BIOCYTOGEN-B (02315) included in the "Hong Kong Stock Connect" list Performance high growth drives value reassessment

Recently, the Shanghai Stock Exchange and the Shenzhen Stock Exchange announced that BIOCYTOGEN-B (02315) will be included in the list of stocks eligible for trading through the Hong Kong Stock Connect, effective from December 24, 2025. This move marks another important milestone for the company after building a dual capital market platform of "A+H", and opens up the Hong Kong Stock Connect to mainland investors. Looking back at market history, being included in the Hong Kong Stock Connect list is often a key opportunity for listed companies to undergo revaluation. The continuous influx of southbound funds not only directly expands the investor base, significantly increases the stock liquidity and trading activity, but also effectively alleviates valuation discounts due to insufficient liquidity. At the same time, broader market attention will also prompt a more thorough examination of the company's investment logic. For Biocytogen, entering the Hong Kong Stock Connect at this moment is "right on time" - its "dual-engine" platform-based business model has crossed the stage of technology validation and is accelerating towards commercialization on a large scale. With a scarce business model, a strong technical moat, and recent significant positive developments in performance, the inclusion in the Hong Kong Stock Connect is expected to become a key catalyst for the revaluation of Biocytogen's investment value. "Double-engine" empowering global new drug R&D, strong growth potential in performance For more than a decade, Biocytogen has built an irreplicable core technology "moat": covering the "human antibody resource library" at the starting point of new drug R&D and the "targeted humanized mouse model library" at critical validation stages. Through this systematic capability, Biocytogen has transformed traditionally highly dependent on experience, long and highly failure-prone early drug discovery into a standardized, scaled, efficient R&D process, helping partners shorten the candidate molecule screening cycle, significantly reduce early trial and error costs, and advance complex therapies to the preclinical stage with higher success rates. Up to now, Biocytogen has built a system covering over 1,000 targets, over a million human antibody sequences, and developed over 1,700 humanized disease models, covering cutting-edge therapy areas such as bispecific antibodies, ADCs, and cell therapies, positioning the scale of its models at the forefront globally; with AAALAC-certified experimental animal facilities in China and the United States, with an annual production capacity of 800,000 animals, adding 200-300 innovative models each year, demonstrating solid scalable commercial potential. Multiple eye-catching performance indicators recently released by the company provide strong confirmation of the feasibility and growth potential of its platform-based business model. In the first three quarters of 2025, the company achieved operating income of 941 million yuan, a significant year-on-year increase of 59.5%; achieving a net profit attributable to the parent company of 114 million yuan, successfully turning losses into profits year-on-year, indicating that its profit model has entered a positive trajectory. During the same period, net cash flow from operating activities reached 263 million yuan, a staggering increase of 162.2% year-on-year, indicating a healthy and strong financial position; research and development investment continued to increase, growing by 30.6% year-on-year to 313 million yuan, driving innovation for long-term sustainable development. In the third quarter, the company continued to maintain a rapid growth trend, with quarterly revenue reaching 3.2 billion yuan, a year-on-year increase of 78.34%. This solid performance report clearly indicates that the company's "dual-engine" platform-based innovation is no longer just a narrative on paper, but has entered a strong growth phase of scaled output and commercial value realization, laying a solid foundation for its value revaluation in the capital market. Deepening global layout, accelerating realization of growth potential Since its establishment in 2009, Biocytogen has established "becoming a global origin of new drugs" as its long-term corporate vision, continuously promoting globalization. Today, this strategy has transitioned from early exploration to a period of substantial harvest, with internationalization becoming the core engine driving the company's development. As of the first half of 2025, the company has signed over 280 antibody molecule licensing transfer projects, reached over 50 target projects on the RenMice platform, including collaborations with 9 of the top ten global pharmaceutical companies and numerous domestic and foreign pharmaceutical and biotechnology companies, with its technological strength widely recognized in the global industry ecosystem; the company has established branch offices in Boston, San Francisco, San Diego, and Heidelberg, Germany, with a global team of over a thousand people. In the first half of 2025, the proportion of overseas business income has reached nearly 70%, with internationalization becoming the core engine of performance growth. In the second half of this year, the company has continued to achieve significant cooperation results in the global collaboration field. In September of this year, Biocytogen signed an antibody evaluation agreement with the global technology giant Merck, exploring together nucleic acid drug delivery solutions based on human antibodies, including antibody-coupled LNP and other cutting-edge technologies; in the same month, the company reached an antibody licensing agreement with the innovative German biotechnology company Tubulis, which will utilize Biocytogen's RenMice human antibody platform, combined with its proprietary linkers and payload technologies, to develop innovative ADC therapies. A series of collaborations with global leading companies have not only brought certainty of short-term revenue and long-term profit sharing expectations to the company but also validated the company's international competitiveness and commercial value in the field of antibody drug R&D and innovative delivery technologies. In the short term, the introduction of the Hong Kong Stock Connect will provide liquidity improvements and increased attention for the company; in the medium to long term, the company has successfully built a scarce platform-based Biotech model, with deep technological barriers and commercialization potential verified by performance, positioning its fundamentals on a clear upward trajectory. With the company receiving the "Davis double-click," mainland investors may also take advantage of the opportunity of the company's inclusion in the Hong Kong Stock Connect to share in the long-term growth dividends of this innovative biotechnology company.