Good News on Listing | Frost & Sullivan Congratulates Bio-TheraTech (Beijing) Pharmaceutical Technology Co., Ltd. on Successfully Listing on the Sci-tech Innovation Board (688796.SH)

Bio-TheraSense (Beijing) Medical Technology Co., Ltd. (hereinafter referred to as 'Bio-TheraSense') successfully went public on December 10, 2025, issuing a total of 47.5 million shares at an issue price of 26.68 yuan per share.

• Based on gene editing technology, Bio-Oncology uses RenMice, a proprietary tool of genetic engineering.^®The platform has discovered full human antibodies and established a technology platform for thousands of mouse monoclonal antibodies. For over 1,000 targets, more than 1 million full human antibody sequence libraries have been established for global collaboration. The company's antibodies at multiple clinical stages have also reached licensing agreements with external partners.

   

• Baiosaitu has developed and utilized various proprietary methods, analyses, systems, technologies, trade secrets, know-how, and other intellectual property rights in the course of its business operations. As of June 30, 2025, the company owns 301 registered trademarks, 195 authorized patents, and 4 software copyrights, and has filed 496 patent applications in 27 countries or regions. The company has also been granted 16 patents for its core products and filed 21 patent applications;

   

• Bio-Optronics has established animal centers in Daxing District of Beijing and Haimen City of Jiangsu Province, capable of large-scale breeding and supplying various animal models to the company. The total usable area of the animal center is about 55,000 square meters. It has full accreditation qualifications from the Association for the Accreditation of Laboratory Animal Care and Use (AAALAC), as well as a scientific, standardized, and strict production and management system. It is equipped with a research and development service team of hundreds of people, specializing in pharmacology and efficacy testing based on large/mouse and cell line models. The center can provide preclinical pharmacology and efficacy evaluation services for various projects based on these models.

Frost & Sullivan has long been monitoring the global and Chinese biopharmaceutical industries, publishing a large number of research reports that are widely cited in the prospectuses of leading science and technology innovation board listed companies in the industry, helping clients accelerate growth.

A Contract Research Organization (CRO) is an organization or institution that, commissioned by pharmaceutical companies or other pharmaceutical research institutions, conducts partial or all medical trials during the pharmaceutical R&D process to obtain commercial remuneration. Its upstream institutions mainly include various reagent and consumable manufacturers, experimental animal providers, and testing equipment suppliers. Downstream customers mainly include pharmaceutical R&D enterprises, biotechnology companies, scientific research institutes, hospitals, etc. CROs possess experienced professionals with extensive drug R&D skills, capable of providing high-quality products for pharmaceutical and biotechnology companies to reduce R&D risks and costs, and accelerate their drug development processes.

In terms of the market scale of CRO sub-business segments, CROs can be divided into two main categories based on different business types: Preclinical CRO services, which mainly provide target identification, target confirmation, lead development, and lead optimization services; and Clinical CRO services, which mainly provide research services such as clinical trials, subsequent drug approval, and drug marketing.

In 2023, the global preclinical CRO market size was $24.36 billion, and it is expected to reach $33.25 billion and $48.75 billion by 2026 and 2030, respectively. The compound annual growth rates from 2023 to 2026 and from 2026 to 2030 are 10.9% and 10.0%, respectively.

Source: Frost & Sullivan report

Compared with the overseas CRO market, China's CRO industry has seen a growth rate exceeding the global market due to reasons such as late start, abundant foreign experience for reference, innovation and reform, and the engineer dividend. It is estimated that in 2023, the market size of preclinical CRO services in China will be 40.58 billion yuan, and it is expected to reach 52.86 billion yuan and 89.93 billion yuan in 2026 and 2030 respectively. The compound annual growth rates from 2023 to 2026 and from 2026 to 2030 are 9.2% and 14.2%, respectively.

Source: Frost & Sullivan report

Preclinical pharmacodynamic and pharmacotherapeutic evaluation services refer to the provision of drug screening services to pharmaceutical companies and clinical research institutions before drugs enter human clinical trials. These services involve systematic research on candidate drugs to assess key indicators such as their biological activity, mechanism of action, dose-response relationship, pharmacokinetics/pharmacodynamics (PK/PD), safety (toxicity, safety pharmacology), etc. Preclinical pharmacodynamic and pharmacotherapeutic evaluation is an important bridge between drug discovery and clinical development.

The global preclinical pharmacodynamic evaluation industry market size is about $4.44 billion in 2024, and it is expected to increase to $7.69 billion by 2031, with a compound growth rate of 8.2% from 2024 to 2031.

Source: Frost & Sullivan report

The market scale of China's preclinical pharmacology and efficacy evaluation industry in 2024 is about 7.71 billion yuan, and it is expected to increase to 13.71 billion yuan by 2031, with a compound growth rate of 8.6% from 2024 to 2031.

Source: Frost & Sullivan report

Antibodies, also known as immunoglobulins (Ig), are large protective proteins produced by the immune system in response to the presence of pathogens such as pathogenic bacteria and viruses. These pathogens are called antigens. Antibodies recognize and bind to antigens, thereby neutralizing them and eliminating them from the body. Currently, antibodies have been widely used in the treatment of various diseases including cancer, inflammatory diseases, organ transplant rejection reactions, cardiovascular diseases, respiratory system diseases, and ophthalmic diseases, and their applicable treatment scope continues to expand. Based on structural characteristics and recognition sites, antibody drugs can be classified into multiple categories such as monoclonal antibodies (mAbs), bispecific antibodies (BsAs), heavy chain antibodies (HCAbs), nanobodies, antibody conjugates, and bispecific conjugates according to their structure and recognition sites. From the perspective of industrial chain layout, the upstream of the antibody drug research and development industry mainly includes suppliers of experimental equipment and consumables, technical service providers such as synthesis/sequencing/testing, and preclinical and clinical CRO institutions; the downstream terminal is centered around individual patients, and antibody drug products are mainly sold and delivered through hospital channels.

In 2024, the global antibody drug market size was $270.4 billion, and it is expected to continue growing in the future. The global therapeutic antibody market size is expected to grow to $463.4 billion by 2031. During this period, the compound annual growth rate from 2019 to 2024 is about 10.5%, and from 2024 to 2031 it is about 8.0%.

Source: Frost & Sullivan report

In 2024, the market scale of antibody drugs in China was RMB 1312 billion, with a compound annual growth rate of 35.4% from 2019 to 2024, significantly higher than the global antibody market scale. With more antibody drugs included in medical insurance, increased supply of biosimilars, and the launch of innovative antibodies, the total market scale of antibody drugs in China is expected to grow to RMB 4485 billion by 2031. The compound annual growth rate from 2024 to 2031 is 19.2%.

Source: Frost & Sullivan report

Frost & Sullivan, integrating 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market. With a global perspective, it helps clients accelerate their business growth and achieve benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of Frost & Sullivan's core areas of focused research. Over the past 20-plus years, the Frost & Sullivan team has provided services such as financing and financial advisory, IPO industry advisory, strategic consulting, and management consulting to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Polaris Cloud Medicine (NASDAQ: POM), Changfeng Pharmaceutical (2652.HK), King Pharma (2595.HK), Health160 (2656.HK), Yinnuo Medicine (2591.HK), Zhonghuiyuan Tong (2627.HK), Dongyang Medicine (6887.HK), Weilizhibo (9887.HK), Dukang Shiyun (2592.HK), Yunzhisheng (9678.HK), TED Medicine (3880.HK), Baize Medical (2609.HK), Yaojie Kang'an (2617.HK), Jiangsu Hengrui Medicine (1276.HK), Mire (2629.HK), Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Medicine Group (NASDAQ:AAPG), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinos (688710.SH), Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahe (2453.HK), WuXi Huolian (2268.HK), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Kurenbote (6990.HK), LaiKai Medicine (2105.HK), Lzhu Biotech (2480.HK), Meis Health (2415.HK), Yuhua Pharmaceutical (PHECR), Zhongjin Medical (NASDAQ:ZJYL), Meiliyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sidi (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xin Tai (2291.HK), Jianshi Technology (9877.HK), Health Yuan (JCARE.SW), Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), Bao'osai Tu (2315.HK), Zhiyun Health (9955.HK), Mein Gene (6667.HK), Prenetics (PRE.NASDAQ), Yunkang Group (2325.HK), Ruike Biotech (2179.HK), Lepu Biotech (2157.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailai Ying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Minimally Invasive Robotics (2252.HK), Harmony Kampan (2256.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bowa (2137.HK), Canora (2162.HK), Chaoyuju Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaoke Ophthalmology (6622.HK), Nature Pharmacy (UPC.NASDAQ), Saiseng Pharmaceutical (6600.HK), Zhaoyan New Drug (6127.HK), Tianyan Pharmaceutical (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive Xin Tong (2160.HK), Jiake Pharmaceutical (1167.HK), Hepo Pharma (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi Juenuo (2126.HK), Xiansheng Pharmaceutical (2096.HK), Yunding New Yao (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Ou Kang Wei Shi (1477.HK), Yongtai Biotech (6978.HK), Haipure Pharmaceutical (9989.HK), Kaidang Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuocheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Medicine (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabo Pharmaceutical (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biosciences (1877.HK), WuXi Kangde (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Galle Therapeutics (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yajichen Scientific Research Pharmaceutical (2633.HK), Hualing China Medicine (HCM.NASDAQ), Biotech (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies in the industry, including: Bibo Technology (688759.SH), Heyuan Biotechnology (688765.SH), Hanbang Technology (688755.SH), Zhongyan Co., Ltd. (688716.SH), Optics Technology (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwei Century (688426.SH), Jinkang Protein (688137.SH), Novogene Biotech (688428.SH), Aopu Medical (688293.SH), MicroPort Neurosurgery (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biotech (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biotech (688331.SH), Rendu Biotech (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biotechnology (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biotech (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiameng Medical (688246.SH), Dizhe Medicine (688192.SH), Novogene (688105.SH), Chengda Biotech (688739.SH), Geke Micro (688728.SH), Huaxi Biotech (688363.SH), Junshi Biotech (688180.SH), Zhejiang Bioengineering & Pharmaceutical Co., Ltd. (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the industry. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's healthcare industry, and build a healthy future.