BioLegend Analysis: Global Leader in Gene-Edited Animal Models · The "Antibody Supermarket" of Thousand Mice, Ten Thousand Antibodies

BioAge is not a traditional innovative drug R&D enterprise, but a core infrastructure service provider for global new drug R&D，堪称 the industry's "arms dealer." Relying on its proprietary gene editing technology, the company has built over 5,000 mouse models, achieving a penetration rate of over 90% among the global Top 20 pharmaceutical companies; its core "Thousand Mice, Ten Thousand Antibodies" program has constructed an ultra-large human antibody sequence library of over 1 million, deeply binding top domestic and international pharmaceutical companies such as Merck, Gilead, and BeiGene, with cooperation orders continuously landing.

In terms of performance, the company's Q1 2026 results saw an explosion, with net profit attributable to parents surging by 885% year-on-year, and gross margin climbing to 78.88%, setting a historical record. Institutional recognition continues to rise, with two leading public fund managers, E Fund and Fullgoal, simultaneously increasing their holdings above the disclosure threshold. However, the company's A-share valuation is significantly high, with a TTM P/E ratio exceeding 200 times, and a circulating market cap of only 5.1 billion yuan. The contradiction between valuation and market cap structure is prominent, with market controversy focusing on whether the current stock price is overdrawing future growth or matching the enterprise's long-term platform value.

Core Company Profile: From Model Animal Service Provider to Full-Industry-Chain New Drug R&D Platform

Development History and Listing Layout

BioAge was founded by Shen Yulei. In 2008, inspired by Regeneron's fully human antibody mouse platform, the founder initiated technology R&D. In 2009, he returned to China with core technologies and formally established BioAge in Beijing. In its early days, the company focused on customized gene knockout mouse business for research institutions, continuously iterating technology and extending business, gradually growing into a full-industry-chain new drug R&D platform covering gene editing, model animal construction, preclinical CRO, antibody discovery, and autonomous pipeline R&D.

The company completed its listing layout in both A-shares and H-shares, listing on the Hong Kong stock market in March 2024 and successfully listing on the STAR Market in December 2025, establishing capital platforms both domestically and internationally.

Core Technology Platform Matrix

Relying on four independent core technology platforms, the company covers mainstream innovative drug R&D tracks such as monoclonal antibodies, bispecific antibodies, nanobodies, and TCR antibodies, comprehensively adapting to the R&D needs of global pharmaceutical companies:

RenMab Fully Human Monoclonal Antibody Platform: Core application in therapeutic monoclonal antibody drug R&D, with high technical maturity and wide adaptation scenarios

RenLite Common Light Chain Bispecific Antibody Platform: Precisely adapts to the currently popular bispecific antibody and ADC drug R&D tracks, with outstanding commercial value

RenNano Fully Human Nanobody Platform: Focuses on nanobody drug R&D and novel drug delivery technology development

RenTCR/mimic Platform: Covers T cell receptor and TCR-like antibody R&D, empowering cell therapy and TCR-T track development

In terms of technical barriers, all company platforms are built based on independently developed SUPCE ultra-large fragment chromosome engineering technology, with no reliance on technology introduction or imitation. The independence of patents has been confirmed by a first-instance court judgment, solidifying the underlying technological moat.

Latest Market Core Data (July 27)

As of the close on July 27, the company's secondary market core market data is as follows: A-share closing price 135.99 yuan, single-day increase of 6.45%, corresponding to a total market cap of approximately 60.8 billion yuan, with a circulating market cap of only 5.127 billion yuan, and extremely low circulating volume; H-share closing price 52.05 HKD, corresponding to a market cap of approximately 20.9 billion HKD. In terms of valuation, the company's A-share TTM P/E ratio is about 204 times, while the H-share TTM P/E ratio is only 72 times, showing a significant AH valuation spread. Since listing on the STAR Market in December 2025, the company has seen a cumulative increase of 125% over a 7-month period. In terms of institutional holdings, E Fund and Fullgoal, two leading public fund managers, have both increased their holdings above the disclosure threshold, with holding ratios exceeding 7%, indicating high recognition from leading institutions.

Financial Performance: High-Speed Performance Explosion, Gross Margin Continues to Hit New Highs

Core Financial Data Trends

The company's financial data has continued to grow rapidly in recent years, with profitability, revenue scale, and cash flow quality steadily rising, and a clear overall growth trend. In 2023, the company achieved revenue of 650 million yuan, operating at a loss during that period; in 2024, revenue grew to 980 million yuan, a year-on-year increase of 50%, and net profit attributable to parents successfully turned a profit, achieving 34 million yuan in profits; in 2025, performance continued to expand, with revenue climbing to 1.379 billion yuan, a year-on-year increase of 40.63%, and net profit attributable to parents significantly increased to 173 million yuan, with a net profit year-on-year growth rate of up to 416.37%; in Q1 2026, performance saw an explosion, with single-quarter revenue of 433 million yuan, a year-on-year increase of 73.68%, and net profit attributable to parents of 104 million yuan, a year-on-year surge of 885.41%, with single-quarter performance already surpassing the full-year level of 2024.

In terms of gross margin, the company's profitability quality has continued to optimize. The gross margin was 65% in 2023, increased to 72% in 2024, further increased to 75.83% in 2025, and reached a historical high of 78.88% in Q1 2026, showing significant industry profitability advantages. In terms of cash flow, the company's operating cash flow has continued to turn positive and grow steadily. Operating cash flow was 210 million yuan in 2024, increased to 370 million yuan in 2025, and reached 145 million yuan in Q1 2026, continuously consolidating operational blood-making capabilities.

Core Financial Highlights

In Q1 2026, the company's net profit attributable to parents reached 104 million yuan, with single-quarter performance surpassing the full-year level of 2024, significantly improving the ability to realize performance. The gross margin of 78.88% ranks first among 52 listed companies in the CRO and medical services industry, with industry-leading profitability quality.

The capital structure continues to optimize, with 1.144 billion yuan raised from the STAR Market listing fully received, reducing the company's asset-liability ratio to 37.82%, continuously reducing financial risks, and providing sufficient funding support for subsequent technology R&D and business expansion.

2025 Business Structure Breakdown

The company's business structure is diverse and clearly layered, with various sectors developing synergistically, forming a pattern of "cash cow stabilizing the basic plate, new businesses driving growth." Among them, model animal sales are the core cornerstone business, accounting for about 40% of revenue, with a gross margin of about 80%, a year-on-year increase of 59.86% in 2025, strong revenue stability, and high profitability, making it the company's core cash cow business, providing continuous cash flow support for R&D and expansion.

Antibody development business is the core growth engine, accounting for about 30% of revenue, with a gross margin of about 75%. Relying on the company's "Thousand Mice, Ten Thousand Antibodies" platform advantage, BD cooperation business continues to accelerate landing, with order scale and number of cooperations steadily increasing, becoming the core driving force for the company's medium-to-long-term growth. Pharmacology and efficacy service revenue accounts for about 15%, deeply collaborating with model animal sales business, perfecting the preclinical R&D service closed loop, and enhancing customer one-stop cooperation stickiness.

Technology licensing business revenue accounts for about 10%, belonging to typical light-asset high-gross-margin business, relying on the company's independent core technology platforms to export technology licenses externally, with excellent profitability and extremely low marginal costs. Autonomous pipeline business currently accounts for less than 5% of revenue, mainly adopting technology licensing and cooperative R&D models at this stage. All 7 candidate drugs of the company have been licensed out, with 5 successfully entering the clinical stage, and are expected to gradually realize commercial value in the future.

Core Investment Logic: Four Drivers Build an Exponential Growth Flywheel

Absolute Leader in Global Gene-Edited Animal Models, Deep Customer Barriers

The company owns over 5,000 spot animal models, including over 2,000 target-humanized mouse models, with the largest model reserve scale globally. Customer resources cover the global Top 20 leading pharmaceutical companies, with a penetration rate of over 90%. Roche, Merck, Pfizer, Johnson & Johnson, and other international giants are all long-term stable cooperation customers of the company.

In terms of production capacity, the company has built a 55,000 square meter scaled production center, with significant advantages in scaled production, crushing industry peers in cost and delivery capabilities. The effectiveness of global layout is prominent, with overseas revenue accounting for 68%, and international operation levels far exceeding domestic peer enterprises, with broad growth space in the overseas market.

"Thousand Mice, Ten Thousand Antibodies" Model Innovation, Creating a Unique Global "Antibody Supermarket"

Different from the passive service mode of "customer customization, on-demand development" of traditional CRO enterprises, BioAge adopts a front-loaded layout mode, building an ultra-large human antibody sequence library of over 1 million strips in advance, covering over 1,000 druggable targets, creating a unique global "antibody supermarket," realizing an active business model of "reserving results, waiting for cooperation," significantly improving cooperation efficiency and customer stickiness.

To date, the company has cumulatively signed over 350 technology licensing and cooperation agreements, with over 150 new cooperation agreements added in 2025 alone. Cooperators include top domestic and international pharmaceutical companies such as Merck, Gilead, Johnson & Johnson, Roche, and BeiGene, continuously verifying commercial landing capabilities.

Catching the Wind of the Bispecific ADC Track, Continuous Release of Autonomous Pipeline Value

Currently, there are over 3,800 global ADC candidate drugs, with the proportion of domestic bispecific ADC projects rising significantly to 59%, becoming one of the hottest tracks in innovative drugs. The company's RenLite common light chain platform is highly adaptable to bispecific ADC drug R&D, and technical feasibility has been verified through the landing of multiple projects, fully benefiting from track dividends.

In terms of autonomous pipelines, all 7 candidate drugs of the company have been licensed out, with 5 entering the clinical stage, and the commercialization process of the pipeline advancing steadily. In May 2026, the company launched the AI-driven next-generation antibody discovery platform RenSuper Workstation, further improving antibody R&D efficiency relying on AI technology, consolidating technological leadership advantages.

BD Cooperation Accelerates Comprehensively, Global Platform-Type Cooperation Continues to Upgrade

In 2026, the company's business development pace has significantly accelerated, and the global cooperation map continues to expand. In July, the company reached a global strategic cooperation on bispecific ADC with Nasdaq-listed company Whitehawk, with up to 5 cooperation projects; throughout the year, multiple cooperation agreements were landed with Japan Taisho Pharmaceutical, Sihuan Pharmaceutical, Yu Shibao, etc., covering various customers such as overseas pharmaceutical companies and domestic innovative drug companies.

In June, the company won the first instance of patent litigation, confirming the independence of technology, further strengthening the confidence of global partners, and laying the foundation for the continuous release of subsequent BD business.

Patent Litigation Progress: Technical Moat Passes Judicial Stress Test

Litigation Timeline

This patent litigation cycle spans a long time, and the dispute process is clear and complete. In September 2024, Hamlet Medicine initiated patent litigation against the company for the first time, claiming 1 million yuan; in July 2025, the involved patents officially expired; in November 2025, Hamlet Medicine initiated a second lawsuit, significantly increasing the claim amount to 10 million yuan; in January 2026, the second lawsuit completed its first hearing; on June 29, 2026, the Shanghai Intellectual Property Court made a first-instance judgment, formally dismissing all litigation requests of Hamlet Medicine, and the company achieved a complete victory in the first instance of this patent dispute.

Event Impact Assessment

The involved patents in this litigation expired in July 2025, and the corresponding RenNano platform is not the company's core income source, so there is no substantial compensation risk in this litigation. This first-instance victory has strong strategic significance. By judicial judgment, it clarifies that the company's core technology platform is independently developed, and the underlying intellectual property has no infringement flaws, completely dispelling the technical concerns of global cooperating pharmaceutical companies and consolidating the company's technological moat.

Hamlet Medicine has now clearly stated that it will appeal to the Supreme People's Court, and the progress of the subsequent second instance still needs to be tracked continuously.

Valuation Analysis and Institutional Views

Institutional Performance Consensus Expectations

Combining market institution consensus forecasts, the company's performance in the next two years will maintain a high growth trend. In 2026, institutions expect the company's revenue to reach 1.89 billion yuan, with a year-on-year growth rate of about 37.4%, and net profit attributable to parents expected to be 336 million yuan, a year-on-year increase of 93.9%; corresponding to an A-share forward P/E ratio of about 181 times. In 2027, the growth momentum will continue, with revenue expected to break through 2.5 billion yuan, a year-on-year growth rate of 32.2%, and net profit attributable to parents expected to reach 549 million yuan, a year-on-year increase of 63.4%, corresponding to an A-share forward P/E ratio of about 111 times.

In terms of institutional ratings, all 4 institutions covering A-shares have given a "Buy" rating, with a comprehensive target price of 116.5 yuan, and the company's current stock price has broken through the institutional target price; on the Hong Kong stock market, among 6 analysts, 5 strongly recommend and 1 gives a Buy rating, with a comprehensive Hong Kong stock target price of 57.72 HKD. On the public fund holding end, E Fund and Fullgoal Funds have both broken through the 7% disclosure threshold, demonstrating the long-term bullish attitude of leading institutions.

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