Mouse pry more than 100 million yuan income model Animal three giants gathered in the capital market

Text/Yangcheng Evening News all -media reporter Chen Zeyun

Can a "little white rat" sell thousands or even tens of thousands of yuan? This kind of mouse is actually a mouse used to do scientific research and drug test. In recent years, with the blowout of innovative medicines, animal providers in the upstream models have also played the role of "selling watermen" and ushered in a wave of listing.

近日，百奥赛图（北京）医药科技股份有限公司（简称“百奥赛图”）正式赴港敲钟上市，招股书显示，今年1-4月，百奥赛图实现营业收入1.17亿元，实现净Profit-1.87 billion yuan, in its income structure, mouse-based models of animal sales accounted for 30 % of the overall revenue.

As of now, the three animals such as Bio Tu, Yaokang Biology, and South Model Biological Models have gathered in the capital market. It is worth noting that although the mouse has received a lot of revenue, the Biso Tito is still in a loss state. How will Bio Tu's layout and breakthrough in this business on the wind?

Model Mouse sold more than 100 million yuan a year

In the "gold rush fever" in the United States at that time, not everyone could get gold, but those who sold the golden people's water could make a lot of money. Experimental mouse provider players are such a "selling waterman" role. The development of innovative drugs may fail, but experimental rats are always used during the research and development process.

The price of a severe immune defect is 260 yuan, and the price of a target human source mouse is as high as 4700 yuan ... Drug research and development will first experiment on animals. Such animals are called "model animals" Essence Mouse is the most commonly used model animal. Researchers are used to verify the effectiveness of related drugs by knockout genes or special treatment to verify the effectiveness of related drugs. With the continuous development of tumor and rare diseases, genetic therapy, and cell therapy, the "targeted" requirements of mice are also increasing.

Driven by industry and policies, my country's model mouse industry may usher in high -speed development. According to the data of Fhstanalin, the size of my country's mouse model market in 2020 is about 3 billion yuan, and the growth rate of 2016-2020 is 32%. It is expected to increase from 2025 to 9.8 billion yuan. The average growth rate was 27%.

"The genetic modification of mice is a segmented industry. The industry's own capacity may not be large, but its radiation range is very wide, which directly affects the output value of downstream drug research and development and scientific research projects." The cultivators of the cultivation introduced to reporters.

On September 1st, Bio Tu officially went to Hong Kong to go public. The issue price was HK $ 25.22 per share, and the market rose exceeded 13%. The closing price on the day was HK $ 26, closing up 3.09%, and a market value of HK $ 10.314 billion.

Public information shows that Bio Tu was founded in 2009 and started by the gene editing mode mouse. At that time, Shen Yuelei, the founder, chairman and CEO of Baina, successfully developed the IL17A-EGFP reporting gene mice and sold it to internationally renowned pharmaceutical companies such as Luo, Johnson & Johnson, GSK, and earned "the first bucket of gold". Under the wave of innovative drug research and development, the demand for mice has increased. At present, the Baina Tu's innovative animal model has successfully sold to more than 20 countries around the world.

The prospectus shows that the revenue in 2019, 2020, and 2021 was 170 million yuan, 254 million yuan, and 354 million yuan, respectively; gross profit was 97.14 million yuan, 167 million yuan, and 247 million yuan. Among its income structure The sales of animals dominated by mice accounted for 30 % of the overall revenue. Based on this calculation, in 2021, the sales of animal sales of the Bio Organ model exceeded 100 million yuan.

The three giants gathered in the capital market's local market share is expected to continue to increase

In less than a year, three companies with mouse business have landed in the capital market, and they are head companies.

In December last year, Nanmo Bio landing in the science and technology board. According to its disclosed semi -annual performance trailer for 2022, it is expected to achieve operating income of 125 million yuan to 135 million yuan in the semi -annual 2022 year, an increase of 2.62%to 10.83%year -on -year; belonging to the belonging to the belonging to The net profit of the parent company was 3.5 million yuan to 5 million yuan, a year -on -year decrease of 86.84%to 81.21%.

In April of this year, Yaokang Bio landing in the science and technology board. In the first half of 2022, Yaokang Bio achieved operating income of 250 million yuan, an increase of 40.29%year -on -year, and the net profit attributable to shareholders of listed companies was 81.635 million yuan, an increase of 76.16%year -on -year. Among them, the sales revenue of commercial mouse models was 160 million yuan, an increase of 46.14%year -on -year, accounting for 64.03%of the total revenue.

According to the Guilian Securities Research Report, in the model mouse market, the Charles River (China subsidiary) ranks first with a market share of 7.70%. After that, the share of these four heads of heads was about 23.25%. The research report pointed out that compared with foreign -funded enterprises, Chinese companies started late, but with the abundant model and diversified services, the market share is expected to continue to continue to continue promote.

Why is Baina's not profitable?

A mouse, rewarding. The reporter learned that the average sales price of mice ranging from hundreds of yuan to thousands of yuan, and some even tens of thousands of yuan. According to the Biological Prospectus of Yaokang, from 2018 to the first half of 2021, the average sales price of single spots rats was 9433.96 yuan, 12565.93 yuan, 11723.99 yuan, and 8790.9 yuan. From the perspective of combing, the gross profit margin of Bainu, Yaokang Biology and South Models in 2021 is around 70%. However, it is worth noting that among the three giants, the latest Lisharto has not yet achieved profitability. The prospectus shows that the operating losses in 2019, 2020, and 2021 were 221 million yuan, 358 million yuan, and 516 million yuan, respectively. During the period, the losses were 306 million yuan, 477 million yuan, and 545 million yuan, respectively.

The gross profit margin is high, why can't it be transformed into a real profit? In fact, as more and more participants enter the mouse model -related industries, market competition has intensified. If companies in the industry cannot continue to carry out technological innovation and market development, they may face the risk of product service prices, weakening industry status, and decline in operating performance.

From the perspective of the prospectus, Bisai is no longer willing to be "selling watermen". The high R & D investment is the main reason why it has not been profitable.

The prospectus shows that the R & D expenditure in the Bio can be 276 yuan and 559 million yuan in 2020 and 2021, respectively, and the profit data cannot be fully covered with technical investment.

After the successful development of the whole person antibody series mice model in 2019, Baina has shifted its business focus to the development of innovative drugs and proposed the "thousands of rats and thousands of anti -anti" plan. Thousands of potential antibody drug targets for mice for gene knockout, and use these genes to knock out mice to prepare therapeutic antibody drugs. This method can be said to have changed the new drug research and development model with the traditional drug action mechanism, and created the development model with the effects of the drug in the animal body. Fields.

Source | Yangcheng Evening News · Yangcheng School

Editor -in -law | Li Xu

- END -