 11.85 billion [1][5]. Group 1: R&D Personnel Changes - The number of dedicated R&D personnel at Baiaosaitu has drastically decreased from 58 at the end of 2022 to 5 by the end of 2024 [1][3]. - The total number of R&D personnel, including both dedicated and part-time, has also declined from 627 in 2022 to 337 in 2024 [3][4]. - The company has clarified that all personnel involved in innovative drug R&D are dedicated, while those in preclinical CRO services are part-time, aligning with industry norms [4]. Group 2: Fundraising Adjustments - The company has revised its fundraising target down to 11.85 billion, with allocations for various projects including early drug development services and antibody drug research [5]. - The initial fundraising amount was set at 18.93 billion, with the same project allocations, indicating a significant reduction of over 7 billion [5]. - The adjustments in fundraising may reflect changes in the company's operational status or market conditions, necessitating a reassessment of funding needs [5]. Group 3: Financial Performance - Baiaosaitu is projected to turn a profit in 2024 after consecutive years of losses, with revenues increasing from approximately 5.34 billion in 2022 to 9.8 billion in 2024 [5]. - The net profit attributable to the company is expected to shift from losses of 6.02 billion and 3.83 billion in 2022 and 2023, respectively, to a profit of approximately 335.42 million in 2024 [5].