Baiosetu (02315, 688796.SH)'s net profit surged 174% in the first three quarters! Revenue and gross profit are both accelerated, and large-scale profitability is highlighted

The Zhitong Finance App learned that on October 29, Baiosetu (02315, 688796.SH) released its report for the third quarter of 2026. In the first three quarters, the company achieved operating income of 1,403 billion yuan, an increase of 49.09%; gross profit of 1,095 million yuan, an increase of 55.35%; net profit of 312 million yuan, an increase of 173.77%; net profit after deducting non-return to mother of 235 million yuan, an increase of 307.62% year on year. Both revenue and profit achieved rapid growth, and profitability further improved.

In terms of profit quality, the company's overall gross margin reached 78.06% in the first three quarters, an increase of 3.14 percentage points over the same period last year. In the same period, the company's operating costs increased by 30.40% year on year, lower than the 49.09% growth rate of revenue. The gross profit growth rate was also higher than the revenue growth rate, indicating that while the company's business scale was expanding, scale effects and product structure optimization were gradually showing.

The cash flow performance was equally impressive. In the third quarter, the net cash flow from the company's operating activities was 160 million yuan, up 170.13% year on year, up 37% month on month; the cumulative net cash flow from operating activities reached 422 million yuan in the first three quarters, exceeding net profit from mother of 312 million yuan for the same period, and has also exceeded the full year level of 2025. Cash flow continued to improve, providing further support for the company's business expansion and R&D investment.

In terms of business layout, during the reporting period, the company's new animal houses in Haimen, Jiangsu were put into operation one after another, and the supply capacity for animal models and pharmacological efficacy services was further enhanced. The company continues to improve the production capacity layout in Beijing, Haimen and Boston to meet growing business needs and provide production capacity guarantees for subsequent pre-clinical R&D service business development.

At the same time, the company continues to promote the integration of AI and antibody discovery technology. In May 2026, the company released RenSuper Workstation, which combines real whole-human antibody sequence data, AI intelligent molecular screening, and an automated high-throughput intelligent manufacturing system to establish a closed loop from model training to experimental verification, and promote the development of antibody discovery in the direction of platformization and industrialization.

Overall, Baiosetu not only achieved a simultaneous high increase in revenue and net profit in the first three quarters, but also improved gross margin and operating cash flow, reflecting the parallel expansion of the company's scale and increase in profitability. With the gradual release of production capacity at the new Haimen facility and the continuous iteration of the AI-driven antibody discovery platform, the company's subsequent performance and transformation of R&D results are worth paying attention to.