Baiao Sai Tu (688796.SH) constructs a "H+A" dual capital structure, entering the era of long-term value for platform-based biotechnology companies.

Against the background of a profound transformation in the innovation and drug development model, Chinese platform-type biotechnology companies are shifting from a model focused on the success of a single product to building a scalable innovation capability. On December 10, BaiAosaitu (688796.SH) successfully listed on the Sci-Tech Innovation Board, complementing its previous listing on the Hong Kong stock market in 2022, forming a dual capital market pattern of "H+A". BaiAosaitu's dual-market layout is closer to a strategic allocation of resources, laying the financial structure foundation for cross-cycle technological expansion. Considering the company's rapid international layout and business model validation in recent years, its decision to debut on the A-share market at a time when capital is turning cautious holds symbolic significance in terms of long-term industrial value judgment and capital structure optimization. "Double-engine" platform innovation as a core competitive advantage The innovation drug field has long relied on a "high risk, high return" single-product strategy, but BaiAosaitu's development trajectory indicates a shift towards "platform-based innovation" in the industry system. Through long-term technological accumulation, the company has built a dual-engine platform covering the starting point of new drug research and key verification links: one is an antibody resource library constituted by millions of authentic human antibody sequences, supporting molecular discovery with different mechanisms and configurations; the other is the establishment of a large-scale humanized target mouse model library, covering tumor, autoimmune diseases, metabolism, and neurological diseases, achieving precise verification in vivo. These two systems form a closed loop "from molecular discovery to evaluation model", turning drug development into a sustainable and efficient production process. At the core of the platform-based innovation model is the transformation of research and development probability into more deterministic results through the scalability and economies of scale of underlying technological capabilities, laying the foundation for companies to establish long-term technological moats. Growth structure presents industry-scarce commercial coherence In a transition period from "innovation-driven" to "cash flow-driven" in terms of capital logic, BaiAosaitu demonstrates rare business maturity. In the first half of 2025, the company achieved revenue of 621 million yuan, a year-on-year growth of 51.5%, with a net profit of approximately 48 million yuan, and achieved positive operating cash flow against a background of high research and development investment. In terms of revenue structure, revenue from target humanization model business reached 274 million yuan, a year-on-year growth of 56.1%, with a gross profit margin at a relatively high industry level; revenue from antibody collaboration business reached 163 million yuan, a year-on-year growth of 38%; and overseas markets contributed close to 70%. Clearly, the company's revenue growth is not a one-off project cashing in but is driven by multiple mechanisms: systematic output, extended cooperation benefits. This structure allows the company to break free from "success-failure cycles" and enter a sustainable growth trajectory. The growth logic of platform-based companies lies in "scale bringing more scale", and BaiAosaitu's performance reflects its commercial model has the structural coherence to achieve this. Research and development efficiency becomes a core global competitive variable With the continuous rise in the cost of innovative drug development and high failure rates, the global industry is increasingly reliant on efficient research and development systems. In this context, BaiAosaitu's dual-platform advantages are gradually highlighted, with its value shifting from single-technology output to industrial efficiency infrastructure. By centralizing on a systematic capacity centered around large-scale human antibody resources and standardized humanized target mouse models, the company helps partners shorten candidate molecule screening cycles, reduce early trial and error costs, and push complex therapies into preclinical stages with higher success rates. It has been disclosed that the company has reached approximately 300 collaborations, covering different targets and disease areas, forming a multi-directional, long-term interactive innovation coordination network. In an industry-wide shift seeking to "reduce costs and increase efficiency", BaiAosaitu's role is no longer limited to providing tools but driving industrial transformation in new drug research through technology and scalability. "The global origin of new drugs" is a value anchor in industry competition restructuring In a period of global reshuffling in the biopharmaceutical industry, the competition is no longer about a single technological breakthrough but who can build infrastructures that shape the industry's future and hold production and distribution rights for innovation. The significance of BaiAosaitu lies in its elevation beyond improving the efficiency of a specific type of drug development. It provides a framework for running a whole generation of innovative technologies, shifting the industry from "project-driven" to "system-driven", and from reliance on capital luck to capability compound interest. When a company can consistently produce high-quality innovation, continuously absorb global resources for collaboration, and form closed-loop feedback loops with data and technology, it gains the power to define industry directions instead of merely surviving within it. It is under this backdrop that "the global origin of new drugs" is not just a label but a claim to a position in the industry landscape, an active offensive in the reconfiguration of production relations and knowledge networks. What BaiAosaitu showcases is a higher-level competitive logic - not competing for a specific target but for the source of innovation; not waiting for industry maturity but shaping industry structure. This signifies that Chinese innovative drug companies now have the opportunity to participate in global competition by providing new knowledge, technologies, and standards, rather than exchanging positions for cost or speed. A new starting point in the value chain is forming, with its influence and radiance likely to surpass the success of any single product.