百普赛斯(301080.SZ)正式向香港联交所递交招股书。根据公司同步发布的2025年度业绩预告，全年预计营业收入约为 8.37亿元，相较2024年实现了约30.00%的显著增长。 作为一家已在深交所挂牌的重组蛋白龙头，此番跨海融资意在通过建立全球化供应链网络来对冲日益复杂的地缘环境。 然而，亮眼的收入背后，百普赛斯的资产负债表正承受着低效率运转与潜在大额减值的双重考量。智通财经记者拆解财 报发现，截至2025年9月30日，公司账面沉淀了超过15.3亿元的货币资金，但权益回报率却下滑至5.06%的低位。 这种高额现金冗余与低资本回报效率的矛盾，使得投资者对百普赛斯港股融资的必要性产生了深度疑虑。与此同时，高 达2.56亿元的存货规模也暗示着公司正面临前所未有的备货压力。 全球化进程 百普赛斯作为一家生命科学工具提供商，在2026年初开启港股IPO进程，核心目标是深化其双引擎战略布局。 这家公司在全球范围内提供了超过5000个规格的重组蛋白与抗体SKU。通过在北京、苏州及美国设立研发中心，实现了 对全球前20大制药公司的深度渗透，并维持了前20大客户100.00%的回购率。 营收端的表现印证了百普赛斯在细分市场 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Core Viewpoint - The company, a global provider of life science tools and technology services, is set to go public on the Hong Kong Stock Exchange, having previously listed on the A-share market in 2021, with a current market capitalization of approximately 11.6 billion RMB [1]. Financial Performance - The company reported revenues of 645 million RMB and a net profit of 120 million RMB for 2024, with a gross margin of 84.77% [1]. - For the first nine months of 2025, the company achieved revenues of 613 million RMB and a net profit of 132 million RMB, reflecting a year-on-year revenue growth of 32.26% and a net profit growth of 66.66% [5]. - The gross margin for the first nine months of 2025 was 82.20%, while the net profit margin was 21.48% [5]. Market Position - According to Frost & Sullivan, the company ranks first among all domestic suppliers in China and third globally in the recombinant protein market, with a market share of approximately 2.5% [9][10]. - The global recombinant protein market is projected to grow from 1 billion USD in 2020 to 3 billion USD by 2024, with a compound annual growth rate (CAGR) of 31.9% [6]. Product and Service Offering - The company offers a comprehensive product portfolio that includes high-quality biological reagents, such as recombinant proteins, antibodies, and analytical test kits, along with various technical services [2]. - As of the latest date, the company provides over 5,000 product SKUs and diverse technical service combinations, all produced under strict international quality standards [2]. Client Base and Business Model - The company serves a diverse and high-quality client base, including major pharmaceutical companies and high-growth biotech firms, with a 100% repurchase rate from its top 20 clients [4]. - The company operates on a "dual-engine" business model in both China and the United States, providing lifecycle solutions across research, production, and clinical application stages [4]. Industry Overview - The recombinant protein market in China is expected to expand from 100 million USD in 2020 to 400 million USD by 2024, with a CAGR of 25.9% [6].

Core Viewpoint - The company, Beijing Baipusais Biotechnology Co., Ltd., is actively developing products related to monkeypox and has a strong focus on recombinant proteins and cell immunotherapy, benefiting from the depreciation of the RMB and being recognized as a "specialized, refined, distinctive, and innovative" enterprise [2][3][4]. Group 1: Company Performance - As of September 30, 2025, the company achieved a revenue of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, with a year-on-year increase of 58.61% [9]. - The company's overseas revenue accounted for 66.46% of total revenue, benefiting from the depreciation of the RMB [4]. - The main business revenue composition includes 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [8]. Group 2: Market Position and Recognition - The company has been included in the Ministry of Industry and Information Technology's list of national "specialized, refined, distinctive, and innovative" small giant enterprises, which signifies its strong innovation capability and market share in niche markets [3]. - The company is involved in various concept sectors, including monkeypox, Alzheimer's, cell immunotherapy, biomedicine, and artificial intelligence [9]. Group 3: Stock Performance and Trading Activity - On February 12, the company's stock rose by 0.94%, with a trading volume of 311 million yuan and a turnover rate of 4.78%, leading to a total market capitalization of 8.476 billion yuan [1]. - The average trading cost of the stock is 56.87 yuan, with recent buying activity observed, although the buying strength is not strong [7]. - The stock has a significant number of shareholders, totaling 10,600, with a decrease of 9.75% compared to the previous period [9].

Core Viewpoint - The company, Beijing Baipusais Biotechnology Co., Ltd., is actively developing products related to monkeypox and has a strong focus on recombinant proteins and cell immunotherapy, benefiting from the depreciation of the RMB and being recognized as a "specialized, refined, distinctive, and innovative" enterprise [2][3][4]. Group 1: Company Performance - On February 11, the company's stock rose by 1.43%, with a trading volume of 133 million yuan and a turnover rate of 2.11%, leading to a total market capitalization of 8.397 billion yuan [1]. - For the period from January to September 2025, the company achieved a revenue of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, up 58.61% year-on-year [9]. - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan distributed over the past three years [9]. Group 2: Product Development and Market Position - The company has initiated the development of products in response to the monkeypox virus and has launched multiple recombinant proteins, antibodies, and test kits to support vaccine and therapeutic drug development [2]. - The company has developed high-quality recombinant proteins targeting various disease markers, which are essential for biopharmaceutical research and production [2]. - The company has introduced a specific antibody targeting the CD19 antigen, enhancing the detection methods for CAR-T cell therapy, and is expanding its product offerings related to cell and gene therapy [2]. Group 3: Market and Financial Insights - The company's overseas revenue accounted for 66.46% of total revenue, benefiting from the depreciation of the RMB [4]. - The company is classified under the pharmaceutical and biotechnology sector, focusing on antigen detection, monkeypox concepts, Alzheimer's, and cell immunotherapy [9]. - As of September 30, the number of shareholders decreased by 9.75%, while the average number of circulating shares per person increased by 54.93% [9].

Core Viewpoint - The company, Beijing Baipusais Biotechnology Co., Ltd., is actively developing products related to monkeypox and has a strong focus on recombinant proteins and cell immunotherapy, benefiting from the depreciation of the RMB and its recognition as a "specialized and innovative" enterprise [2][3][4]. Group 1: Company Performance - On February 6, the company's stock rose by 0.18%, with a trading volume of 150 million yuan and a turnover rate of 2.39%, bringing the total market capitalization to 8.304 billion yuan [1]. - For the period from January to September 2025, the company achieved a revenue of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, up 58.61% year-on-year [9]. - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan distributed over the past three years [9]. Group 2: Product Development and Market Position - The company has initiated the development of products related to monkeypox virus and has launched multiple recombinant proteins, antibodies, and test kits to support vaccine and therapeutic drug development [2]. - The company has developed high-quality recombinant proteins targeting various disease markers, fulfilling the needs of biopharmaceutical research and production [2]. - The company has introduced a specific antibody targeting the CD19 antigen, enhancing the detection methods for CAR-T cell therapy, and is expanding its product offerings related to cell and gene therapy [2]. Group 3: Industry Recognition and Financial Impact - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, which signifies its strong market position and innovation capabilities [3]. - The company's overseas revenue accounted for 66.46% of its total revenue, benefiting from the depreciation of the RMB [4]. - The company operates in the pharmaceutical and biotechnology sector, focusing on antigen detection, monkeypox, Alzheimer's, and cell immunotherapy [9].

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Group 1 - The core point of the news is that Baipusi has experienced a significant decline in its stock price, dropping 5.1% to 52.81 yuan per share, with a total market value of 8.829 billion yuan and a cumulative drop of 19.75% over four consecutive days [1] - Baipusi Biotechnology Co., Ltd. is located in Beijing and was established on July 22, 2010, with its IPO on October 18, 2021. The company specializes in providing key biological reagent products and technical services, with its main business revenue composition being 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Jiao Yin Schroder has a significant position in Baipusi. The Jiao Yin Medical Innovation Stock A fund held 1.5937 million shares, accounting for 4.37% of the fund's net value, making it the fifth-largest holding. The estimated floating loss today is approximately 4.5262 million yuan, with a total floating loss of 21.8343 million yuan during the four-day decline [2] - The Jiao Yin Medical Innovation Stock A fund was established on March 23, 2017, with a latest scale of 1.9 billion yuan. Year-to-date returns are 1.01%, ranking 4796 out of 5580 in its category, while the one-year return is 24.72%, ranking 3014 out of 4286. Since inception, the fund has achieved a return of 162.82% [2] - The fund manager of Jiao Yin Medical Innovation Stock A is Lou Huiyuan, who has been in the position for 7 years and 146 days, with the best fund return during this period being 129.49% and the worst being -24.1% [2]

Group 1 - The core viewpoint of the news is that Baipusais has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading activity in its stock [2][3] - As of January 29, Baipusais' stock price decreased by 1.15%, with a trading volume of 194 million yuan, and a net financing buy of -4.85 million yuan [1] - The company has a financing balance of 108 million yuan, which is 1.11% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - For the period from January to September 2025, Baipusais achieved an operating income of 613 million yuan, representing a year-on-year growth of 32.26%, and a net profit attributable to shareholders of 132 million yuan, up 58.61% year-on-year [2] - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 9.75% to 10,600, while the average circulating shares per person increased by 54.93% to 11,947 shares [2]