Baiaosetu (688796.SH) builds a “H+A” dual capital pattern platform-based biotechnology enterprise to enter an era of long-term value

In the context of the profound transformation of innovative drug development models, Chinese platform-based biotechnology companies are shifting from a model of chasing the success of a single product to a development logic that can be innovated on a large scale. The Zhitong Finance App learned that on December 10, Biosetu (688796.SH) was successfully listed on the Science and Technology Innovation Board, which echoes the previous listing in the Hong Kong stock market in 2022, thus forming an “H+A” dual capital market pattern.

Baiosetu's dual market layout is closer to a strategic resource allocation act, laying the financial structural foundation for cross-cycle technological expansion. Considering that the company has completed its international layout and business model verification at a relatively rapid pace in the past few years, its choice to enter A-shares at a time when capital tends to be prudent, is of landmark significance in terms of long-term value judgment and capital structure optimization of the industry.

“Dual engine” platform-based innovation becomes core competitiveness

The field of innovative pharmaceuticals has long relied on a “high-risk, high-return” single-product strategy, and Baiaosetu's development trajectory shows that the industrial system is shifting towards “platform-based innovation.”

Through long-term technology accumulation, the company has built a dual-engine platform covering the starting point and key verification aspects of new drug development: one is an antibody resource library composed of millions of real whole-human antibody sequences, which can support molecular discovery with different mechanisms and configurations; the second is to establish a large-scale target humanized mouse model library covering the direction of tumors, autoimmune diseases, metabolic and neurological diseases to achieve accurate in vivo verification. These two systems form a closed loop “from molecular discovery to evaluation models”, turning drug development into a production process with sustainable and efficient operation.

The essence of the platform-based innovation model is to transform R&D probabilities into more definitive results through scalability and scale effects of underlying technical capabilities, which provides a foundation for enterprises to establish long-term technology moats.

The growth structure shows the industry's scarce commercial self-alignment

In the cycle of capital logic shifting from “innovation-driven” to “cash-flow-driven”, Baiosetu showed a rare degree of commercial maturity. In the first half of 2025, the company achieved revenue of 621 million yuan, a year-on-year increase of 51.5%, net profit of about 48 million yuan, and positive operating cash flow in the context of high R&D investment. In the revenue structure, the target humanization model business revenue was 274 million yuan, up 56.1% year on year, and gross margin was at a high level in the industry; the antibody cooperation business revenue was 163 million yuan, an increase of 38% year on year; and overseas markets contributed nearly 70%.

Obviously, the company's revenue growth is not a one-time project implementation, but is driven by multiple mechanisms: systematic output and extended cooperative benefits. This structure allows the company to break out of the “success or failure cycle” and enter a sustainable growth channel. The growth logic of platform-based companies is that “scale brings more scale,” and Baiosetu's performance shows that its business model already has this structural self-alignment capability.

R&D efficiency has become a core variable in global competition

As innovative drug development costs continue to rise and the probability of failure is high, the global industry is increasingly dependent on efficient R&D systems. In this context, the advantages of the dual platform built by Baiosetu have gradually become prominent, and its value has shifted from a single technology export to industrial efficiency infrastructure. Through systematization capabilities centered on large-scale whole-human antibody resources and standardized target humanized mouse models, the company helps partners shorten the screening cycle of candidate molecules, reduce early trial and error costs, and push complex therapies into the pre-clinical stage with a higher success rate.

According to the disclosure, the company has reached a total of about 300 collaborations. These projects cover different targets and disease fields, and form a multi-directional, long-term collaborative innovation network. In the cycle transformation where the industry generally seeks to “reduce costs and increase efficiency,” the role of Baiosetu is no longer limited to providing tools, but rather promotes the industrial transformation of new drug research and development through technology and scale.

“Global origin of new drugs” is a value anchor in the restructuring of industrial competition

In the global biomedical industry reshuffle cycle, the competition is no longer about a single technological breakthrough, but rather who can build infrastructure that affects the future of the industry and control the production and distribution rights of innovation. The significance of Baiosetu is that it not only improves the efficiency of research and development of certain types of drugs, but also provides an operational framework that can be implemented for a whole generation of innovative technologies, driving the industry from “project-driven” to “system-driven”, and from relying on capital luck to dependent on ability compound benefits.

When an enterprise can continue to produce high-quality innovation, continuously absorb global resources to participate in collaboration, and continue to use data and technology to form closed-loop feedback, it has the power to define the direction of the industry rather than just survive in it. It is in this context that “the birthplace of new global drugs” is not a label, but rather a kind of right to occupy an industrial landscape and an active attack on the restructuring of future production relationships and knowledge networks.

What Baiosetu shows is a higher-level competitive logic — not competing for a specific target, but for the source of innovation; not waiting for the industry to mature, but shaping the industrial structure. This means that Chinese innovative pharmaceutical companies are beginning to have the opportunity to compete globally by providing new knowledge, new technology, and new standards, rather than exchanging cost or speed for location. A new value chain starting point is being formed, and its impact and radiating power will eventually outweigh the success of any single product.