近日，临床前CRO企业百奥赛图正式登陆上交所科创板，引发市场关注。公司凭借"千鼠万抗"计划与 RenMice全人抗体平台，在生物医药领域具有一定技术积累与业务布局。然而，其招股书及财务数据背 后，却透露出盈利依赖研发压缩、关联交易占比高、专利侵权诉讼、未弥补亏损巨大等多重风险，值得 投资者警惕。 一、扭亏为盈背后的"成本压缩术"：研发投入大幅缩水 从财务表现看，百奥赛图在2022年至2024年间营业收入稳步增长，归母净利润从-6.02亿元转为正收益 3354.18万元，今年前三季度更是实现1.14亿元净利润，看似走出亏损泥潭。 然而，仔细观察发现，公司同期研发费用从6.99亿元骤降至3.24亿元，研发人员总数从627人减至337 人，专职研发人员更是从58人锐减至5人。2022至2024年间，公司营收增长4.46亿元，研发费用却下降 3.75亿元。这引发市场质疑：盈利改善是否更多来自"节流"而非真正的业务成长？公司解释称"大规模 研发阶段已结束"，但作为一家以技术为核心竞争力的生物医药企业，研发投入的持续性仍是其长期价 值的关键。 二、关联交易与专利诉讼双重隐患 抗体开发业务是百奥赛图的重要增长点，2022至 ...

Core Insights - The company Baiaosaitu has made significant progress in the development of the innovative oncology drug IDE034, which targets multiple cancers such as lung and colorectal cancer, with plans to submit a clinical trial application in the US by Q4 of this year [1] Group 1: Drug Development - IDE034 is a dual-target antibody-drug conjugate (ADC) that can simultaneously recognize two tumor markers, B7H3 and PTK7, enhancing precision in targeting cancer cells and improving treatment efficacy and safety [1] - The drug utilizes Baiaosaitu's proprietary linker and payload platform BLD1102, which synergizes with IDEAYA's related technologies for stronger clinical outcomes [1] - The potential total transaction value for the licensing of the B7H3/PTK7 dual-target ADC pipeline to IDEAYA is nearly RMB 3 billion [1] Group 2: Company Capabilities - Baiaosaitu has developed the RenLite fully human antibody platform, which effectively avoids light and heavy chain mismatches, increasing the success rate of drug development [2] - The company also has the RenNano platform for generating fully human nanobodies, providing flexible design components for various advanced medical fields [2] - Baiaosaitu is recognized as a leading antibody drug development platform in China, with over one million antibody molecules with development potential [2] Group 3: Financial Performance - In the first half of this year, Baiaosaitu invested RMB 209 million in R&D, a year-on-year increase of 29.3% [3] - The company has accumulated 195 authorized patents and submitted 496 patent applications, with 80 new licensing agreements signed, a 60% increase compared to the same period last year [3] - Baiaosaitu achieved a revenue of RMB 621 million in the first half of 2025, representing a year-on-year growth of 51.3%, with nearly 70% of revenue coming from overseas partnerships [3]

Group 1 - The core message is that Baiaosaitu (02315.HK) has made significant progress with its cancer treatment drug IDE034, which is being developed in collaboration with IDEAYA Biosciences, and plans to submit a clinical trial application to U.S. regulators in Q4 2024 [1][2] - IDE034 is an antibody-drug conjugate (ADC) designed to target two tumor markers, B7H3 and PTK7, and is based on Baiaosaitu's BLD1102 technology [1] - The potential transaction value for the licensing agreement with IDEAYA is close to 3 billion RMB, and if successful, IDE034 could become the first ADC product in the dual-target field to enter clinical stages [1] Group 2 - In terms of international collaboration, Baiaosaitu has partnered with companies such as SOTIO, ABL Bio, Radiance, and ADC Therapeutics in the dual-target ADC field [2] - Financial data shows that Baiaosaitu achieved a revenue of 621 million RMB in the first half of 2025, representing a year-on-year growth of 51.3%, with nearly 70% of revenue coming from overseas collaborations [2] - The company has filed 496 patent applications and signed 80 new licensing agreements, marking a 60% increase year-on-year [2]

Core Insights - The recent World Lung Cancer Conference showcased the impressive efficacy data of BaiLi Tianheng's EGFR/HER3 bispecific antibody ADC (BL-B01D1), marking a new era led by bispecific antibodies (BsAb) and their conjugates (BsADC) in oncology [1] - BaiAo SaiTu is emerging as a key player in the industry, recognized as a "enabler" and "infrastructure provider" for new drug development, with recent collaborations yielding significant upfront and milestone payments [1] Group 1: Company Evolution - BaiAo SaiTu started with gene editing technology and has developed a platform centered around humanized mouse models for antibody drug discovery, exemplified by the "Thousand Mice, Ten Thousand Antibodies" initiative [2] - The RenMice platform, with proprietary intellectual property, allows for the pre-construction of a large library of antibody molecules, significantly shortening development time and increasing success rates [2] Group 2: Technological Advancements - The RenLite platform addresses the chain mismatch issue in bispecific antibody development, simplifying production to a level comparable to monoclonal antibodies [3] - This platform has attracted global partners such as ABL Bio and SOTIO, who are exploring bispecific ADCs and multi-payload ADCs [3][4] Group 3: Broader Antibody Development - BaiAo SaiTu is also advancing in the field of nanobodies through the RenNano platform, which offers new possibilities for targeting solid tumors due to their small size and penetration capabilities [5] - The modular design of RenNano allows for collaboration with RenLite to explore complex multispecific antibodies, providing innovative solutions for autoimmune and oncology fields [5] Group 4: Business Model and Value Creation - BaiAo SaiTu's business model includes licensing fees, milestone payments, and future sales sharing, creating a robust and diversified value pyramid [6] - The company's model, based on absolute technological scarcity, grants it significant bargaining power within the global industry chain, positioning it as a true value creator in the innovative drug sector [6] Group 5: Industry Impact - BaiAo SaiTu continues to empower the industry through its RenMice and "Thousand Mice, Ten Thousand Antibodies" initiatives, acting as an accelerator rather than just a pipeline biotech [7] - The company is constructing its own global value pyramid, contributing significantly to the new drug development landscape [7]

Core Viewpoint - The recent updates to the prospectus for Baiaosaitu-B (02315.HK) have reignited interest in its cross-market listing process, highlighting the complexities faced by domestic innovative pharmaceutical companies in balancing technological breakthroughs and commercial realization [2] Business Overview - Baiaosaitu, founded in 2009, focuses on providing innovative model animals and preclinical pharmaceutical research services based on its proprietary gene editing technology, with a core strategy centered around the "thousand mice, ten thousand antibodies" initiative [3][5] - Currently, the company has 10 drug pipelines, with 5 in clinical trials and the rest in preclinical development, indicating that commercial production has not yet commenced for any products [3] Financial Performance - The company's revenue has shown a steady increase, reaching 534 million yuan, 717 million yuan, and 980 million yuan over the past three years, while the net profit improved from a loss of 602 million yuan to a profit of 34 million yuan in 2024 [3][4] - Despite the positive turnaround, the cumulative unabsorbed losses still stand at 1.754 billion yuan as of the end of the reporting period [3] Revenue Structure - The revenue primarily relies on four segments: model animal sales, antibody development, preclinical pharmacology and efficacy evaluation, and gene editing services [3] - The antibody development segment has consistently reported losses, with net profits of -399 million yuan, -532 million yuan, and -319 million yuan from 2021 to 2023, while the innovative drug development segment also incurs annual losses of around 200 million yuan [5][6] Client Dependency - A significant portion of the company's revenue from antibody development comes from related parties, with 27.81% of total antibody development income derived from major clients, raising concerns about the independence of its business operations [6][7] R&D Investment and Team Dynamics - The company has invested a total of 2.055 billion yuan in R&D from 2021 to 2024, but there has been a noticeable decline in investment intensity, with R&D expenses dropping over 30% in 2024 compared to the previous year [8] - The R&D team has seen a drastic reduction in size, from 627 members at the end of 2022 to 337 by the end of 2024, compounded by the departure of key management personnel [8] Patent Disputes - Baiaosaitu is currently embroiled in a patent dispute with Heptares Therapeutics, which could pose risks to its future technological development and commercial strategies [9][10] Financing and Debt Pressure - The company has faced increasing debt pressure, with the asset-liability ratio rising from 58.9% in 2022 to 65.28% in 2024, indicating financial strain compared to industry peers [12][13] - The actual controller has resorted to personal borrowing to support the company, which raises concerns about the long-term implications of such financial strategies [14][15]