The Zhitong Finance App learned that CMB International released a research report stating that it maintains the “buy” rating for Baioletu-B (02315), with a target price of HK$37.96. The value of our own pipeline products will be maximized through external licensing. Many of the company's own pipeline products that are progressing smoothly are expected to be authorized externally, including YH008 (PD-1/CD40), YH003 (CD40), YH006 (CTLA-4/OX40), YH012 (HER2/TROP2 ADC), and YH013 (EGFR/MET ADC).

According to the report, the company's revenue in 2022 increased 51% year-on-year to 530 million yuan, in line with the bank's expectations. Among them, the CRO business achieved a 54% year-on-year increase to 410 million yuan, mainly driven by preclinical pharmacological efficacy evaluations and rapid growth in model animal sales. The antibody business achieved a revenue growth rate of up to 43% year over year despite the pandemic and the cooling of global capital markets. Furthermore, overseas business achieved a year-on-year increase of 82% to 250 million yuan in 2022, and its share increased to 46%. The ratio of R&D, sales, and management expenses to revenue all decreased year-on-year, indicating its gradually optimized cost rate level. As of the end of last year, cash in hand reached 630 million yuan.

The bank pointed out that the company's four all-human antibody development platforms are expected to further promote external licensing of projects and revenue growth. The RenMab platform has already knocked out 680+ targets. It is expected that the knock-out of all targets and antibody preparation will be completed by the end of August this year. The RenLite platform has already knocked out 260+ targets to accelerate the development of bi-antibody ADC molecules. The development of nanoscale antibodies targeting 100 targets on the RenNano platform is ongoing. The newly launched tCrM platform will be used to develop antibodies that can identify intracellular antigens.