值得关注地是，百奥赛图2025年半年报透露了该公司签约的对外授权累计多达280项，仅上半年新签约 就达80项，比去年同期增长60%。全球前十大药企中有七家是百奥赛图的抗体分子授权合作伙伴。今年 上半年，百奥赛图实现营业收入6.21亿元，同比增长51.3%，其中从海外药企合作中获得的收入占比近 70%。公司的业务覆盖了欧美及亚太多个市场，在美国波士顿、旧金山、圣地亚哥及德国海德堡均设有 研发与运营中心。 9月12日，媒体从港股"基因编辑第一股"百奥赛图获悉，该公司与德国药企默克签署一项抗体选择权与 评估协议，双方将共同开发用于核酸药物递送的抗体偶联脂质纳米颗粒（LNP）等前沿解决方案。 根据协议，默克将评估百奥赛图利用其自主知识产权RenMice平台开发的全人抗体，并拥有获得选中抗 体全球独家权利的选择权；百奥赛图则有望获得相应的首付款、里程碑付款及未来销售分成。 百奥赛图董事长、CEO沈月雷表示，双方合力探索抗体偶联脂质递送系统的潜力，不仅彰显了公司全人 抗体平台的多样性，也展现了全人抗体在传统疗法之外的广阔应用前景。"我们希望通过百奥赛图在抗 体发现方面的专业能力，结合默克在LNP领域的深厚积累，加速下一代 ...

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] Group 1: Business Performance - The preclinical products and services segment, centered on innovative animal model sales, generated RMB 458 million in revenue, a 56.9% increase compared to the same period last year, with a gross margin of approximately 70% [1] - The antibody discovery business achieved RMB 163 million in revenue, 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 year-on-year [2] Group 2: Market Expansion - The company expanded its overseas market presence, achieving RMB 422 million in revenue from international operations, while domestic business also saw rapid growth with RMB 200 million in revenue [2] - The global network established by the company enhances its resilience and risk management capabilities, allowing for steady growth through market cycles [2] Group 3: Research and Development - The company maintained a high level 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, with significant results from cost-saving measures initiated in 2023 [3]

Core Viewpoint - 百奥赛图-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 previous losses [1] Market Expansion - The company 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 provided development opportunities, particularly in preclinical products and services [1] Technological Edge - 百奥赛图 has established a strong technological barrier with its unique gene editing technology and animal model platform, focusing on over 20 key disease areas and thousands of high-value target models [3] - The company serves nearly 900 pharmaceutical and research institutions globally, completing over 5,300 drug evaluation projects, which supports its preclinical products and services business [3] Diversified Revenue Streams - 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, the company has established around 200 cooperation agreements with various domestic and international pharmaceutical companies, with over 50 licensed projects covering multiple innovative targets [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]

2025年7月1日，在国家医保局、国家卫健委联合发布《支持创新药高质量发展的若干措施》的背景下， 创新药正在迎来从研发、支付到临床转化的系统性政策支持。"以人民健康为中心""推动创新药高质量 发展"不再停留在口号层面，而成为多部门协同推进的战略方向。 政策明确提出：鼓励真实世界数据支持创新药研发、完善医保目录动态调整机制、建立商业健康保险创 新药目录，并通过优化挂网机制与支付体系，推动创新药早日可及、可负担。 在此背景下，一个问题正在被越来越多药企、投资人和科研机构反复追问：中国是否具备能够真正为全 球创新药提供"源头动力"的平台型企业？ 百奥赛图(02315.HK)或许是目前少数几个，已用实际成果给出答案的玩家。 通过十余年的深耕，百奥赛图搭建出覆盖全人源抗体、共轻链双抗/双抗ADC、纳米抗体、类TCR抗体 等多个技术方向的RenMice平台家族，并在全球近十个国家完成专利授权。更重要的是，这套平台并 非"藏在实验室里自嗨"，而是正实打实地支撑起两百多项对外合作，多个分子已进入临床研究。从抗体 发现走向产业转化，百奥赛图正在为中国技术平台出海提供一个值得关注的样本。 RenMice平台：全球专利护航的抗体新 ...

Core Viewpoint - The article highlights the growing recognition and success of Chinese biotech companies in the global market, particularly through the development of proprietary technologies and platforms, exemplified by the recent patent authorization of the RenMab® platform by BaiOsaite [1][2][4]. Group 1: Technological Advancements - BaiOsaite's RenMab® platform received a patent from the Japan Patent Office, marking a significant achievement in China's biotech innovation [1]. - The platform utilizes a proprietary technology called SUPCE® to humanize mouse antibody variable region genes, addressing key challenges in antibody drug development [2]. - The platform has gained international attention, with collaborations established with major companies like Merck and Johnson & Johnson, resulting in a large-scale antibody discovery project targeting over 1,000 potential drug targets [4]. Group 2: Market Trends and Collaborations - In 2024, over 94 license-out transactions for Chinese innovative drugs were recorded, with 41 occurring in the first quarter of 2025, totaling over $36.9 billion in transaction value [6]. - Notable deals include IBI3009's global licensing agreement with Roche, which includes an upfront payment of $80 million and potential milestone payments up to $1 billion [5]. - The focus on PD-1/VEGF bispecific antibodies has attracted significant international interest, with major agreements involving Pfizer and Merck [6]. Group 3: Intellectual Property and Global Strategy - Chinese biotech companies are shifting their focus from merely exporting products to also exporting platforms and intellectual property, recognizing the higher commercial potential in original technologies [7][8]. - Companies like BaiOsaite and Innovent Biologics are demonstrating systematic capabilities in intellectual property layout, enhancing their negotiating power in international collaborations [8]. - The future of competition in biomedicine will hinge on establishing ecosystems and standards, with a focus on building technological barriers and deep collaborations with upstream and downstream partners [9][10].

Group 1 - The core viewpoint of the news is that Baiaosaitu's RenMice platform has received a significant patent certification in Japan, enhancing its global intellectual property protection and creating a competitive advantage for international expansion [1][3]. - The RenMice platform utilizes unique large fragment chromosome engineering technology to replace mouse antibody genes with human counterparts, allowing for the production of fully human antibodies that maintain natural diversity [1]. - Baiaosaitu has established licensing partnerships with approximately 20 pharmaceutical companies, including Merck, Johnson & Johnson, and BeiGene, leading to rapid growth in its antibody discovery business, with projected revenue of 318 million yuan in 2024, an increase of over 80% year-on-year [2]. Group 2 - Following the patent certification in Japan, Baiaosaitu's overseas market growth potential is expected to expand further, with patents already granted in about 8 countries, including the US, and nearly 40 patent applications under review in 15 countries and regions [3]. - The company is advancing its IPO process on the Sci-Tech Innovation Board and is currently in the inquiry stage, aiming for a dual listing in both A-share and H-share markets, which could position it alongside other major players in the domestic model organism sector [4].