百奧賽圖-B披露2026年中期業績，收入增長51.6%、淨利潤增長402.3%

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD.
百奧賽圖(北京)醫藥科技股份有限公司

(A joint stock company incorporated in the People ’s Republic of China with limited liability)

(Stock Code: 2315)

INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2026
The board (the “Board”) of directors (the “Directors”) of Biocytogen Pharmaceuticals (Beijing)
Co., Ltd. (the “Company”) hereby announces the unaudited interim results of the Company and
its subsidiaries (the “Group”) for the six months ended June 30, 2026. The audit committee of the
Board has reviewed such interim results. This results announcement, containing the full text of
the 2026 interim report for H shares of the Company, complies with the relevant requirements of
the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in
relation to information to accompany preliminary announcements of interim results.
The 2026 interim report of the Company will be published on the websites of Hong Kong Exchanges
and Clearing Limited (www.hkexnews.hk) and the Company (http://www.biocytogen.com.cn) before
or by the end of September 2026.
By order of the Board
Biocytogen Pharmaceuticals (Beijing) Co., Ltd.
Shen Yuelei
Chairman of the Board, Chief Executive Officer and
Executive Director
Hong Kong, August 27, 2026

As at the date of this announcement, the Board comprises Dr. Shen Yuelei as chairman, chief
executive officer and executive Director, Dr. Ni Jian as executive Director; Dr. Zhou Kexiang,
Ms. Zhang Leidi and Dr. Liu Hongkang as non-executive Directors; Mr. Hua Fengmao, Dr. Yu
Changyuan and Ms. Liang Xiaoyan as independent non-executive Directors; and Ms. Li Yan as
employee Director.

目錄
CONTENTS
2

公司資料

Corporate Information

5

財務概要

Financial Summary

6

管理層討論與分析

Management Discussion and Analysis

48

企業管治及其他資料

Corporate Governance and Other Information

76

審閱報告

Review Report

78

綜合損益及其他全面收入表

Consolidated Statement of Profit or Loss
and Other Comprehensive Income

80

綜合財務狀況表

Consolidated Statement of Financial Position

82

綜合權益變動表

Consolidated Statement of Changes in Equity

84

簡明綜合現金流量表

Condensed Consolidated Cash Flow Statement

85

未經審核中期財務報告附註

Notes to the Unaudited Interim Financial Report

107

釋義

Definition

公司資料
Corporate Information

中文名稱

CHINESE NAME

百奧賽圖（北京）醫藥科技股份有限公司

百奧賽圖(北京)醫藥科技股份有限公司

英文名稱

ENGLISH NAME

Biocytogen Pharmaceuticals (Beijing)

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.*

Co., Ltd.*

2

股份代號

STOCK CODE

02315

02315

法定代表人

LEGAL REPRESENTATIVE

沈月雷博士

Dr. Shen Yuelei

董事長

CHAIRMAN OF THE BOARD

沈月雷博士

Dr. Shen Yuelei

總辦事處及中國主要營業地點

HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN CHINA

中國

12 Baoshen South Street

北京市大興區

Daxing Bio-Medicine Industry Park

大興生物醫藥產業基地

Daxing District, Beijing

寶參南街12號院

PRC

註冊辦事處

REGISTERED OFFICE

中國

12 Baoshen South Street

北京市大興區

Daxing Bio-Medicine Industry Park

大興生物醫藥產業基地

Daxing District, Beijing

寶參南街12號院

PRC

香港主要營業地點

PRINCIPAL PLACE OF BUSINESS IN HONG
KONG

香港

40th Floor, Dah Sing Financial Center

灣仔

No. 248 Queen’s Road East

皇后大道東248號

Wanchai

大新金融中心40樓

Hong Kong

*

*

僅供識別

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

For identification purposes only

Interim Report 2026

公司資料
Corporate Information

董事會

BOARD OF DIRECTORS

執行董事

Executive Directors

沈月雷博士（董事長、首席執行官兼總經理）

Dr. Shen Yuelei (Chairman, Chief Executive Officer and General Manager)

倪健博士

Dr. Ni Jian

非執行董事

Non-executive Directors

劉弘康博士（於2026年2月12日獲委任）

Dr. Liu Hongkang (appointed on February 12, 2026)

周可祥博士

Dr. Zhou Kexiang

張蕾娣女士

Ms. Zhang Leidi

獨立非執行董事

Independent Non-executive Directors

華風茂先生

Mr. Hua Fengmao

喻長遠博士

Dr. Yu Changyuan

梁曉燕女士

Ms. Liang Xiaoyan

職工董事

Employee Director

李妍女士

Ms. Li Yan

審計委員會

AUDIT COMMITTEE

梁曉燕女士（主席）

Ms. Liang Xiaoyan (Chairwoman)

華風茂先生

Mr. Hua Fengmao

喻長遠博士

Dr. Yu Changyuan

劉弘康博士（於2026年2月12日獲委任）

Dr. Liu Hongkang (appointed on February 12, 2026)

薪酬與考核委員會

REMUNERATION AND EVALUATION COMMITTEE

華風茂先生（主席）

Mr. Hua Fengmao (Chairman)

梁曉燕女士

Ms. Liang Xiaoyan

喻長遠博士

Dr. Yu Changyuan

倪健博士

Dr. Ni Jian

提名委員會

NOMINATION COMMITTEE

喻長遠博士（主席）

Dr. Yu Changyuan (Chairman)

華風茂先生

Mr. Hua Fengmao

梁曉燕女士

Ms. Liang Xiaoyan

沈月雷博士

Dr. Shen Yuelei

戰略發展委員會

STRATEGY DEVELOPMENT COMMITTEE

沈月雷博士（主席）

Dr. Shen Yuelei (Chairman)

周可祥博士

Dr. Zhou Kexiang

張蕾娣女士

Ms. Zhang Leidi

劉弘康博士（於2026年2月12日獲委任）

Dr. Liu Hongkang (appointed on February 12, 2026)

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

3

公司資料
Corporate Information

4

聯席公司秘書

JOINT COMPANY SECRETARIES

王永亮先生
區慧晶女士
（香港公司治理公會及
英國特許公司治理公會資深會員）

Mr. Wang Yongliang
Ms. Au Wai Ching (fellow member of The Hong Kong Chartered
Governance Institute and The Chartered Governance Institute in
the United Kingdom)

授權代表

AUTHORIZED REPRESENTATIVES

沈月雷博士
區慧晶女士

Dr. Shen Yuelei
Ms. Au Wai Ching

核數師

AUDITOR

畢馬威會計師事務所
於《會計及財務匯報局條例》下的
註冊公眾利益實體核數師
香港中環
遮打道10號
太子大廈8樓

KPMG
Public Interest Entity Auditor registered in accordance with the
Accounting and Financial Reporting Council Ordinance
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong

H股股份過戶登記處

H SHARE REGISTRAR

卓佳證券登記有限公司
香港
夏愨道16號
遠東金融中心17樓

Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong

有關香港法例的法律顧問

LEGAL ADVISERS TO HONG KONG LAW

達維律師事務所
香港遮打道3A號
香港會所大廈10樓

Davis Polk & Wardwell
10th Floor, The Hong Kong Club Building
3A Chater Road, Hong Kong

主要往來銀行

PRINCIPAL BANKS

中國建設銀行北京經濟技術開發區支行
中國北京市
大興區
景園北街2號

China Construction Bank, Beijing Economic and Technological
Development Zone Sub-branch
No. 2, Jingyuan North Street
Daxing District
Beijing, PRC

中國招商銀行北京亦莊支行
中國北京市
大興區
榮華中路8號院
力寶廣場8號樓1層

China Merchants Bank, Beijing Yizhuang Sub-branch
1/F, Building 8, Libao Plaza
No. 8 Ronghua Middle Road
Daxing District
Beijing, PRC

公司網站

COMPANY WEBSITE

http://www.biocytogen.com.cn

http://www.biocytogen.com.cn

投資者聯絡資料

CONTACT INFORMATION FOR INVESTORS

電話：010-56967601
傳真：010-56967666-8067
電郵：ir@biocytogen.com.cn

Tel.: 010-56967601
Fax: 010-56967666-8067
Email: ir@biocytogen.com.cn

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

財務概要
Financial Summary

截至2026年

截至2025年

6月30日

6月30日

止六個月

止六個月

同比變動
Period-to-

Six months

Six months

ended June

ended June

period

30, 2026

30, 2025

change

人民幣千元

人民幣千元

RMB’ 000

RMB’000

%

（未經審核） （未經審核）
(Unaudited)

(Unaudited)

收益

Revenue

941,389

620,963

51.6

毛利

Gross profit

746,490

461,949

61.6

除稅前盈利

Profit before taxation

248,569

59,620

316.9

期內盈利

Profit for the period

241,094

47,999

402.3

本公司權益股東應佔

Profit for the period attributable to
equity shareholders of the Company

241,095

47,999

402.3

期內全面收入總額

Total comprehensive income for the period

240,069

47,961

400.6

每股盈利基本及

Earnings per share basic and
0.54

0.12

350.0

261,560

203,434

28.6

期內盈利

攤薄（人民幣）
經營活動所得現金淨額

diluted (RMB)
Net cash generated from operating activities

*

本報告所載若干金額及百分比數字已經約整，或約整至小數點後一位或兩位數。任何表格、圖表或其他地方所列總數與金額總和之間的任

*

Certain amounts and percentage figures included in this report have been subject to rounding adjustments or have been rounded

何差異乃因約整所致。
to one or two decimal places. Any discrepancies in any tables, charts or elsewhere between totals and sums of amounts listed
therein are due to rounding.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

5

管理層討論與分析
Management Discussion and Analysis

I.

業務回顧

BUSINESS REVIEW

概覽

Overview

我們於2009 年成立，是一家創新技
術驅動新藥研發的國際性生物技術公
司，致力於成為全球新藥發源地。
公司以自主研發的基因編輯技術為
核心自主開發了RenMice ® 全人抗體

Founded in 2009, we are an international biotechnology company
driven by innovative technologies that drive the research and
development of novel drugs, committed to becoming a global
headstream of new drugs. Centered on our proprietary geneediting technology, the Company has independently developed
the RenMice ® fully human antibody platforms (comprising

平 台（ 涵 蓋 R e n M a b ® 、 R e n L i t e ® 、
R e n N a n o ®、 R e n T C R ®、 R e n T C R
m i m i c ® ）， 用 於 治 療 性 全 人 單 抗 、
雙 ╱ 多特異性抗體、雙抗ADC、納米
抗體以及類TCR抗體等的發現。圍繞
1000+潛在可成藥靶點，公司正推進
規模化抗體發現計劃 ——「千鼠萬抗
™」，已構建超過100萬條真實全人抗
體序列庫，並開放全球合作。公司子
品牌百奧動物已建立數千種基因編輯
動物 ╱ 細胞模型，擁有全球規模領先
的靶點人源化小鼠庫，並為全球客戶
提供臨床前藥理藥效研究、基因編輯
服務與模型構建等全鏈條能力支持。
我們總部位於北京，在中國（江蘇海
門、上海）、美國（波士頓、舊金山、
聖地亞哥）及德國（海德堡）等地設有
分支機構，形成面向全球的研發與運
營網絡。
2026年以來，全球與中國宏觀環境在
深刻變革中孕育新機。放眼全球，新
一輪地緣政治衝突顯著加劇了市場預
期的不確定性，而海外主要經濟體通
脹再度加劇引發的加息預期，為全球
金融市場與資本流動帶來考驗；聚焦
國內，整體宏觀態勢企穩向好，尤其
是國家對生物醫藥行業的戰略支持與
政策紅利加速釋放，推動產業歷經階
段性調整後，全面邁入高質量復甦的
新階段。在此背景下，我們始終堅持
「創新驅動新藥研發」的戰略目標，持
續保持高水準的研發投入。我們統籌
全球市場佈局，積極應對外部環境各
類不確定性，致力於為全球生物醫藥
企業提供兼具全球競爭力與核心技術
賦能的產品及服務。2026年上半年，
公司規模化盈利趨勢更加顯著，營業
收入繼續保持高速增長，淨利潤水平
大幅提升，經營活動現金流同步呈現
高水平增長。

6

I.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

R e n M a b ®, R e n L i t e ®, R e n N a n o ®, R e n T C R ™ , a n d R e n T C R
mimic™) for the discovery of fully human therapeutic monoclonal
antibodies, bispecific/multispecific antibodies, bispecific ADCs,
nano-antibodies, and TCR-mimic antibodies. Targeting over
1,000 potential druggable targets, the Company is advancing a
large-scale antibody discovery program, “Project Integrum™”,
which has established an off-the-shelf library of more than
1,000,000 fully human antibody sequences for worldwide
collaboration. Biocytogen’s sub-brand, BioMice, has established
several thousand gene-edited animal and cell models, boasting
a world-leading humanized target mouse library, and provides
worldwide clients with full-chain capability support including
pre-clinical pharmacology and efficacy evaluation, gene-editing
services, and model construction. We are headquartered in
Beijing and have branches in China (Haimen in Jiangsu, and
Shanghai), USA (Boston, San Francisco, and San Diego), and
Germany (Heidelberg), forming a global R&D and operation
network.
Since 2026, the global and Chinese macro-environments have
nurtured new opportunities amidst profound transformation.
Globally, a new round of geopolitical conflicts has significantly
intensified the uncertainty of market expectations, while the
expectations of interest rate hikes triggered by rebounding
inflation in major overseas economies have posed tests for
global financial markets and capital flows. Domestically, the
overall macroeconomic trend has stabilized and shown positive
growth, particularly with the accelerated release of strategic
support and policy dividends for the biopharmaceutical industry,
driving the industry to fully enter a new stage of high-quality
recovery following a period of adjustment. Against this backdrop,
we have always adhered to our strategic goal of “driving new
drug development with innovation” and maintained a high
level of investment in our R&D efforts. We have strategically
positioned ourselves in the global market, actively responded to
various uncertainties in the external environment, and committed
ourselves to providing globally competitive and core technologyempowered products and services to biopharmaceutical
enterprises across the globe. During the first half of 2026,
the Company’s trend of large-scale profitability became more
significant, with revenue continuing to maintain high-speed
growth, a significant increase in net profit, and a high level of
growth in operating cash flow.
Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

2026年上半年，我們業績延續良

In the first half of 2026, our performance continued to maintain a

好的增長態勢，實現營業收入人民

robust growth trajectory, recording revenue of RMB941.4 million,

幣941.4 百萬元，較上年同期增長

representing an increase of 51.6% as compared to the same

51.6%；得益於盈利規模的全面釋

period last year. Benefiting from the full release of profitability

放，淨利潤為人民幣 241.1 百萬元，

scale, net profit was RMB241.1 million, representing an increase

較上年同期增長 402.3%；經營活動

of 402.3% as compared to the same period last year. Net cash

所得現金淨流入為人民幣 261.6 百萬

inflow from operating activities was RMB261.6 million, as the

元，公司經營穩健性持續加固，抗風

Company’s operational stability continued to strengthen and its

險水平顯著提升。

risk resistance level significantly improved.

經過多年戰略佈局，本公司已構建起

Through years of strategic planning, the Company has built a

臨床前產品及服務和抗體發現「雙輪

business ecosystem driven by the “dual engines” of pre-clinical

驅動」的業務生態，兩大板塊通過技

products and services and antibody discovery, where the two

術協同與資源聯動實現雙向賦能，持

segments achieve mutual empowerment through technological

續釋放增長動能。本公司始終依靠研

synergies and resource integration, continuously releasing

發驅動業務發展，不斷為國內外生物

growth momentum. The Company consistently relies on R&D

醫藥企業提供具備全球競爭力的高質

to drive business development, providing high-quality R&D

量研發產品及服務。得益於雙抗、多

products and services with global competitiveness to domestic

抗及核酸藥物等多元化成藥形式的拓

and international biopharmaceutical enterprises. Benefiting

展，公司創新動物模型的先發優勢日

from the expansion of diversified drug-forming forms such as

益凸顯，高研發壁壘、高單價的行業

bispecific antibodies, multispecific antibodies and nucleic acid

領先雙抗及多抗創新動物模型，其銷

drugs, the Company’s first-mover advantage in innovative animal

售佔比呈現快速增長趨勢。2026年上

models has become increasingly prominent. The sales proportion

半年，以創新動物模型銷售為核心的

of industry-leading innovative animal models for bispecific and

臨床前產品與服務業務實現營業收入

multispecific antibodies, characterized by high R&D barriers and

人民幣 723.5 百萬元，較去年同期增

high unit prices, has demonstrated a rapid growth trend. In the

長57.9%，同時毛利率保持在70%以

first half of 2026, the pre-clinical products and services business,

上的高水平。其中，創新動物模型銷

with innovative animal model sales at its core, achieved revenue

售業務實現營業收入人民幣 445.8 百

of RMB723.5 million, representing an increase of 57.9% as

萬元，較去年增長62.4%，毛利率約

compared to the same period last year, while maintaining a high

82.3%，憑藉全球領先的行業競爭優

gross profit margin of over 70%. Among them, the innovative

勢，該項業務長期保持高增長態勢；

animal model sales business achieved revenue of RMB445.8

面對全球不斷增長的需求，公司目前

million, representing an increase of 62.4% as compared to

正積極推進產能擴建，以進一步鞏固

last year, with a gross profit margin of approximately 82.3%.

和擴大全球領先優勢。

Leveraging its world-leading competitive advantages, this
business has maintained a long-term high growth momentum. In
the face of increasing global demand, the Company is currently
actively advancing production capacity expansion to further
consolidate and expand its global leading advantage.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

7

管理層討論與分析
Management Discussion and Analysis

公司於2026年5月，正式發佈

In May 2026, the Company officially launched RenSuper

RenSuper Workstation ，新一代AI

Workstation TM, a new generation AI-driven antibody discovery

驅動的抗體發現平台。通過AI及自動

platform. Empowered by AI and automated intelligent

化智造平台賦能，抗體發現業務2026

manufacturing platforms, the antibody discovery business

年上半年實現營業收入人民幣 217.9

achieved revenue of RMB217.9 million in the first half of 2026,

百萬元，較去年同期增長33.8%，

representing an increase of 33.8% as compared to the same

毛利率約92.8%。截至2026 年6 月

period last year, with a gross profit margin of approximately

30 日，我們累計簽署約455 項治療性

92.8%. As of June 30, 2026, we have cumulatively signed

抗體及多種臨床資產合作開發 ╱ 授

approximately 455 therapeutic antibody and multiple clinical

權 ╱ 轉讓協議，並與包括多家跨國

asset co-development/out-licensing/transfer agreements, and

製藥公司 (MNCs) 在內的合作夥伴達

reached RenMice platform licensing development collaborations

成了RenMice平台授權開發合作。其

with partners including several multinational pharmaceutical

中，2026 年上半年新增簽署逾105 項

companies (MNCs). Among them, over 105 new contracts

合約，較去年同期增長約31.3%。未

were signed in the first half of 2026, representing an increase

來，本公司將依靠AI和自動化平台進

of approximately 31.3% as compared to the same period last

一步提升抗體研發向高效、智能化創

year. Going forward, the Company will rely on AI and automation

新方向升級。

platforms to further promote the upgrade of antibody R&D

TM

towards high-efficiency and intelligent innovation.
一方面，依託完善的全球化網絡體

On the one hand, relying on a comprehensive global

系，2026年上半年我們順應全球生物

network system, we followed the recovery trend of the global

醫藥行業回暖的趨勢，持續深化海外

biopharmaceutical industry in the first half of 2026, continuously

市場佈局與銷售體系升級，海外業務

deepening our overseas market layout and upgrading our sales

保持快速增長的同時毛利率依舊處於

system. Overseas business maintained rapid growth while gross

高水平，營業收入達到人民幣 561.5

profit margin remained at a high level, with revenue reaching

百萬元，海外業務佔比接近60%；另

RMB561.5 million, accounting for nearly 60% of the total revenue.

一方面，隨著國內生物醫藥全鏈條政

On the other hand, with the release of full-chain policy dividends

策紅利的釋放，進一步激活本土生物

in the domestic biopharmaceutical industry, domestic demand

醫藥早期研發創新需求，本公司憑藉

for early-stage R&D innovation has been further activated.

前沿創新產品與優質的服務生態，精

Leveraging cutting-edge innovative products and a high-

準錨定國內創新藥企及生物科技公司

quality service ecosystem, the Company has precisely targeted

釋放的高標準研發需求，2026年上半

the high-standard R&D needs of domestic innovative drug

年境內業務實現加速高增，營業收入

companies and biotechnology companies. In the first half of

達到人民幣 379.9 百萬元。全球化的

2026, domestic business achieved accelerated high growth, with

深度佈局賦予了我們抵禦宏觀波動的

revenue reaching RMB379.9 million. Our deep global positioning

核心韌性，使我們能夠穿越行業調整

has endowed us with core resilience against macroeconomic

週期，並在復甦階段迅速成為領導者。

fluctuations, enabling us to navigate industry adjustment cycles
and rapidly become a leader during the recovery phase.

8

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

長期以來我們保持高水平的研發投入

For a long time, we have maintained a high level of investment in

以築牢核心技術壁壘，並不斷提升研

R&D to solidify our core technological barriers and continuously

發效率，通過引入AI與自動化技術賦

improve R&D efficiency. By introducing AI and automation

能，加速創新研發向高效生產的成果

technologies, we have accelerated the transformation of

轉化，確保高質量的產品與服務持續

innovative R&D into high-efficiency production results, ensuring

推向市場，精準滿足全球客戶需求。

that high-quality products and services are continuously

2026 年上半年本公司研發費用為人

launched to the market to precisely meet global customer needs.

民幣 267.3 百萬元，較去年同期增加

In the first half of 2026, the Company’s R&D expenses amounted

人民幣58.2 百萬元，研發費用率保持

to RMB267.3 million, representing an increase of RMB58.2 million

在約30%的高位水平。在強投入的同

as compared to the same period last year, with the R&D expense

時，我們常態化推行精益管理，全面

ratio remaining at a high level of approximately 30%. Alongside

優化運營效能。自2023 年啟動的「開

strong investment, we have implemented lean management

源節流」戰略迎來成效的全面深化，

on a regular basis to comprehensively optimize operational

2026年上半年一般及行政費用約人民

efficiency. The “broadening income sources, while minimizing

幣 133.0 百萬元，較去年同期上升人

costs” strategy initiated in 2023 has achieved a comprehensive

民幣16.8 百萬元，一般及行政費用佔

deepening of results. In the first half of 2026, the general and

收入率降至約14.1%，同比下降4.6百

administrative expenses were approximately RMB133.0 million,

分點，運營效能持續釋放。

representing an increase of RMB16.8 million as compared to
the same period last year, with the general and administrative
expense to revenue ratio down to approximately 14.1%, a yearon-year decrease of 4.6 percentage points, as operational
efficiency continues to be released.

我們的藥物開發業務包括(i)抗體開

Our drug development business includes (i) antibody

發業務：我們利用自身抗體發現平

development business that we utilize our own antibody discovery

台 R e n M i c e 和「千鼠萬抗」計劃，為

platforms RenMice and Project Integrum to form more than

1,000多個靶點形成超過1,000,000個

1,000,000 antibody sequences library for over 1,000 targets

抗體序列庫，從而有可能識別潛在的

which have the potential to identify potential therapeutic antibody

治療性抗體分子，以及通過對外授權

molecules and via out-licensing or collaboration with partners to

或與合作夥伴合作以適應他們的各種

suit their various antibody modalities and continuous innovation

抗體模式及持續創新的要求。在授權

requirements. In addition to licensing antibody sequences, we

抗體序列的同時也會為合作方提供早

also provide early drug discovery services to our collaborators;

期藥物發現服務；及(ii)在腫瘤和自

and (ii) selecting a small number of potential drug targets in the

免領域挑選有潛力的少量藥物靶點，

field of oncology and self-immunity, screen and obtain potential

篩選獲得有潛力的PCC分子，自主推

PCC molecules, independently advance to pre-clinical stage,

進到臨床前階段，在研發推進的過程

and in the process of R&D advancement, joint development/

中，可以把全部或部分產品權益對外

authorization of transfer/transfer of development all or part of

聯合開發 ╱ 授權轉讓 ╱ 轉讓開發，

the product interests to other drug companies to obtain the

獲得首付款、里程碑付款以及銷售分

upfront payments, the milestones payments and royalties, so as

成，實現短期和中長期兼顧的營收持

to achieve the sustainable growth of revenues in the short-term

續增長，以實現我們成為全球新藥發

and the medium-to-long-term, fulfilling our vision of becoming a

源地的願景。

global headstream of new drugs.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

9

管理層討論與分析
Management Discussion and Analysis

我們的臨床前研究服務包括基因編

Our pre-clinical research services include gene-editing,

輯、臨床前藥理藥效評估及模式動物

pre-clinical pharmacology and efficacy evaluation, and animal

銷售。我們緊跟全球生物製藥公司的

models selling. We keep pace with the R&D needs of global

研發需求，提供創新前沿的臨床前服

biopharmaceutical companies, providing innovative and

務和更多適應症的模式動物。憑藉多

cutting-edge pre-clinical services and animal models for a wider

年來向跨國公司及國內生物技術公司

range of indications. Our capabilities are validated through our

提供的服務以及我們與多家合作夥伴

services provided to multinational companies and domestic

合作研發的候選藥物，我們的實力獲

biotechnology companies and evidenced by our drug candidates

得認可。我們的服務和產品獲得了海

cooperated with many partners over years. Our services and

外和國內客戶的廣泛認可，並為我們

products are widely recognized by overseas and domestic

收益的快速增長和高毛利奠定基礎。

customers and have provided the basis for our fast-growing
revenues and high gross margins.

千鼠萬抗及產品

PROJECT INTEGRUM (千鼠萬抗) AND PRODUCTS

公司通過自主開發的SUPCE 技

The Company has successfully built the fully human antibody

術成功打造了全人抗體小鼠平

mouse platform RenMab through its independently developed

台RenMab，該平台是全球人源

SUPCE® technology, which is one of the world’s most advanced

化程度最領先的小鼠平台之一。

humanized mouse platforms. On this basis, the Company

在此基礎上，公司陸續拓展出

has successively expanded core platforms such as RenLite®,

®

RenLite ®、RenNano、RenTCR以及

RenNano, RenTCR, and RenTCR-mimic, becoming the first

RenTCR-mimic等核心平台，是國內

biotechnology enterprise in China to independently develop

首家自主開發的全人抗體小鼠平台的

fully human antibody mouse platforms. Relying on the RenMice®

生物技術企業。依託 RenMice 全人

fully human antibody mouse platforms, the Company launched

®

抗體小鼠平台，公司啟動了「千鼠萬

“Project Integrum (千鼠萬抗)”, which aims to conduct large-

抗」計劃，旨在對1,000餘個潛在藥物

scale antibody screening, validation, and development for over

靶點進行規模化的抗體篩選、驗證與

1,000 potential drug targets, widely covering mainstream disease

開發，靶點廣泛涵蓋腫瘤、自身免疫

areas such as oncology, autoimmune diseases, inflammation,

病、炎症及代謝等主流疾病領域。公

and metabolism. The Company generates revenue through out-

司就發現的潛在治療性抗體分子向合

licensing/transfer of or co-development of discovered potential

作夥伴授權 ╱ 轉讓或與其合作開發產

therapeutic antibody molecules with partners, typically receiving

生收益，通常可在若干時點自合作夥

upfront payments, milestone payments, and sales royalties after

伴收取首付款、里程碑付款以及產品

product approval and launch at certain time points. Currently,

獲批上市後的銷售分成。目前，「千鼠

Project Integrum (千鼠萬抗) has completed evaluation and

萬抗」計劃已完成約1,200個靶點的評

research for approximately 1,200 targets and has basically

估調研並基本上已對所有靶點進行抗

conducted antibody development for all targets, forming an “off-

體開發，形成了超百萬個抗體結合表

the-shelf” library of over one million antibody molecule sequences

位豐富的抗體分子序列「貨架」。截至

rich in antigenic epitopes. As of June 30, 2026, the Company

2026 年6月30 日，公司已累計簽署超

has cumulatively signed over 455 drug co-development/out-

455項藥物合作開發 ╱ 授權 ╱ 轉讓協

licensing/transfer agreements, among which over 10 candidates

議，其中已有超10 個候選分子成功推

have successfully advanced to clinical trials, and has reached

進至臨床試驗階段，並與包括多家跨

RenMice platform licensing development collaborations with top

國製藥公司(MNCs)在內的行業頂尖夥

industry partners, including several multinational pharmaceutical

伴達成了RenMice平台的授權開發合

companies (MNCs). Among them, over 105 new agreements

作。其中，2026年上半年新增簽署協

were signed in the first half of 2026.

議超105項。

10

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

千鼠萬抗是我們專有的大規模全人源

Project Integrum (千鼠萬抗) is our proprietary large scale fully

抗體篩選計劃，旨在發現有望用於外

human antibody screening program that discovers promising

部變現或內部開發的抗體分子。千鼠

antibody molecules for external monetization or internal

萬抗是我們的重點研發項目，我們已

development. Project Integrum is our key R&D project, we

於2023 年第三季度之前完成千鼠萬

have completed most of the work on Project Integrum by the

抗的大部分工作。截至2026 年6 月30

third quarter of 2023. As of June 30, 2026, Project Integrum is

日，千鼠萬抗進展順利，而我們已就

progressing well, and we have explored global partnerships

現成超1,000,000個涵蓋約1,000多個

for an off-the-shelf library of more than 1,000,000 fully human

靶點的全人源抗體序列庫開拓全球合

antibody sequences against approximately over 1,000 targets

作夥伴，以尋求全球合作。該抗體庫

for worldwide collaboration. This antibody library is of high

品質高且多樣性豐富，能全面充分覆

quality and rich in diversity, and can fully and adequately cover

蓋靶點的所有抗原表位，形成全人源

all antigenic epitopes of targets, forming a fully human antibody

抗體庫，以滿足各合作夥伴製藥公司

library to meet the different antibody development needs

的不同抗體開發需求。未來，我們計

of various partner pharmaceutical companies. In the future,

劃持續基於自有RenMice技術平台，

based on our proprietary RenMice-based platforms, we plan to

推出雙抗、納米抗體、TCRm 抗體及

continue to introduce innovative drug-ready molecules, such as

GPCR 抗體等創新成藥形式的分子，

bis-antibodies, nano-antibodies, TCRm antibodies and GPCR

擴展千鼠萬抗所形成的抗體庫的豐富

antibodies, in order to expand the richness of the antibody library

度。

formed by Project Integrum.

有別於傳統的抗體開發策略，我們將

Unlike traditional antibody development strategies, we have

「 根 據 客 戶 需 求 來 製 備 抗 體 」改 變 成

changed our approach from “preparing antibodies based on

「針對上千個靶點提前開發上百萬個抗

customer demand” to “developing millions of antibody molecules

體分子進行貨架式提供」，使得客戶可

in advance for shelf-ready supply against thousands of targets”,

以根據研發計劃從我們這裡即時獲得

which allows our customers to obtain high-quality antibody

擬研發的藥物靶點的優質抗體分子，

molecules for the drug targets they intend to develop instantly

而不用從頭開始研發。基於RenMice

according to their R&D plans, without having to develop them

技術平台優勢以及RenMice基因敲除

from scratch. Based on the advantages of RenMice technology

後再進行免疫的優勢，我們形成了獨

platform and RenMice knockout followed by immunization, we

特的規模化抗體開發流程，形成全球

have formed a unique scale-up antibody development process,

獨一無二的優質全人源抗體分子庫，

forming a globally unique library of high-quality, fully human

極大多樣性的抗體分子庫以及完整的

antibody molecules, with a great diversity of antibody molecule

抗體分子數據可以供各個藥企根據研

libraries and complete antibody molecule data that can be used

發需要篩選獲得理想的抗體分子。通

by various pharmaceutical companies to screen and obtain ideal

常，相較於傳統的藥物研發方式，可

antibody molecules according to their R&D needs. Generally,

以為合作夥伴節省1至2年以上的臨床

compared with the traditional drug development method, we can

前研發時間，從而大大加快新藥研發

save more than 1-2 years of pre-clinical development time for

進度。

our partners, thus greatly accelerating the progress of new drug
development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

11

管理層討論與分析
Management Discussion and Analysis

12

就業務模式而言，我們利用合作開發
藥物、已授權轉讓藥物、轉讓開發及
其他合作機會將產生的抗體商業化。
我們通過轉讓千鼠萬抗所產生的大量
抗體分子 ╱ 序列收取首付款、里程碑
付款和銷售分成，與許多藥物研發公
司建立合作關係，從而實現短期和中
長期兼顧的抗體開發業務營收增長。
在現階段，每年銷售收入大部分來自
首付款及少量里程碑付款。未來，隨
著轉讓更多抗體分子 ╱ 序列，里程碑
付款及銷售分成的增長將愈發顯著，
是我們日後非常重要的收入來源。

In respect of business model, we utilized co-development,
out-licensing, transfer development and other collaboration
opportunities to commercialise the generated antibodies. We
have entered into collaborations with many drug discovery
companies through upfront payments, milestone payments
and royalties for the transfer of a large number of antibody
molecules/sequences generated by Project Integrum, achieving
revenue growth in the antibody development business in both
the short and medium to long term. At the current stage, most of
the annual sales revenue is from upfront payments and a small
amount of milestone payments. In the future, as more antibody
molecules/sequences are transferred, the growth of milestone
payments and royalties revenue will become very significant,
which is a very important source of revenue for us in the future.

公司於2026 年5 月正式發佈新一代
AI驅動的抗體發現平台RenSuper
W o r k s t a t i o n ， 成 功 構 建 了「 真 實 抗
體序列庫 + AI + 自動化智造平台」
的三重驅動架構。公司依託「千鼠萬
抗」計劃所積累的大規模真實抗體序
列數據，基於RenSuper Workstation
構建了AI驅動的候選分子優選體系，
實現從結構預測、表位推斷至功能趨
勢判斷的多維度分析與智能排序。以
RenNano全人源僅重鏈抗體(HCAb)
平台為例，在基於SPR親和力評估為
標準的篩選體系中，該平台的平均陽
性命中率達到46%，最高命中率可達
98%，展現出在複雜結構靶點等挑戰
性靶點上具備優異的抗體發現效能。
同時，該平台已搭建覆蓋抗體蛋白生
產全生命週期的高通量抗體自動化智
造系統，在菌液接種、質粒提取、轉
染、補料培養、純化等關鍵環節實現
標準化與連續化運行，抗體蛋白產出
能力穩定在平均 50-100mg，通量可
達約800 個樣本 ╱ 天，可穩定支撐
大規模抗體樣品的製備與快速驗證需
求。由此，公司形成了「海量真實抗
體序列數據訓練AI模型 － 自動化智
造平台高通量標準化實驗驗證 － 驗證
結果反哺 AI 模型優化」的閉環研發迭
代機制。RenSuper Workstation的
核心目標是推動抗體發現的數字化、
規模化與高效化，顯著降低早期發現
階段的時間成本與複雜度，從而加速
創新療法的開發進程。通過對外授權
RenSuper Workstation平台，公司能
夠助力全球客戶突破時間和空間限制
篩選優質抗體，並顯著提升公司抗體
分子對外授權的變現潛能，從而為公
司帶來更大規模的首付款、里程碑及
權益分成。

In May 2026, the Company officially released its new generation
AI-driven antibody discovery platform, RenSuper Workstation,
successfully building a triple-drive architecture of “Real Antibody
Sequence Library + AI + Automated Intelligent Manufacturing
Platform”. Leveraging the large-scale real antibody sequence
data accumulated through “Project Integrum”, the Company has
built an AI-driven candidate molecule optimization system based
on RenSuper Workstation, achieving multi-dimensional analysis
and intelligent ranking from structural prediction and epitope
inference to functional trend judgment. Taking the RenNano
fully human heavy chain only antibody (HCAb) platform as an
example, in a screening system based on SPR affinity evaluation
standards, the platform’s average positive hit rate reached 46%,
with a maximum hit rate of up to 98%, demonstrating excellent
antibody discovery efficiency against challenging targets such
as those with complex structures. Meanwhile, the platform has
established a high-throughput antibody automated manufacturing
system covering the entire life cycle of antibody protein
production, achieving standardized and continuous operation in
key links such as bacterial liquid inoculation, plasmid extraction,
transfection, feed culture, and purification, and antibody protein
production capacity remains stable at an average of 50-100 mg,
with a throughput of up to approximately 800 samples per day,
which can stably support the preparation and rapid verification
needs of large-scale antibody samples. Consequently, the
Company has formed a closed-loop R&D iteration mechanism of
“training AI models with massive real antibody sequence data
– high-throughput standardized experimental verification by
automated manufacturing platforms – feeding back verification
results to optimize AI models”. The core objective of RenSuper
Workstation is to promote the digitalization, scale, and high
efficiency of antibody discovery, significantly reducing time
costs and complexity in the early discovery stage, thereby
accelerating the development process of innovative therapies. By
out-licensing the RenSuper Workstation platform, the Company
can assist global customers in screening high-quality antibodies
across time and space constraints, and significantly enhance
the monetization potential of the Company’s antibody molecule
out-licensing, thereby bringing larger-scale upfront payments,
milestones, and royalties to the Company.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

臨床前研究服務及產品

PRE-CLINICAL RESEARCH SERVICES AND PRODUCTS

我們的臨床前研究服務及產品主要包

Our pre-clinical research services and products primarily

括臨床前藥理藥效評估等CRO服務，

include CRO services such as pre-clinical pharmacology and

研發及創新靶點模式動物銷售以及基

efficacy evaluation, R&D and sale of innovative target animal

因編輯定制服務業務。該等服務線乃

models, and gene-editing customization service business. These

為本公司重要的業務分部。銷售收入

services lines are important business segments for the Company.

的快速增長和較高的利潤水平為本公

The rapid sales revenue growth and higher profit level have

司不斷提供經營現金流量，鞏固了我

continuously generated business cash flow for the Company and

們的財務狀況。

buttressed the soundness of our financial conditions.

面對國內外充滿挑戰的市場環境，本

In the face of the challenging domestic and overseas market

公司重點佈局具有高增長潛力的市場

environment, the Company focuses its resources on markets and

及業務線。在模式動物銷售等臨床前

business lines with the potential for high growth. In the business

CRO服務業務線中，本公司不斷拓展

line of pre-clinical CRO services such as animal model selling,

模式動物的類別。同時，本公司擴充

the Company continuously expands the categories of animal

了海外銷售團隊，提升當地客戶覆蓋

models. Meanwhile, the Company complements the overseas

率。為了更好地服務海外醫藥客戶，

sales team, enhancing coverage of local customers. A German

發揮海外銷售佔比，本公司於2022

subsidiary in Europe was established in 2022 and expanding and

年在歐洲成立德國附屬公司，擴大了

commissioned the Boston, USA test site, in the hope of better

美國波士頓試驗基地並投入使用。於

serving overseas pharmaceutical customers and leveraging

2023年，本公司進一步將美國波士頓

the proportion of overseas sales. In 2023, the Company further

設施擴大為原有三倍，已經於2023年

expanded the Boston, USA facility to triple its original size, which

8 月正式啟用。2026 年，公司再次拓

officially opened in August, 2023. In 2026, the Company further

展美國波士頓子公司的基礎設施，從

expanded the infrastructure of its Boston subsidiary in the USA,

而進一步完善覆蓋全球的研發、生產

thereby further improving its global R&D, production and sales

與銷售網絡，優化區域資源配置與運

network, optimizing regional resource allocation and operational

營體系，進一步提升海外業務收入水

systems, and further enhancing the revenue level of its overseas

平。

business.

作為本公司銷售收入增長的核心驅動

As one of the core drivers of our sales revenue growth, we

力之一，我們持續保持較高的研發投

continue to maintain a high level of R&D investment for the

入，用於開發具有全球競爭力的豐富

development of globally competitive and enriched animal models,

模式動物，並為國內外藥企客戶提供

as well as providing high-quality pre-clinical CRO services to

高質量的臨床前CRO服務，在充滿挑

domestic and international pharmaceutical clients, maintaining

戰的市場環境下依然保持高毛利和快

high gross margins and rapid revenue growth despite the

速的營收增長。

challenging market environment.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

13

管理層討論與分析
Management Discussion and Analysis

模式動物銷售

Animal Model Selling

憑藉先進的基因編輯技術，我們通過

Leveraging our advanced gene-editing technologies, we have

編輯小鼠的基因，創建了全面的抗體

created a comprehensive set of antibody discovery and disease

發現及疾病小鼠模型，創造了適合體

mouse models by editing the gene of mice, creating animal

內藥效評估的模式動物。我們的抗

models suitable for in-vivo efficacy evaluation. Our antibody

體發現及疾病小鼠模型包括約 5,670

discovery and disease mouse models included approximately

個獨特的基因編輯小鼠 ╱ 細胞系項

5,670 unique gene-edited mouse/cell line projects, including

目，其中包括靶點人源化小鼠 2,300

more than 2,300 types of target humanized mice. Benefiting

餘種。得益於雙抗、多抗及核酸藥物

from the expansion of diversified drug drug-forming forms such

等多元化成藥形式的拓展，公司創新

as bispecific antibodies, multispecific antibodies and nucleic

動物模型的先發優勢日益凸顯，豐富

acid drugs, the Company’s first-mover advantage in innovative

的品系矩陣已築牢堅實的技術壁壘。

animal models has become increasingly prominent, and its rich

尤為重要的是，雙 ╱ 多抗模型的研發

portfolio of strains has built solid technological barriers. More

高度依賴成熟的單抗模型作為底層支

importantly, the R&D of bispecific/multispecific antibody models

撐。公司憑藉在單抗模型領域的先發

highly relies on mature monoclonal antibody models as the

優勢，能夠實現雙 ╱ 多抗模型的快速

underlying support. Leveraging its first-mover advantage in the

迭代與高效開發，推動公司的行業領

field of monoclonal antibody models, the Company is able to

先優勢持續擴大。

achieve rapid iteration and efficient development of bispecific/
multispecific antibody models, driving the continuous expansion
of the Company’s industry-leading advantages.

全面的模式動物組合與大規模動物生

The combination of an extensive portfolio of animal models

產及體內療效研究相結合，令我們能

and large-scale animal production and in-vivo efficacy studies

夠成功地為內部資產及計劃進行大規

has enabled us to successfully conduct large-scale in-vivo

模體內抗體發現及篩選，並為全球生

antibody discovery and screening for our own internal assets

物技術及大型製藥公司客戶提供疾病

and initiatives as well as providing disease animal models

模式動物及體內藥理學服務。

and in-vivo pharmacology services to biotechnology and large
pharmaceutical company clients worldwide.

在創新模式動物的研發和銷售業務

In the business line of R&D and sales of innovative animal

線，本公司每年不斷向市場推出數百

models, the Company keeps launching hundreds of new animal

種新型模式動物，同時擴大國內外客

models in the market every year, while expanding the domestic

戶群，並藉助江蘇南通動物設施的規

and overseas customer base, and leveraging the scale of the

模，為更多的客戶提供更好的模式動

animal facility in Nantong, Jiangsu Province, to provide more

物產品。這些舉措確保本公司在報告

customers with better animal model products. These initiatives

期取得令人滿意的銷售增長。

ensured that the Company made satisfactory sales growth in the
Reporting Period.

14

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

模式動物

Animal Models

通過修改關鍵基因來模擬人類病理環

Animal models that mimic human pathological environments

境的模式動物是當前藥物研發過程中

through the modification of key genes are essential tools in

必不可少的工具。使用相關模型進行

the current drug development process. Drug evaluations using

藥物評估被認為是驗證臨床前藥物療

these models are considered the “gold standard” for validating

效的「黃金標準」。基於基因編輯人源

the efficacy of pre-clinical drugs. Based on the gene-editing

化小鼠模型，我們研發了腫瘤及自身

humanized mouse model, we have developed mouse models

免疫疾病小鼠模型，並亦已成功開發

for tumor and autoimmune diseases, and have also successfully

出涵蓋更廣泛其他疾病領域的小鼠模

developed mouse models for a wider range of other disease

型，用於基因功能研究及藥物研發。

areas, which are used for gene function research and drug

通過使用已上市及自主研發的抗體藥

development. Using marketed and self-developed antibody

物進行小鼠體內藥效測試，結合生

drugs for in-vivo drug efficacy testing in mice, combined with

理、生化、血液、毒性等其他因素，

physiological, biochemical, blood, toxicity and other factors,

我們能夠驗證模型的有效性並向客戶

we are able to verify the validity of the models and sell disease

銷售疾病模型鼠。

model mice to our customers.

目前的模式動物疾病類型主要集中於

Current disease types of animal models are mainly focused on

腫瘤及自身免疫疾病。我們正積極探

tumor and autoimmune diseases. We are actively investigating

索新的模式動物及細胞檢測模型，利

new animal models and cellular assay models, constructing

用基因編輯人源化小鼠構建腫瘤模

tumor models using gene-edited humanized mice, testing the

型，測試抗腫瘤抗體藥物、化療藥物

inhibitory effects of anti-tumor antibody drugs, chemotherapy

及靶向小分子藥物對腫瘤生長的抑制

drugs and targeted small molecule drugs on tumor growth,

作用，為腫瘤藥物的藥物篩選及臨床

and providing more data support for drug screening of tumor

申報提供更多數據支持。對於自身免

drugs and clinical declarations. For autoimmune diseases,

疫疾病，我們專注於在基因編輯人

we are focusing on inducing autoimmune diseases (asthma,

源化小鼠中誘發自身免疫性疾病（哮

experimental autoimmune encephalomyelitis, psoriasis, etc.) in

喘、實驗性自身免疫性腦脊髓炎、銀

gene-edited humanized mice and testing the therapeutic effects

屑病等），並測試基於細胞因子抗體藥

of cytokine-based antibody drugs.

物的治療效果。
除腫瘤及自身免疫性疾病外，我們已

In addition to tumor and autoimmune diseases, we have

全面拓展神經、心血管及代謝疾病等

fully expanded the disease areas of animal models, such as

疾病領域的模式動物，為藥物開發提

neurological, cardiovascular and metabolic diseases, to provide

供臨床前體內外藥效測試。

pre-clinical in-vivo and in-vitro drug efficacy testing for drug
development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

15

管理層討論與分析
Management Discussion and Analysis

(i)

人源化小鼠

(i)

Humanized Mice

免疫檢查點及其他人源化小鼠

Immune Checkpoint and other Humanized Mice

大多數人源抗體藥物僅能識別人

Most human antibody drugs can only recognize and interact

源抗原並與之相互作用，並且由

with human antigens, and due to species differences,

於物種差異，不能直接用野生小

pre-clinical pharmacodynamic and pharmacokinetic

鼠進行臨床前藥效學及藥代動力

evaluation and testing cannot be performed directly with

學評價及測試。因此，有必要將

wild-type mice. Therefore, it is necessary to humanize

小鼠免疫檢查點以及其他靶點

mouse immune checkpoints as well as other targets such as

（如GPCR）人源化並在小鼠體內

GPCR and express human-related antigens in mice, so that

表達人源相關抗原，使人源抗體

human antibody drugs can produce normal drug responses

藥物能在小鼠體內產生正常的藥

in mice.

物反應。
依託高效穩定的基因技術平台和

Relying on an efficient and stable gene technology platform

科學規範的模式動物生產中心，

and a scientific and standardized model animal production

我們充分考慮可能干擾人源化蛋

center, we fully considered the factors that may interfere

白表達的因素，對每個試驗者進

with the expression of humanized proteins, carried out

行詳細評估和精準設計，基於

detailed evaluation and made a precise design for each

C57BL/6基因背景研發出一系列

subject and developed a series of immune checkpoint and

免疫檢查點及其他人源化小鼠。

other humanized mice based on the genetic background

為確保小鼠模型完全人源化，我

of C57BL/6. In order to ensure that the mouse model is

們排除外界環境對人源化蛋白表

fully humanized, we excluded the influence of external

達及信號傳導的影響，為免疫檢

environment factors on the expression and signaling of

查點及其他靶點抗體的藥物驗證

humanized proteins, and provided an effective model and

提供了有效模型及有力工具。

powerful tool for drug validation of immune checkpoint and
other target antibodies.

細胞因子及細胞因子受體人源化

Cytokine and Cytokine Receptor Humanized Mice Format

小鼠同源免疫檢查點及其他人源

Homologous Immune Checkpoint and Other Humanized

化小鼠

Mice

細胞因子參與自身免疫性疾病的

The mechanisms of cytokine involvement in autoimmune

機制已得到深入研究。艾伯維已

diseases have been studied in depth. AbbVie has

研發出靶向TNF的阿達木單抗，

developed adalimumab, which targets TNF, and has

並已獲得 F D A 批准用於 11 種適

been approved by the FDA for 11 indications, including

應症，包括類風濕性關節炎及銀

rheumatoid arthritis and psoriatic arthritis. Other antibodies

屑病關節炎。其他靶向細胞因子

targeting cytokines also have good market prospects in

的抗體在自身免疫疾病及腫瘤學

autoimmune diseases and oncology.

方面亦具有良好的市場前景。

16

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

細胞因子通常具有複雜的信號通

Cytokines usually have complex signaling pathways. By

路。通過研究細胞因子的作用機

studying the mechanism of action of cytokines, we have

制，我們對小鼠體內的關鍵細胞

humanized the key cytokines or cytokine receptors in

因子或細胞因子受體進行了人源

mice, allowing the in-vivo evaluation of the efficacy and

化處理，從而可以評價人源細胞

pharmacological effects of human cytokine or cytokine

因子或細胞因子受體抗體藥物在

receptor antibody drugs in mice. We believe such coverage

小鼠體內的療效及藥理作用。我

can meet a substantial majority of the pre-clinical drug

們認為該等範疇可滿足藥企對細

evaluation needs of cytokine or cytokine receptor antibody

胞因子或細胞因子受體抗體藥物

drugs for pharmaceutical companies.

的絕大部分臨床前藥物評價需
求。

(ii)

嚴重免疫缺陷(B-NDG)小鼠

(ii)

Severe Immunodeficient (B-NDG) Mice

我們獨立研發的B-NDG (NOD.

B-NDG (NOD.CB17-Prkdcscid IL2rgtm1/Bcgen) mice, which

C B17- P r k d c s c i d I L2r g t m1/

we independently developed, are obtained from mice with

Bcgen)小鼠是通過IL2rg基因敲

NOD-scid genetic background by IL2rg gene knockout.

除從具有NOD-scid遺傳背景的

B-NDG mice have a severe immunodeficient phenotype,

小鼠獲得。B - N D G 小鼠具有嚴

lack mature T-cells, B-cells and NK cells, and are deficient

重的免疫缺陷表型，缺乏成熟的

in cytokine signaling, making them ideal drug development

T細胞、B細胞及NK細胞，並且

vehicles for human hematopoietic stem cells, human

缺乏細胞因子信號，使其成為人

peripheral blood mononuclear cells, human tumor cells or

源造血幹細胞、人外周血單個核

tissue transplantation.

細胞、人源腫瘤細胞或組織移植
的理想藥物研發載體。
我們用於出售的模式動物的知識

The intellectual properties of our animal models for sale

產權通常屬於本公司。由於我們

generally belong to the Company. As our model animals

的模式動物一般不會直接應用於

would generally not be applied directly towards a product

客戶的候選產品，故於報告期內

candidate of our clients, there were no intellectual

並無與客戶進行模式動物的知識

properties allocation discussions with our clients of animal

產權分配討論。我們通常與客戶

models during the Reporting Period. We typically enter

簽訂為期一至五年的框架協議，

into framework agreements with our clients for a term of

並根據此類框架協議接受客戶的

one to five years and take clients’ work orders under such

工作訂單。我們與客戶釐定費率

framework agreements. We decide fee rates and payment

及付款條款時考慮多項因素，包

terms together with our clients considering multiple factors,

括特定模式動物的開發成本、育

including the development cost of certain model animals,

種費用及要求的數量。我們通常

breeding expenses, and quantity requested. We generally

要求客戶在發票日期後一個月內

require our clients to make full payment within one month

全額付款。通常而言，除非發生

after the invoice date. Generally, neither our client nor we

不可抗力事件，否則客戶與我們

have the right of termination unless a force majeure event

均無權終止協議。

occurs.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

17

管理層討論與分析
Management Discussion and Analysis

人體免疫力系統重建模型

Models for Human Immune System Reconstitution

為解決重度免疫缺陷小鼠造血細胞維

In order to solve the problems of maintenance and differentiation

持分化功能、免疫細胞發育受限等問

functions of hematopoietic cells and restricted development

題，我們基於 B-NDG 小鼠研發了一

of immune cells in severely immunodeficient mice, we have

系列二代產品，以滿足不同的研究需

developed a series of second-generation products based on

求。例如，B-NDG B 2m KO plus

B-NDG mice to meet different research needs. For example,

小鼠可以延遲PBMC重建模型中的

B-NDG B2m KO plus mice can delay the GVHD effect in PBMC

GVHD效應，從而在不影響抗體藥

reconstitution model, thus achieving a longer dosing window

物半衰期的情況下實現更長的給藥

without affecting the half-life of antibody drugs. Additionally,

窗口。此外，B-NDG hIL15 小鼠能

B-NDG hIL15 mice can better promote the immune reconstitution

更好地促進人NK細胞的免疫重建，

of human NK cells and B-NDG hTHPO mice do not need

B-NDG hTHPO小鼠無需照射而重

irradiation to be reconstituted, thus avoiding radiation damage to

組，從而避免輻射對小鼠的損傷。

mice.

臨床前藥理藥效評估

Pre-Clinical Pharmacology and Efficacy Evaluation

我們位於中國及美國的藥理學團隊在

Our pharmacology team, which is based in China and the

測試新療法（例如治療免疫腫瘤，免

USA, has built expertise in testing novel therapeutics such

疫及自身免疫、CNS、眼科疾病以

as mAbs, ADCs, BsAb and BsADC, CAR-Ts and CAR-NKs,

及代謝疾病以及腎臟疾病的單克隆抗

mRNA-LNP and gene therapy and other therapeutic modalities

體、ADC、雙抗及雙抗ADC、CAR-T

for immuno-oncology, immune and autoimmune, CNS, Ocular

及CAR-NK、mRNA-LNP及基因療法

diseases as well as metabolic diseases as well as kidney

及其他療法）方面積累了專業知識，

diseases to support drug discovery and development worldwide.

支持全球藥物研發。我們的服務利用

Our services utilize a large collection of genetically humanized

大量基於檢查點抑制劑及細胞因子 ╱

mouse models for checkpoint inhibitors and cytokine/cytokine

細胞因子受體的基因人源化小鼠模

receptors, highly immune-deficient B-NDG mice and their

型、高度免疫缺陷 B-NDG 小鼠及其

variants, including CDX models and engineered cell line models,

變體（其中包括 CDX 模型和工程細胞

among others. Our pharmacology services include in-vivo

系 模 型 等 ）。 我 們 的 藥 理 學 服 務 包 括

efficacy, Pharmacokinetics (PK)/Pharmacodynamics (PD),

體內功效、藥代動力學(PK)╱ 藥效學

biomarker assessments, toxicology and safety evaluation, in-vitro

(PD)、生物標誌物評估、毒理學及安

immune cell and cytokine profiling and cell functional assays.

全性評估，以及體外免疫細胞及細胞

Our pre-clinical pharmacology studies have supported a number

因子分析和細胞功能分析。我們的臨

of IND applications and clinical trials. As at June 30, 2026, we

床前藥理學研究支持多項 IND 申請及

have completed more than 10,700 drug evaluation projects for

臨床試驗。於2026年6月30日，我們

approximately 1,500 partners globally.

已為全球約 1,500 名合作夥伴完成超
過10,700個藥物評估項目。

18

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

我們主要根據使用的動物類型和提供

We determine our fee rates for pre-clinical pharmacology and

的服務類型來確定臨床前藥理藥效評

efficacy evaluation services primarily based on types of animal

估服務的費率。動物費用根據使用的

used and types of service provided. Animal fees are set by

動物類型確定，服務費則根據腫瘤

types of animals utilized, and service fees are determined by

PD、免疫重建及自身免疫疾病等服

allocation of staff resource, duration and materials required for

務類型按項目所需的人力資源、期限

the projects based on the type of services such as oncology

及材料分配確定。我們與客戶就臨床

PD, immune reconstitution and autoimmune disease. Duration

前藥理藥效評估服務達成協議的期限

of our agreements with customers on pre-clinical pharmacology

取決於項目的複雜性，通常不超過一

and efficacy evaluation services is based on complexity of the

年。付款條款由項目設定，我們通常

project, which typically lasts for no longer than one year. Payment

有權向客戶收取預付款和項目完成時

terms are set by project and we are generally entitled to upfront

的付款。由於我們是臨床前藥理藥效

payments and project closing payments by our customers. As

評估的服務提供商，與項目相關的知

we are a service provider for our pre-clinical pharmacology and

識產權屬於我們的客戶。

efficacy evaluation, the intellectual rights relating to the project
belong to our customers.

體內藥理學能力

In-Vivo Pharmacology Capabilities

體內藥理學團隊已成功開發並驗證

Our in-vivo pharmacology team has successfully developed and

數百個同源及異基因腫瘤模型，以

validated hundreds of syngeneic and xenogeneic tumor models

滿足客戶的科學目標。模式動物包

to meet the scientific objectives of our clients. The animal models

括內部生產的人源化小鼠和攜帶功能

include our internally generated humanized mice and humanized

性人類基因的人源化細胞系，該等人

cell lines carrying functional human genes that express identified

類基因表達確定的人類治療靶點或根

human therapeutic targets or customized targets per clients’

據客戶興趣定制的靶點。使用人源化

interests. Employing the humanized cell lines and the humanized

細胞系及人源化小鼠須定制完整生物

mice results in a tailored biotherapeutic strategy with a complete

治療策略，評估不同類型的人類治療

biology to evaluate the efficacy of different types of human

分子（單克隆抗體、雙特異性抗體、

therapeutic molecules (monoclonal antibodies, bi-specific

ADC、疫苗等）針對相應治療靶點的

antibodies, ADCs, vaccines, etc.) against the therapeutic targets

療效。此外，通過不同途徑（包括原

of interest. Furthermore, tumor cell implantation through different

位注射）植入腫瘤細胞能提供正面直

routes including orthotopic injection delivers favorite translatable

觀的數據支持臨床研究。該等模型均

data to support clinical studies. All these models cover broad

涵蓋了廣泛的免疫治療領域，並大大

immune-therapeutic areas and greatly increase translation from

提高了藥物開發從臨床前研究到臨床

pre-clinical research to clinical studies for drug development.

研究的轉化效率。
除腫瘤模型外，體內藥理學服務亦於

Besides the tumor models, in-vivo pharmacology services have

野生型及人源化小鼠中開發了若干可

also developed several translatable immune and autoimmune

轉化的免疫與自身免疫性疾病模型以

inflammatory disease models and CNS diseases, Ocular

及CNS疾病、眼科疾病、代謝性疾病

diseases, metabolic disease models as well as kidney disease

模型以及腎臟疾病模型，將我們的研

models in both wild-type and humanized mice to extend our

究與服務擴展至更廣泛的治療領域，

research and services to broader therapeutic areas and better

更好地支持客戶的研究與藥物開發。

support our clients in their research and drug development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

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管理層討論與分析
Management Discussion and Analysis

我們基於模型的體內藥效服務具有高

Our model-based in-vivo efficacy services have high scale

規模篩選能力，通過體內活性評估，

screening capabilities to support molecule selection, drug

支持分子的篩選、藥物的比較或藥物

comparison, or drug evaluation by in-vivo activity assessment.

的評估。作為體內能力的補充，我們

Complementary to our in-vivo capabilities, our in-vitro

的體外藥理學服務包括免疫細胞分

pharmacology services include immune cell profiling, cytokine

析、細胞因子分析、原代T、NK及巨

profiling, primary T, NK, and macrophage cell-based functional

噬細胞的功能檢測等。我們的綜合體

assays, among others. Our integrated in-vivo capabilities

內能力及體外藥理學能力可使我們為

and in-vitro pharmacology capabilities enable us to provide a

藥物開發提供完整的PoC及MoA。

complete PoC and MoA for drug development.

藥代動力學(PK)及藥效學(PD)

Pharmacokinetics (PK) & Pharmacodynamics (PD)

抗體藥物的藥代動力學深受靶點表

Antibody drug pharmacokinetics are deeply influenced by target

達（靶點介導清除）與 F c R n（新生 F c

expression (target-mediated clearance) and FcRn (neonatal

受體）表達的影響，這可以延長抗體

Fc receptor) expression, which can extend antibody half-life.

半衰期。由於人類抗體對靶點有不同

Because human antibodies have different affinities to the targets,

的親和力，而且在動物物種中表達的

and FcRn expressed in animal species differ from that expressed

FcRn與在人類中表達的不同，源於動

in human, the PK profile of human antibodies from animals may

物的人類抗體的PK參數可能並不適用

not be translatable to human. Our humanized mice could express

人類。我們的人源化小鼠能夠表達人

human therapeutic targets, and FcRn humanized mice enable

類治療靶點，FcRn人源化小鼠則能更

more translatable evaluation of human antibody PK in mice,

直觀地評估小鼠中的人類抗體PK，從

which could help to address these issues. Due to the growing

而能夠協助解決該等問題。由於非人

limited availability of non-human primates, humanized mice may

靈長類動物的供應越來越有限，人源

have increased value in non-clinical PK and toxicity studies for

化小鼠可能在生物製劑藥物開發的非

biologic drug development.

臨床PK及毒性研究中具有越來越大的
價值。

20

通過使用靶點人源化小鼠及FcRn人源

Utilizing target humanized mice and FcRn humanized mice,

化小鼠，我們建立了完善的PK/PD服

we have established a comprehensive PK/PD service platform

務平台，能夠進行一系列PK/PD研究

in which we perform a series of PK/PD studies to characterize

以表徵藥物暴露、預測劑量要求、了

drug exposure, predict dosage requirements, understand

解濃度效應關係、建立安全邊際和功

concentration-effect relationships, establish safety margins and

效特徵及開發藥物的產品概況，以支

efficacy characteristics, and develop the drug’s product profile

持藥物開發及臨床試驗。PK/PD評估

to support drug development and clinical trials. The PK/PD

亦由我們的體外能力支撐。此外，基

evaluation is also supported by our in-vitro capabilities. Also,

於細胞的檢測包括抗體依賴細胞介導

cell-based assays including antibody-dependent cell-mediated

的細胞毒性作用 (ADCC) 及補體依賴

cytotoxicity (ADCC) and Complement-dependent cytotoxicity

性細胞毒性反應(CDC)，由體外PD評

(CDC) assist with in-vitro PD evaluation and identification of the

估及MoA識別協助。

MoA.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

小動物毒理學和安全性研究

Small Animal Toxicology and Safety Study

人源化小鼠可以在候選藥物的毒理學

Humanized mice can provide favorite translatable results in the

和安全性評估中提供正面的可轉化結

toxicology and safety evaluation of drug candidates and are

果，並得到FDA的推薦。我們使用人

recommended by the FDA. We have established toxicology and

源化小鼠和高度免疫缺陷的B-NDG小

safety evaluation platforms using our humanized mice and highly

鼠建立了毒理學和安全性評估平台。

immune deficient B-NDG mice. Our comprehensive toxicology

我們全面的毒理學和安全性讀數包括

and safety readouts include blood biochemistry liver and renal

血液生化肝腎功能評估、組織病理學

function evaluation, histopathology evaluation, Cytokine Release

評估、細胞因子釋放綜合徵 (CRS) 評

Syndrome (CRS) evaluation, Adenosine Deaminase (ADA) test

估、抗藥抗體(ADA)測試等，均是目

and more, which are the common side effect tests for current

前免疫療法常見的副作用測試。相信

immunotherapy. We believe our pre-clinical toxicology and

我們的臨床前毒理學和安全性評估為

safety evaluation provides very predictive data to support drug

候選藥物評估提供了預測性很強的數

candidate evaluation and may guide the design of clinical

據支持，並可作為臨床研究設計的指

studies.

引。
基因編輯

Gene-Editing

我們的基因編輯技術為抗體研發平台

Our gene-editing technology lays a solid foundation for our

奠定堅實基礎。運用我們先進的基因

antibody discovery and development platforms. Leveraging

編輯技術，我們已提出了千鼠萬抗計

our advanced gene-editing technologies, we have launched

劃，開發了轉基因RenMice平台，並

Project Integrum, developed transgenic RenMice platforms and

且設立了全面的抗體發現及模式動物

created a comprehensive set of antibody discovery and animal

平台。基因編輯是對生物體DNA片段

model platform. Gene-editing is a technique for making specific

進行特定修飾的技術，通常用於實現

modifications to segments of an organism’s DNA, which is

特定DNA片段的添加及刪除、特定鹼

usually used to achieve modifications such as the addition and

基的刪除及替換等修飾。基因編輯可

deletion of specific DNA segments, deletions and substitutions

對生物體的基因組進行永久性改變，

of specific bases. Gene-editing can make permanent changes

而該等改變可在整個身體或特定組織

in the genome of an organism, and these changes can take

中發生。通過基因編輯技術獲得的動

place throughout the body or in specific tissues. Models such

物或細胞系等模型可模擬人類的特定

as animals or cell lines obtained by gene-editing technology

生理、病理及細胞特徵，故在研究基

can simulate specific physiological, pathological and cellular

因功能、闡明生物的遺傳進化、疾病

characteristics of humans, and thus play an important role in

發生的分子機制及提供治療疾病藥物

studying the functions of genes, elucidating the genetic evolution

相關評價等方面發揮重要作用。

of organisms, the molecular mechanisms of disease occurrence
and providing relevant evaluation of drugs for disease treatment.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

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管理層討論與分析
Management Discussion and Analysis

在基因編輯定制服務領域，我們將重

In the area of gene-editing customized services, we have shifted

心轉移至海外製藥公司客戶，重點服

the focus to overseas pharmaceutical company customers

務於內部研發創新，提升基因編輯業

and emphasized to serve internal R&D and innovations so as

務線的盈利水平和價值貢獻。

to enhance the profit level and value contribution of the geneediting business line.

我們的基因編輯技術

Our Gene-Editing Technology

基因編輯技術為創新模式動物的開發

Our gene-editing technology lays the solid foundation for the

及抗體研發平台奠定了堅實基礎。運

development of innovative model animals and our antibody

用我們先進的基因編輯技術，我們已

discovery and development platforms. Leveraging our advanced

提出了千鼠萬抗計劃，開發了系列轉

gene-editing technologies, we have launched Project Integrum,

基因RenMice平台，並且設立了全面

developed a series of transgenic RenMice platforms and created

的抗體發現及模式動物平台。

a comprehensive set of antibody discovery and animal model
platform.

22

通過十多年的專注研究，我們已開

We have developed powerful gene-editing platforms, SUPCE,

發強大的基因編輯平台SUPCE、

CRISPR/EGE and ESC/HR, through more than a decade of

CRISPR/EGE及ESC/HR，是我們進

dedicated research, which serves as our driving force for

行相關技術創新的推動力。自成立以

underlying technological innovations. Since our establishment,

來，我們一直提供基於動物及細胞的

we have been providing customized gene-editing services based

定制基因編輯服務，以滿足客戶基礎

on animals as well as cells to meet the needs of basic science

科學研究及藥物開發的需求。憑藉先

research and drug development of our customers. Leveraging

進的基因編輯技術，我們為客戶完成

our advanced gene-editing technologies, we have completed

了約 5,660 個定制基因編輯項目及內

approximately 5,660 customized gene-editing projects for our

部開發了約 5,670 種基因編輯動物及

clients and self-developed approximately 5,670 gene-edited

基因編輯細胞模型產品。

animal and gene-edited cell model products.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

定制服務

Customized Services

我們主要提供基於大鼠 ╱ 小鼠及細

We mainly provide customized gene-editing services based on

胞系的定制基因編輯服務，最終產品

rat/mouse and cell lines, and the final products are animal or cell

為具有特定基因型的動物或細胞系模

line models with specific genotypes, genotype detection reports

型、基因型檢測報告及項目結束報

and project closure reports. In addition, we also provide a series

告。此外，我們亦提供sgRNA質粒構

of gene-editing experimental services such as sgRNA plasmid

建及sgRNA活性檢測等一系列基因編

construction and sgRNA activity detection:

輯實驗服務：
•

基於動物的基因編輯服務。我

•

Animal-based Gene-Editing Services. We are mainly

們主要從事大鼠 ╱ 小鼠的定制

engaged in customized gene-editing services for rat/

基因編輯服務。小鼠易操作，

mouse. Mice are easy to handle, have a short life cycle,

生命週期短，繁殖能力強，且具

high reproductive capacity, and have similar genomic and

有與人類相似的基因組和生理特

physiological characteristics to humans, thus are often used

徵，因此常被用作研究人類基因

as animals of choice for studying human gene function and

功能和疾病機制的首選動物。小

disease mechanisms. Mice are also the most intensively

鼠亦是基因組學、轉錄組學、蛋

studied animal for genomics, transcriptomics, proteomics

白質組學及遺傳表型研究最廣泛

and genetic phenotyping. Rats have a higher similarity to

的動物。與小鼠相比，大鼠在神

humans in terms of nervous system compared to mice and

經系統方面與人類有更高的相似

are often used as pharmacodynamic models in related

性，常被用作相關領域的藥效學

fields. We provide customized gene-editing services for

模型。我們使用成熟穩定的基於

rat/mouse using mature and stable ESC/HR-based and

ESC/HR和基於CRISPR/EGE的

CRISPR/EGE-based gene-editing technologies. We perform

基因編輯技術提供定制大鼠 ╱

gene-editing modification based on several rat/mouse

小鼠基因編輯服務。我們根據幾

strains. The mouse strains for which gene-editing services

種大鼠 ╱ 小鼠品系進行基因編

are provided mainly include C57BL/6, BALB/c, DBA2 and

輯修飾。提供基因編輯服務的

NOD-scid, and the rat strains mainly include Sprague

小鼠品系主要包括 C57BL/6、

Dawley and Wistar.

BALB/c、DBA2和NOD-scid，
大鼠品系主要包括Sprague
Dawley及Wistar。
•

基於細胞系的基因編輯服務。相

•

Cell Line Based Gene-Editing Services. Compared with

較於基因編輯模式動物，細胞系

gene-editing animal models, cell line models have the

模型具有方便、週期短及成本低

advantages of convenience, short cycle time and low cost.

的優點。穩定細胞系在基因功能

Stable cell lines play an important role in gene function

研究、重組蛋白製備、藥物篩選

research, recombinant protein preparation, drug screening

及靶點驗證、腫瘤治療等研究中

and target validation, tumor therapy and other research.

發揮重要作用。我們使用基於

We provide a variety of cell line gene-editing services

ESC/HR和基於CRISPR/EGE的

using ESC/HR-based and CRISPR/EGE-based gene-editing

基因編輯技術提供各種細胞系基

technologies.

因編輯服務。
•

基因編輯實驗服務。我們提供基

•

Gene-Editing Experimental Services. We provide

於大鼠、小鼠及細胞系的定制基

customized gene-editing services based on rats and mice

因編輯服務以及配套實驗服務。

as well as cell lines along with supporting experimental
services.
百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

23

管理層討論與分析
Management Discussion and Analysis

基於多年的潛心研究和技術積累，我

We have mastered ESC/HR-based gene-editing technology and

們已掌握基於 ESC/HR 的基因編輯技

CRISPR/EGE-based gene-editing technology based on our years

術和基於CRISPR/EGE的基因編輯技

of dedicated research and technical accumulation.

術。

生成豐富全人源抗體庫的RenMice平

RenMice platforms for generation of a diverse repertoire of fully

台

human antibodies

與常見其他基因編輯技術使用質粒一

Compared with other common gene-editing technologies that

次僅可編輯少於30,000 個鹼基的基

can only edit gene fragments less than 30,000 bases at a time

因片段相比，我們的專有內部開發的

using plasmid, our proprietary in-house developed SUPCE

SUPCE技術可實現百萬鹼基規模的染

technology allows for megabase-scale chromosomal editing,

色體編輯，且具有高穩定性及可重複

with high stability and reproducibility. Our SUPCE technology is

性。SUPCE技術被應用該技術成功開

well validated by our RenMice platforms, which was successfully

發的RenMice平台充分驗證。我們在

developed applying this technology. We achieved full length

RenMice中實現了多種抗體的全長原

in-situ gene replacement for diverse antibodies in RenMice and

位基因替換，並產生了保持強大免疫

produced very healthy mice retaining a strong immune system.

系統的非常健康的小鼠。
我們開發了RenMice平台，生成豐富

We have developed RenMice platforms to generate a diverse

的全人源單克隆抗體庫及雙特異性抗

repertoire of fully human monoclonal antibodies and bi-specific

體庫。我們的RenMice平台由幾種

antibodies. Our RenMice platforms consists of several different

不同的具全人源免疫球蛋白可變區的

chromosome engineered mice with fully human immunoglobulin

染色體工程小鼠組成，以替代對應小

variable domains replacing mouse counterparts, namely

鼠，即全人源抗體小鼠RenMab、全

RenMab, a fully human antibody mouse, RenLite, a fully human

人源通用輕鏈小鼠 RenLite 及全人源

common light chain mouse and RenNano, a fully human heavy

重鏈小鼠RenNano。基於RenMab，

chain only mouse. Based on RenMab, we have developed a

我們開發了全新類 RenTCRm 技術平

new RenT Cell Receptor-Mimic (RenTCRm) technology platform

台，用於針對細胞內靶點的抗體藥物

for drug development of antibodies against intracellular targets

開發，並開發用於發現針對GPCR 及

and developed a new GPCR antibody technology platform for

其他具有挑戰性靶點的治療性抗體的

the discovery of therapeutic antibodies against GPCR and other

新GPCR抗體技術平台。

challenging targets.

我們的RenMice平台競爭力很強，這

Our RenMice platforms are competitive and validated through

一點體現於對外的授權。截至2026年

external licenses. As of June 30, 2026, we reached license

6 月 30 日，我們已與數十家知名的跨

and trial collaboration agreements with dozens of well-known

國製藥公司及領先的製藥公司（例如

multinational pharmaceutical companies and leading

德國默克集團、強生集團、Xencor、

pharmaceutical companies such as Merck KGaA, Darmstadt,

百濟神州及信達生物製藥）達成授權

Germany, Johnson & Johnson, Xencor, BeiGene and Innovent,

及試驗合作協議，該等公司均為我們

all of which are independent third parties of us. The licensing of

的獨立第三方。RenMice技術平台的

the RenMice technology platform will allow us to receive upfront

授權將使我們能夠獲得首付款、里程

payments, milestone payments and royalties.

碑付款和銷售分成。

24

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

RenMab

RenMab

我們的RenMab平台使用RenMab小

Our RenMab platform uses RenMab mice for the discovery and

鼠發現及生成全人源單克隆抗體。我

generation of fully human monoclonal antibodies. Our in-house

們自主開發的RenMab小鼠是全人源

developed RenMab mice are transgenic mice with full human

重鏈可變區和kappa輕鏈可變區原位

heavy chain variable region and kappa light chain variable

置換的轉基因小鼠。RenMab 小鼠攜

region replacement in-situ. RenMab mice carry the full human

帶全人源免疫球蛋白可變區庫，具有

immunoglobulin variable region repertoire, which have an intact

完整的免疫系統，即使經過基因編輯

immune system and are healthy even after gene-editing.

仍非常健康。
我們的自主百萬鹼基級基因編輯技術

This proprietary, megabase-scale gene-editing technology

可實現整體小鼠免疫球蛋白重鏈及

enables the efficient replacement of the entire murine

kappa輕鏈可變區（包括遠端Vk）與對

immunoglobulin heavy chain and kappa light chain variable

應人類免疫球蛋白可變區的有效原位

domains (including distal Vk) with the corresponding human

置換。因此，RenMab 小鼠健康如一

immunoglobulin variable domains in-situ. Thus, our RenMab

般野鼠，非常適合進行藥物靶點基因

mice are as healthy as regular wild-type mice, and well suited to

敲除。基因敲除小鼠是千鼠萬抗的重

knock out drug target genes. The knockout mice are an essential

要組成部分。

building block of our Project Integrum.

通過全人源重鏈及輕鏈可變區，

With the full human heavy and light chain variable regions,

RenMab小鼠能夠產生豐富的抗體

RenMab mice are able to produce a diverse repertoire of

庫，我們繼而可在先導抗體篩選過程

antibodies. This then allows us to optimize and select antibodies

中優化和選擇具有最佳特異性和親和

with the best specificity and affinity at subnanomolar ranges in

力的亞納摩爾級抗體。

the lead antibody screening process.

RenMab平台獨立自主研發的關鍵技

The independently self-developed key technology of RenMab

術已於2023年獲得中國專利及美國專

platform has been granted a Chinese patent and a USA patent

利，於2025年獲得日本專利。有關詳

in 2023, and a Japanese patent in 2025. For details, please refer

情，請參閱本公司日期為2023 年7 月

to the announcements of the Company dated July 11, 2023,

11日、2023年12月5日及2025年6月

December 5, 2023 and June 5, 2025.

5日的公告。

RenLite

RenLite

我們的RenLite平台使用RenLite小鼠

Our RenLite platform uses RenLite mice to produce diverse

生成多種親和力高的雙特異性抗體及

bi-specific antibodies with high affinity and to generate

雙特異性 ADC。RenLite 小鼠的小鼠

bi-specific ADCs. In our RenLite mice, the mouse heavy chain

重鏈抗體基因可變區已由全人源重鏈

antibody gene variable region is replaced with full human heavy

可變區原位置換，產生類似人類的多

chain variable region in-situ resulting in diversified heavy chain

樣化重鏈庫。相反，kappa鏈可變區

repertoire similar to that of humans. In contrast, the kappa chain

則被單一固定人類共同kappa輕鏈置

variable domain has been replaced by a single fixed human

換。該單一人類共同kappa鏈的存在

common kappa light chain. Presence of the single human

確保完美解決雙特異性抗體平台經常

common kappa chain ensures light chain complementarity to

出現的輕鏈與重鏈錯配問題的輕鏈互

seamlessly resolve the light chain and heavy chain mismatch

補性，從而大幅降低CMC流程開發的

issues often seen in bi-specific antibody platforms, thereby

難度。

greatly reducing the difficulty of CMC process development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

25

管理層討論與分析
Management Discussion and Analysis

除雙特異性抗體外，我們的RenLite小

In addition to bi-specific antibodies, our RenLite mice are able to

鼠還能為雙特異性ADC生成抗體。我

generate antibodies for bi-specific ADCs. Our bi-specific ADCs

們的雙特異性ADC可有效針對兩種腫

can be used to effectively target two tumor-associated antigens

瘤抗原，準確輸送藥量至腫瘤細胞，

and deliver the payload specifically to tumor cells, overcoming

克服傳統ADC藥物的非腫瘤細胞毒

the non-tumor cytotoxicity of traditional ADC drugs. YH013 is a

性。YH013是Renlite平台產生的雙抗

bi-specific antibody ADC molecule generated by Renlite platform.

ADC分子。
RenLite 平台獨立開發的關鍵技術已

The independently self-developed key technology of RenLite

於2024年獲得美國專利授權。有關詳

platform has been granted a USA patent in 2024. For details,

情，請參閱日期為2024年6月21日的

please refer to the announcement dated June 21, 2024.

公告。

RenNano

RenNano

我們的RenNano平台在RenMab小鼠

Our RenNano platform uses RenNano mice to produce heavy

的基礎上進一步對抗體重鏈恆定區進

chain antibodies on the basis of RenMab mice with further

行改造，利用RenNano小鼠生產重鏈

modification on antibody heavy chain constant region. Compared

抗體。與世界上為數不多的其他納米

to few other nano-antibody models in the world, our RenNano

抗體模型相 比 ， 我 們 的 R e n N a n o 小

mice carry the complete human antibody heavy chain variable

鼠攜有原位替換的完整的人類抗體重

region gene in an in-situ swap, producing a fully human

鏈可變區基因，其產生的全人源單鏈

single chain antibody fragment sequence that can be used

抗體片段序列無需再經過體外人源化

for drug development without further in-vitro humanization,

改造便可用於藥物開發，節省了大量

saving significant time and expense, and reducing the risk of

時間和費用，並降低了後續開發的風

subsequent development. Based on the rapid reproductive

險。基於小鼠的快速繁殖能力以及成

capacity of mice and the proven technology for preparing

熟的鼠單抗製備技術，與羊駝等其它

mice monoclonal antibody, RenNano mice can be used for

單鏈抗體片段動物相比，RenNano小

high-throughput development of fully human heavy chain

鼠可以用來進行規模化高通量全人源

antibodies at scale compared to other single chain antibody

重鏈抗體的開發。用多種不同抗原免

fragment animals such as alpacas. Immunization of RenNano

疫的RenNano小鼠後，可獲得互補決

mice with a variety of different antigens resulted in heavy chain

定區3(CDR3)序列多樣、識別表位豐

antibodies with diverse complementarity determining region 3

富的重鏈抗體。這些抗體結合抗原不

(CDR3) sequences and abundant recognition epitopes. These

依賴輕鏈，並且具有nM級別的高親和

antibodies bind antigen independent of the light chain and have

力。實驗表明，RenNano來源的抗體

a high affinity at the nM level. Experiments have shown that

在體內外具有良好的生物學功能。由

antibodies derived from RenNano have good biological functions

於其結構簡單、無需配對，所以適合

in-vitro and in-vivo. Due to its simple structure and no pairing,

模塊化組裝，易於構建雙抗、多抗及

it is suitable for modular assembly, and even more so, for the

CAR-T等藥物形成新形式。

construction of more innovative drug-forming forms such as dual
antibodies, multibodies and CAR-T.

26

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

RenTCRm平台

RenTCRm Platform

RenTCRm平台（「RenTCRm平台」）

RenTCRm platform (the “RenTCRm Platform”) is heavily

基於RenMice進行深度改造，成為

modified based on RenMice to become HLA/RenMab to produce

HLA/RenMab，以產生全人源抗體，

fully human antibodies that accurately recognize intracellular

精準識別細胞內MAP表位並產生針

MAP epitopes and produce antibodies against intracellular

對細胞內抗原的抗體。HLA/RenMab

antigens. HLA/RenMab is designed to break through the

旨在突破主要針對細胞膜表面抗原

limitations of traditional antibody therapy that mainly targets

（如 P D -1 及 P D - L1）或可溶性抗原的

cell membrane surface antigens, such as PD-1 and PD-L1, or

傳統抗體治療局限，而識別腫瘤抗原

soluble antigens, as well as the immune escape of tumor cells

TCR的抗體對相應抗原的親和力通常

caused by the usually low affinity of antibodies that recognize

很低，造成了腫瘤細胞的免疫逃逸。

the TCR of tumor antigens for the corresponding antigens. The

RenTCRm 平台專注以能夠有效靶向

RenTCRm Platform focuses on screening antibodies with much

胞內抗原的抗體替代TCR，從而篩選

higher affinity and specificity than TCR by replacing them with

出親和力和特異性遠高於TCR的抗

antibodies that can effectively target intracellular antigens.

體。基於HLA/RenMab小鼠的優勢，

Based on the advantages of HLA/RenMab mice, we can obtain

我們可以一步到位獲得識別MAP表

fully human antibodies that recognize MAP epitopes and produce

位並產生針對細胞內抗原的全人源抗

antibodies against intracellular antigens in one step, while

體，同時確保體內的親和力成熟，並

ensuring in-vivo affinity maturation and screening of antibodies

篩選出親和力和特異性優於TCR的抗

with better affinity and specificity than TCR.

體。
RenTCRm 平台獲得的全人源抗體序

The fully human antibody sequences obtained from the

列為後續的抗體相關藥物、CAR-T等

RenTCRm Platform provide more candidates for subsequent

領域提供更多候選物。為靶向清除特

antibody-related drugs, CAR-T and other fields. It provides

定的異常細胞如腫瘤細胞、感染細胞

additional intracellular targeting options for targeted removal

和衰老細胞提供更多的胞內靶點選

of specific abnormal cells such as tumor cells, infected cells,

擇。此外，也可以為自免疾病受到攻

and senescent cells. In addition, TCR-like blocking antibodies

擊的特定細胞篩選類TCR的阻斷抗

can also be screened for specific cells that are attacked by

體，避免對正常組織造成傷害。

self-exempt diseases to avoid damage to normal tissues.

GPCR平台

GPCR Platform

G P C R 平 台（「 G P C R 平 台 」）乃 基 於

GPCR platform (the “GPCR Platform”) is developed based

RenMice開發。GPCR（G蛋白偶聯受

on RenMice. GPCR (G protein-coupled receptor) is the

體）是人類基因中最豐富的膜蛋白。

most abundant membrane protein in the human genome. Its

其主要功能是將細胞外信息傳輸到

primary function is to transmit extracellular information into

細胞中，引起各種細胞反應。許多

the cell, causing various cellular responses. Many GPCR and

GPCR 及跨膜蛋白為潛在藥物靶點。

transmembrane proteins are potential drug targets. However,

然而，其細胞外結構域較小，不可能

they have small extracellular domains and are not soluble, which

溶解，使其難以通過傳統方法獲得抗

makes it difficult to obtain antibodies by traditional methods. Our

體。我們的 GPCR 抗體發現平台可解

GPCR antibody discovery platform can address these difficulties.

決該等困難。該平台通過DNA免疫及

The platform immunizes antigens with native conformation and

其他方法將抗原與原生構象免疫結合

enhanced immunogenicity by DNA immunization and other

並增強免疫原性。此外，通過利用靶

methods. In addition, by utilizing target knock-out RenMice

點敲除RenMice (RenMice KO)，該

(RenMice KO), the platform generates fully human antibodies

平台產生具有高度多樣性的全人源抗

with great diversity to increase the screening success rate.

體，以提高篩選成功率。
百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

27

管理層討論與分析
Management Discussion and Analysis

為培養高素質人才儲備並確保提供專

To cultivate a high-quality talent pool and ensure delivery of

業服務，我們已建立現場培訓計劃提

professional services, we have developed on-site training

供有關各種尖端科學和技術主題的培

programs that provide training courses on a variety of

訓課程，以及跟蹤、評估和報告各員

cutting-edge scientific and technical topics, as well as tracking,

工的培訓進度。

evaluating and reporting each employee’s training progress.

截至2026 年6 月30 日，本公司約有

As of June 30, 2026, the Company had approximately 545 R&D

545 名研發人員，從事千鼠萬抗以

personnel engaged in Project Integrum as well as pre-clinical

及臨床前研究服務。截至2025 年及

research services. For the six months ended June 30, 2025 and

2026 年6 月30 日止六個月，我們的研

2026, our R&D expenses were RMB209.1 million and RMB267.3

發費用分別為人民幣 209.1 百萬元及

million, respectively. The R&D expenses on the Core Products

人民幣 267.3 百萬元。截至 2026 年 6

was RMB0.03 million for the six months ended June 30, 2026,

月30 日止六個月，核心產品的研發費

accounting for approximately 0.01% of the R&D expenses during

用為人民幣0.03 百萬元，約佔同期研

the same period.

發費用的0.01%。
產品及產品管線

PRODUCTS AND PIPELINES

我們研發的所有藥物分子，無論是自

All the drug molecules we have developed, whether

主推進到早期臨床階段還是臨床前階

independently advanced to the early clinical stage or the

段，都以達成對外轉讓合作，由合作

pre-clinical stage, aim for external transfer collaboration,

方推進臨床研究及未來的商業化為最

with the partners advancing the clinical research and future

終目的。除已經對外達成合作的藥物

commercialization. Apart from the drug molecules that

分子外，未來公司將更加聚焦於臨床

collaboration have already been reached with external partners,

前不同階段藥物分子的研發，將更多

the Company will increasingly focus on the research and

的臨床前藥物分子與合作方達成合

development of drug molecules at various pre-clinical stages in

作。所有候選藥物均通過我們的自有

the future, so as to establish more collaborations with partners

抗體發現平台發現。截至2026 年6 月

on pre-clinical drug molecules. All of our drug candidates were

30 日，我們的 5 個候選藥物已經全部

discovered through our own antibody discovery platforms. As
of June 30, 2026, all of our five drug candidates have been outlicensed, three of which are at the clinical stage.

下圖概述截至本報告日期我們的產品

The following chart summarizes our pipeline and the development

管線及各候選藥物的開發狀態：

status of each drug candidate as of the date of this report:

臨床前階段藥物
Pre-clinical-stage
Drug Candidates

臨床階段候選藥物
Clinical -stage Drug
Candidates

達成對外授權，其中 3 個處於臨床階
段。

在研項目
Candidate

靶點
Target

適應症
Indication

YH001

CTLA-4

腫瘤
Tumor

Syncromune, Inc.

YH003

CD40

腫瘤
Tumor

Syncromune, Inc.

YH013

EGFR x MET雙抗ADC
EGFR x MET BsADC

腫瘤
Tumor

多瑪醫藥
Doma Pharmaceutical

YH016

未公開
Undisclosed

腫瘤
Tumor

Gilead Sciences

YH017

未公開
Undisclosed

免疫疾病
Immune
Disease

Neurocrine Biosciences

核心產品
Core Product

28

臨床前
Pre-clinical

已授權轉讓╱合作開發的藥物
Out-licensing/Co-development

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

IND

I期
Phase I

II期
Phase II

非腫瘤管線
Non-oncology

III期
Phase III

合作方
Partner

腫瘤管線
Oncology

管理層討論與分析
Management Discussion and Analysis

Notes:

註：
1

我們授予 S y n c r o m u n e 將 Y H001、

1

We granted Syncromune an exclusive license to use YH001, YH002

YH002 和 YH003 作為活性化合物，

and YH003 as active compounds to develop intratumoral injection

通過使用Syncrovax TM 技術在全球範

products globally using SyncrovaxTM technology, and we are entitled

圍內開發瘤內注射產品的獨家許可，

to receive upfront payments, milestone payments and royalties on

我們有權獲得首付款、里程碑付款和

net sales.

淨銷售額分成。
2

3

4

我們與多瑪醫藥就YH013雙特異性抗

2

We and Doma Biopharmaceutical have reached an exclusive clinical

體達成在全球臨床開發及商業化獨家

development and commercialization agreement for the YH013

授權協定，有權獲得首付款、里程碑

bispecific antibody, with the right to receive upfront payments,

付款和淨銷售額分成等權益。

milestone payments, royalties on net sales and other interest.

YH016和YH017我們已分別與

3

In respect of YH016 and YH017, we have reached agreements

Gilead Sciences和Neurocrine

with Gilead Sciences and Neurocrine Biosciences respectively on

Biosciences達成轉讓或授權合作。

transfer or licensing cooperation.

縮寫含義如下：

4

Full term of each abbreviation used:

CD40：細胞分化簇40

CD40: Cluster of Differentiation 40

CTLA-4：細胞毒性T淋巴細胞相關蛋

CTLA-4: Cytotoxic T-Lymphocyte-Associated protein 4

白4
PD-1：程序性死亡受體-1

PD-1: Programmed Death-1

ADC：抗體藥物偶聯物

ADC: Antibody Drug Conjugate

CMC：化學製程與質量控制

CMC: Chemistry, Manufacturing, and Controls

MRCT：多區域臨床試驗

MRCT: Multi-regional Clinical Trial(s)

EGFR：表皮生長因數受體

EGFR: Epidermal growth factor receptor

MET：間質 － 上皮細胞轉化因數

MET: MET proto-oncogene

我們的核心產品

Our Core Products

YH001及YH003

YH001 and YH003

YH001和YH003是我們的核心產品。

Y H001 a n d Y H003 a r e o u r C o r e P r o d u c t s . Y H001 i s a

YH001為重組人源化抗CTLA-4 IgG1

recombinant humanized anti-CTLA-4 IgG1 monoclonal antibody.

單克隆抗體。YH003 為一種重組人源

YH003 is a recombinant, humanized agonistic anti-CD40 IgG2

化激動性抗CD40IgG2單克隆抗體。

monoclonal antibody.

我們已在澳大利亞和中國完成YH001

We completed Phase I clinical trials of YH001 in patients with

治療晚期實體瘤患者的I期臨床試驗。

advanced solid tumors in Australia and China. Data from the

I期臨床試驗的數據顯示出YH001良好

Phase I clinical trial showed a favorable safety and efficacy

的安全性和療效特徵。

profile of YH001.

我們已完成YH003 在美國、中國大

We completed the Phase II MRCT clinical study of YH003 in

陸、澳大利亞等地對胰腺導管腺癌

patients with pancreatic duct adenocarcinoma (PDAC) in the

(PDAC)患者進行的II期MRCT臨床研

USA, Chinese Mainland, Australia and other regions. During the

究。在該項研究中，YH003 聯合特瑞

study, YH003 in combination with toripalimab, with or without

普利單抗伴或不伴化療安全性及耐受

chemotherapy, demonstrated good safety and tolerability and

性良好，且取得不錯的臨床療效。

achieved promising clinical efficacy.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

29

管理層討論與分析
Management Discussion and Analysis

YH001、YH002及YH003－ 與

YH001, YH002 and YH003 – Collaboration with Syncromune

Syncromune合作
於2022年，我們與Syncromune, Inc.

In 2022, we entered into a license agreement with Syncromune,

（「Syncromune」）簽訂授權協議。

Inc. (“Syncromune”). Syncromune will acquire an intratumoral

Syncromune將獲得由YH002 和其他

immunotherapy consisting of YH002 and other active ingredients.

活性成分組成的瘤內免疫療法。其

It has subsequently been agreed that YH001 and YH003 are also

後，各方同意將YH001及YH003作為

included in the scope of the collaboration as selected active

選定的活性成分納入合作範圍。根據

ingredients. Under the agreement, we are entitled to receive an

協議，我們有權獲得首付款及潛在的

upfront payment and potential milestone payments.

里程碑付款。
我們最終未必能成功開發及推廣

WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND

YH001及YH003。

MARKET YH001 AND YH003 SUCCESSFULLY.

YH013

YH013

YH013 是一種使用我們的 RenLite 平

YH013 is a first-in-class fully human anti-EGFR/MET BsADC

台開發的首創全人源類抗EGFR/MET

developed using our RenLite platform. Based on YH013, we

雙特異性ADC。我們基於YH013與多

entered into a license agreement with Doma. Under the terms

瑪訂立授權協議。根據協議條款，我

of the agreement, we are entitled to receive upfront payments,

們有權獲得首付款、里程碑付款以及

milestone payments, as well as royalties on net sales and other

淨銷售額分成等權益。該分子目前處

interests. The molecule is currently in Phase II clinical study

於 II 期臨床研究階段，臨床研究進展

stage, with clinical study progressing smoothly.

順利。

30

我們最終未必能成功開發及推廣

WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND

YH013。

MARKET YH013 SUCCESSFULLY.

YH016及YH017

YH016 and YH017

YH016和YH017是利用RenMice平台

YH016 and YH017 are novel fully human monoclonal antibody

開發的新型全人源單株抗體分子。

drugs discovered with the RenMice platforms.

目前，我們已經與不同的合作夥伴就

Currently, we have entered into option and licensing agreements

YH016 及YH017 達成選擇及授權協

with different partners for YH016 and YH017. Under the terms

議。根據協議條款，合作方行使選擇

of these agreements, upon the exercise of the option by the

權後，我們將有權獲得擇權費用、授

partners, we will be entitled to receive option fees, licensing fees,

權費用、開發及商業化里程碑付款以

development and commercialization milestone payments, as well

及個位數淨銷售額分成。

as single-digit royalties on net sales.

我們最終未必能成功開發及推廣

WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND

YH016及YH017。

MARKET YH016 AND YH017 SUCCESSFULLY.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

營銷及業務開發

MARKETING AND BUSINESS DEVELOPMENT

我們通過營銷和業務開發團隊的努力及客

We procure business through the efforts of our marketing and

戶推薦獲得業務。我們的營銷和業務開發

business development teams and customer referrals. Our marketing

團隊致力於提高我們的品牌知名度、擴大

and business development team is dedicated to increasing our brand

我們的全球客戶群並加強我們與現有客戶

awareness, expanding our global customer base and strengthening

的關係以獲取更多商機。本公司建立了覆

our relationships with existing customers to drive more business

蓋亞太、北美以及歐洲地區的銷售體系。

opportunities. The Company has established a sales system covering

一方面，不斷夯實國內業務領先優勢，保

Asia-Pacific, North America and Europe. On the one hand, the

持穩步健康增長；另一方面，持續拓展海

Company continues to consolidate the leading edge of its domestic

外市場，保持海外銷售收入快速增長。

business and maintains steady and healthy growth; on the other
hand, it continues to expand its overseas markets and maintains rapid
growth in overseas sales revenue.

市場策略上，我們繼續積極開拓海外市

In terms of market strategy, we continue to actively develop overseas

場，帶動海外收入的快速增長。通過加大

markets to drive the rapid growth of overseas revenue. By increasing

宣傳，塑造本公司專業生物技術公司的形

publicity, we have shaped the image of our Company as a professional

象，擴大在行業內的認知度；按照不同業

biotechnology company and expanded our recognition in the industry;

務線，不同客戶類型等對銷售團隊進行擴

we have expanded and adjusted our sales team according to

充和調整，增加新覆蓋區域，強化對客戶

different business lines and types of customers, added new coverage

需求的快速響應；擴大本公司在波士頓的

areas, and strengthened our quick response to customers’ needs;

研發生產設施，並擴充波士頓附屬公司研

we have expanded the Company’s R&D and production facilities in

發生產團隊，能夠更好的為美國藥企客戶

Boston and expanded the R&D and production teams of our Boston

提供本地化的服務。本公司CRO相關臨床

subsidiaries, so that we can better provide localized services to our

前業務收入持續保持以較高的毛利水平快

USA pharmaceutical customers. We achieved income from pre-clinical

速增長，並與全部海外前十大製藥公司保

business related to CRO of the Company continues to maintain rapid

持長期業務合作。

growth and a relatively high gross profit level, and we keep long-term
business cooperation with all top ten overseas pharmaceutical
companies.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

31

管理層討論與分析
Management Discussion and Analysis

自2022 年起，本公司對北美及歐洲銷售網

Since 2022, the Company has optimized and upgraded its North

絡進行了優化升級。於2022 年，我們於德

American and European sales network. In the year of 2022, we set

國海德堡設立新的附屬公司，並開始於歐

up a new subsidiary in Heidelberg, Germany, and started to have

洲各地組建銷售團隊。2023 年 5 月，本公

sales teams based all over Europe. In May 2023, the Company set

司在美國舊金山成立辦公室並正式投入運

up an office in San Francisco, USA and officially put it into operation,

營，能夠為美國西海岸的客戶提供及時的

which is able to provide timely response service for customers on

響應服務。2023年8月，本公司遷址到美國

the west coast of the USA. In August 2023, the Company relocated

波士頓新租賃的實驗室和動物房，新設施

to the newly leased laboratory and animal house in Boston, USA, and

的投入使用，能夠為本公司帶來更大的業

the commissioning of the new facilities is able to bring the Company

務承載能力。2025年3月，本公司位於美國

a greater business carrying capacity. In March 2025, the Company

加州聖地亞哥的新辦公室正式開始營運。

officially commenced the operation of its new office located in San

此外，我們亦將招募更多擁有海外基地的

Diego, California, USA. In addition, we are recruiting more business

業務開發商，積極擴大當地客戶覆蓋率並

developers with abroad bases to actively expand coverage of local

開拓海外市場。2026 年，公司再次拓展美

customers and explore overseas markets. In 2026, the Company

國波士頓子公司的基礎設施，從而進一步

further expanded the infrastructure of its Boston subsidiary in the

完善覆蓋全球的研發、生產與銷售網絡，

USA, thereby further improving its global R&D, production and sales

優化區域資源配置與運營體系，進一步提

network, optimizing regional resource allocation and operational

升海外業務收入水平。

systems, and further enhancing the revenue level of its overseas
business.

基於 RenMice平台，我們的抗體發現平台

Based on the RenMice platforms, our antibody discovery platforms

繼續生成潛在抗體分子，並已在不同階段

continue to produce potential antibody molecules and have reached

與國內外製藥公司達成合作開發 ╱ 授權協

co-development/licensing agreements with domestic and foreign

議。我們的抗體開發業務自2020 年以來持

pharmaceutical companies at different stages. Our antibody

續高速增長，同時維持非常高的毛利率。

development business has continued to grow at a high rate since

我們的客戶基礎已從國內知名生物科技公

2020, while maintaining a very high gross profit margin. Our customer

司擴展至全球知名製藥公司，單個合同首

base has expanded from well-known domestic biotech companies to

付款、里程碑付款及銷售分成持續提高。

famous pharmaceutical companies around the world, and the upfront
payment, milestone payment and royalties of a single contract keep
improving.

截至2026 年6 月30 日止六個月及直至本報

For the six months ended June 30, 2026 and up to the date of this

告日期，我們並無於市場上商業化任何核

report, we had not commercialized any of our Core Products on the

心產品。我們尚未就核心產品制定任何明

market. We have not formulated any definitive pricing policy for our

確的定價政策。我們正通過與多家國內及

Core Products yet. We are accelerating the development of our clinical

海外製藥公司合作，加快臨床及臨床前產

and pre-clinical product assets by entering into collaborations with a

品資產的開發。未來，我們將繼續奉行此

number of domestic and overseas pharmaceutical companies. In the

產品開發策略，並與製藥公司進行更多合

future, we will continue to pursue this product development strategy

作，以推進及商業化我們的資產。

and enter into more collaborations with pharmaceutical companies to
advance and commercialize our assets.

32

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

研究與開發

RESEARCH AND DEVELOPMENT

我們致力於提供創新服務，以支持我們客

We are committed to providing innovative services to support our

戶在中國及世界各地的開創性和複雜的新

customers’ ground-breaking and complex new drug R&D projects in

藥研發項目。為實現該目標，我們不斷投

China and around the world. Towards this goal, we have constantly

資改進技術和提升服務能力。相關投資令

invested in improving our technologies and advancing our service

我們能夠持續站在行業最新技術趨勢的前

capabilities. Such investments have allowed us to remain at the

沿，為客戶研發新解決方案並維持我們的

forefront of the latest technology trend in our industry, develop novel

競爭地位。我們努力通過內部研發以及與

solutions for our customers and maintain our competitive position.

合作夥伴和客戶的合作進一步提高我們的

We strive to further enhance our technical capability through internal

技術能力。

research and development as well as collaboration with our partners
and customers.

生產

Manufacturing

模式動物生產

Animal Model Production

我們已建立模式動物生產中心，包括三個

We have established animal model production centers, including three

動物基地，涵蓋共約55,000 平方米的動

animal facilities encompassing a total of approximately 55,000 sq.m.

物設施。公司新建的動物房設施近期將正

animal facilities. The Company’s newly constructed animal house

式投入使用，進一步擴充產能，助力公司

facility will be officially put into operation in the near future, further

更好地承接快速增長的市場需求。憑藉大

expanding capacity and enabling the Company to better meet the

型基地，我們得以擁有廣泛的基因工程小

rapidly growing market demand. Our large facilities allow us to have a

鼠、疾病小鼠模型及大齡小動物，並具有

broad set of genetically engineered mice, disease mouse models and

顯著的成本優勢。

aged small animals with a significant cost advantage.

與CRO及CDMO的合作

Collaboration with CROs and CDMOs

CRO及CDMO（作為我們的供應商）開展及

CROs and CDMOs, as our supplier, conduct and support the research

支持我們資產產品的研發和臨床試驗，無

and development and clinical trials of our assets products, whether

論藥物資產處於我們內部項目的開發階段

the drug assets are in the development phase of our own initiative

亦或處於我們與合作夥伴達成合作之後。

or after we have reached cooperation with partners. The pre-clinical

臨床前CRO主要根據我們的研究設計並在

CROs mainly provide us with services related to pre-clinical toxicity

我們的監督下為我們提供與我們核心產品

and safety evaluations, such as animal studies, of our Core Products

臨床前毒性及安全性評估相關的服務，例

in accordance with our study design and under our supervision. We

如動物研究。我們與 CDMO 合作夥伴合作

collaborate with our CDMO partners for the manufacturing of a portion

生產我們的部分候選藥物，特別是我們的

of our drug candidates, in particular our Core Products, to supply for

核心產品，以供應用於臨床前研究及臨床

use in pre-clinical studies and clinical trials. For details, please refer

試驗。有關詳情，請參閱本報告「供應商」

to “Suppliers” and “External Business Development” in this report.

及「外部業務開發」。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

33

管理層討論與分析
Management Discussion and Analysis

質量管理

QUALITY MANAGEMENT

我們設有質量管理部門，將資源投入到產

We have a quality management department that devotes resources to

品的質量管理中。基於我們研發抗體藥物

the quality management of our products. Based on our novel idea to

的新理念，我們參照ISO9001、GMP和

develop antibody drugs, we have established our own quality control

GLP 體系建立了自己的質量控制體系。我

system with reference to the ISO9001, GMP and GLP systems. Our

們的質量控制體系非常重視我們產品和候

quality control system devotes significant attention to quality control

選產品的設計、研發、製造、測試及運輸

for the designing, R&D, manufacturing, testing and transportation

的質量控制。我們的管理團隊積極參與制

of our products and product candidates. Our management team is

定質量政策和管理內外部的質量表現。

actively involved in setting quality policies and managing our internal
and external quality performance.

截至2026 年6 月30 日，我們的質量管理部

As of June 30, 2026, our quality management department consists of

門由約 80 名員工組成。我們的質量管理團

approximately 80 employees. Our quality management team members

隊成員擁有豐富的質量管理及成功向美國

have rich experience in quality management and successful drug

FDA和國家藥監局申報藥品的經驗。

filings to the USA FDA and the NMPA.

供應商

SUPPLIERS

供應商是本集團重要的業務夥伴，供應商

Suppliers are important business partners of the Group, and the

的選擇和管理直接關係到本集團的產品質

selection and management of suppliers are directly related to the

量。因此，依靠卓越的供應鏈管理，確保

quality of the Group’s products. Therefore, relying on an excellent

供應商和產品的質量是重中之重。為了有

supply chain management to ensure the quality of our suppliers and

效規範和管理我們的供應商選擇流程，我

products is a top priority. In order to effectively standardize and

們制定了一系列政策，為供應商准入、選

manage our supplier selection process, we have formulated a series of

擇、審批、監控和評估提供制度保障，明

policies to provide a system guarantee for supplier access, selection,

確了內部採購人員的職責。

approval, monitoring, and evaluation and clarified the responsibilities
of internal procurement personnel.

在選擇供應商並與其簽訂合約之前，我們

Before selecting a supplier and signing a contract with it, we will

會進行盡職調查，以評估潛在供應商交付

conduct due diligence to evaluate the price, quality, reputation,

產品及服務的價格、質量、聲譽、能力及

ability, and technology of the potential supplier to deliver products

技術，並可能要求其發送樣品，並由專人

and services, and may request it to send samples, product trial

進行產品試用檢驗或現場調查。盡職調查

inspection or on-the-spot investigation by personnel. The due

結果經採購部審查後納入我們的合格供應

diligence results will be included in our qualified supplier database

商數據庫。我們亦要求供應商提供企業認

after being reviewed by the purchasing department. We also require

證，包括但不限於質量及 ╱ 或環境管理體

suppliers to provide corporate certifications, including but not limited

系認證，以確保符合國家及國際標準。同

to quality and/or environmental management system certifications,

時，根據供應商甄選相關政策，我們定期

to ensure compliance with national and international standards. At

對所有供應商進行評估，以驗證其質量體

the same time, in accordance with the policies related to supplier

系及服務表現的有效性，並將評估結果作

selection, we regularly conduct assessments of all suppliers to verify

為供應商評估的依據。對於無法滿足基本

the effectiveness of their quality systems and service performance,

採購要求且考核結果被淘汰的供應商，各

and the assessment results serve as the basis for supplier evaluation.

部門必須立即終止與其合作，並以表現較

For suppliers who cannot meet the basic procurement requirements

好的供應商替換。

and whose assessment results are eliminated, all departments must
immediately terminate cooperation with them and replace them with
suppliers with better performance.

34

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

於 2026 年 6 月 30 日，本集團有約 2,700 名

As at June 30, 2026, the Group had approximately 2,700 suppliers,

供應商，其中超過2,600名來自中國。截至

of which more than 2,600 were from China. As of June 30, 2026, we

2026 年6 月30 日，我們對主要供應商進行

conducted assessments for major suppliers to examine whether their

評估，以檢查其供應表現是否符合我們對

supply performance meets our requirements for quality, service and

質量、服務及價格的要求。我們的主要供

price. Our main suppliers include suppliers of materials, assets and

應商包括材料、資產及服務供應商。

services.

外部業務開發

EXTERNAL BUSINESS DEVELOPMENT

根據行業慣例，我們與CRO及CDMO合作

In line with industry practice, we collaborate with CROs and CDMOs

開 展 及 支 持 我 們 的 資 產 產 品（ 無 論 藥 物 資

to conduct and support our R&D and clinical trials of our assets

產處於我們內部項目的開發階段亦或處於

products, whether the drug assets are in the development phase of

我 們 與 合 作 夥 伴 達 成 合 作 之 後 ）的 研 發 和

our own projects or after we have reached cooperation with partners.

臨床試驗。我們的CRO合作夥伴通常是主

Our CRO partners are usually reputable multinational companies

要從事生物製藥開發、生物檢測開發、臨

that primarily engage in biopharmaceutical development, biologic

床開發、臨床試驗管理、藥物警戒及結果

assay development, clinical development, clinical trials management,

研究的信譽良好的跨國公司。CRO 通常提

pharmacovigilance and outcomes research. CROs generally provide a

供一整套服務以協助我們進行及管理臨床

comprehensive suite of services to assist us in the implementation and

試驗，包括試驗準備、源數據驗證、臨床

management of clinical trials, including trial preparation, source data

安全管理、數據管理及報告編製。我們的

verification, clinical safety management, data management and report

CDMO 合作夥伴通常是主要從事藥物開發

preparation. Our CDMO partners are usually multinational companies

及製造的跨國公司。我們與 CDMO 合作夥

that primarily engage in the development and manufacture of drugs.

伴合作生產我們的部分候選藥物，以供應

We collaborate with our CDMO partners for the manufacturing of a

用於臨床前研究及臨床試驗。

portion of our drug candidates, to supply for use in pre-clinical studies
and clinical trials.

截至2026 年6 月30 日止六個月，我們未因

For the six months ended June 30, 2026, we did not incur any

核心產品的研發而產生任何CRO和CDMO

expenses for CROs and CDMOs attribute to the R&D of our Core

費用。我們挑選CRO及CDMO時基於各項

Products. We select CROs and CDMOs based on various factors,

因素，例如學歷、行業聲譽、對相關監管

such as academic qualifications, industry reputation, compliance with

機構的合規性及成本競爭力。我們密切監

relevant regulatory agencies and cost competitiveness. We closely

督相關CRO及CDMO，確保彼等表現符合

supervise these CROs and CDMOs to ensure their performance in a

我們的協議和適用法律，從而保障我們試

manner that complies with our protocols and applicable laws, which

驗和研究數據的完整性及真實性。

in turn protects the integrity and authenticity of the data from our trials
and studies.

知識產權

INTELLECTUAL PROPERTY

知識產權對我們的業務很重要。我們在開

Intellectual property rights are important to our business. We develop

展業務的過程中開發及使用多種自有方

and use a number of proprietary methodologies, analytics, systems,

法、分析、系統、技術、商業秘密、專有

technologies, trade secrets, know-how and other intellectual property

知識及其他知識產權。截至 2026 年6 月 30

during the conduct of our business. As of June 30, 2026, we had

日，我們擁有213 項授權專利及4 項軟件著

213 licensed patents and 4 software copyrights, and filed 515 patent

作權，並於 25 個國家或地區提交了 515 項

applications in 25 countries or regions. We also have 33 issued

專利申請。我們亦已就RenMice核心技術

patents and 51 filed patent applications in relation to our RenMice

以及臨床管線相關專利獲授 33 項專利，並

core technologies and other patents related to clinical pipeline.

提交51項專利申請。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

35

管理層討論與分析
Management Discussion and Analysis

未來與前景

FUTURE AND PROSPECTS

2 0 2 6 年 作 為「 十 五 五 」規 劃 開 局 之 年 ， 生

As 2026 marks the commencement year of the “15th Five-Year Plan”,

物醫藥首次定為國家新興支柱產業，國內

the biopharmaceutical industry has been designated as a national

產業政策全面向創新傾斜，持續推進產業

emerging pillar industry for the first time. Domestic industrial policies

鏈自主可控建設，加速淘汰低附加值落後

are comprehensively tilting towards innovation, continuously promoting

產能；創新藥物海外BD授權規模創歷史新

the construction of autonomous and controllable industrial chains,

高，全球市場對雙特異性抗體、ADC、納

and accelerating the elimination of backward production capacity

米抗體、核酸藥物等前沿創新藥的研發需

with low added value. The scale of overseas business development

求持續攀升。與此同時，AI 算法與自動化

(BD) out-licensing of innovative drugs has reached a record high, and

平台深度賦能藥物早期發現、生產以及後

global market demand for frontier innovative drugs such as bispecific

續工藝開發全流程，大幅縮短創新藥研發

antibodies, ADCs, nanobodies, and nucleic acid drugs continues to

週期。生物醫藥行業呈現明顯分化態勢，

climb. Meanwhile, AI algorithms and automation platforms are deeply

具備全球創新能力的生物醫藥企業同步享

empowering the entire process of early drug discovery, production,

受國內政策紅利與海外商業化收益，而缺

and subsequent process development, significantly shortening the

乏核心技術、單純依靠仿制或提供低端產

R&D cycle of innovative drugs. The biopharmaceutical industry is

品及服務的企業，其市場份額與生存空間

demonstrating a clear trend of differentiation: biopharmaceutical

則在加速出清。

enterprises with global innovation capabilities are simultaneously
enjoying domestic policy dividends and overseas commercialization
returns, while enterprises lacking core technologies and relying solely
on generics or low-end products and services are seeing their market
share and survival space rapidly cleared.

公司將持續保證在臨床前產品和服務業務

The Company will continue to ensure investment in R&D and facilities

板塊的研發與設施投入。首先，繼續深耕

for the pre-clinical products and services business segment. First, we

創新動物模型開發，聚焦靶點人源化動物

will continue to deepen the development of innovative animal models,

模型核心優勢，鞏固腫瘤與自免領域優

focusing on our core advantage in target humanized animal models,

勢，加速佈局神經退行性、代謝性疾病及

consolidating our strengths in the oncology and autoimmune fields,

小核酸、細胞治療等前沿成藥形式模型，

and accelerating the layout of models for frontier drug modalities

夯實全球高端模型領軍地位。其次，加緊

such as neurodegenerative and metabolic diseases, oligonucleotide

擴充創新動物模型的生產能力保證供應，

therapeutics, and cell therapy, thereby solidifying our position as a

年底前啟用江蘇海門動物中心新設施，快

global leader in high-end models. Second, we are stepping up the

速新增超 10 萬個籠位，並啟動海門新生產

expansion of production capacity for innovative animal models to

基地建設，保障未來2-3年模式動物供應。

ensure supply. New facilities at the Haimen animal center in Jiangsu

再次，基於創新動物模型先發優勢，積極

will be commissioned before the end of the year, rapidly adding over

拓展藥理藥效評價等服務能力，在北京大

100,000 cages, and construction of a new production base in Haimen

興及美國波士頓建設全新的藥理藥效服務

has been commenced to secure the supply of model animals for the

設施，以更高質量、更即時的服務滿足全

next 2-3 years. Third, based on the first-mover advantage of innovative

球客戶需求。

animal models, we will actively expand service capabilities such as
pharmacology and efficacy evaluation, and construct brand-new
pharmacology and efficacy service facilities in Daxing, Beijing, and
Boston, USA, to meet global customer demand with higher quality and
more immediate services.

36

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

公司將持續優化和豐富自主開發的全人抗

The Company will continue to optimize and enrich its self-developed

體小鼠RenMice平台，在此基礎上持續擴

fully human antibody mouse platform, RenMice, and further expand

充「 千 鼠 萬 抗 」計 劃 形 成 的 全 人 抗 體 序 列

the fully human antibody sequence library generated by the Project

庫，將更多優質的抗體分子序列以現貨形

Integrum on this basis to bring more high-quality antibody molecule

式推向市場，以滿足海內外創新藥企和生

sequences to the market in an off-the-shelf format, so as to meet

物科技公司對創新抗體序列分子和多元疾

the R&D needs of domestic and overseas innovative pharmaceutical

病領域的研發需求。此外，在我們有較多

companies and biotechnology companies for innovative antibody

經驗積累的腫瘤和自身免疫性疾病等優勢

sequence molecules and diverse disease areas. In our areas of

領域，我們將開發出一系列高潛力的臨床

strength such as oncology and autoimmune diseases where we

前 PCC 分子，通過對外轉讓與授權合作，

have accumulated extensive experience, we will develop a series of

獲得更高水平的首付款、里程碑付款及銷

high-potential pre-clinical PCC molecules, and secure higher levels of

售分成。

upfront payments, milestone payments, and royalties through external
transfer and licensing cooperation.

公 司 將 以「 千 鼠 萬 抗 」計 劃 形 成 的 海 量 真

Based on the vast amount of real fully human antibody sequence

實全人抗體序列分子數據為基礎，持續

molecule data generated by the Project Integrum, the Company

推 進「 A I 和 自 動 化 」與 抗 體 發 現 業 務 的 深

will continue to propel the deep integration of “AI and automation”

度融合。2026 年 5 月，公司正式發佈新一

with our antibody discovery business. In May 2026, the Company

代 AI 驅動的抗體發現平台 ——RenSuper

officially launched RenSuper Workstation, a new generation AI-driven

Workstation。該平台開創性地構建了「真

antibody discovery platform. This platform innovatively constructs a

實分子庫 + AI + 自動化智造平台」的三重

triple-drive architecture of “Real Molecule Library + AI + Automated

驅 動 架 構 ， 將 傳 統 的「 項 目 式 研 發 」徹 底

Intelligent Manufacturing Platform”, completely upgrading traditional

升級為可檢索、可篩選、可快速迭代的智

“project-based R&D” into an intelligent process that is searchable,

能流程。這將使抗體發現邁入高效、低風

screenable, and rapidly iterable. This will drive antibody discovery

險的數據驅動時代。今後，公司將以確定

into an era of high-efficiency, low-risk, and data-driven development.

性的智能化能力主導抗體發現。通過授權

Going forward, the Company will lead antibody discovery with

RenSuper Workstation，我們將賦能全球

d e t e r m i n i s t i c i n t e l l i g e n t c a p a b i l i t i e s . B y l i c e n s i n g R e n S u pe r

創新藥企，讓抗體發現更加規模化與高效

Workstation, we will empower global innovative pharmaceutical

化，顯著降低早期研發的時間成本與複雜

companies, making antibody discovery more large-scale and efficient,

度，全面加速全球創新藥物的開發進程。

significantly reducing the time cost and complexity of early R&D, and
comprehensively accelerating the development process of global
innovative drugs.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

37

管理層討論與分析
Management Discussion and Analysis

公司將持續推進全球化戰略佈局，積極拓

We will continue to advance our global strategic planning by

展海外市場，持續擴大品牌國際影響力與

actively expanding overseas markets to continuously enhance our

市場覆蓋度，充分滿足國內外客戶對創新

international brand influence and market penetration, striving to meet

優質產品及服務的需求。2026 年，公司將

the demand from domestic and overseas customers for innovative

再次拓展美國波士頓子公司的基礎設施，

and high-quality products and services. In 2026, the Company will

進一步完善全球研產銷一體化網絡，優化

once again expand the infrastructure of its subsidiary in Boston, USA,

區域資源調配與運營管理體系。依託高效

further improving its integrated global R&D, manufacturing, and sales

協同的全球化運營體系，公司將持續夯實

network, and optimizing regional resource allocation and operational

綜合競爭力、提升盈利水平，帶動整體業

management systems. Relying on a highly efficient and collaborative

務實現高質量、可持續的高速發展。

global operation system, the Company will continue to consolidate its
comprehensive competitiveness and profitability, driving the overall
business toward high-quality, sustainable, and rapid growth.

隨著公司精益化管理取得顯著成效，運營

As our lean management efforts have yielded remarkable results,

效率與成本管控能力持續提升。未來，公

operational efficiency and cost control capabilities have continued

司將進一步深化精益管理體系，優化全球

to improve. In the future, the Company will further deepen its lean

運營架構，並通過推行扁平化決策機制，

management system, optimize its global operational structure, and

持續釋放整體運營效能。同時，我們將不

implement a flat decision-making mechanism to consistently release

斷完善覆蓋研發、生產與服務的全鏈條質

overall operational performance. Concurrently, we will continue to

量管理體系，嚴守全球一流的質量合規標

improve our full-chain quality management system covering R&D,

準。百奧賽圖將持續為全球客戶提供高質

manufacturing, and services, upholding global top-tier quality and

量的產品和服務，致力於成為全球新藥發

compliance standards. Biocytogen will continue to provide high-quality

源地。

products and services to customers worldwide, committed to
becoming a global headstream of new drugs.

38

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

II. 財務回顧

II. FINANCIAL REVIEW

概覽

Overview

以下討論乃基於本報告所載的財務資

The following discussion is based on, and should be read in

料及附註，並應與該等資料一併閱讀。

conjunction with, the financial information and the notes included
elsewhere in this report.
截至2026年

收益

截至2025年

6月30日

6月30日

止六個月

止六個月

Six months

Six months

ended June 30,

ended June 30,

2026

2025

（未經審核）

（未經審核）

(unaudited)

(unaudited)

人民幣千元

人民幣千元

RMB’ 000

RMB’000

Revenue

941,389

620,963

銷售成本

Cost of sales

(194,899)

(159,014)

毛利

Gross profit

746,490

461,949

其他收益及虧損淨額

Other gains and losses, net

(6,432)

8,512

生物資產公允價值變動淨額

Net change in fair value of

銷售及營銷開支

Selling and marketing expenses

biological assets

41,572

20,796

(76,165)

(58,515)

一般及行政開支

General and administrative expenses

(133,044)

(116,231)

研發開支

Research and development expenses

(267,338)

(209,109)

除稅前盈利

Profit before taxation

248,569

59,620

期內盈利

Profit for the period

241,094

47,999

期內其他全面收入（扣除稅項）

Other comprehensive income
(1,025)

(38)

240,069

47,961

for the period (after tax)
期內全面收入總額

Total comprehensive income
for the period

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

39

管理層討論與分析
Management Discussion and Analysis

收益

Revenue

截至2026 年6 月30 日止六個月，我

For the six months ended June 30, 2026, our principal revenue

們的主要收益均來自臨床前研究服務

was generated from pre-clinical research services (which include

（包括基因編輯、臨床前藥理藥效評估

gene-editing, pre-clinical pharmacology and efficacy evaluation

及模式動物銷售）及抗體開發業務。

and animal models selling) and antibody development business.

下表載列於所示期間的收益明細：

The following table sets forth a breakdown of our revenue for the
periods indicated:
截至2026年

截至2025年

6月30日止六個月

6月30日止六個月

Six months ended

Six months ended

June 30, 2026

June 30, 2025

（未經審核）

（未經審核）
(Unaudited)

(Unaudited)

40

人民幣千元

%

人民幣千元

%

RMB’ 000

%

RMB’000

%

34,363

3.7

28,617

4.6

收益

Revenue

基因編輯

Gene-editing

臨床前藥理藥效評估

Pre-clinical pharmacology and
efficacy evaluation

243,353

25.9

155,031

25.0

模式動物銷售

Animal models selling

445,776

47.4

274,426

44.2

抗體開發

Antibody development

217,860

23.0

162,863

26.2

其他

Others

37

0.0

26

0.0

收益總額

Total revenue

941,389

100.0

620,963

100.0

收益由截至2025年6月30日止六個月

Revenue increased by 51.6% from approximately RMB621.0

的約人民幣 621.0 百萬元增加 51.6%

million for the six months ended June 30, 2025 to approximately

至截至2026年6月30日止六個月的約

RMB941.4 million for the six months ended June 30, 2026. The

人民幣 941.4 百萬元。有關增加主要

increase was mainly driven by the increase of revenue from

是由於模式動物銷售、臨床前藥理藥

animal models selling, pre-clinical pharmacology and efficacy

效評估及抗體開發的收益增加。

evaluation and antibody development.

銷售成本

Cost of Sales

我們的銷售成本包括員工成本、供應

Our cost of sales consists of staff costs, cost of suppliers and

成本及雜項成本。

overhead costs.

銷售成本由截至2025 年6 月30 日止

Cost of sales increased by 22.6% from approximately RMB159.0

六個月的約人民幣 159.0 百萬元增加

million for the six months ended June 30, 2025 to approximately

22.6%至截至2026年6 月30日止六個

RMB194.9 million for the six months ended June 30, 2026, which

月的約人民幣 194.9 百萬元，與報告

was generally in line with the growth trend in our revenue for the

期內收入增長趨勢一致。

Reporting Period.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

毛利及毛利率

Gross Profit and Gross Profit Margin

毛利（即收益減銷售成本）由截至2025

The gross profit, representing revenue less cost of sales,

年6月30日止六個月的約人民幣461.9

increased by 61.6% from approximately RMB461.9 million for

百萬元增加61.6%至截至2026 年6 月

the six months ended June 30, 2025 to approximately RMB746.5

30 日止六個月的約人民幣 746.5 百萬

million for the six months ended June 30, 2026. The increase

元。毛利增加主要歸因於模式動物銷

in the gross profit was mainly attributable to the increase in

售、臨床前藥理藥效評估及抗體開發

revenue from animal models selling, pre-clinical pharmacology

的收益增加。毛利率按毛利除以收益

and efficacy evaluation and antibody development. Gross profit

百分比計算。毛利率由截至2025 年6

margin is calculated as a percentage of gross profit divided by

月30 日止六個月的74.4%增加至截至

revenue. The gross profit margin increased from 74.4% for the

2026 年6 月30 日止六個月的79.3%。

six months ended June 30, 2025 to 79.3% for the six months

有關增加主要由於毛利率約為82.3%

ended June 30, 2026. The increase was primarily due to a higher

的模式動物銷售業務增長較快。

growth in the animal models selling business with a gross profit
margin of approximately 82.3%.

其他收益及虧損淨額

Other Gains and Losses, Net

其他收益及虧損淨額包括出售物業、

Other gains and losses, net, consist of net (loss)/gain on disposal

廠房及設備的（虧損）╱ 收益淨額、按

of property, plant and equipment, change in fair value of financial

公允價值計量且其變動計入當期損益

assets at FVTPL, interest income, government grants (including

之金融資產的公允價值變動、利息收

amortization of deferred income), net foreign exchange (loss)/

入、政府補助（包括遞延收入攤銷）、

gain and others.

匯兌（虧損）╱ 收益淨額及其他。
截至2026年6月30日止六個月，其他

The total other losses, net for the six months ended June 30,

虧損淨額總計約為人民幣6.4百萬元，

2026 were approximately RMB6.4 million, which turned from net

轉由截至2025年6月30日止六個月的

gains, net of approximately RMB8.5 million for the six months

淨收益約人民幣8.5百萬元，主要由於

ended June 30, 2025, primarily due to the net foreign exchange

報告期內的匯兌虧損淨額所致。

losses in the Reporting Period.

生物資產公允價值變動淨額

Net Change in Fair Value of Biological Assets

我們的生物資產主要指繁殖用小鼠及

Our biological assets mainly represent mice for breeding and

銷售用小鼠。對於報告期末仍是本公

selling. For mice that remained as the Company’s biological

司生物資產的小鼠，本公司確認該等

assets at the end of the Reporting Period, the Company

生物資產的公允價值變動（減去期末

recognized the change in the fair value of these biological

處 置 成 本 ）。 生 物 資 產 公 允 價 值 變 動

assets, less costs of disposal at the period-end. The net change

淨額確認為損益。生物資產公允價值

in fair value of biological assets is recognized as profit or loss.

變動淨額指期初到期末的公允價值差

Net change in fair value of biological assets represents the

額，並無實際現金流動。生物資產公

difference in fair value from the beginning to the end of the

允價值採用市場法及成本法釐定。計

period and does not generate actual cash inflow or outflow. The

算公允價值時採用近期交易單價及基

fair values of biological assets are determined using the market

於生物資產特徵的調整因素。庫存數

approach and cost approach. Recent unit trading price and

量及估計市場單價的大幅上升或下降

adjustment factors, which are based on the characteristics of the

會導致生物資產公允價值大幅上升或

biological assets, were used in the calculations of fair values. A

下降。

significant increase or decrease in the quantity in stock as well
as the estimated unit market price would result in a significant
increase or decrease in the fair value of the biological assets.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

41

管理層討論與分析
Management Discussion and Analysis

我們的生物資產公允價值變動淨額由

Our net change in fair value of biological assets increased by

截至2025年6月30日止六個月的約人

100.0% from approximately RMB20.8 million for the six months

民幣 20.8 百萬元增加 100.0% 至截至

ended June 30, 2025 to approximately RMB41.6 million for the

2026 年6 月30 日止六個月的約人民幣

six months ended June 30, 2026, primarily due to a higher stock

41.6 百萬元，主要由於截至2026 年6

level of humanized mice for the six months ended June 30, 2026

月30 日止六個月的人源化小鼠庫存水

as compared to the corresponding period last year. The unit

平較去年同期較高。不同產品線的單

price of different product lines did not fluctuate materially during

價於同期內並無重大波動，因此對生

the corresponding period hence it did not have material impact

物資產公允價值變動淨額並無重大影

on the net change in fair value of biological assets.

響。
銷售及營銷開支

Selling and Marketing Expenses

截至2026 年6 月30 日止六個月，我

For the six months ended June 30, 2026, our selling and

們的銷售及營銷開支約為人民幣76.2

marketing expenses were approximately RMB76.2 million,

百萬元，較截至2025 年6 月30 日止

representing an increase of 30.3% as compared with

六個月的約人民幣58.5 百萬元增加

approximately RMB58.5 million for the six months ended June

30.3%。該增加主要由於業務開發人

30, 2025. The increase was mainly due to increased salaries

員的薪酬及人數增加，與報告期內我

and number of business development employees, which

們收益的增加基本一致。

was generally in line with the increase in our revenue for the
Reporting Period.

一般及行政開支

General and Administrative Expenses

我們的一般及行政開支由截至2025年

Our general and administrative expenses increased by 14.5%

6 月 30 日止六個月的約人民幣 116.2

from approximately RMB116.2 million for the six months ended

百萬元增加14.5%至截至2026 年6 月

June 30, 2025 to approximately RMB133.0 million for the six

30 日止六個月的約人民幣 133.0 百萬

months ended June 30, 2026, primarily because of the expansion

元，主要由於業務活動增長帶動經營

in operating scale driven by the growth in business activities.

規模擴大。

42

研發開支

Research and Development Expenses

我們的研發開支由截至2025 年6 月30

Our research and development expenses increased by 27.8%

日止六個月的約人民幣 209.1 百萬元

from approximately RMB209.1 million for the six months ended

增加27.8%至截至2026年6月30日止

June 30, 2025 to approximately RMB267.3 million for the

六個月的約人民幣 267.3 百萬元，由

six months ended June 30, 2026, because of our increased

於研發人員數量增加導致員工成本增

staff costs due to increasing number of R&D employees, and

加，以及由於我們向國內外生物醫藥

increased direct material costs due to our strategy of continuing

企業持續提供具有全球競爭力的優質

to provide high-quality R&D products and services with global

研發產品及服務的策略導致直接材料

competitiveness to domestic and overseas biopharmaceutical

成本增加。

enterprises.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

下表載列我們研發開支的明細：

The following table sets forth a breakdown of our research and
development expenses:
截至2026年

截至2025年

6月30日止六個月

6月30日止六個月

Six months ended

Six months ended

June 30, 2026

June 30, 2025

（未經審核）

（未經審核）

(Unaudited)

(Unaudited)

人民幣千元

%

人民幣千元

%

RMB’ 000

%

RMB’000

%

94,232

35.2

73,394

35.1

22,671

8.5

13,561

6.5

員工成本（不包括股份支付） Staff costs (excluding sharebased payment)
委外及技術服務費

Commission and technology
service fee

直接材料成本

Direct material costs

80,390

30.1

44,953

21.5

股份支付

Share-based payment

3,080

1.2

7,596

3.6

測試及實驗室處理費

Testing and laboratory
18,095

6.8

5,500

2.6

processing fee
折舊及攤銷開支

Depreciation and
33,381

12.5

47,731

22.8

其他

Others

15,489

5.7

16,374

7.9

研發開支總額

Total R&D expenses

267,338

100.0

209,109

100.0

amortization expenses

流動資金及資本資源

Liquidity and Capital Resources

本集團監控並維持一定水平的現金及

The Group monitored and maintained a level of cash and cash

現金等價物，將其維持在足以為我們

equivalents deemed adequate to finance our operations and

的營運提供資金的水平，並減輕現金

mitigate the effects of fluctuations in cash flows. During the

流量波動的影響。於報告期內，我們

Reporting Period, we relied on equity financing as the major

依賴股權融資作為主要的流動資金來

sources of liquidity. We also generated cash from our revenue

源。我們亦通過提供服務所得收益產

from our service offerings, including gene-editing, pre-clinical

生現金，包括基因編輯、臨床前藥理

pharmacology and efficacy evaluation services, animal models

藥效評估服務、模式動物銷售及抗體

selling and antibody development.

開發。
於2026 年6 月30 日，我們的銀行及

As at June 30, 2026, our cash at bank and on hand totalling

庫存現金總計約為人民幣 928.8 百萬

approximately RMB928.8 million, as compared to approximately

元，而截至 2025 年 12 月 31 日約為人

RMB1,585.1 million as at December 31, 2025. As at June 30,

民幣 1,585.1 百萬元。於 2026 年 6 月

2026, our cash at bank and on hand were mainly denominated

30 日，我們的銀行及庫存現金主要以

in RMB and USD. The decrease was mainly the combined effect

人民幣及美元計值。減少乃主要由於

of our positive cash flows in operating activities with negative

報告期內經營活動的正現金流量與投

cash flows in investing activities and financing activities for the

資活動及融資活動的負現金流量的綜

Reporting Period.

合影響所致。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

43

管理層討論與分析
Management Discussion and Analysis

下表載列本集團於所示期間的中期綜

The following table sets forth a condensed summary of the

合現金流量表的簡明概要和對所示期

Group’s interim consolidated statement of cash flows for the

間現金及現金等價物結餘的分析：

periods indicated and analysis of balances of cash and cash
equivalents for the periods indicated:
截至2026年

6月30日

止六個月

止六個月

Six months

Six months

ended June 30,

ended June 30,

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

已付稅項

Tax paid

(18,771)

(16,041)

經營活動所得現金淨額

Net cash generated from operating activities

261,560

203,434

投資活動所用現金淨額

Net cash used in investing activities

(497,369)

(82,898)

融資活動所用現金淨額

Net cash used in financing activities

(522,877)

(87,284)

現金及現金等價物

Net (decrease)/increase in cash and
(758,686)

33,252

（減少）╱ 增加淨額

cash equivalents

匯率變動影響

Effects of foreign exchange rate changes

(4,340)

3,357

於1月1日的現金及現金等價物

Cash and cash equivalents at January 1

1,552,556

384,458

於期末的現金及現金等價物

Cash and cash equivalents at the
789,530

421,067

end of the period

財務成本

Finance Costs

截至2026年6月30日止六個月，財務

For the six months ended June 30, 2026, finance costs were

成本約為人民幣36.0 百萬元，較截至

approximately RMB36.0 million, representing an increase of 0.3%

2025 年6 月30 日止六個月的約人民幣

from approximately RMB35.9 million for the six months ended

35.9百萬元增加0.3%，主要是由於新

June 30, 2025, primarily due to the combined effect of increased

租約帶動租賃負債利息增加，與報告

interests on lease liabilities driven by new lease rentals, with

期內償還長期應付款項及貸款導致長

decreased interests on long-term payables, bank and other loans

期應付款項、銀行及其他貸款利息減

arising from the repayment of long-term payables and loans

少的綜合影響所致。

during the Reporting Period.

所得稅

Income Tax

截至2026年6月30日止六個月，我們

Our income tax was approximately RMB7.5 million for the six

的所得稅約為人民幣7.5百萬元，截至

months ended June 30, 2026, and approximately RMB11.6

2025 年6 月30 日止六個月則約為人民

million for the six months ended June 30, 2025.

幣11.6百萬元。

44

截至2025年

6月30日

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

報告期內盈利

Profit for the Reporting Period

截至2026年6月30日止六個月，我們

For the six months ended June 30, 2026, we incurred profit of

產生盈利約人民幣 241.1 百萬元，較

approximately RMB241.1 million, representing an increase of

截至2025年6月30日止六個月的約人

402.3% from approximately RMB48.0 million for the six months

民幣48.0百萬元增加402.3%，主要是

ended June 30, 2025, primarily due to the rapid sales revenue

由於報告期內銷售收益快速增長及盈

growth and higher profit level for the Reporting Period.

利水平提高。
銀行及其他貸款以及資產負債比率

Bank and other Loans and Gearing Ratio

於2026年6月30日，本集團的未償還

As at June 30, 2026, the Group’s outstanding loans were

貸款約為人民幣 268.8 百萬元（2025

approximately RMB268.8 million (December 31, 2025: RMB388.2

年12月31日：人民幣388.2百萬

million). As at June 30, 2026, our outstanding loans were mainly

元）。於 2026 年 6 月 30 日，我們的未

denominated in RMB. The Group’s outstanding loans included (i)

償還貸款主要以人民幣計值。本集

short-term loans with annual interest rates of 2.5% (2025: 2.5%

團的未償還貸款包括 ( i ) 年利率 2.5%

to 2.9%); (ii) long-term bank loans are with the terms of 2-3 years

（ 2025 年： 2. 5% 至 2. 9%）的 短期 貸

and with annual interest rates ranging from 2.8% to 3.2% (2025:

款；(ii) 期限為 2 至 3 年及年利率介乎

2.80% to 3.85%); (iii) an eight-year bank loan which began from

2 . 8 % 至 3 . 2 %（ 2 0 2 5 年 ： 2 . 8 0 % 至

2026 with a variable annual interest rate based on the 5-year-

3.85%）的長期銀行貸款；(iii)一項自

or-more Loan Prime Rate (LPR) less 50 basis points, which was

2026 年開始的八年期銀行貸款，年

secured by the mortgages of the property and land use right

利率按 5 年期或以上貸款市場報價利

of Haimen Phase III Project of Biocytogen Jiangsu Co., Ltd.

率(LPR)減50 個基點後的浮動利率計

(“Biocytogen Jiangsu”) and also guaranteed by the Company.

算，並由百奧賽圖江蘇醫藥科技有限
公司（「百奧賽圖江蘇」）的海門三期項
目物業及土地使用權抵押，且由本公
司提供擔保。
本集團使用資產負債比率監管資本充

The Group monitored its capital sufficiency using gearing

足率。於2026年6月30日，本集團的

ratio. As at June 30, 2026, the Group’s gearing ratio (total debt

資產負債比率（負債總額（包括銀行及

(including bank and other loans and lease liabilities) divided

其他貸款和租賃負債）除以報告期末

by total equity as of the end of the Reporting Period) was 0.50

總權益）為0.50（2025 年12 月31 日：

(December 31, 2025: 0.71).

0.71）。
流動資產淨值

Net Current Assets

於2026年6月30日，本集團流動資產

The Group’s net current assets, as at June 30, 2026 were

淨值約為人民幣1,205.0百萬元，而於

approximately RMB1,205.0 million, while net current assets were

2025 年 12 月 31 日的流動資產淨值約

approximately RMB1,218.5 million as at December 31, 2025.

為人民幣1,218.5百萬元。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

45

管理層討論與分析
Management Discussion and Analysis

外匯風險

Foreign Exchange Risk

外匯風險指外幣匯率變動造成虧損的

Foreign currency risk is the risk of loss resulting from changes in

風險。美元與本集團經營業務所用的

foreign currency exchange rates. Fluctuations in exchange rates

其他貨幣之間的匯率波動可能會影響

between USD and other currencies in which the Group conducts

本集團的財務狀況及經營業績。我們

business may affect the Group’s financial condition and results of

目前並無外幣對沖政策。然而，本公

operations. We currently do not have a foreign currency hedging

司管理層監察外匯風險並將於需要時

policy. However, the management of the Company monitors

考慮對沖重大外幣風險。

foreign exchange exposure and will consider hedging significant
foreign currency exposure should the need arise.

資本開支

Capital Expenditure

截至2026年6月30日止六個月，我們

For the six months ended June 30, 2026, our total capital

的資本開支總額約為人民幣 405.5 百

expenditure amounted to approximately RMB405.5 million,

萬元，主要包括在建工程、使用權資

primarily including investment in construction in progress, right-

產投資及購買科學設備（2025 年12 月

of-use assets and purchase of scientific equipments. (December

31日：約人民幣177.3百萬元）。

31, 2025: approximately RMB177.3 million).

或有負債

Contingent Liabilities

截至2026年6月30日，本集團並無任

As of June 30, 2026, the Group did not have any significant

何重大或有負債（2025年12月31日：

contingent liabilities (December 31, 2025: nil).

無）。
資產抵押

Charge on Assets

本集團就銀行貸款及其他貸款抵押廠

The Group mortgaged the plant and buildings for the bank loans

房及樓宇，於2026年6月30日，廠房

and other loans, and the aggregated net book value of the plants

及樓宇以及使用權資產的賬面淨值總

and buildings and right-of-use assets were RMB275.0 million and

額分別為人民幣 275.0 百萬元及人民

RMB11.9 million, respectively as at June 30, 2026.

幣11.9百萬元。

46

除上文所披露者外，於2026 年6 月30

Save as disclosed above, as at June 30, 2026, the Group did not

日，本集團並無任何資產押記。

have any charge on assets.

重大投資

Significant Investments

截至2026年6月30日，本集團並無持

As of June 30, 2026, the Group did not hold any significant

有任何重大投資。

investments.

重大收購及出售

Material Acquisitions and Disposals

截至2026年6月30日止六個月，我們

For the six months ended June 30, 2026, we did not conduct

並無進行任何其他重大收購或出售附

any other material acquisitions or disposals of subsidiaries,

屬公司、聯營公司及合營企業。

associates and joint ventures.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

僱員及薪酬政策

Employees and Remuneration Policies

截至2026年6月30日，我們共有

As of June 30, 2026, we had 1,922 employees in total (December

1 , 9 2 2 名 僱 員（ 2 0 2 5 年 1 2 月 3 1 日 ：

31, 2025: 1,443), including 1,172 employees in Beijing, 573

1,443 名），其中在北京有1,172 名僱

employees in Jiangsu Province, and 177 employees in other

員，在江蘇省有 573 名僱員，在中國

regions of China and overseas.

其他地區及海外有177名僱員。
根據中國相關勞動法，我們與僱員簽

In compliance with the relevant PRC labor laws, we enter into

訂標準保密及僱傭協議，當中包括條

standard confidentiality and employment agreements with our

款、工資、獎金、僱員福利、工作場

employees covering matters such as terms, wages, bonuses,

所安全、保密義務及終止理由等事項。

employee benefits, workplace safety, confidentiality obligations
and grounds for termination.

為保持在勞動市場的競爭力，我們向

To remain competitive in the labor market, we provided various

僱員提供各種獎勵及福利。我們為管

incentives and benefits to our employees. We invest in continuing

理層員工及其他僱員投資持續教育及

education and training programs, including internal and external

培訓項目（包括內部與外部培訓），以

training, for our management staff and other employees to

提升技能和知識。我們亦為僱員（尤

upgrade their skills and knowledge. We also provide competitive

其是主要僱員）提供有競爭力的薪酬

salaries and stock incentive plans to our employees especially

及股票激勵計劃。我們相信，我們為

key employees. We believe our benefits, working environment

僱員提供的福利、工作環境及發展機

and development opportunities for our employees have

會有助於建立良好的僱員關係和提升

contributed to good employee relations and employee retention.

僱員留任率。
重大投資及資本資產的未來計劃

Future Plans for Material Investments and Capital Asset

除本報告所披露者外，截至本報告日

Save as disclosed in this report, we had not authorized any plan

期，我們並未批准任何重大投資或收

for the material investments or acquisition of capital asset as of

購資本資產的計劃。

the date of this report.

報告期後事項

EVENTS AFTER REPORTING PERIOD

於 2026 年 7 月，本集團向江蘇源津瑞泓創

In July 2026, the Group invested in Jiangsu Yuanjin Ruihong Venture

業投資合夥企業（有限合夥）出資人民幣30

Capital Partnership (Limited Partnership) by paying a capital

百萬元進行投資，持有 30% 的合夥企業權

contribution of RMB30 million, holding 30% of partnership.

益。
於2026年8月，和鉑醫藥控股有限公司（一
間於聯交所上市的生物醫藥公司，股份代
號：2142）
（「和鉑醫藥」）就一審判決提起
上訴，該一審判決駁回和鉑醫藥就一項發
明專利提出的訴訟請求。於本中期報告日
期，該案件仍在審理中，且本中期報告概
無就此作出調整。

In August 2026, HBM Holdings Limited, a biopharmaceutical company
listed on the Stock Exchange (stock code: 2142) (“HBM”) filed an
appeal against the first-instance judgment, which dismissed the
litigation claims brought by HBM for an invention patent. As at the
date of the interim report, the case is still under the trial, and no
adjustment has been made in this interim report in this regard.

除上文所披露者外，本公司並不知悉於

Save as disclosed above, the Company is not aware of any material

2026 年6 月30 日後及直至本報告日期的任

subsequent events after June 30, 2026 and up to the date of this

何重大期後事項。

report.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

47

企業管治及其他資料
Corporate Governance and Other Information

I.

中期股息

I.

INTERIM DIVIDEND

董事會不建議向股東派付截至2026年

The Board does not recommend the payment of interim dividend

6 月 30 日止六個月的中期股息（截至

for the six months ended June 30, 2026 to the Shareholders (six

2025年6月30日止六個月：無）。

months ended June 30, 2025: Nil).

II. 權益披露
1.

II. DISCLOSURE OF INTERESTS

董事及最高行政人員於本公司及

1.

Directors’ and Chief executives’ interests and

其相聯法團的股份、相關股份及

short positions in the Shares, underlying Shares

債權證的權益及淡倉

and debentures of the Company and its associated
corporations

於 2026 年 6 月 30 日，董事及本

As of June 30, 2026, the interests or short positions of

公司最高行政人員於本公司及其

the Directors and chief executives of the Company in the

相聯法團（定義見證券及期貨條

Shares, underlying Shares or debentures of the Company

例第XV部）的股份、相關股份或

and its associated corporations (within the meaning of Part

債權證中擁有須 ( a ) 根據證券及

XV of the SFO), which were required (a) to be notified to the

期貨條例第XV部第7 及8 分部知

Company and the Stock Exchange pursuant to Divisions 7

會本公司及聯交所的權益或淡倉

and 8 of Part XV of the SFO (including interests and short

（包括根據證券及期貨條例的有

positions which they were taken or deemed to have under

關條文被當作或視為擁有的權益

such provisions of the SFO); or (b) pursuant to Section

及淡倉）；或(b)根據證券及期貨

352 of the SFO, to be entered in the register referred to

條例第352 條須登記於該條例所

therein; or (c) to be notified to the Company and the Stock

指登記冊的權益或淡倉；或 ( c )

Exchange pursuant to the Model Code, were as follows:

根據標準守則須知會本公司及聯
交所的權益或淡倉如下：

董事 ╱ 最高行政人員姓名

股份類別

身份

股份數目

於相關類別

於本公司所有

股份中的持股

股本中的持股

概約百分比 (1)

概約百分比 (1)

Approximate

Percentage of

Percentage of

Shareholding in

Shareholding in

Total Share

Approximate

Name of Directors/
Chief Executive

Class of Shares Capacity

沈月雷博士 (2) (3)（「沈博士」）

A股

實益擁有人

Dr. Shen Yuelei(2) (3)

A Shares

Beneficial owner

A股

配偶權益

A Shares

Interest of spouse

A股

受控制法團權益

A Shares

Interest in controlled

H股

受控制法團權益

H Shares

Interest in controlled

(“Dr. Shen”)

Number of

Relevant Class

Capital of

Shares

of Shares(1)

the Company(1)

26,394,840

7.9%

5.9%

29,004,840

8.6%

6.5%

37,840,860

11.3%

8.5%

13,983,800

12.6%

3.1%

corporations

corporations

48

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

董事 ╱ 最高行政人員姓名

股份類別

身份

股份數目

於相關類別

於本公司所有

股份中的持股

股本中的持股

概約百分比 (1)

概約百分比 (1)

Approximate

Percentage of

Percentage of

Shareholding in

Shareholding in

Total Share

Approximate

Name of Directors/
Chief Executive

Class of Shares Capacity

倪健博士 (3)（「倪博士」）

A股

實益擁有人

Dr. Ni Jian(3) (“Dr. Ni”)

A Shares

Beneficial owner

A股

配偶權益

A Shares

Interest of spouse

H股

配偶權益

H Shares

Interest of spouse

李妍女士

H股

實益擁有人

Ms. Li Yan

H Shares

Beneficial owner

附註：

Notes:

(1)

(1)

根據於2026 年6 月30 日已發

Number of

Relevant Class

Capital of

Shares

of Shares(1)

the Company(1)

29,004,840

8.6%

6.5%

64,235,700

19.1%

14.4%

13,983,800

12.6%

3.1%

4,040

0.0036%

0.0009%

The calculation is based on the total number of issued Shares,

行股份總數446,898,420 股股

446,898,420 Shares, including 336,116,500 A Shares and

份（包括336,116,500股A股及

110,781,920 H Shares, as at June 30, 2026.

110,781,920股H股）計算。
(2)

沈博士為百奧常青、百奧常

(2)

Dr. Shen is the sole general partner and the sole managing

盛、祐和常青及祐和常盛

partner of Biao Evergreen, Baiao Changsheng, Eucure

（ 均 為 僱 員 持 股 平 台 ）的 唯 一

Evergreen and Eucure Changsheng, which are employee

普通合夥人及唯一管理合夥

shareholding platforms. Dr. Shen, therefore, is deemed to

人，因此，沈博士被視為擁

be interested in the 37,840,860 A Shares and 13,983,800 H

有該四個有限責任合夥企業

Shares held by these four limited partnerships. He also holds

持有的37,840,860 股A股及

26,394,840 A Shares as beneficial owner.

13,983,800 股H股之權益。
彼亦作為實益擁有人持有
26,394,840股A股。
(3)

沈博士與倪博士為配偶，因

(3)

Dr. Shen and Dr. Ni are spouses. Dr. Shen, therefore, is

此，沈博士被視為擁有倪博士

deemed to be interested in 29,004,840 A Shares which Dr. Ni

所持有29,004,840 股A股之權

holds, and Dr. Ni is deemed to be interested in 64,235,700 A

益，而倪博士被視為擁有沈博

Shares and 13,983,800 H Shares which Dr. Shen holds.

士所持有之64,235,700 股A股
及13,983,800股H股之權益。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

49

企業管治及其他資料
Corporate Governance and Other Information

除上文所披露者外，概無本公司

Save as disclosed above, none of the Directors or chief

董事或最高行政人員於本公司或

executives of the Company had registered an interest

其任何相聯法團的股份、相關股

or short position in the Shares, underlying Shares or

份及債權證中擁有根據證券及期

debentures of the Company or any of its associated

貨條例第352 條須登記或根據標

corporations that was required to be recorded pursuant

準守則須另行知會本公司及香港

to Section 352 of the SFO, or as otherwise notified to the

聯交所的權益或淡倉。

Company and the Hong Kong Stock Exchange pursuant to
the Model Code.

2.

主要股東於股份及相關股份的權

2.

the Shares and underlying Shares

於 2026 年 6 月 30 日，據本公司

As of June 30, 2026, to the knowledge of the Company

及董事作出合理查詢後所知，下

and the Directors after making reasonable inquiries, the

列人士（並非上文所披露的董事

following persons (other than the Directors and chief

及本公司最高行政人員）擁有股

executives of the Company as disclosed above) have

份或相關股份將須根據證券及期

interests or short positions in Shares or underlying Shares

貨條例第XV部第2 及3 分部之條

which would be required to be disclosed to the Company

文知會本公司的權益或淡倉並記

under the provisions of Divisions 2 and 3 of Part XV of the

錄於本公司根據證券及期貨條例

SFO and recorded in the register required to be maintained

第336條須存置的登記冊：

by the Company under Section 336 of the SFO:

主要股東名稱

股份類別

身份

Name of Substantial

Class of

Shareholders

Shares

Capacity

國投上海

A股

實益擁有人

SDIC Shanghai

A Shares

Beneficial owner

國投（上海）創業投資管理有限公司 (2)

A股

受控制法團權益

China Investment (Shanghai) Venture

A Shares

Interest in controlled

Capital Management Co., Ltd.
國投深圳

A股

實益擁有人

SDIC Shenzhen

A Shares

Beneficial owner

國投創業投資管理有限公司 (3)

A股

受控制法團權益

China Venture Capital

A Shares

Interest in controlled

A股

受控制法團權益

China Venture Capital High-Tech

A Shares

Interest in controlled

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

於本公司股本
總額中的持股

概約百分比 (1)

概約百分比 (1)

Approximate

Approximate

Percentage of

Percentage of

Shareholding

Shareholding

in Relevant

in Total Share

Number of

Class of

Capital of the

Shares

Shares

(1)

Company(1)

42,133,320

12.5%

9.4%

42,133,320

12.5%

9.4%

18,996,120

5.7%

4.3%

72,937,440

21.7%

16.3%

72,937,440

21.7%

16.3%

corporations

中國國投高新產業投資有限公司 (4)
Industry Investment Co., Ltd.(4)

股份數目

於相關類別
股份中的持股

corporations

(2)

Management Co., Ltd.(3)

50

Substantial shareholders’ interests or short positions in

益或淡倉

corporations
Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

主要股東名稱

股份類別

Name of Substantial

Class of

Shareholders

Shares

身份

股份數目

Capacity

國投 (5)

A股

受控制法團權益

SDIC(5)

A Shares

Interest in controlled

於相關類別

於本公司股本

股份中的持股

總額中的持股

概約百分比 (1)

概約百分比 (1)

Approximate

Approximate

Percentage of

Percentage of

Shareholding

Shareholding

in Relevant

in Total Share

Number of

Class of

Capital of the

Shares

Shares(1)

Company(1)

72,937,440

21.7%

16.3%

7,072,580

6.4%

1.6%

30,804,120

9.2%

6.9%

7,072,580

6.4%

1.6%

30,804,120

9.2%

6.9%

7,072,580

6.4%

1.6%

22,602,960

6.7%

5.1%

6,433,560

1.9%

1.4%

22,602,960

6.7%

5.1%

29,036,520

8.6%

6.5%

corporations
維科（香港）經貿有限公司 (6)

H股

實益擁有人

VEKEN (HONG KONG)

H Shares

Beneficial owner

ECONOMIC AND TRADE
CO., LIMITED(6)
維科控股集團股份有限公司 (6)

A股

受控制法團權益

Weike Holdings Group Co., Ltd.(6)

A Shares

Interest in controlled
corporations

H股

受控制法團權益

H Shares

Interest in controlled
corporations

何承命先生 (6)

A股

受控制法團權益

Mr. He Chengming(6)

A Shares

Interest in controlled
corporations

H股

受控制法團權益

H Shares

Interest in controlled
corporations

招銀成長柒號

A股

實益擁有人

Zhaoyin Chengzhang Qihao

A Shares

Beneficial owner

招銀朗曜 (7)

A股

實益擁有人

Zhaoyin Langyao(7)

A Shares

Beneficial owner

A股

受控制法團權益

A Shares

Interest in controlled
corporations

深圳市招銀肆號股權投資

A股

受控制法團權益

A Shares

Interest in controlled

合夥企業（有限合夥）(7)
Shenzhen Zhaoyin No. 4 Equity
Investment Partnership

corporations

(Limited Partnership)(7)

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

51

企業管治及其他資料
Corporate Governance and Other Information

主要股東名稱

股份類別

Name of Substantial

Class of

Shareholders

Shares

身份

Capacity

全國社會保障基金理事會 (7)

A股

受控制法團權益

National Social Security Fund

A Shares

Interest in controlled

Board of Trustees(7)

股份數目

於相關類別

於本公司股本

股份中的持股

總額中的持股

概約百分比 (1)

概約百分比 (1)

Approximate

Approximate

Percentage of

Percentage of

Shareholding

Shareholding

in Relevant

in Total Share

Number of

Class of

Capital of the

Shares

Shares(1)

Company(1)

29,036,520

8.6%

6.5%

19,060,920

5.7%

4.3%

19,060,920

5.7%

4.3%

3,074,400

0.9%

0.7%

48,097,440

14.3%

10.8%

15,308,544

13.8%

3.4%

15,308,544

13.8%

3.4%

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

corporations

招銀成長拾玖號

A股

實益擁有人

Zhaoyin Chengzhang Shijiuhao

A Shares

Beneficial owner

招銀國際金融控股（深圳）有限公司 (8)

A股

受控制法團權益

China Merchants International

A Shares

Interest in controlled

Financial Holdings

corporations

(Shenzhen) Co., Ltd.(8)
招銀國際資本 (9)

A股

實益擁有人

CMB International Capital(9)

A Shares

Beneficial owner

A股

受控制法團權益

A Shares

Interest in controlled
corporations

星赫

H股

實益擁有人

Astral

H Shares

Beneficial owner

CMBI Private Equity Series SPC(10)

H股

受控制法團權益

CMBI Private Equity Series SPC(10)

H Shares

Interest in controlled
corporations

百奧維達

H股

實益擁有人

BioVeda

H Shares

Beneficial owner

InnoVeda Medtech, Ltd.(11)

H股

受控制法團權益

InnoVeda Medtech, Ltd.(11)

H Shares

Interest in controlled
corporations

BVCF Realization Fund, L.P.(11)

H股

受控制法團權益

BVCF Realization Fund, L.P.(11)

H Shares

Interest in controlled
corporations

52

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

主要股東名稱

股份類別

身份

股份數目

Name of Substantial

Class of

Shareholders

Shares

Capacity

BVCF Realization Fund GP, Ltd.(11)

H股

受控制法團權益

BVCF Realization Fund GP, Ltd.

H Shares

Interest in controlled

(11)

於相關類別

於本公司股本

股份中的持股

總額中的持股

概約百分比 (1)

概約百分比 (1)

Approximate

Approximate

Percentage of

Percentage of

Shareholding

Shareholding

in Relevant

in Total Share

Number of

Class of

Capital of the

Shares

Shares(1)

Company(1)

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

14,325,400

12.9%

3.2%

23,519,160

7.0%

5.3%

23,519,160

7.0%

5.3%

6,681,000

6.0%

1.5%

6,661,714

6.0%

1.5%

corporations
楊志先生 (11)

H股

受控制法團權益

Mr. Yang Zhi(11)

H Shares

Interest in controlled
corporations

Prowell Ventures Pte Ltd(11)

H股

受控制法團權益

Prowell Ventures Pte Ltd

H Shares

Interest in controlled

(11)

corporations
GIC (Ventures) Pte. Ltd.(11)

H股

受控制法團權益

GIC (Ventures) Pte. Ltd.(11)

H Shares

Interest in controlled
corporations

GIC Special Investments Private
Limited

H股

投資經理

H Shares

Investment manager

(11)

GIC Special Investments Private
Limited(11)
GIC Private Limited(11)

H股

受控制法團權益

GIC Private Limited(11)

H Shares

Interest in controlled
corporations

中國人壽保險股份有限公司 (12)

A股

受控制法團權益

China Life Insurance Co., Ltd.(12)

A Shares

Interest in controlled
corporations

中國人壽保險（集團）公司 (13)

A股

受控制法團權益

China Life Insurance (Group)

A Shares

Interest in controlled

Company(13)

corporations

易方達基金管理有限公司

H股

投資經理

E Fund Management Co., Ltd.

H Shares

Investment manager

富國基金管理有限公司

H股

投資經理

Fullgoal Fund Management Co., Ltd.

H Shares

Investment manager

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

53

企業管治及其他資料
Corporate Governance and Other Information

附註：

Notes:

(1)

(1)

根據於2026 年6 月30 日已發

The calculation is based on the total number of issued Shares,

行股份總數446,898,420 股股

446,898,420 Shares, including 336,116,500 A Shares and

份（包括336,116,500股A股及

110,781,920 H Shares, as at June 30, 2026.

110,781,920股H股）計算。
(2)

國 投（ 上 海 ）創 業 投 資 管 理 有

(2)

China Investment (Shanghai) Venture Capital Management

限公司為國投上海的普通合夥

Co., Ltd. is the general partner of SDIC Shanghai. China

人。因此，國投（上海）創業投

Investment (Shanghai) Venture Capital Management Co., Ltd.,

資管理有限公司被視為擁有國

therefore, is deemed to be interested in 42,133,320 A Shares

投上海持有之42,133,320 股A

which SDIC Shanghai holds.

股之權益。
(3)

國投創業投資管理有限公司為

(3)

China Venture Capital Management Co., Ltd. is the general

國投寧波及國投深圳的普通合

partner of each of SDIC Ningbo and SDIC Shenzhen. China

夥人。因此，國投創業投資管

Venture Capital Management Co., Ltd., therefore, is deemed

理有限公司被視為擁有國投寧

to be interested in 11,808,000 A Shares which SDIC Ningbo

波持有之11,808,000 股A股及

holds and 18,996,120 A Shares which SDIC Shenzhen holds.

國投深圳持有之18,996,120股

In addition, China Investment (Shanghai) Venture Capital

A 股 之 權 益 。 另 外 ， 國 投（ 上

Management Co., Ltd. is a wholly-owned subsidiary of China

海）創業投資管理有限公司為

Venture Capital Management Co., Ltd., and therefore, China

國投創業投資管理有限公司之

Venture Capital Management Co., Ltd. is deemed to be

全資附屬公司，因此國投創業

interested in 42,133,320 A Shares held by China Investment

投資管理有限公司被視為擁有

(Shanghai) Venture Capital Management Co., Ltd..

國投（上海）創業投資管理有限
公司持有的42,133,320 股A股
之權益。
(4)

中國國投高新產業投資有限公

(4)

China Venture Capital High-Tech Industry Investment Co., Ltd.

司為國投深圳的有限合夥人，

is a limited partner holding 49.4% limited partnership interests

持有其49.4%有限合夥權益。

in SDIC Shenzhen. China Venture Capital High-Tech Industry

因此，中國國投高新產業投資

Investment Co., Ltd., therefore, is deemed to be interested

有限公司被視為擁有國投深圳

in 18,996,120 A Shares, which SDIC Shenzhen holds. In

持有之18,996,120 股A股之權

addition, China Venture Capital High-Tech Industry Investment

益。另外，中國國投高新產業

Co., Ltd. holds 40% issued capitals of China Venture Capital

投資有限公司持有國投創業投

Management Co., Ltd.. China Venture Capital High-Tech

資管理有限公司40%的已發行

Industry Investment Co., Ltd., therefore, is deemed to be

股本。因此，中國國投高新產

interested in 72,937,440 A Shares which China Venture Capital

業投資有限公司被視為擁有國

Management Co., Ltd. holds.

投創業投資管理有限公司持有
的72,937,440股A股之權益。
(5)

國投持有中國國投高新產業投

(5)

High-Tech Industry Investment Co., Ltd.. SDIC, therefore, is

股本。因此，國投被視為擁有

deemed to be interested in 72,937,440 A Shares which China

中國國投高新產業投資有限公

Venture Capital High-Tech Industry Investment Co., Ltd. holds.

司持有的72,937,440 股A股之
權益。

54

SDIC holds 72.36% issued capitals of China Venture Capital

資有限公司 72.36% 的已發行

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

(6)

維科控股集團股份有限公司

(6)

Weike Holdings Group Co., Ltd. is a limited partner holding

為國投深圳的有限合夥人（持

38.4% limited partnership interests in SDIC Shenzhen and

有其 38.4% 有限合夥權益）及

a limited partner holding 50.8% limited partnership interests

國投寧波的有限合夥人（持有

in SDIC Ningbo. Weike Holdings Group Co., Ltd., therefore,

其 50.8% 有限合夥權益）。因

is deemed to be interested in 30,804,120 A Shares which

此，維科控股集團股份有限公

SDIC Ningbo is interested in 11,808,000 A Shares and SDIC

司被視為擁有30,804,120 股A

Shenzhen is interested in 18,996,120 A Shares. Moreover, one

股（國投寧波持有11,808,000

of our Cornerstone Investors, namely, VEKEN (HONGKONG)

股 A 股 及 國 投 深 圳 持 有

ECONOMIC AND TRADE CO., LIMITED (維科(香港)經貿有限

18,996,120 股 A 股）之權益。

公司), which holds 7,072,580 H Shares, is wholly owned by

此外，基石投資者之一維科

Weike Holdings Group Co., Ltd.. Weike Holdings Group Co.,

（ 香 港 ）經 貿 有 限 公 司（ 持 有

Ltd. is in turn owned as to 43.8% by Mr. He Chengming (何承

7,072,580股H股）由維科控股

命).

集團股份有限公司全資擁有。
維科控股集團股份有限公司由
何承命先生擁有43.8%。
(7)

招銀朗曜為招銀成長柒號的有

(7)

Zhaoyin Langyao is a limited partner holding 99.8% limited

限合夥人，持有其99.8%有限

partnership in Zhaoyin Chengzhang Qihao. Zhaoyin Langyao,

合夥權益。因此，招銀朗曜被

therefore, is deemed to be interested in 22,602,960 A

視為擁有招銀成長柒號持有的

Shares, which Zhaoyin Chengzhang Qihao is interested

22,602,960 股A股之權益。深

in. Shenzhen Zhaoyin No. 4 Equity Investment Partnership

圳市招銀肆號股權投資合夥企

(Limited Partnership) and National Social Security Fund Board

業（ 有 限 合 夥 ）及 全 國 社 會 保

of Trustees are limited partners holding limited partnership

障基金理事會為招銀朗曜的有

interests of 41.9% and 40% in Zhaoyin Langyao, respectively.

限合夥人，分別持有招銀朗曜

Shenzhen Zhaoyin No. 4 Equity Investment Partnership

41.9%及40%有限合夥權益。

(Limited Partnership) and National Social Security Fund

因此，深圳市招銀肆號股權投

Board of Trustees, therefore, are deemed to be interested in

資合夥企業（有限合夥）及全國

29,036,520 A Shares which Zhaoyin Langyao is interested in.

社會保障基金理事會被視為擁
有招銀朗曜持有的29,036,520
股A股之權益。
(8)

招 銀 國 際 金 融 控 股（ 深 圳 ）有

(8)

China Merchants International Financial Holdings (Shenzhen)

限公司為招銀成長拾玖號的有

Co., Ltd. is a limited partner holding limited partnership

限合夥人，持有其99.9%有限

interests of 99.9% in Zhaoyin Chengzhang Shijiuhao. China

合夥權益。因此，招銀國際金

Merchants International Financial Holdings (Shenzhen) Co.,

融 控 股（ 深 圳 ）有 限 公 司 被 視

Ltd., therefore, is deemed to be interested in 19,060,920 A

為擁有招銀成長拾玖號持有的

Shares, which Zhaoyin Chengzhang Shijiuhao is interested in.

19,060,920股A股之權益。
(9)

招銀國際資本為招銀成長柒

(9)

CMB International Capital is a general partner of Zhaoyin

號、招銀成長拾玖號及招銀朗

Chengzhang Qihao, Zhaoyin Chengzhang Shijiuhao and

曜的普通合夥人。因此，招銀

Zhaoyin Langyao. CMB International Capital, therefore, is

國際資本被視為擁有招銀成長

deemed to be interested in 48,097,440 A Shares, which

柒號、招銀成長拾玖號及招銀

Zhaoyin Chengzhang Qihao, Zhaoyin Chengzhang Shijiuhao

朗曜持有的48,097,440 股A股

and Zhaoyin Langyao are interested in.

之權益。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

55

企業管治及其他資料
Corporate Governance and Other Information

(10) CMBI Private Equity Series

(10) CMBI Private Equity Series holds the entire issued capital of

持有星赫的全部已發行股本。

Astral. CMBI Private Equity Series, therefore, is deemed to be

因此，CMBI Private Equity

interested in 15,308,544 H Shares, which Astral is interested

Series被視為擁有星赫持有的

in.

15,308,544股H股之權益。
(11) InnoVeda Medtech, Ltd.持

(11) InnoVeda Medtech, Ltd. holds the total of the issued share

有百奧維達的全部已發行股

capital of BioVeda; BVCF Realisation Fund, L.P. holds the total

本；BVCF Realisation Fund,

of the issued share capital of InnoVeda Medtech, Ltd., and

L.P.持有InnoVeda Medtech,

BVCF Realisation Fund GP, Ltd. is the general partner of BVCF

Ltd.的全部已發行股本，而

Realisation Fund, L.P.; Mr. Yang Zhi holds the total of the

BVCF Realisation Fund GP,

issued share capital of BVCF Realization Fund GP, Ltd., while

Ltd.為BVCF Realisation

Prowell Ventures Pte Ltd holds 60.07% of the issued share

Fund, L.P.的普通合夥人；楊

capital of BVCF Realization Fund, L.P.; GIC (Ventures) Pte. Ltd.

志先生持有BVCF Realization

holds the total of the issued share capital of Prowell Ventures

Fund GP, Ltd.的全部已發行

Pte Ltd; GIC Special Investments Private Limited holds the

股本，同時Prowell Ventures

total of the issued share capital of GIC (Ventures) Pte. Ltd.;

Pte Ltd持有BVCF Realization

and GIC Private Limited holds the total of the issued share

Fund, L.P. 60.07%的已發行

capital of GIC Special Investments Private Limited. Therefore,

股本；GIC (Ventures) Pte.

InnoVeda Medtech, Ltd., BVCF Realization Fund, L.P., BVCF

L t d . 持有 P r o w e l l V e n t u r e s

Realization Fund GP, Ltd., Mr. Yang Zhi, Prowell Ventures Pte

Pte Ltd 的全部已發行股本；

Ltd, GIC (Ventures) Pte. Ltd., GIC Special Investments Private

GIC S p e c ia l In ve stm e n ts

Limited and GIC Private Limited are deemed to be interested

Private Limited持有GIC

in 14,325,400 H Shares held by BioVeda.

(Ventures) Pte. Ltd.的全部
已發行股本；而 GIC Private
Limited持有GIC Special
Investments Private Limited
的全部已發行股本。因此，
InnoVeda Medtech, Ltd.、
BVCF Realization Fund,
L.P.、BVCF Realization
Fund GP, Ltd.、楊志先生、
Prowell Ventures Pte Ltd、
GIC (Ventures) Pte. Ltd.、
GIC S p e c ia l In ve stm e n ts
Private Limited及GIC Private
Limited被視為於百奧維達所持
有的14,325,400 股H股中擁有
權益。

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企業管治及其他資料
Corporate Governance and Other Information

(12) 中國人壽保險股份有限公司為

(12) China Life Insurance Co., Ltd. is (i) a limited partner holding

(i)國壽成達（上海）健康產業股

74.9% limited partnership interests in China Life Chengda

權投資中心（有限合夥）的有限

(Shanghai) Healthcare Equity Investment Center (Limited

合夥人，持有其74.9%有限合

Partnership), which in turn holds 14,296,320 A Shares, and (ii)

夥權益，而國壽成達（上海）健

a limited partner holding 60.0% limited partnership interests in

康產業股權投資中心（有限合

Jiangsu China Life Jiequan Equity Investment Center (Limited

夥）持有 14,296,320 股 A 股；

Partnership), which in turn holds 9,222,840 A Shares. China

及(ii)江蘇國壽疌泉股權投資中

Life Insurance Co., Ltd., therefore, is deemed to be interested

心（有限合夥）的有限合夥人，

in 23,519,160 A Shares in total, which China Life Chengda

持有其60.0%有限合夥權益，

(Shanghai) Healthcare Equity Investment Center (Limited

而江蘇國壽疌泉股權投資中心

Partnership), Jiangsu China Life Jiequan Equity Investment

（有限合夥）持有9,222,840 股

Center (Limited Partnership) holds.

A 股。因此，中國人壽保險股
份有限公司被視為擁有國壽成
達（上海）健康產業股權投資中
心（有限合夥）及江蘇國壽疌泉
股權投資中心（有限合夥）持有
合共的23,519,160 股A股之權
益。
(13) 中 國 人 壽 保 險（ 集 團 ）公 司 持

(13) China Life Insurance (Group) Company holds 68.37% interests

有中國人壽保險股份有限公司

in China Life Insurance Co., Ltd., and therefore it is deemed

68.37% 權益，因此其被視為

to be interested in 23,519,160 A Shares which China Life

擁有中國人壽保險股份有限公

Insurance Co., Ltd. holds.

司持有的23,519,160 股A股之
權益。

除上文所披露者外，於 2026 年

Save as disclosed above, as at June 30, 2026, the Company

6 月30 日，據本公司及董事所

and the Directors were not aware of any other person (other

知，概無任何其他人士（並非本

than the Directors or chief executives of the Company) who

公司董事或最高行政人員）於本

had an interest or short position in the shares or underlying

公司股份或相關股份中擁有權益

shares of the Company as recorded in the register required

或淡倉（該等權益及淡倉記入本

to be kept by the Company pursuant to Section 336 of the

公司根據證券及期貨條例第336

SFO.

條須存置的登記冊）。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

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企業管治及其他資料
Corporate Governance and Other Information

III. 董事獲得股份或債權證的權
利

III. DIRECTORS’ RIGHTS TO ACQUIRE SHARES
OR DEBENTURES

除本報告所披露者外，截至2026 年6

Save as disclosed in this report, at no time during the six months

月30 日止六個月，本公司或其任何附

ended June 30, 2026 was the Company or any of its subsidiaries,

屬公司概無訂立任何安排致使董事通

a party to any arrangement that would enable the Directors

過收購本公司或任何其他法團的股份

to acquire benefits by means of acquisition of Shares in, or

或債權證而獲得利益，且概無董事或

debentures of, the Company or any other body corporate, and

其配偶或18 歲以下子女獲授可認購本

none of the Directors or any of their spouses or children under

公司或任何其他法團的股權或債務證

the age of 18 were granted any right to subscribe for the equity

券的權利或已行使任何該等權利。

or debt securities of the Company or any other body corporate or
had exercised any such right.

IV. 僱員激勵計劃

IV. EMPLOYEE INCENTIVE SCHEMES

截至2026年6月30日，本公司已就四

As of June 30, 2026, the Company had adopted four Employee

個僱員激勵平台（即百奧常青、百奧

Incentive Schemes, namely the Baiao Evergreen Scheme that

常盛、祐和常青及祐和常盛）採納四

was adopted on December 26, 2017, the Baiao Changsheng

個僱員激勵計劃，即於 2017 年 12 月

Scheme that was adopted on July 29, 2019, the Eucure

26 日採納的百奧常青計劃、於 2019

Evergreen Scheme that was adopted on September 10, 2020,

年 7 月 29 日採納的百奧常盛計劃、於

and the Eucure Changsheng Scheme that was adopted on

2020 年9月10 日採納的祐和常青計劃

September 23, 2020, in relation to the four respective Employee

及於2020 年9 月23 日採納的祐和常

Incentive Platforms, namely Baiao Evergreen, Baiao Changsheng,

盛計劃。四個僱員激勵平台合共持有

Eucure Evergreen, and Eucure Changsheng. The four Employee

51,824,660股股份（包括13,983,800

Incentive Platforms, in aggregate, held 51,824,660 Shares

股 H 股 及 3 7 , 8 4 0 , 8 6 0 股 A 股 ）， 佔

(comprising 13,983,800 H Shares and 37,840,860 A Shares),

本公司於本報告日期已發行股本約

representing approximately 11.6% of the issued share capital of

11.6%。本公司目前並無計劃根據上

the Company as at the date of this report. The Company currently

市規則第 14A 章所規定的僱員激勵計

has no plan to make further grant of share awards or otherwise

劃進一步授予股份獎勵，或以其他方

effect any dealings in share awards pursuant to the Employee

式進行任何股份獎勵交易。本公司將

Incentive Schemes that will be subject to the requirements

就任何僱員激勵計劃下的股份獎勵後

under Chapter 14A of the Listing Rules. Where applicable, the

續交易遵守相關上市規則（倘適用）。

Company will comply with the relevant Listing Rules in relation
to subsequent dealings of share awards under any Employee
Incentive Scheme.

下表載列我們的董事、高級管理層

The following table sets out the aggregate effective interests in

（執行董事除外）及其他僱員（為獨立

each of the Employee Incentive Platforms and the equivalent

第三方）分別於2026 年6 月30 日於各

aggregate number of underlying Shares held by our Directors,

僱員激勵平台持有的實際權益總額及

senior management (other than the executive Directors) and

等值的相關股份總數：

other employees who are Independent Third Parties, respectively
as at June 30, 2026:

58

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企業管治及其他資料
Corporate Governance and Other Information

與指定權益範圍
相關的其他
僱員激勵平台

於僱員激勵平台的實際權益(%)

相關僱員人數

相關股份數目

Number of relevant
other employees
relative to the
Employee Incentive
Platform
百奧常青
Baiao Evergreen

Effective interests in the Employee

specified interest

Incentive Platform (%)

range

董事：
Directors:
其他高級管理層：
Other senior management:
其他僱員：
Other employees:

百奧常盛
Baiao Changsheng

董事：
Directors:
其他高級管理層：
Other senior management:
其他僱員：
Other employees:

祐和常青
Eucure Evergreen

董事：
Directors:
其他高級管理層：
Other senior management:

Number of underlying Shares
董事：

16.89

Directors:
其他高級管理層：

3.65

Other senior management:
其他僱員：

79.46

Other employees:

2,866,320
620,102
13,485,758

0.06 – 0.38

54

10,811 – 64,800

0.42 – 2.94

31

70,750 – 498,240

3.67 – 15.68

8

622,800 – 2,660,953
董事：

58.82

Directors:
其他高級管理層：

5.48

Other senior management:
其他僱員：

35.70

Other employees:

10,942,887
1,019,164
6,642,589

0.02 – 0.15

48

2,880 – 28,800

0.16 – 0.41

99

28,960 – 75,960

0.47 – 0.72

13

86,760 – 133,560

1.07 – 58.64

4

199,486 – 10,909,225

1.57
30.26

董事：
Directors:
其他高級管理層：
Other senior management:

百奧賽圖(北京)醫藥科技股份有限公司

57,213
1,103,756

二零二六年中期報告

59

企業管治及其他資料
Corporate Governance and Other Information

與指定權益範圍
相關的其他
僱員激勵平台

於僱員激勵平台的實際權益(%)

相關僱員人數

相關股份數目

Number of relevant
other employees
relative to the
Employee Incentive

Effective interests in the Employee

specified interest

Incentive Platform (%)

range

Platform

其他僱員：
Other employees:

祐和常盛

董事：

Eucure Changsheng

Director:
其他高級管理層：
Other senior management:
其他僱員：
Other employees:

Number of underlying Shares
其他僱員：

68.17

2,486,871

Other employees:

0.06 – 0.34

14

2,092 – 12,554

0.46 – 1.42

38

16,738 – 51,840

2.05 – 29.80

6

74,880 – 1,087,018

99.26
0
0.74

董事：
Director:

12,506,400

其他高級管理層：
Other senior management:
其他僱員：
Other employees:

0
93,600

根 據 計 劃 文 件（「 計 劃 文 件 」）及 獎 勵

Pursuant to the scheme documents (the “Scheme Documents”)

協議（「獎勵協議」），計劃的參與者包

and the award agreements (the “Award Agreements”),

括本公司的核心僱員及高級管理層成

participants of the Schemes include our Company’s core

員。獎勵協議進一步規定，下列個人

employees and senior management members. The Award

不得獲選為計劃參與者（如適用）：(i)

Agreements further provided that the following individuals may

未與本公司或我們任何附屬公司訂立

not be selected as participants to the Schemes (as applicable):

僱傭合約，或與本公司或我們任何附

(i) individuals who have not entered into an employment contract

屬公司不存在實際勞動關係的個人；

with our Company or any of our subsidiaries, or there is no actual

(ii)根據中國公司法，被禁止擔任董事

labor relations between such individuals and our Company or

或高級管理人員職務的個人；(iii)採納

any of our subsidiaries; (ii) individuals who are forbidden to hold

計劃前最後三年被裁定犯罪或違反行

the position of director or senior management pursuant to the

政法規的僱員；及(iv)根據相關監管機

PRC Company Law; (iii) employees who have been convicted of

構的規範，不適合持有股份或繼續持

crime or in violation of administrative law in the last three years

有股份可能影響全球發售完成的個人。

prior to the adoption of the Schemes; and (iv) individuals who are
not suitable to hold Shares or the continuing holding of Shares of
such individuals may affect the completion of the Global Offering
pursuant to the specifications of the relevant regulators.

60

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各僱員激勵平台的唯一普通合夥人為

The sole general partner of each Employee Incentive Platform

沈博士。因此，實際上僱員激勵平台

is Dr. Shen. Thus, in effect, all management powers and voting

的所有管理權力和投票權均歸沈博士

rights of the Employee Incentive Platforms reside with Dr. Shen.

所有。所有入選參與者概不享有本公

All selected participants do not have any voting rights in our

司任何投票權。入選參與者將作為相

Company. The selected participants will be granted awards in

關僱員激勵平台的有限合夥人以僱員

the form of economic interest in the Employee Incentive Platforms

激勵平台經濟利益的形式獲授予獎

as a limited partner of the relevant Employee Incentive Platform.

勵。一旦成為僱員激勵平台的有限合

Upon becoming the limited partner of the Employee Incentive

夥人，入選參與者將間接收取僱員激

Platforms, the selected participants indirectly receive economic

勵平台所持有相應數目的相關股份之

interest in the corresponding number of underlying Shares held

經濟利益。

by the Employee Incentive Platforms.

本公司將按相關入選參與者認購特定

Economic interests will be paid by the Company by way of

僱員激勵平台的股權金額並參考該僱

cash dividends to the relevant selected participants through

員激勵平台於本公司的相對持股量，

the relevant Employee Incentive Platform proportionate to such

以現金股息通過相關僱員激勵平台向

selected participant’s subscription of amount of equity interests

有關入選參與者支付經濟利益。

in that specific Employee Incentive Platform with reference to
such Employee Incentive Platform’s relative holding of Shares in
the Company.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

61

企業管治及其他資料
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根據僱員激勵計劃的條款，未經董事

Pursuant to the terms of the Employee Incentive Schemes, the

會書面同意，入選參與者不得出售、

selected participants may not dispose of, transfer, pledge or

轉讓、質押彼等於有限合夥企業中的

otherwise encumber his or her interest in the limited partnership

權益或以其他方式就該權益設立產權

for the repayment of debt without the written consent of the

負擔以償還債務。

Board.

如入選參與者的股份處於服務期內並

If the shares of the selected participants are subject to a service

尚未歸屬，本公司可要求入選參與者

period and not yet vested, the Company may require selected

於發生與該入選參與者有關的若干事

participants to transfer their partnership interests held by any of

件時將任何僱員激勵計劃所持合夥權

the Employee Incentive Scheme to the sole general partner upon

益轉讓予唯一的普通合夥人，主要包

occurrence of the certain events in respect of such selected

括以下事件：(i)死亡或被人民法院宣

participant, primarily including (i) death or declaration of his/her

告死亡或失蹤；(ii)因退休終止勞動或

death or disappearance by a people’s court; (ii) the termination

僱傭合同、經本公司同意辭職、因工

of labor contract or employment due to retirement, resignation

傷導致喪失工作能力、裁員、業績不

with Company’s consent, and incapacity resulting from work

理想；(iii)患病或者非因公負傷，在規

injury, redundancy, dissatisfactory performance; (iii) unable to

定的醫療期滿後不能從事原工作，也

perform original duties after a certain period of medical treatment

不能從事由本公司另行安排的工作；

of illness or not-job-related injury and no alternative arrangement

(iv)完成且不重續勞動合同；(v)本公

can be offered by the Company; (iv) completion and non-renewal

司已決定不建議該入選參與者於僱員

of the labor contract; (v) the Company has decided that it is not

激勵平台持有該等合夥權益；( v i ) 被

advisable for the selected participant to hold such partnership

認為不會對本公司有不利影響的其他

interests in the Employee Incentive Platforms; (vi) other exit

退出情形；(vii) 違反本公司規則及規

events which are considered having no adverse effects on the

例，導致產生不少於人民幣 200,000

Company; (vii) violation of rules and regulation of the Company

元的虧損；(viii) 裁定刑事罪行；(ix)

causing a loss of not less than RMB200,000; (viii) conviction

入選參與者疏忽職責、行為不當、腐

of criminal offense; (ix) negligence of duties, misconduct

敗，導致本公司損失重大；(x)入選參

and corruption of the selected participant causing significant

與者接受或索取賄賂、挪用及竊取財

damages to the Company; (x) the acceptance or solicitation

產、披露商業及技術機密，導致本公

of bribes, misappropriation and steal of properties, disclosure

司或其聲譽損失重大；(xi)未經批准辭

of business and technical secrets by the selected participants

職；(xii) 入選參與者參與未經授權競

causing significant damages to the Company or its reputation;

爭業務；(xiii)入選參與者因行為不當

(xi) unapproved resignation; (xii) the selected participant

被解僱；及(xiv)被認為對本公司有不

participated in unauthorized competitive businesses; (xiii) the

利影響的其他退出情形（(i)至(vi)統稱

dismissal of the selected participant due to his/her misconduct;

為「正面退出情形」；(vii)至(xiv)統稱

and (xiv) other exit events which are considered having adverse

為「負面退出情形」）。

effects on the Company ((i) to (vi) together, the “Positive Exit
Events”; (vii) to (xiv) together, the “Negative Exit Events”).

62

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如入選參與者的股份處於服務期內並

If the shares of the selected participant are subject to a

已歸屬，根據適用法律法規的任何禁

service period and have been vested, subject to any lock

售要求，牽涉正面退出情形或負面

up requirements under applicable laws and regulations, the

退出情形的入選參與者可（視情況而

selected participants involved in either Positive Exit Events or

定）(i)保留其權利；或(ii)根據相關僱

Negative Exit Events may (as the case may be) (i) retain his/

員激勵平台的規則處置其有權享有的

her entitlement; or (ii) dispose of his/her relevant entitlement

相關經濟利益。該項權利有一個例外

to economic interests pursuant to the rules of the relevant

情況，倘入選參與者於上市後任何適

Employment Incentive Platform. An exception to such entitlement

用限售期內死亡或被人民法院宣告死

is that in the event of death or declared death or disappearance

亡或失蹤，或在無民事行為能力的情

by a people’s court during any applicable lock-up period after

況下，則相關入選參與者於各自的僱

Listing or in the case of incapability for the civil conduct, the

員激勵平台所持合夥權益應由普通合

relevant selected participant’s partnership interest held in the

夥人或普通合夥人指定的第三方以相

respective Employee Incentive Platforms shall be purchased by

等於購買前五個交易日股份均價80%

the general partner or a third party designated by the general

的價格購買，所得款項於獲悉退出情

partner at a price that is equivalent to 80% of the average price

形後30 日內分配予參與者的繼承人。

of the Shares in five trading days prior to the purchase, and the

倘購買不可行，則相關僱員激勵平台

proceeds thereof be allocated to the successor of the participant

所持與該入選參與者權益相對應數的

within 30 days after the exit is known. If such purchase is

股份應由相關僱員激勵平台於限售期

impracticable, the corresponding number of Shares held by the

屆滿後三個月內予以處置，處置所得

relevant Employee Incentive Platform that correspond to the

款項應支付予參與者的繼承人，相關

interest of such selected participants shall be disposed of by

入選參與者應自合夥企業中除名。然

the relevant Employee Incentive Platform within three months

而，倘發生負面退出情形，本公司可

after the expiry of the lock-up period and the proceeds of the

要求相關入選參與者就負面退出情形

disposal shall be paid to the successors of the participant and

對 本 公 司 造 成 的 損 害（ 如 有 ）進 行 賠

the relevant selected participant shall be removed from the

償。

partnership. However in the event of Negative Exit Events, the
Company may demand that the relevant selected participant pay
compensation for damages (if any) of the Company caused by
the Negative Exit Event.

截至2026年6月30日，授予董事及高

As of June 30, 2026, the aggregate number of Shares underlying

級管理層成員的獎勵相關股份總數為

the awards granted to the Directors and senior management

29,115,842股，佔本公司已發行股本

members was 29,115,842 Shares, representing 6.5% of our

總額的6.5%。

Company’s total issued share capital.

V. 股份獎勵計劃

V. SHARE AWARDS SCHEME

本公司已於 2022 年 11 月 22 日採納股

The Company has adopted a share awards scheme on November

份獎勵計劃（其後於2023年6月5日修

22, 2022 which was subsequently amended on June 5, 2023.

訂）。概無根據該計劃發行或配發新股

No new shares were or are to be issued or allotted under the

份。然而，由於上市規則第17 章涵蓋

Scheme. Nonetheless, since the Chapter 17 of the Listing

（其中包括）涉及上市發行人現有股份

Rules covers, among others, share schemes involving existing

的股份計劃，該計劃受上市規則第17

shares of listed issuers, the Scheme is governed by the relevant

章項下可能適用的相關規定規管。

requirements under the Chapter 17 of the Listing Rules as may
be applicable.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

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計劃規則的概要載列如下：

A summary of the Scheme Rules is set out below:

目的及目標

Purposes and objectives

該計劃的目的及目標為(i)肯定若干僱

The purposes and objectives of the Scheme are (i) to recognise

員作出的貢獻並給予獎勵，務求挽留

the contributions by certain Employees and to provide them with

彼等繼續為本集團的持續營運及發展

incentives in order to retain them for the continual operation and

效力；及(ii)吸引合適的人員推動本集

development of the Group; and (ii) to attract suitable personnel

團的進一步發展。

for further development of the Group.

參與者

Participants

該計劃的參與者由本集團的全職員工

The participants of the Scheme consist of full-time employees of

組成。

the Group.

期限

Duration

該計劃有效期自採納日期起至採納日

Subject to any early termination as may be determined by the

期起計十年期間屆滿之日，惟於該計

Board pursuant to the Scheme Rules, the Scheme shall be valid

劃屆滿前根據計劃授出任何未歸屬獎

and effective from the Adoption Date to the end of the period of

勵股份，以使有關獎勵股份的歸屬生

ten years commencing on the Adoption Date, except in respect

效或根據該計劃條文進行其他可能所

of any unvested Awarded Shares granted hereunder prior to the

需事宜者除外，惟董事會可根據計劃

expiration of the Scheme, for the purpose of giving effect to the

規則決定提早終止。該計劃尚餘的有

vesting of such Awarded Shares or otherwise as may be required

效期約為6年。

in accordance with the provisions of the Scheme. The remaining
life of the Scheme is approximately 6 years.

管理

Administration

該計劃將由董事會按照計劃規則及信

The Scheme shall be subject to the administration of the Board

託契據之條款管理。受託人須按照信

in accordance with the Scheme Rules and the terms of the Trust

託契據的條款持有信託股份、獎勵股

Deed. The Trustee shall hold the Trust Shares, the Awarded

份（包括返還股份）及相關收入。

Shares including the returned shares and the related income in
accordance with the terms of the Trust Deed.

計劃限額及個人最高限額

Scheme limit and maximum individual limit

倘進一步授出獎勵股份會導致董事

The Board shall not make any further award of Awarded Shares

會根據該計劃授出的H股數目超過

which will result in the number of H Shares awarded by the Board

於 採 納 日 期 已 發 行 股 份 之 5 %（ 即

under the Scheme exceeding 5% of the issued Shares as at the

19,969,921 股），則董事會不得進一

Adoption Date (i.e. 19,969,921 Shares). The maximum number

步授出獎勵股份。一名入選僱員根據

of H Shares which may be awarded to a Selected Employee

該計劃可獲授的 H 股數目最多不得超

under the Scheme shall not exceed 1% of the issued shares of

過本公司於採納日期已發行股份之1%

the Company as at the Adoption Date (i.e. 3,993,984 Shares). No

（即 3,993,984 股）。由於根據該計劃

shares are available for issue under the Scheme, as all shares

可能授出的獎勵涉及的所有股份將由

underlying the awards which may be granted under the Scheme

本公司現有股份而非本公司將予發行

are to be funded by existing Shares of the Company rather than

的新股份撥資，故概無根據該計劃下

new Shares to be issued by the Company.

發行股份。

64

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
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運作

Operation

在考慮計劃規則及符合上市規則、章

The Board may, at any time and from time to time at its absolute

程細則、中國公司法及任何其他適用

discretion after having regard to the Scheme Rules and subject

法律及法規後，於確定入選僱員之前

to compliance with the Listing Rules, the Articles, PRC Company

或之後，董事會可隨時及不時全權酌

Law and any other applicable laws and regulations, either before

情將一定數額的現金撥付予受託人，

or after identification of the Selected Employee(s) cause to be

以便受託人在市場上購買股份作為信

paid an amount of cash to the Trustee for the purchase of the

託股份。

Shares on the market as Trust Shares.

授出獎勵股份

Grant of Awarded Shares

根據計劃規則，董事會有權不時選定

Subject to the Scheme Rules, the Board may, from time to time,

任何僱員作為入選僱員授出獎勵。在

at its absolute discretion select any Employee as a Selected

被選中之前，任何僱員都無權參與該

Employee for grant of an Award. Until so selected, no Employee

計劃。接納或歸屬獎勵後無需支付對

shall be entitled to participate in the Scheme. No consideration

價或任何形式的購買價。

or any form of purchase price is payable upon acceptance or
vesting of Award.

釐定入選僱員的獎勵股份數目時，董

In determining the number of Awarded Shares for a Selected

事會可考慮的事項包括（但不限於）本

Employee, the Board may take into consideration matters

集團的整體財務狀況及有關入選僱員

including (without limitation), the general financial condition of

的職級及表現。

the Group and the rank and performance of the relevant Selected
Employee.

董事會有權在獎勵股份歸屬前，全

The Board is entitled to impose any conditions (including, without

權酌情實施其認為適當的任何條件

limitation, the performance, operating and financial targets and

（包括但不限於入選僱員須符合的業

other criteria, if any, to be satisfied by the Selected Employee),

績、營運及財務目標及其他標準（如

as it deems appropriate in its sole and absolute discretion before

有））。董事會須(i)知會入選僱員獎勵

the Awarded Shares can vest. The Board shall inform (i) such

股份數目、歸屬條件及歸屬時間表及

Selected Employee the number of Awarded Shares, the vesting

(ii)知會受託人有關入選僱員的資料及

conditions and the vesting schedule and (ii) the Trustee the

獎勵股份的有關條件。

relevant information of the Selected Employee and the relevant
conditions of the Awarded Shares.

任何獎勵須屬入選僱員個人所有，且

Any Award shall be personal to the Selected Employee and shall

於歸屬日期前不得向任何其他人士、

not be transferable or assignable to any other person prior to

入選僱員全資擁有的任何公司或入選

the Vesting Date, except for and to the extent permitted by the

僱員為委託人的信託轉讓或轉移（惟

applicable laws and regulations (including the Listing Rules), any

適用法律及法規（包括上市規則）所允

company that is wholly owned by the Selected Employee or a

許者除外），且入選僱員於歸屬日期前

trust which the settlor is the Selected Employee, and no Selected

不得以任何方式出售、轉讓、質押、

Employee shall in any way sell, transfer, charge, mortgage,

抵押根據該計劃授予其的獎勵或相關

encumber or create any interest in favour of any other person

收入或任何返還股份，或就此設立產

over or in relation to such Award or the related income or any of

權負擔或以任何其他人士為受益人創

the Returned Shares under the Scheme prior to the Vesting Date.

設任何權益。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

65

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獎勵股份歸屬

Vesting of Awarded Shares

根據該計劃的條款及條件，在所有相

Subject to the terms and conditions of the Scheme and the

關歸屬的條件達成後，受託人根據計

fulfillment of all relevant vesting conditions, the respective

劃規則條款代入選僱員持有的有關獎

Awarded Shares held by the Trustee on behalf of a Selected

勵 股 份 須 根 據 歸 屬 條 件（ 如 有 ）歸 屬

Employee pursuant to the terms of the Scheme Rules shall vest in

予有關入選僱員，且受託人須促使獎

such Selected Employee in accordance with the vesting condition

勵股份在歸屬日期轉讓予有關入選僱

(if any) and the Trustee shall cause the Awarded Shares to be

員，前提是入選僱員於獲授獎勵後一

transferred to such Selected Employee on the Vesting Date(s),

直保持僱員的身份，且在各相關歸屬

provided that the Selected Employee remains at all times after

日期均為僱員。倘以股份形式獲得的

the grant of the Award and on each relevant Vesting Date(s) an

獎勵股份及相關收入根據計劃規則出

Employee. Where any Awarded Shares and the related income

於任何原因並未歸屬予入選僱員，所

which is in the form of Shares are not vested in any Selected

有該等未歸屬獎勵股份及相關收入就

Employee for whatever reasons in accordance with the Scheme

該計劃而言須成為返還股份。

Rules, all such unvested Awarded Shares and the related income
shall become Returned Shares for the purposes of the Scheme.

獎勵失效

(1)

完全失效

Lapse of Award

(1)

Total Lapse

倘於歸屬日期之前或當日有以下

In the event that prior to or on the Vesting Date, under

情況，根據該計劃之條款，獎勵

the following circumstances and subject to the terms of

將隨即失效，而相關獎勵股份將

the Scheme, the Award shall, unless the Board otherwise

不會於相關歸屬日期歸屬，惟就

agrees, lapse forthwith, and the relevant Awarded Shares

該計劃而言將成為返還股份，董

shall not vest on the relevant Vesting Date but shall become

事會另行同意的除外：(i)相關入

Returned Shares for the purpose of the Scheme: (i) the

選僱員不再為僱員；( i i ) 僱用入

relevant Selected Employee ceases to be an Employee; (ii)

選僱員的附屬公司不再為本公司

the Subsidiary by which a Selected Employee is employed

（ 或 本 集 團 成 員 公 司 ）的 附 屬 公

ceases to be a Subsidiary of the Company (or of a member

司；或(iii)本公司接獲清盤令或

of the Group); or (iii) an order for the winding-up of the

本公司通過決議案自願清盤。

Company is made or a resolution is passed for the voluntary
winding-up of the Company.

(2)

66

部分失效

(2)

Partial Lapse

倘於歸屬日期之前或當日有以下

In the event that prior to or on the Vesting Date, under

情況，根據該計劃之條款，向該

the following circumstances and subject to the terms of

入選僱員作出的相關部分獎勵將

the Scheme, the relevant part of the Award made to such

隨即失效，而相關獎勵股份將不

Selected Employee shall, unless the Board otherwise

會於相關歸屬日期歸屬，惟就該

agrees, lapse forthwith and the relevant Awarded Shares

計劃而言將成為返還股份，董事

shall not vest on the relevant Vesting Date but shall become

會另行同意的除外：(i)入選僱員

Returned Shares for the purpose of the Scheme: (i) a

被發現為除外僱員（在此情況下

Selected Employee is found to be an Excluded Employee

僅適用於釋義所界定的 ( i i ) 類除

(in this context only applicable to any person in class (ii)

外僱員中的任何人士）；或(ii)入

of Excluded Employee as defined in the definitions); or (ii)

選僱員未能於規定期限內按受託

a Selected Employee fails to return duly executed transfer

人要求就有關獎勵股份妥善簽署

documents prescribed by the Trustee for the relevant

並交回轉讓文件。

Awarded Shares within the stipulated period.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
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(3)

死亡或協議退休

(3)

Death or retirement by agreement
Notwithstanding the above, in respect of a Selected
Employee who died or retired by agreement with a member
of the Group at any time prior to or on the Vesting Date,
their unvested Award shall, unless the Board otherwise
agrees, lapse forthwith and the Awarded Shares of such
Award shall not vest on the relevant Vesting Date but shall
become Returned Shares for the purpose of the Scheme.

儘管上文所述，就於歸屬日期之
前或當日之前任何時間身故或通
過與本集團成員公司協議退休的
入選僱員而言，除董事會另有約
定外，其未歸屬獎勵應立即失
效，而該獎勵的獎勵股份不得在
相關歸屬日期進行歸屬，而應成
為就該計劃而言的返回股份。
限制

Restrictions

倘任何董事擁有與本集團有關的內幕
消息，或倘董事根據上市規則的任何
守則或規定及所有不時適用的法律被
禁止買賣 H 股，則董事會不得作出任
何獎勵，不得向受託人交付 H 股或支
付款項（視情況而定），且不得根據該
計劃向受託人發出收購H股的指示。

No Award shall be made by the Board and no H Shares or
payment (as the case may be) shall be delivered or made to
the Trustee and no instructions to acquire H Shares shall be
given to the Trustee under the Scheme where any Director is in
possession of inside information in relation to the Group or where
dealings in H Shares by Directors are prohibited under any code
or requirement of the Listing Rules and all applicable laws from
time to time.

該計劃之修訂

Alteration of the Scheme

該計劃可通過董事會決議案進行任何
方面的修訂，惟除例外情況外，有關
修訂不得對入選僱員於計劃規則項下
的任何存續權利造成重大不利影響。

The Scheme may be altered in any respect by a resolution of
the Board provided that no such alteration shall operate to affect
materially and adversely any subsisting rights of any Selected
Employee under the Scheme Rules, subject to exceptions.

投票權

Voting rights

謹此說明，持有該計劃未歸屬信託股
份的受託人（無論該等信託股份有否
作為獎勵股份授予相應的入選僱員）
一概不得直接或間接對根據上市規則
須股東批准的事項投票表決，除非法
律另行規定按實益擁有人的指示投票
表決且該指示已發出。

For the avoidance of doubt, the Trustee holding unvested Trust
Shares of the Scheme, regardless whether such Trust Shares
have been granted to the corresponding Selected Employees
as Awarded Shares or not, shall abstain from voting, whether
directly or indirectly, on matters that require Shareholders’
approval under the Listing Rules, unless otherwise required by
law to vote in accordance with the beneficial owner’s direction
and such a direction is given.

終止

Termination

該計劃將於以下較早日期終止：

The Scheme shall terminate on the earlier of:

(i)

自採納日期起計十年期間屆滿之
日，惟於該計劃屆滿前根據計劃
授出任何未歸屬獎勵股份，以使
有關獎勵股份的歸屬生效或根據
該計劃條文進行其他可能所需事
宜者除外；及

(i)

the end of the period of ten years commencing on the
Adoption Date, except in respect of any non-vested
Awarded Shares granted hereunder prior to the expiration of
the Scheme, for the purpose of giving effect to the vesting
of such Awarded Shares or otherwise as may be required in
accordance with the provisions of the Scheme; and

(ii)

董事會釐定的提前終止日期，惟
有關終止不得影響該計劃項下任
何入選僱員的任何存續權利。

(ii)

such date of early termination as determined by the
Board provided that such termination shall not affect any
subsisting rights of any Selected Employee hereunder.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

67

企業管治及其他資料
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該計劃終止後，受託人須出售信託下
信託基金所餘下的所有股份及非現金
收入。上述出售所得款項淨額及信託
餘下其他資金須於出售後即時匯寄予
本公司。謹此說明，受託人不得向本
公司轉讓任何股份，本公司亦不得以
其他方式持有任何股份（其於出售上
述股份所得款項中的權益除外）。

Upon termination of the Scheme, all Shares and non-cash income
remaining in the trust fund of the Trust shall be sold by the
Trustee. The net proceeds of aforesaid sale and such other funds
remaining in the Trust shall be remitted to the Company forthwith
after the sale. For the avoidance of doubt, the Trustee may
not transfer any Shares to the Company nor may the Company
otherwise hold any Shares whatsoever (other than its interest in
the proceeds of sale of such Shares mentioned above).

截至2026 年6 月30 日止六個月，根據股份
獎勵計劃的條款，授予、歸屬、取消或失
效的獎勵詳情如下：

During the six months ended June 30, 2026, the details of the awards
granted, vested, cancelled or lapsed, in accordance with the terms of
the Share Award Scheme are set out below:

承授人類別及名稱

Category and
Name of Grantees

董事
Directors
李妍
Li Yan
本財政年度五名
最高薪人士合計
Top Five Highest Paid
Individuals During
the Financial Year in
Aggregate
其他僱員合計
Other Employees in
Aggregate

於2026年
1月1日的
未歸屬獎勵 於報告期間 於報告期間 於報告期間 於報告期間
股份數量
授予
已歸屬
註銷
失效

截至2026年
6月30日的
未歸屬獎勵
股份數量

Number
of Shares
Subject to
Unvested Granted
Vested Cancelled
Lapsed
Date of Grant Awards as During the During the During the During the
of Share at January 1, Reporting Reporting Reporting Reporting
Awards
2026
Period
Period
Period
Period

Number
of Shares
Subject to
Unvested
Awards as
of June 30,
2026

股份獎勵
授予日期

2024年
12月20日
December 20,
2024

–

2025年
12月20日
December 20,
2025
2024年
12月20日
December 20,
2024

3,780

–

–

–

–

–

–

–

–

–

681,853

–

–

–

40,184

663,958

–

–

–

26,882

362,376

–

172,126

–

18,124

1,711,967

–

172,126

–

85,190

2023年6月6日
June 6, 2023

總計
Total

68

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

歸屬期

Closing Price
Immediately
before the
Date of Grant
Vesting
Purchase
of Share
Period
Price
Awards
每股港元
每股港元
HKD per share HKD per share

四年
（每年25%）
3,780
4 years,
25% for
each year

–

–

四年
（每年25%）
641,669
4 years,
25% for
each year
四年
（每年25%）
637,076
4 years,
25% for
each year
四年
（每年25%）
172,126
4 years,
25% for
each year
1,454,651

購買價

緊接股份獎勵
授予日期前的
收市價

緊接獎勵歸屬
日期前股份的
加權平均收市價
The Weighted
Average
Closing Price
of the Shares
Immediately
before the Dates
on which the
Awards were
Vested
每股港元
HKD per share

–

不適用
N/A

不適用
N/A

–

–

–

–

不適用
N/A

不適用
N/A

–

不適用
N/A

不適用
N/A

–

不適用
N/A

41.82

企業管治及其他資料
Corporate Governance and Other Information

附註：

Note:

於2026年1月1日，可供授予的受獎勵股份數量為

As of January 1, 2026, the number of Shares subject to awards available for

17,669,812，截至2026年6月30日，可供授予的

grant was 17,669,812, and as of June 30, 2026, the number of Shares subject to

受獎勵股份數量為17,755,002。

awards available for grant was 17,755,002.

根據股份獎勵計劃授出的獎勵須待達到董

The vesting of the awards granted under the Share Award Scheme are

事會根據個別情況或一般參考本集團表現

subject to certain performance targets as determined by the Board

及 ╱ 或承授人個別表現酌情釐定的若干表

at its absolute discretion, either on a case-by-case basis or generally

現目標後方可歸屬。

with reference to the performance of the Group and/or individual
performance of the grantees.

除上文所披露者外，根據本公司的股份獎

Save as disclosed above, as at June 30, 2026, no participant with

勵計劃，於2026 年6 月30 日，概無參與者

options and awards has been granted and to be granted in any

於任何 12 個月期間已獲授及將獲授的購股

12-month period exceeding 1% of the issued share capital of the

權及獎勵超過本公司已發行股本的1%，且

Company in issue, and no related entity participant or service provider

概無關聯實體參與者或服務提供商於任何

with options and awards has been granted and to be granted in any

12 個月期間已獲授及將獲授的購股權及獎

12-month period exceeding 0.1% of the issued share capital of the

勵超過本公司已發行股本的0.1%。

Company in issue, under the share schemes of the Company.

VI. 所得款項用途

VI. USE OF PROCEEDS

全球發售所得款項用途

Use of Proceeds from the Global Offering

本公司來自全球發售的所得款項淨額

The net proceeds received by the Company from the Global

（扣除我們就全球發售應付的包銷費及

Offering (including the partial exercise of the Over-allotment

相關開支後，包括部分行使超額配股

Option) amounted to approximately HK$537.0 million (equivalent

權）為約537.0 百萬港元（相當於人民

to RMB436.3 million) after the deduction of underwriting fees,

幣436.3 百萬元）。全球發售所得款項

and related expenses in connection with the exercise of the

淨額已於2024年悉數動用。

Global Offering. Net proceeds from the Global Offering have
been fully utilised in 2024.

A股發行所得款項用途

Use of Proceeds from the Issue of A Shares

本公司來自 A 股發行的所得款項淨額

The net proceeds received by the Company from the Issue of

（扣除我們就A股發行應付的包銷費及

A Shares amounted to approximately RMB1,144.1 million after

相關開支後）為約人民幣1,144.1 百萬

the deduction of underwriting fees, and related expenses in

元。

connection with the exercise of the Issue of A Shares.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

69

企業管治及其他資料
Corporate Governance and Other Information

截至2026年6月30日，本集團已動用A股發

As of June 30, 2026, the Group had used the net proceeds from

行所得款項淨額作以下用途：

the Issue of A Shares for the following purposes:
截至2026年

報告期內

截至2026年

募集所得款項之

1月1日止未動用

已動用

6月30日止

擬投資金額

之所得款項

所得款項淨額

未動用之所得款項

Proposed
Investment

Proceeds

proceeds

Proceeds

Amount from

unutilized as of

during the

unutilized as of

Proceeds Raised

January 1, 2026

Reporting Period

June 30, 2026

人民幣百萬元

人民幣百萬元

人民幣百萬元

人民幣百萬元

RMB’million

RMB’million

RMB’million

RMB’million

453.6

453.6

305.9

147.7

316.5

316.5

303.0

13.5

藥物早期研發服務平台建設項目
Drug early development service platform

預期時間表

Utilized net

Expected timetable

於2026年底前
By the end of 2026

construction project
抗體藥物研發及評價項目
Antibody drug development

於2026年底前
By the end of 2026

and evaluation project
臨床前研發項目
Preclinical development project

於2027年6月底前
124.0

124.0

43.4

80.6

補充流動資金（附註）
Supplementing working capital (Note)

By the end of June 2027
於2026年底前

250.0

208.6

200.0

8.6

1,144.1

1,102.7

852.3

250.4

By the end of 2026

總計
Total

70

該等金額已約整至小數點後一位。

The amounts have been rounded to one decimal place.

附註：

Note:

截至2026年6月30日，「補充流動資金」的用途主

As at 30 June 2026, the use of “supplemental working capital” mainly

要包括：

include:

1)

人民幣212.9百萬元用於員工薪酬；

1)

RMB212.9 million for staff’s salary;

2)

人民幣15.2百萬元用於技術服務費；及

2)

RMB15.2 million for technical services fee; and

3)

人民幣13.3百萬元用於原材料及其他。

3)

RMB13.3 million for raw materials and others.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

VII. 發行、購買、出售或贖回本
公司上市證券

VII. I S S U A N C E , P U R C H A S E , S A L E O R
REDEMPTION OF LISTED SECURITIES OF
THE COMPANY

截至2026 年6 月30 日止六個月，本

During the six months ended June 30, 2026, neither the

公司或其任何附屬公司概無發行、購

Company nor any of its subsidiaries had issued, purchased, sold

買、出售或贖回任何本公司上市證券

or redeemed any of the Company’s listed securities (including

（包括出售上市規則界定的庫存股份）。

sale of treasury shares as defined under the Listing Rules).

截至報告期末，本公司並無持有庫存

As of the end of the Reporting Period, no treasury shares (as

股份（定義見上市規則）。

defined under the Listing Rules) were held by the Company.

VIII. 重大訴訟及仲裁事宜

VIII. MATERIAL LITIGATION AND ARBITRATION
MATTERS

於2024年9月4日，和鉑醫藥就「結合

On September 4, 2024, HBM filed a lawsuit against the Company

分子」的發明專利向上海知識產權法

with the Shanghai Intellectual Property Court regarding the

院起訴本公司，指稱我們的RenNano

invention patent for “Binding Molecules”, alleging that our

平台及相關抗體產品侵犯了其享有獨

RenNano platform and related antibody products infringe upon

佔許可的ZL201210057668.0 號發明

its exclusively licensed invention patent ZL201210057668.0. The

專利。首次庭審於2025年8月28日召

first hearing was held on August 28, 2025. Due to a conflict of

開。由於對方律師存在利益衝突，法

interest involving the opposing counsel, the court ordered their

院責令其迴避，致使實質性的訴訟程

withdrawal, preventing substantive proceedings. On October 13,

序無法進行。於 2025 年 10 月 13 日，

2025, HBM withdrew the lawsuit.

和鉑醫藥撤回訴訟。
於2025年11月5日，和鉑醫藥就同一

On November 5, 2025, HBM filed another lawsuit against

專利再次起訴本公司，索償人民幣10

the Company over the same patent, seeking RMB10 million

百萬元。於2026年1月27日，本公司

in damages. The first hearing of the renewed lawsuit was

與和鉑醫藥的第二次專利糾紛案件完

completed on January 27, 2026. On June 29, 2026, the Company

成首次開庭。2026 年6 月29 日，本公

received the Civil Judgment ((2025) Hu 73 Zhi Min Chu No. 260)

司收到上海知識產權法院作出（2025）

issued by the Shanghai Intellectual Property Court, dismissing

滬 7 3 知 民 初 2 6 0 號《 民 事 判 決 書 》，

the litigation claims brought by the plaintiff, HBM. On August 4,

判決駁回原告和鉑醫藥的訴訟請求。

2026, the Company received the Civil Petition for Appeal and

2026 年 8 月 4 日，公司收到上海知識

relevant attachments submitted by HBM and forwarded by the

產權法院轉來的和鉑醫藥提交的《民

Shanghai Intellectual Property Court. HBM filed an appeal as it

事上訴狀》及相關附件，和鉑醫藥因

was dissatisfied with the judgment of the first instance.

不服一審判決提起上訴。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

71

企業管治及其他資料
Corporate Governance and Other Information

本案尚在審理過程中，考慮到涉案專

The case is currently in the process of hearing. Considering that

利有效期已於2025年7月22日屆滿，

the validity period of the patent in question expired on July 22,

不再影響公司相關技術平台的使用，

2025, the use of the Company’s relevant technology platforms

且專利有效期屆滿前，公司RenNano

is no longer affected. Furthermore, prior to the expiration of

技術平台處於建成初期，開展業務情

the patent validity period, the Company’s RenNano technology

況較少，不屬於抗體開發業務主要收

platform was in its early stage of development with limited

入來源。綜上所述，本案需要支付賠

business activities and did not constitute a major source of

償款的可能性較低，預計不會對公司

revenue for the antibody development business. In summary, the

生產經營產生重大不利影響。

likelihood of the Company being required to pay damages for this
case is low, and it is not expected that this will have a material
adverse impact on the Company’s production and operations.

除上文所披露者外，本集團於報告期

Saved as disclosed above, the Group did not have any material

間並無任何重大訴訟或仲裁。

litigation or arbitration during the Reporting Period.

IX. 董事、最高行政人員及高級
管理層資料變動

IX. CHANGE IN DIRECTORS’, CHIEF EXECUTIVES’,
AND SENIOR MANAGEMENT’S INFORMATION

根據上市規則第13.51B(1)條，自

According to Rule 13.51B(1) of the Listing Rules, changes

2025年年度報告日期直至本報告日期

in information of Directors, chief executives, and senior

期間，本公司董事、最高行政人員及

management of the Company during the period from the date

高級管理層資料變動如下：

of the 2025 annual report up to the date of this report are as
follows:

72

董事及董事會委員會架構變動

Change in Directors and Composition of Board Committees

劉弘康博士自2026年2月12日起獲委

Dr. Liu Hongkang was appointed as a non-executive Director

任為非執行董事以及審計委員會及戰

and a member of both of the Audit Committee and the Strategy

略發展委員會各自之成員。

Development Committee with effect from February 12, 2026.

除上文所披露者外，截至2026 年6 月

Save as disclosed above, there was no other change in the

30 日止六個月，董事及董事會委員會

Directors and composition of Board Committees during the six

架構概無其他變動。

months ended June 30, 2026.

董事履歷變動

Change in Biographies of Directors

截至2026年6月30日止六個月，董事

During the six months ended June 30, 2026, there were no

履歷概無變動。

changes in biographies of the Directors.

最高行政人員及高級管理層變動

Change in Chief Executives and Senior Management

截至2026年6月30日止六個月，本公

During the six months ended June 30, 2026, there were no

司最高行政人員及高級管理層概無變

changes in chief executives and senior management of the

動。

Company.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

經本公司作出具體查詢以及獲董事及

After making specific enquiries by the Company and confirmed

本公司最高行政人員確認後，除上文

by the Directors and chief executives of the Company, save as

所披露外，於2025 年年度報告日期

disclosed above, no other changes in the information of any

後，概無須根據上市規則第13.51(2)

Directors and chief executives that are required to be disclosed

條第(a)至(e)段以及第(g)段披露的有

pursuant to paragraphs (a) to (e) and paragraph (g) of Rule

關任何董事及最高行政人員資料的其

13.51(2) of the Listing Rules have to be disclosed pursuant to

他變動須根據上市規則第13.51B(1)條

Rule 13.51B(1) of the Listing Rules after the date of the 2025

予以披露。

annual report.

報告期間，本公司僱員及薪酬政策概

During the Reporting Period, there was no change in the

無變動。對報告期間本集團僱員及薪

employees and remuneration policies of the Company. A review

酬政策之審閱載於本中期報告「管理

of the employees and remuneration policies of the Group during

層討論與分析 －II. 財務回顧 － 僱員

the Reporting Period is set out in “Management Discussion and

及薪酬政策」。

Analysis – II. Financial Review – Employees and Remuneration
Policies” in this interim report.

X. 上市規則規定的持續披露責
任

X. CONTINUING DISCLOSURE OBLIGATIONS
PURSUANT TO THE LISTING RULES

截至2026年6月30日，本公司並無上

As of June 30, 2026, the Company does not have any other

市規則第13.20、13.21 及13.22 條項

disclosure obligations under Rules 13.20, 13.21 and 13.22 of the

下的任何其他披露責任。

Listing Rules.

XI. 進行證券交易的標準守則

XI. M O D E L C O D E
TRANSACTIONS

FOR

SECURITIES

本公司已採納一套有關董事進行證券

The Company has adopted a code of conduct regarding

交易的行為守則，其條款不比標準守

Directors’ securities transactions on terms no less exacting than

則所載的規定標準寬鬆。

the required standard set out in the Model Code.

經向全體董事作出具體查詢後，彼等

Specific enquiries have been made to all Directors, and they

確認於報告期間及直至本報告日期一

have confirmed that they have complied with our Company’s

直遵守本公司有關董事進行證券交易

code of conduct regarding Directors’ securities transactions

的行為守則。

during the Reporting Period and up to the date of this report.

可能擁有本公司未公佈內幕消息的本

The Company’s employees, who are likely to be in possession of

公司僱員亦須遵守標準守則。於報告

unpublished inside information of the Company, are also subject

期間及直至本報告日期，本公司並無

to the Model Code. No incidents of non-compliance with the

獲悉本公司相關僱員違反標準守則的

Model Code by the relevant employees of the Company were

事件。

noted by the Company during the Reporting Period and up to the
date of this report.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

73

企業管治及其他資料
Corporate Governance and Other Information

XII. 遵守企業管治守則

XII. COMPLIANCE WITH THE CG CODE

本公司一直致力達到高水平的企業管

The Company is committed to achieving high standards of

治，以保障股東的利益及提升企業價

corporate governance with a view to safeguarding the interests

值與問責性。

of Shareholders enhancing corporate value and accountability.

本公司的企業管治常規乃基於上市規

The Company’s corporate governance practices are based on

則附錄C1企業管治守則所載的原則。

the principles as set out in the CG Code in Appendix C1 to the

董事認為，報告期間及直至本報告日

Listing Rules. In the opinion of the Directors, throughout the

期止整個期間，本公司已遵守企業管

Reporting Period and up to the date of this report, the Company

治守則所載的所有守則條文，惟以下

has complied with all the code provisions as set out in the CG

偏離情況除外。

Code apart from the deviation below.

企業管治守則的守則條文第C.2.1條規

Code provision C.2.1 of the CG Code stipulates that the roles

定，董事長與首席執行官的角色應有

of chairman and chief executive should be separated and

區分，並不應由一人同時兼任。本公

should not be performed by the same individual. The roles of

司董事長與首席執行官之職責並未分

the chairman of the Board and the chief executive officer of

開，均由沈博士執行。鑒於沈博士的

the Company are not separate and are both performed by Dr.

經驗、個人資料及在本公司擔任的職

Shen. In view of Dr. Shen’s experience, personal profile and

務，沈博士作為首席執行官，廣泛了

his roles in our Company, Dr. Shen is the Director best suited

解本公司的業務，是最適合識別戰略

to identify strategic opportunities and focus of the Board due

機會及董事會重點的董事。董事會相

to his extensive understanding of the Company’s business as

信，由同一人兼任董事長及首席執行

the chief executive officer. The Board believes that vesting the

官有利於確保本集團的領導一致，使

roles of both the chairman and the chief executive officer in the

本集團的整體策略規劃更加有效及高

same person has the benefit of ensuring consistent leadership

效。目前安排的權力及權限平衡不會

within the Group and enables more effective and efficient overall

受到損害，而本公司通過該架構可迅

strategic planning for the Group. The balance of power and

速有效地作出及執行決策。

authority for the present arrangement will not be impaired and
this structure will enable the Company to make and implement
decisions promptly and effectively.

董事會將繼續檢討並會在考慮本集團

The Board will continue to review and consider splitting the roles

整體情況後於適當時候分拆本公司董

of chairman of the Board and the chief executive officer of the

事長及首席執行官之職務。

Company at a time when it is appropriate by taking into account
the circumstances of the Group as a whole.

74

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

企業管治及其他資料
Corporate Governance and Other Information

審計委員會

Audit Committee

審計委員會有四名成員，包括一名非

The Audit Committee has four members comprising one

執行董事及三名獨立非執行董事，即

non-executive Director and three independent non-executive

梁曉燕女士（主席）、華風茂先生、喻

Directors, being Ms. Liang Xiaoyan (chairwoman), Mr. Hua

長遠博士及劉弘康博士，彼等的職權

Fengmao, Dr. Yu Changyuan and Dr. Liu Hongkang, with terms

範圍符合上市規則第3.21條。

of reference in compliance with Rule 3.21 of the Listing Rules.

審計委員會已審閱及檢討2026 年中

The Audit Committee has considered and reviewed the 2026

期報告、本集團採納的會計原則及慣

interim report, the accounting principles and practices adopted

例，並已與管理層討論有關內部監

by the Group and has discussed matters in relation to internal

控、風險管理及財務報告的事宜，包

controls, risk management and financial reporting with the

括審閱本集團截至 2026 年6 月30 日

management, including the review of the unaudited condensed

止六個月的未經審核簡明綜合中期業

consolidated interim results of the Group for the six months

績。審計委員會認為，本集團截至

ended June 30, 2026. The Audit Committee considers that the

2026 年6月30 日止六個月之中期業績

interim results for the six months ended June 30, 2026 are in

符合相關會計準則、規則及規例，並

compliance with the relevant accounting standards, rules and

已作出適當披露。

regulations, and appropriate disclosures have been duly made.

核數師

Auditor

本公司的獨立核數師（即執業會計師

The Company’s independent auditor, KPMG, Certified Public

畢馬威會計師事務所）已根據香港會

Accounts, has reviewed the interim results of the Group for the

計師公會頒佈的香港審閱委聘準則

six months ended June 30, 2026 in accordance with the Hong

第2410 號「由實體的獨立核數師執行

Kong Standard on Review Engagements 2410, “Review of Interim

中期財務資料審閱」審閱本集團截至

Financial Information Performed by the Independent Auditor of

2026 年6 月30 日止六個月之中期業

the Entity” issued by the Hong Kong Institute of Certified Public

績。

Accountants.

承董事會命

By order of the Board

百奧賽圖（北京）醫藥科技股份有限公司

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

董事長、首席執行官兼執行董事

Shen Yuelei

沈月雷

Chairman of the Board, Chief Executive Officer and Executive Director

香港，2026年8月27日

Hong Kong, August 27, 2026

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

75

審閱報告
Review Report

致百奧賽圖（北京）醫藥科技股份有限公司

Review report to the board of directors of Biocytogen

董事會之審閱報告

Pharmaceuticals (Beijing) Co., Ltd.

（於中華人民共和國註冊成立的有限公司）

(Incorporated in the People’s Republic of China with limited liability)

引言

INTRODUCTION

我們已審閱列載於第 78 至 106 頁的中期財

We have reviewed the interim financial report set out on pages 78 to

務報告，包括百奧賽圖（北京）醫藥科技股

106 which comprises the consolidated statement of financial position

份有限公司（「貴公司」）及其附屬公司（統

of Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (the “Company”)

稱「貴集團」）截至2026年6月30日的綜合財

and its subsidiaries (collectively referred to as “the Group”) as of

務狀況表及截至該日止六個月期間的相關

30 June 2026 and the related consolidated statement of profit or

綜合損益及其他全面收入表、綜合權益變

loss and other comprehensive income, the consolidated statement

動表及簡明綜合現金流量表，以及附註解

of changes in equity and the condensed consolidated cash flow

釋。香港聯合交易所有限公司證券上市規

statement for the six-month period then ended, and explanatory notes.

則要求遵照上市規則中的相關規定和國際

The Rules Governing the Listing of Securities on The Stock Exchange

會計準則理事會頒佈的國際會計準則第 34

of Hong Kong Limited require the preparation of an interim financial

號中期財務報告 編製中期財務報告。董事

report to be in compliance with the relevant provisions thereof and

須負責根據國際會計準則第 34 號編製及列

International Accounting Standard 34, Interim financial reporting , as

報本中期財務報告。

issued by the International Accounting Standards Board. The directors
are responsible for the preparation and presentation of this interim
financial report in accordance with International Accounting Standard
34.

76

我們的責任是根據我們的審閱對本中期財

Our responsibility is to express a conclusion, based on our review,

務報告作出結論，並按照我們雙方所協定

on this interim financial report and to report our conclusion solely to

的應聘條款，僅向全體董事會報告，不可

you, as a body, in accordance with our agreed terms of engagement,

用作其他用途。我們概不就本報告的內

and for no other purpose. We do not assume responsibility towards or

容，對任何其他人士負責或承擔法律責任。

accept liability to any other person for the contents of this report.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

審閱報告
Review Report

審閱範圍

SCOPE OF REVIEW

我們已根據香港會計師公會頒佈的香港審

We conducted our review in accordance with Hong Kong Standard

閱委聘準則第2410 號由實體的獨立核數師

on Review Engagements 2410, Review of interim financial information

執行中期財務資料審閱 進行審閱。中期財

performed by the independent auditor of the entity as issued by

務報告的審閱工作包括主要向負責財務及

the Hong Kong Institute of Certified Public Accountants. A review

會計事項的人員查詢，並應用分析和其他

of the interim financial report consists of making inquiries, primarily

審閱程序。由於審閱的範圍遠小於根據香

of persons responsible for financial and accounting matters, and

港審計準則進行的審計範圍，故不能保證

applying analytical and other review procedures. A review is

我們會注意到審計中可能發現的所有重大

substantially less in scope than an audit conducted in accordance

事項。因此，我們不發表任何審計意見。

with Hong Kong Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly we
do not express an audit opinion.

結論

CONCLUSION

根據我們的審閱工作，我們並未發現任何

Based on our review, nothing has come to our attention that causes

事項令我們相信，於2026 年6 月30 日的中

us to believe that the interim financial report as at 30 June 2026 is not

期財務報告在所有重大方面未根據國際會

prepared, in all material respects, in accordance with International

計準則第34號中期財務報告 編製。

Accounting Standard 34, Interim financial reporting .

執業會計師

Certified Public Accountants

香港中環

8th Floor, Prince’s Building

遮打道10號

10 Chater Road

太子大廈8樓

Central, Hong Kong

2026年8月27日

27 August 2026

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

77

綜合損益及其他全面收入表
Consolidated Statement of Profit or Loss and Other Comprehensive Income
截至2026年6月30日止六個月－未經審核

For the six months ended 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）

截至6月30日止六個月
Six months ended 30 June
2026年

收益

Revenue

銷售成本

Cost of sales

毛利

Gross profit

其他收益及虧損淨額

Other gains and losses, net

生物資產公允價值變動淨額

Net change in fair value of

銷售及營銷開支

Selling and marketing expenses

一般及行政開支

General and administrative

2025

附註

人民幣千元

人民幣千元

Notes

RMB’ 000

RMB’000

3

biological assets

4
5

expenses
研發開支

2025年

2026

941,389

620,963

(194,899)

(159,014)

746,490

461,949

(6,432)

8,512

41,572

20,796

(76,165)

(58,515)

(133,044)

(116,231)

(267,338)

(209,109)

305,083

107,402

Research and development
expenses

經營盈利

Profit from operations

財務成本

Finance costs

(36,013)

(35,926)

分佔聯營公司虧損

Share of loss of an associate

(20,501)

(11,856)

除稅前盈利

Profit before taxation

248,569

59,620

所得稅

Income tax

(7,475)

(11,621)

期內盈利

Profit for the period

241,094

47,999

期內其他全面收入（除稅後）：

Other comprehensive income for

－ 按公允價值計入其他全面收

– Equity investments at fair value

–

(483)

(1,025)

445

6(a)

7

the period (after tax):
益的股權投資 － 公允價值儲

through other comprehensive

備變動淨額（不可劃轉）

income – net movement in fair
value reserve (non-recycling)

－ 換算境外業務財務報表的匯 – Exchange differences on
兌差額

translation of financial statements
of foreign operations

78

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

綜合損益及其他全面收入表
Consolidated Statement of Profit or Loss and Other Comprehensive Income
截至2026年6月30日止六個月－未經審核

For the six months ended 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）

截至6月30日止六個月
Six months ended 30 June
2026年

期內其他全面收入

2025

附註

人民幣千元

人民幣千元

Notes

RMB’ 000

RMB’000

(1,025)

(38)

240,069

47,961

241,095

47,999

(1)

–

241,094

47,999

240,070

47,961

(1)

–

240,069

47,961

0.54

0.12

Other comprehensive income for
the period

期內全面收入總額

2025年

2026

Total comprehensive income for
the period

以下應佔期內盈利：

Profit for the period attributable

本公司權益股東

Equity shareholders of the

to:
Company
非控股權益

Non-controlling interests

期內盈利

Profit for the period

以下應佔期內全面收入總額：

Total comprehensive income for

本公司權益股東

Equity shareholders of the

非控股權益

Non-controlling interests

期內全面收入總額

Total comprehensive income for

the period attributable to:
Company

the period
每股盈利
基本及攤薄（人民幣）

Earnings per share
Basic and diluted (RMB)

第 85 頁至第 106 頁的附註構成本中期財務

8

The notes on pages 85 to 106 form part of this interim financial report.

報告的組成部分。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

79

綜合財務狀況表
Consolidated Statement of Financial Position
於2026年6月30日－未經審核

As at 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）

於2025年12月31日

At 30 June

At 31 December

2026

2025

附註

人民幣千元

人民幣千元

Notes

RMB’ 000

RMB’000

9

1,750,228

1,365,842

非流動資產

Non-current assets

物業、廠房及設備

Property, plant and equipment

無形資產

Intangible assets

11,234

13,360

於聯營公司的權益

Interests in associates

116,951

137,453

其他非流動資產

Other non-current assets

57,719

57,948

遞延稅項資產

Deferred tax assets

2,813

988

1,938,945

1,575,591

流動資產

Current assets

存貨

Inventories

6,231

7,546

合約成本

Contract costs

58,392

43,842

生物資產

Biological assets

10

212,974

167,204

貿易應收款項及應收票據

Trade and bills receivables

11

313,195

300,310

預付款項及其他應收款項

Prepayments and other receivables

12

73,945

44,722

按公允價值計量且其變動計入

Financial assets measured at
13

110,088

–

14

928,782

1,585,149

1,703,607

2,148,773

116,778

135,830

116,942

103,759

當期損益的金融資產

fair value through profit or loss

（「按公允價值計入損益」）

(“FVPL”)

銀行及庫存現金

80

於2026年6月30日

Cash at bank and on hand

流動負債

Current liabilities

貿易應付款項及應付票據

Trade and bills payables

合約負債

Contract liabilities

其他應付款項

Other payables

銀行及其他貸款

15

208,059

461,357

Bank and other loans

26,196

195,417

租賃負債

Lease liabilities

30,676

31,944

即期稅項

Current taxation

–

1,999

498,651

930,306

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

16

綜合財務狀況表
Consolidated Statement of Financial Position
於2026年6月30日－未經審核

As at 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）

流動資產淨值

Net current assets

總資產減流動負債

Total assets less current

於2026年6月30日

於2025年12月31日

At 30 June

At 31 December

2026

2025

附註

人民幣千元

人民幣千元

Notes

RMB’ 000

RMB’000

1,204,956

1,218,467

3,143,901

2,794,058

liabilities
非流動負債

Non-current liabilities

遞延收入

Deferred income

81,105

82,536

租賃負債

Lease liabilities

394,010

163,908

長期應付款項

Long-term payables

–

175,338

銀行及其他貸款

Bank and other loans

242,609

192,822

717,724

614,604

2,426,177

2,179,454

資產淨值

NET ASSETS

資本及儲備

CAPITAL AND RESERVES

股本

Share capital

儲備

Reserves

本公司權益股東應佔權益總額

Total equity attributable to equity

非控股權益

Non-controlling interests

權益總額

TOTAL EQUITY

17

shareholders of the Company

第 85 頁至第 106 頁的附註構成本中期財務

446,898

446,898

1,974,735

1,728,011

2,421,633

2,174,909

4,544

4,545

2,426,177

2,179,454

The notes on pages 85 to 106 form part of this interim financial report.

報告的組成部分。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

81

綜合權益變動表
Consolidated Statement of Changes in Equity
截至2026年6月30日止六個月－未經審核

For the six months ended 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）
本公司權益股東應佔
Attributable to equity shareholders of the Company
股本

股份溢價

庫存股份

其他儲備

累計虧損

匯兌儲備

總計

非控股權益

權益總額

Non-

於2026年1月1日的結餘

Balance at 1 January 2026

截至2026年6月30日止六個月

Changes in equity for six

權益變動：

Share

Share

Treasury

Other Accumulated Exchange

capital

premium

shares

reserve

附註 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Note

losses

reserve

Total

controlling

Total

interests

equity

人民幣千元 人民幣千元 人民幣千元

人民幣千元 人民幣千元

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

446,898

3,088,361

(45,351)

257,081

(1,573,412)

1,332

2,174,909

4,545

2,179,454

–

–

–

–

241,095

(1,025)

240,070

(1)

240,069

–

–

–

7,797

–

–

7,797

–

7,797

–

–

2,281

(2,281)

–

–

–

–

–

–

–

(1,143)

–

–

–

(1,143)

–

(1,143)

446,898

3,088,361

(44,213)

262,597

(1,332,317)

307

2,421,633

4,544

2,426,177

months ended 30 June
2026:

期內溢利及全面收入總額

Profit and total comprehensive

確認股份支付

Recognition of share-based

解鎖受限制H股

Unlock of restricted H shares

就股份獎勵計劃購買自身股份

Purchase of own shares for

income for the period
payment

share award scheme
於2026年6月30日的結餘

82

17(b)

Balance at 30 June 2026

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

綜合權益變動表
Consolidated Statement of Changes in Equity
截至2026年6月30日止六個月－未經審核

For the six months ended 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）
本公司權益股東應佔
Attributable to equity shareholders of the Company
公允價值儲
股本

股份溢價

庫存股份

其他儲備

累計虧損

匯兌儲備 備（不回收）

總計 非控股權益 權益總額

Fair value
reserve

於2025年1月1日的結餘

Share

Share

Treasury

Other Accumulated Exchange

capital

premium

shares

reserve

losses

Non-

(non-

reserve recycling)

Total

controlling

Total

interests

equity

附註 人民幣千元 人民幣千元 人民幣千元 人民幣千元

人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元

Note
Balance at 1 January 2025

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

399,398 1,991,802

(32,765)

226,609

(1,753,677)

1,329

1,360

834,056

4,545

838,601

–

–

47,999

445

(483)

47,961

–

47,961

截至2025年6月30日止六個月 Changes in equity for six
權益變動：

months ended 30 June
2025:

期內溢利及全面收入總額

Profit and total comprehensive

確認股份支付

Recognition of share-based

解鎖受限制H股

Unlock of restricted H shares

income for the period
payment

–

–

–

–

–

19,312

–

–

–

19,312

–

19,312

–

–

2,587

(2,587)

–

–

–

–

–

–

–

–

(10,003)

–

–

–

–

(10,003)

–

(10,003)

–

–

–

713

–

–

–

713

–

713

399,398 1,991,802

(40,181)

244,047

(1,705,678)

1,774

877

892,039

4,545

896,584

就股份獎勵計劃購買自身股份 Purchase of own shares for
share award scheme
分佔聯營公司儲備變動

17(b)

Share of reserve change of
an associate

於2025年6月30日的結餘

Balance at 30 June 2025

第 85 頁至第 106 頁的附註構成本中期財務

The notes on pages 85 to 106 form part of this interim financial report.

報告的組成部分。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

83

簡明綜合現金流量表
Condensed Consolidated Cash Flow Statement
截至2026年6月30日止六個月－未經審核

For the six months ended 30 June 2026 – unaudited

(Expressed in RMB)

（以人民幣列示）

截至6月30日止六個月
Six months ended 30 June
2026年

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

經營活動

Operating activities

經營所得現金

Cash generated from operations

280,331

219,475

已付稅項

Tax paid

(18,771)

(16,041)

經營活動所得現金淨額

Net cash generated from operating
261,560

203,434

activities
投資活動

Investing activities

購買物業、廠房及設備、

Payment for purchase of property, plant and

無形資產支付

equipment, intangible assets

(220,638)

(31,720)

銀行定期存款支付

Payment for time deposits at bank

(100,000)

(51,476)

購買按公允價值計入損益的

Payment for purchase of financial assets
(912,000)

–

803,553

–

(70,507)

–

2,223

298

(497,369)

(82,898)

215,936

182,270

–

3,097

金融資產支付
出售按公允價值計入損益的
金融資產所得款項

measured at FVPL
Proceeds from disposal of financial assets
measured at FVPL

對聯營公司出資

Capital contribution to an associate

出售物業、廠房及設備所得款項

Proceeds from disposal of property, plant
and equipment

投資活動所用現金淨額

Net cash used in investing activities

融資活動

Financing activities

銀行及其他貸款所得款項

Proceeds from bank and other loans

退還受限制存款

Refund of restricted deposits

存入受限制存款

Placement of restricted deposits

償還銀行及其他貸款

Repayments of bank and other loans

支付上市開支

Payments for listing expenses

(5,305)

(519)

償還長期應付款項

Payments of long-term payables

(365,060)

(50,632)

已付銀行及其他貸款利息

Interest paid for bank and other loans

(7,570)

(8,405)

購買自身股份

Purchase of own shares

(1,143)

(10,003)

已付租賃租金的本金部分

Capital element of lease rentals paid

(12,500)

(13,683)

已付租賃租金的利息部分

Interest element of lease rentals paid

(9,215)

(6,661)

融資活動所用現金淨額

Net cash used in financing activities

(522,395)

(87,284)

現金及現金等價物（減少）╱

Net (decrease)/increase in cash and cash
(758,204)

33,252

增加淨額

equivalents

(5,101)

–

(332,437)

(182,748)

匯率變動影響

Effects of foreign exchange rate changes

(4,822)

3,357

於1月1日的現金及現金等價物

Cash and cash equivalents at 1 January

1,552,556

384,458

於6月30日的現金及現金等價物

Cash and cash equivalents at 30 June

789,530

421,067

第 85 頁至第 106 頁的附註構成本中期財務

The notes on pages 85 to 106 form part of this interim financial report.

報告的組成部分。
84

2025年

2026

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

(Expressed in RMB)

（以人民幣列示）

1

編製基準

1

BASIS OF PREPARATION

本中期財務報告乃根據香港聯合交

This interim financial report has been prepared in accordance

易所有限公司證券上市規則的適用

with the applicable disclosure provisions of the Rules Governing

披露條文而編製，包括符合國際會

the Listing of Securities on The Stock Exchange of Hong Kong

計準則理事會（「國際會計準則理事

Limited, including compliance with International Accounting

會」）頒佈的國際會計準則（「國際會

Standard (“IAS”) 34, Interim financial reporting , issued by the

計準則」）第34 號中期財務報告 。其

International Accounting Standards Board (“IASB”). It was

於2026年8月27日獲授權刊發。

authorised for issue on 27 August 2026.

除預期將於2026 年度財務報表反

The interim financial report has been prepared in accordance

映的會計政策變動外，編製本中期

with the same accounting policies adopted in the 2025 annual

財務報告所採用的會計政策與2025

financial statements, except for the accounting policy changes

年度財務報表所採用的會計政策一

that are expected to be reflected in the 2026 annual financial

致。該等會計政策變動的詳情載於

statements. Details of these changes in accounting policies are

附註2。

set out in Note 2.

遵照國際會計準則第 34 號編製中期

The preparation of an interim financial report in conformity with

財務報告需要管理層作出判斷、估

IAS 34 requires management to make judgements, estimates and

計及假設，有關判斷、估計及假設

assumptions that affect the application of policies and reported

會影響以年度計算的資產及負債、

amounts of assets and liabilities, income and expenses on a year

收入及開支的政策應用及呈報金

to date basis. Actual results may differ from these estimates.

額。實際結果可能與此等估計不盡
相同。
本中期財務報告包括簡明綜合財務

This interim financial report contains condensed consolidated

報表及經選定解釋附註。附註包括

financial statements and selected explanatory notes. The

自2025 年度財務報表以來對了解本

notes include an explanation of events and transactions that

集團財務狀況及表現變動而言屬重

are significant to an understanding of the changes in financial

大的事件及交易的闡釋。簡明綜合

position and performance of the Group since the 2025 annual

中期財務報表及其附註並不包括就

financial statements. The condensed consolidated interim

根據國際財務報告準則會計準則編

financial statements and the accompanying notes do not include

製完整財務報表所需的所有資料。

all of the information required for a full set of financial statements
prepared in accordance with IFRS Accounting Standards.

中期財務報告未經審核，惟畢馬威

The interim financial report is unaudited, but has been reviewed

會計師事務所已經根據香港會計

by KPMG in accordance with Hong Kong Standard on Review

師公會頒佈的香港審閱委聘準則第

Engagements 2410, Review of interim financial information

2410 號由實體的獨立核數師執行中

performed by the independent auditor of the entity , issued by

期財務資料審閱 進行審閱。畢馬威

the Hong Kong Institute of Certified Public Accountants. KPMG’s

會計師事務所致董事會的獨立審閱

independent review report to the Board of Directors is included

報告載於第76頁至第77頁。

on pages 76 to 77.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

85

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

2

3

會計政策變更

2

CHANGES IN ACCOUNTING POLICIES

國際會計準則理事會已頒佈多項於

The IASB has issued a number of amendments to IFRS

本會計期間首次生效的國際財務報

Accounting Standards that are first effective for the current

告準則會計準則修訂本。該等發展

accounting period. None of these developments have had a

概無對本財務報表產生重大影響。

material effect on these financial statements. The Group has

本集團並無應用於本會計期間尚未

not applied any new standard or interpretation that is not yet

生效的任何新訂準則或詮釋。

effective for the current accounting period.

收益及分部報告
(a)

3

收益

REVENUE AND SEGMENT REPORTING
(a)

Revenue

本集團主要從事提供基因編輯

The Group is principally engaged in providing gene-editing

服務、臨床前藥理藥效評估服

services, pre-clinical pharmacology and efficacy evaluation

務、模式動物銷售、抗體開發

services, selling animal models, antibody development,

及創新藥開發。本集團目前並

and innovative drugs development. Currently the Group

無產品獲批准進行商業銷售，

has no products approved for commercial sale and has not

亦未自銷售創新藥獲得任何收

generated any revenue from sales of innovative drugs.

入。
來自客戶合約的收益按主要服

Disaggregation of revenue from contracts with customers

務線劃分如下：

by major service lines is as follows:
截至6月30日止六個月
Six months ended 30 June

86

2026年

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

34,363

28,617

基因編輯

Gene-editing

臨床前藥理藥效評估

Pre-clinical pharmacology and
efficacy evaluation

243,353

155,031

模式動物銷售

Animal models selling

445,776

274,426

抗體開發

Antibody development

217,860

162,863

其他

Others

37

26

941,389

620,963

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

3

收益及分部報告（續）
(b)

分部報告

3

REVENUE AND SEGMENT REPORTING
(CONTINUED)
(b)

Segment reporting

本集團按業務線管理其業務。

The Group manages its businesses by business lines. In

按與內部向本集團最高執行管

a manner consistent with the way in which information is

理層匯報資料用於資源分配及

reported internally to the Group’s most senior executive

表現評估的方式一致的方式，

management for the purposes of resource allocation and

本集團已呈列以下五個可報告

performance assessment, the Group has presented the

分部。並無經營分部已為形成

following five reportable segments. No operating segments

以下可報告分部而合併。

have been aggregated to form the following reportable
segments.

•

•

基因編輯服務

•

Gene-editing services

該分部提供基於動物和細

This segment provides the customized gene-editing

胞的定制化基因編輯服

services based on animals as well as cells to meet

務，以滿足客戶基礎科學

the needs of basic science research and drug

研究和藥物研發的需求。

development of the customers.

臨床前藥理藥效評估

•

Pre-clinical pharmacology and efficacy evaluation

該分部提供用於藥物療效

This segment provides the pre-clinical pharmacology

和毒性評估的臨床前藥理

service for drug efficacy and toxicity evaluation.

學服務。
•

模式動物銷售

•

Animal models selling

該分部培育和銷售外用和

This segment breeds and sells the animal models

內用模式動物，包括基因

for the external and internal use, including set

工程小鼠、疾病小鼠模型

of genetically engineered mice, disease mouse

和大齡小動物。該分部亦

models and aged small animals. This segment also

向客戶授出若干模式動物

out-licenses certain animal models to customers.

的許可。
•

抗體開發

•

Antibody development

該分部利用本集團的自身

This segment utilises the Group’s own antibody

抗體發現平台識別有潛力

discovery platforms to identify antibodies which have

成為我們候選藥物的抗

the potential to become our drug candidates and

體，並就潛在治療性抗體

out-license or collaborate with partners for potential

分子對外授權或與合作夥

therapeutic antibody molecules.

伴合作。
•

創新藥開發

•

Innovative drugs development

該分部研發創新藥，專注

This segment is engaged in research and development

腫瘤學和自身免疫性疾病

of innovative drugs with a focus on oncology and

治療。

autoimmune disease therapeutics.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

87

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

3

收益及分部報告（續）
(b)

分部報告（續）

(i)

分部業績

3

REVENUE AND SEGMENT REPORTING
(CONTINUED)
(b)

Segment reporting (Continued)

(i)

Segments results

為評估分部表現及在分部

For the purposes of assessing segment performance

間分配資源，本集團最高

and allocating resources between segments, the

執行管理層根據以下基準

Group’s most senior executive management monitors

監察各可報告分部應佔的

the results attributable to each reportable segment on

業績：

the following bases:

收益及開支參考可報告分

Revenue and expenses are allocated to the reportable

部產生的銷售額及發生的

segments with reference to sales generated by

開支分配至該等分部。報

those segments and the expenses incurred by those

告分部業績使用的計量標

segments. The measure used for reporting segment

準為毛利。

result is gross profit.

本集團的其他經營收入及

The Group’s other operating income and expenses,

開支（如其他收益及虧損

such as other gains and losses, net and selling and

淨額與銷售及行政開支）

administrative expenses, and assets and liabilities are

以及資產與負債未按個別

not measured under individual segments. Accordingly,

分部計量。因此，未呈列

neither information on segment assets and liabilities

有關分部資產及負債的資

nor information concerning capital expenditure,

料以及有關資本開支、利

interest income and interest expenses is presented.

息收入及利息開支的資
料。

88

期內按收益確認時間劃分

Disaggregation of revenue from contracts with

的來自客戶合約的收益明

customers by the timing of revenue recognition, as

細，以及有關提供予本集

well as information regarding the Group’s reportable

團最高執行管理層用於資

segments as provided to the Group’s most senior

源分配及分部表現評估的

executive management for the purposes of resource

本集團可報告分部的資料

allocation and assessment of segment performance for

載列如下。

the period is set out below.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

3

收益及分部報告（續）
(b)

3

分部報告（續）

(i)

REVENUE AND SEGMENT REPORTING
(CONTINUED)
(b)

分部業績（續）

Segment reporting (Continued)

(i)

Segments results (Continued)
截至2026年6月30日止六個月
Six months ended 30 June 2026
臨床前藥理

基因編輯

藥效評估 模式動物銷售

抗體開發

創新藥開發

其他

總計

Pre-clinical

按收益確認的

pharmacology

Animal

and efficacy

models

Innovative

Gene-editing

evaluation

selling development development

Others

Total

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

34,363

242,021

445,776

201,887

–

37

924,084

–

1,332

–

15,973

–

–

17,305

34,363

243,353

445,776

217,860

–

37

941,389

–

–

52,907

–

–

–

52,907

Antibody

drugs

Disaggregated by timing of

時間劃分

revenue recognition

時間點

Point in time

隨時間推移

Over time

來自外部客戶的收益 Revenue from external customers
分部間收益

Inter-segment revenue

可報告分部收益

Reportable segment revenue

34,363

243,353

498,683

217,860

–

37

994,296

可報告分部毛利

Reportable segment gross profit

19,440

145,083

398,693

206,741

–

37

769,994

創新藥開發

其他

總計

截至2025年6月30日止六個月
Six months ended 30 June 2025
臨床前藥理
基因編輯

藥效評估 模式動物銷售

抗體開發

Pre-clinical

按收益確認的

pharmacology

Animal

and efficacy

models

Innovative
Antibody

drugs

Gene-editing

evaluation

Others

Total

人民幣千元

人民幣千元

人民幣千元

selling development development
人民幣千元

人民幣千元

人民幣千元

人民幣千元

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

28,617

148,218

274,426

155,496

–

26

606,783

–

6,813

–

7,367

–

–

14,180

28,617

155,031

274,426

162,863

–

26

620,963

–

–

21,396

–

–

–

21,396

Disaggregated by timing of

時間劃分

revenue recognition

時間點

Point in time

隨時間推移

Over time

來自外部客戶的收益 Revenue from external customers
分部間收益

Inter-segment revenue

可報告分部收益

Reportable segment revenue

28,617

155,031

295,822

162,863

–

26

642,359

可報告分部毛利

Reportable segment gross profit

16,693

77,298

228,063

143,314

–

26

465,394

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

89

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

3

收益及分部報告（續）
(b)

3

分部報告（續）

(ii)

REVENUE AND SEGMENT REPORTING
(CONTINUED)
(b)

可報告分部毛利對賬

Segment reporting (Continued)

(ii)

Reconciliations of reportable segment gross profit
截至6月30日止六個月
Six months ended 30 June

(c)

2026年

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

可報告分部毛利

Reportable segment gross profit

769,994

465,394

抵銷分部間毛利

Elimination of inter-segment gross profit

(23,504)

(3,445)

綜合毛利

Consolidated gross profit

746,490

461,949

地區資料

(c)

Geographic information

下表載列本集團來自外部客戶

The following tables set out information about the

的收益的地理位置資料。按外

geographical location of the Group’s revenue from external

部客戶各自所在國家 ╱ 地區劃

customers. The geographical information on the revenue by

分的收益地區資料如下：

external customers’ respective country/region of domicile is
as follows:
截至6月30日止六個月
Six months ended 30 June
2026年

90

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

中國

The PRC

379,890

199,474

美利堅合眾國（「美國」）

The United States of America (“USA”)

401,535

322,697

其他

Others

159,964

98,792

941,389

620,963

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

3

收益及分部報告（續）
(c)

地區資料（續）

REVENUE AND SEGMENT REPORTING
(CONTINUED)
(c)

Geographic information (Continued)

特定非流動資產的地理位置

The geographical location of the specified non-current

基於該資產的實際地點（就物

assets is based on the physical location of the asset, in the

業、廠房及設備而言）及其獲

case of property, plant and equipment, and the location

分配至的經營地點（就無形資

of the operation to which they are allocated, in the case of

產而言）。

intangible assets.

中國

4

3

The PRC

美國

USA

其他

Others

其他收益及虧損淨額

4

於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

1,407,014

1,222,945

354,309

156,006

139

251

1,761,462

1,379,202

OTHER GAINS AND LOSSES, NET
截至6月30日止六個月
Six months ended 30 June
2026年

出售物業、廠房及設備的
（虧損）╱ 收益淨額
按公允價值計量且其變動計入
當期損益之金融資產的公允

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

(65)

919

Net (loss)/gain on disposal of property,
plant and equipment
Change in fair value of financial
assets at FVTPL
1,641

2,209

2,598

2,360

2,291

2,442

(13,058)

581

161

1

(6,432)

8,512

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

價值變動
利息收入

Interest income

政府補助（包括遞延收入攤銷）

Government grants (including amortisation
of deferred income)

匯兌（虧損）╱ 收益淨額

Net foreign exchange (loss)/gain

其他

Others

91

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

5

生物資產公允價值變動淨額

5

NET CHANGE IN FAIR VALUE OF
BIOLOGICAL ASSETS

生物資產公允價值變動淨額指期初

Net change in fair value of biological assets represents the

到期末的公允價值差額。截至2026

difference in fair value from the beginning to the end of

年 6 月 30 日止六個月，公允價值變

the period. During the six months ended 30 June 2026, net

動淨額包括 (i) 已變現公允價值負變

fair value change consists of (i) negative realised fair value

動 為 人 民 幣 1 4 2 , 7 0 4 , 0 0 0 元（ 截 至

changes of RMB142,704,000 (six months ended 30 June

2025 年6 月30 日止六個月：人民幣

2025: RMB79,015,000) and (ii) positive unrealised fair value

79,015,000 元）；及(ii)未變現公允

changes of RMB184,276,000 (six months ended 30 June 2025:

價值正變動為人民幣184,276,000元

RMB99,811,000).

（截至2025年6月30日止六個月：人
民幣99,811,000元）。

6

除稅前盈利

6

Profit before taxation is arrived at after charging:

除稅前盈利乃經扣除下列各項：
(a)

PROFIT BEFORE TAXATION

財務成本

(a)

Finance costs
截至6月30日止六個月
Six months ended 30 June

(b)

2026年

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

長期應付款項的利息

Interest on long-term payables

19,927

21,711

租賃負債利息

Interest on lease liabilities

11,451

6,661

銀行及其他貸款利息

Interest on bank and other loans

4,635

7,554

36,013

35,926

員工成本

(b)

Staff costs
截至6月30日止六個月
Six months ended 30 June

薪金、工資及其他福利

Salaries, wages and other benefits

2026年

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

231,997

187,672

19,048

15,137

7,797

19,312

258,842

222,121

界定供款退休計劃供款（附註） Contributions to defined contribution
retirement schemes (Notes)
以權益結算的股份支付開支

Equity-settled share-based
payment expenses

92

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

6

除稅前盈利（續）
(b)

員工成本（續）

6

PROFIT BEFORE TAXATION (CONTINUED)
(b)

Staff costs (Continued)

附註：

Notes:

根據中國相關規定，本公司及其中

As stipulated by the regulations of the PRC, the Company and

國附屬公司為其僱員參加由省市政

its subsidiaries in the PRC participate in a defined contribution

府組織的界定供款退休計劃。於有

retirement plan organised by municipal and provincial governments

關年度，本集團須按照僱員薪金、

for its employees. The Group is required to make contributions to the

花紅及若干津貼的若干百分比向該

retirement plans at certain percentages of the salaries, bonuses and

等退休計劃供款。

certain allowances of the employees during the year.

美國附屬公司為美國僱員實施一項

Subsidiaries in the USA implemented a defined contribution 401(k)

界定供款401(k)儲蓄計劃（「401(k)

savings plan (the “401(k) Plan”) for U.S. employees. The 401(k)

計劃」）。401(k)計劃涵蓋所有美國

Plan covers all U.S. employees, and allows participants to defer a

僱員，並允許參與者按稅前基準遞

portion of their annual compensation on a pretax basis. In addition,

延部分年度薪酬。此外，本集團對

the Group implemented a matching contribution to the 401(k) Plan,

401(k)計劃作出匹配供款，將僱員

matching employee’s contribution up to a maximum of 5% of the

供款與參與者薪酬的最高 5% 相匹

participant’s compensation.

配。

(c)

其他項目

(c)

Other items
截至6月30日止六個月
Six months ended 30 June

物業、廠房及設備折舊費用

Depreciation charge on property,

無形資產攤銷

Amortisation of intangible assets

plant and equipment

2026年

2025年

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

78,142

81,363

3,518

3,736

4,802

2,260

貿易應收款項及其他應收款項 Recognition of expected credit
的預期信用虧損確認

losses on trade receivables and
other receivables

就合約成本撇減作出撥備

Provision for write-down of contract costs

8,323

存貨成本

Cost of inventories

5,884

136,484

84,193

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

93

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

7

綜合損益表中的所得稅

7

INCOME TAX IN THE CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS
截至6月30日止六個月
Six months ended 30 June
2025年

2026年

即期稅項

2025
人民幣千元

RMB’ 000

RMB’000

Current tax

期內所得稅撥備

Provision of income tax for the period

7,565

1,397

特許權收入預扣稅

Withholding tax on royalty income

1,789

9,810

遞延稅項

Deferred tax

產生及撥回之暫時差異

Origination and reversal of
(1,879)

414

7,475

11,621

temporary differences

8

2026
人民幣千元

每股盈利
(a)

每股基本盈利

8

EARNINGS PER SHARE
(a)

Basic earnings per share

在計及就股份獎勵計劃購買股

The calculation of basic earnings per share is based on

份的影響後，截至2026 年6 月

the earnings attributable to ordinary equity shareholders

30 日止六個月每股基本盈利乃

of the Company of RMB241,095,000 (six months ended 30

基於本公司普通股股東應佔盈

June 2025: earnings of RMB47,999,000) and the weighted

利人民幣 241,095,000 元（截

average of 443,498,000 ordinary shares in issue during

至2025年6月30日止六個月：

the six months ended 30 June 2026 after considering the

盈利人民幣47,999,000 元）及

effect of the shares purchased for share incentive plan (six

已發行 443,498,000 股（截至

months ended 30 June 2025: 396,257,000 shares).

2025 年6 月30 日止六個月：
396,257,000股）普通股加權平
均數計算。
(b)

94

每股攤薄盈利

(b)

Diluted earnings per share

由於截至2026年及2025年6月

No diluted earnings per share for both the six months ended

30 日止六個月並無潛在攤薄普

30 June 2026 and 2025 were presented as there were no

通股，故並無呈列該兩個期間

potential diluted ordinary shares in existence during both

的每股攤薄盈利。

periods.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

9

物業、廠房及設備

9

PROPERTY, PLANT AND EQUIPMENT

截至2026 年6 月30 日止六個月，

During the six months ended 30 June 2026, the Group incurred

本集團在建工程產生成本人民幣

costs for construction in progress of RMB112,698,000 (six months

1 1 2 , 6 9 8 , 0 0 0 元（ 截 至 2 0 2 5 年 6 月

ended 30 June 2025: RMB3,493,000), acquired machineries

30 日止六個月：人民幣 3,493,000

and equipment at a cost of RMB82,259,000 (six months ended

元），並以成本人民幣82,259,000元

30 June 2025: RMB24,217,000), plant and buildings at a cost of

（截至 2025 年 6 月 30 日止六個月：

RMB29,887,000 (six months ended 30 June 2025: Nil), vehicles,

人民幣 24,217,000 元）購買機器及

furniture and others at a cost of RMB3,795,000 (six months

設備，以成本人民幣29,887,000 元

ended 30 June 2025: RMB3,080,000) for the expansion of

（截至 2025 年 6 月 30 日止六個月：

production facilities and research capacity.

零）購買廠房及樓宇，以成本人民幣
3,795,000元（截至2025年6月30日
止六個月：人民幣3,080,000 元）購
買車輛、家具及其他，用於擴大生
產設施及研發能力。
截至2026 年6 月30 日止六個月，

During the six months ended 30 June 2026, the Group entered

本集團就使用辦公區域、生產及

into a number of lease agreements for use of office areas,

研發實驗室訂立多項租賃協議，

production and research laboratories, and therefore recognised

因而確認使用權資產增加人民幣

the additions to right-of-use assets of RMB176,903,000 (six

1 7 6 , 9 0 3 , 0 0 0 元（ 截 至 2 0 2 5 年 6 月

months ended 30 June 2025: RMB56,150,000).

30 日止六個月：人民幣56,150,000
元）。

10 生物資產

10 BIOLOGICAL ASSETS

本集團的生物資產主要包括三種模

The biological assets of the Group mainly include three animal

式動物：B-NDG (NOD-Prkdcscid

m o d e l s : B - N D G ( N O D - P r k d c s c i d I L2r g t m1/ B c g e n ) m i c e ,

IL2rgtm1/Bcgen)小鼠、人源化小鼠

humanized mice and conventional strain mice which have been

及常規品系小鼠，經培育用於不同

developed for different types of medical testing. All mice can be

類型的醫學測試。所有小鼠可進一

further separated into mice used to breed other mice (“mice for

步分類為用於繁殖其他小鼠的小鼠

breeding”) and mice to be sold for revenue (“mice for selling”).

（「繁殖用小鼠」）及用於銷售以獲取
收益的小鼠（「銷售用小鼠」）。

－B-NDG

– B-NDG

－ 人源化小鼠

– Humanized mice

－ 常規品系小鼠

– Conventional strain mice

於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

5,276

5,248

206,803

160,496

895

1,460

212,974

167,204

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

95

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

10 生物資產（續）
(a)

10 BIOLOGICAL ASSETS (CONTINUED)

繁殖用小鼠及銷售用小鼠分析

(a)

於2026年1月1日

At 1 January 2026

Analysis of mice for breeding and mice for selling
繁殖用小鼠

銷售用小鼠

Mice for

Mice for

breeding

selling

Total

人民幣千元

人民幣千元

人民幣千元

RMB’000

RMB’000

RMB’000

48,721

118,483

167,204

–

66,862

66,862

(12,131)

(50,533)

(62,664)

養殖成本*

Breeding cost*

因銷售及死亡而減少

Decrease due to sales and

生物資產公允價值變動

Fair value changes of
14,822

26,750

41,572

轉移

Transfer

11,768

(11,768)

–

於2026年6月30日

At 30 June 2026

63,180

149,794

212,974

於2025年1月1日

At 1 January 2025

42,730

56,937

99,667

養殖成本*

Breeding cost*

–

43,363

43,363

因銷售及死亡而減少

Decrease due to sales and
(7,869)

(34,686)

(42,555)

mortality
biological assets

mortality
生物資產公允價值變動

Fair value changes of
2,701

18,095

20,796

轉移

Transfer

8,013

(8,013)

–

於2025年6月30日

At 30 June 2025

45,575

75,696

121,271

biological assets

(b)

96

總計

附註：

Note:

*

*

小鼠產生的養殖成本主要包
括飼養成本、員工成本、折
舊及攤銷開支與水電費。

生物資產的公允價值計量

(b)

Breeding cost incurred for mice mainly include feeding costs,
staff costs, depreciation and amortisation expenses and
utilities costs.

Fair value measurement of biological assets

生物資產的公允價值計量屬於

The fair value measurements of biological assets fall into

公允價值層級的第三級。

level 3 of the fair value hierarchy.

有關公允價值層級之詳細資料

The detailed information of fair value hierarchy is set out in

載於附註18(i)。

Note 18(i).

本集團的銷售用小鼠及繁殖用

The Group’s mice for selling and mice for breeding were

小鼠於2026年6月30日重新估

revalued as at 30 June 2026. The valuations were carried

值。估值由獨立估值師北京中

out by Beijing Zhongheyi Asset Appraisal Co., Ltd, an

和誼資產評估有限公司進行。

independent valuer. The Group’s finance manager and chief

於各報告期末，本集團的財務

financial officer have discussed with the valuers on the

經理及首席財務官已與估值師

valuation assumptions and valuation results as at the end of

討論估值假設及估值結果。

each reporting period.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

10 生物資產（續）
(b)

10 BIOLOGICAL ASSETS (CONTINUED)

生物資產的公允價值計量（續）

(b)

Fair value measurement of biological assets (Continued)
The fair values of biological assets are determined using
market approach and cost approach. Recent trading price
and adjustment factors based on the characteristics of
the biological assets (including age, gender, breeding
useful life, expected rate of mortality etc.) were used in the
calculations of fair values.

生物資產的公允價值使用市場
法及成本法釐定。計算公允價
值時已採用近期成交價及基於
生物資產特點（包括年齡、性
別、育種使用壽命、預期死亡
率等）的調整因素。
有關第三級公允價值計量的資

Information about Level 3 fair value measurements:

料：
重大不可觀察輸入數據

2026年6月30日

Significant unobservable inputs

30 June 2026

繁殖用小鼠

近期成交價

每隻人民幣40元至人民幣3,600元

Mice for breeding

Recent trading price

RMB 40 to RMB3,600 per head

剩餘使用壽命

0至16週

Remaining useful life

0 – 16 weeks

銷售用小鼠

近期成交價

每隻人民幣40元至人民幣3,600元

Mice for selling

Recent trading price

RMB 40 to RMB3,600 per head

預期死亡率

12% – 100%

expected rate of mortality

12% – 100%

重大不可觀察輸入數據

2025年12月31日

Significant unobservable inputs

31 December 2025

繁殖用小鼠

近期成交價

每隻人民幣40元至人民幣3,404元

Mice for breeding

Recent trading price

RMB 40 to RMB3,404 per head

剩餘使用壽命

0至16週

Remaining useful life

0 – 16 weeks

銷售用小鼠

近期成交價

每隻人民幣40元至人民幣3,404元

Mice for selling

Recent trading price

RMB 40 to RMB3,404 per head

預期死亡率

14% – 91%

expected rate of mortality

14% – 91%

繁殖用小鼠及銷售用小鼠的估
計公允價值主要因市價上升 ╱
下跌而增加 ╱ 減少。於 2026
年6 月30 日，如成交價上升 ╱
下跌10%，生物資產的估計公
允價值將增加 ╱ 減少人民幣
21,297,000元（於2025年12月
31日：人民幣16,720,000元）。

The estimated fair value of mice for breeding and mice
for selling increased/decreased primarily due to an
increase/decrease in the market price. As at 30 June
2026, if transaction price increases/decreases by 10%,
the estimated fair value of biological assets would have
increased/decreased by RMB21,297,000 (At 31 December
2025: RMB16,720,000).

生物資產的公允價值變動於綜
合損益表中呈列為「生物資產
公允價值變動淨額」。

The changes in fair value of biological assets are presented
in “Net change in fair value of biological assets” in the
consolidated statements of profit or loss.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

97

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

11 貿易應收款項及應收票據

98

11 TRADE AND BILLS RECEIVABLES

貿易應收款項

Trade receivables

－ 第三方

– third parties

－ 關聯方

– related parties

減：虧損撥備

Less: loss allowance

應收票據

Bills receivable

於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

348,812

332,357

175

20

(36,436)

(32,239)

312,551

300,138

644

172

313,195

300,310

貿易應收款項之賬齡分析

Ageing analysis of trade receivables

本集團一般向其貿易客戶提供0至90

The Group generally provides a credit period of 0 – 90 days to

天的信貸期。貿易應收款項基於收

its trade customers. The ageing analysis of trade receivables,

益確認日期並扣除呆賬撥備的賬齡

based on the revenue recognition date and net of allowance for

分析如下：

doubtful debts, is as follows:
於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

1年內

Within 1 year

295,121

284,937

1至2年

Over 1 year but within 2 years

14,647

11,672

2至3年

Over 2 years but within 3 years

2,783

3,529

312,551

300,138

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

12 預付款項及其他應收款項

12 PREPAYMENTS AND OTHER RECEIVABLES
於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000
6,912

預付開支

Prepayment for expenses

19,930

可收回增值稅

VAT recoverable

13,691

6,194

按金

Deposits

14,162

10,533

應收償付成本

Receivables for reimbursement cost

7,333

7,921

預付所得稅

Prepaid income taxes

7,418

–

預付材料供應商款項

Advances to materials suppliers

6,471

7,669

其他

Others

6,188

6,418

75,193

45,647

(1,248)

(925)

73,945

44,722

減：虧損撥備

Less: loss allowance

所有預付款項及其他應收款項預期

All the prepayments and other receivables are expected to be

於一年內收回或確認為開支。

recovered or recognised as expense within one year.

13 按公允價值計量且其變動
計入當期損益的金融資產

結構性存款

13 FINANCIAL ASSETS MEASURED AT FAIR
VALUE THROUGH PROFIT OR LOSS

Structured deposits

於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

110,088

–

按公允價值計量且其變動計入當期

Financial assets measured at fair value through profit or loss

損益的金融資產指自中國銀行購買

represent structured deposits purchased from banks in the PRC

的浮動利息結構性存款，該等存款

with variable interest, which will mature within one year at the

將於各報告期末起一年內到期。

end of each reporting period.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

99

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

14 銀行及庫存現金

14 CASH AT BANK AND ON HAND
於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

銀行及庫存現金

Cash at bank and in hand

781,575

1,548,016

銀行定期存款

Time deposits at bank

115,000

15,000

信託持有的按金（附註(i)）

Deposits held by the Trust (Note (i))

7,955

4,540

受限制銀行存款（附註(ii)）

Restricted bank deposits (Note (ii))

24,252

17,593

綜合財務狀況表中的現金及

Cash and cash equivalents in the

現金等價物

consolidated statement of

減：銀行定期存款

Less: time deposits at bank

financial position
受限制銀行存款

restricted bank deposits

綜合現金流量表中的現金及

Cash and cash equivalents in the
consolidated cash flow statement

現金等價物

附註：

Notes:

(i)

(i)

信託持有的按金指信託為股份獎勵
計劃購買本公司自身股份而持有的

928,782

1,585,149

(115,000)

(15,000)

(24,252)

(17,593)

789,530

1,552,556

Deposits held by the Trust represent the cash held by the Trust to
purchase the Company’s own shares for share award scheme.

現金。
(ii)

受限制銀行存款指就若干租賃安排

(ii)

issued for certain lease arrangements and deposits for bank

存款。

acceptance bills.

15 貿易應付款項及應付票據

15 TRADE AND BILLS PAYABLES

貿易應付款項

Trade payables

－ 第三方

– third parties

應付票據

100

Restricted bank deposits represent the deposits for letter of credit

發出的信用證存款及銀行承兌匯票

Bills payable

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

91,711

78,382

25,067

57,448

116,778

135,830

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

15 貿易應付款項及應付票據（續）

15 TRADE AND BILLS PAYABLES (CONTINUED)

賬齡分析

Ageing analysis

截至報告期末，貿易應付款項按發

As of the end of the reporting period, the ageing analysis of

票日期的賬齡分析如下：

trade payables, based on the invoice date, is as follows:
於2026年

於2025年

6月30日

12月31日

As at

As at

30 June

31 December

2026

2025

人民幣千元

人民幣千元

RMB’ 000

RMB’000

1年內

Within 1 year

113,700

127,888

1年以上至2年內

Over 1 year but within 2 years

1,504

6,720

2年以上至3年內

Over 2 years but within 3 years

360

603

3年以上

Over 3 years

1,214

619

116,778

135,830

於2026年
6月30日
As at
30 June
2026
人民幣千元
RMB’ 000

於2025年
12月31日
As at
31 December
2025
人民幣千元
RMB’000

150,602
26,892
8,827
8,017
5,090

276,746
50,456
8,962
20,688
7,133

–
3,141
5,490

70,507
22,210
4,655

208,059

461,357

16 其他應付款項

建設成本應付款項（附註(i)）
員工相關成本應付款項
購買設備應付款項
應付償付成本
其他稅項應付款項
應付多瑪的遞延資本溢價
專業服務應付款項
其他

16 OTHER PAYABLES

Payables relating to construction cost
(Note (i))
Payables for staff related costs
Payables relating to purchases of equipment
Payables for reimbursement cost
Payables for other taxes
Payables for the deferred capital
premium of Doma
Payables for professional services
Others

附註：

Note:

(i)

(i)

金額包括將於一年內支付的長期
應付款項的即期部分，於 2026 年
6 月30 日為人民幣125,936,000

The amounts include the current portion of long-term payables which
are to be paid within one year of RMB125,936,000 as at 30 June
2026 (as at 31 December 2025: RMB261,856,000).

元（ 2 0 2 5 年 1 2 月 3 1 日 ： 人 民 幣
261,856,000元）。

所有其他應付款項預期於一年內結

All the other payables are expected to be settled within one year

清或須按要求償還。

or are repayable on demand.
百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

101

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

17 資本、儲備及股息
(a)

股息

17 CAPITAL, RESERVES AND DIVIDENDS
(a)

Dividends

截至2026 年6 月30 日止六個

No dividends have been declared or paid by the Company

月，本公司並無宣派或支付股

during the six months ended 30 June 2026 (during the six

息（截至 2025 年 6 月 30 日止六

months ended 30 June 2025: nil).

個月：零）。
(b)

庫存股份（就股份獎勵計劃持

(b)

Treasury shares (shares held for share award scheme)

有的股份）
於 2022 年 10 月 17 日，董事會

On 17 October 2022, the Board of Directors approved a

批准一項股份獎勵計劃（「2022

share award scheme (the “2022 Share Award Scheme”),

年股份獎勵計劃」），據此，本

pursuant to which the Company is able to grant restricted

公司可向本集團合資格董事及

shares to the eligible directors and employees of the Group

僱員（「入選僱員」）授出受限制

(the “Selected Employees”). The 2022 Share Award Scheme

股份。2022年股份獎勵計劃自

remained in force for a period commencing on 7 November

2022 年 11 月 7 日起至 2032 年

2022 and ended on 7 November 2032.

11月7日止期間維持有效。
本 公 司 已 委 任 受 託 人（「 受 託

The Company has appointed trustees for administration

人」）管理 2022 年股份獎勵計

of the 2022 Share Award Scheme (the “Trustee”). The

劃。受託人之主要業務為就股

principal activity of the Trustee is administrating and

份獎勵計劃為入選僱員之利益

holding the Company’s shares for the Share Award Scheme

管理及持有本公司股份。根據

for the benefit of the Selected Employees. Pursuant to the

2022年股份獎勵計劃，受託人

2022 Share Award Scheme, the Company’s shares will

將以本公司提供的現金在市場

be purchased by the Trustee in the market out of cash

上購買本公司股份，並以信託

contributed by the Company and held in the trust for

形式代相關僱員持有，直至該

relevant employees until such shares are vested in the

等股份根據2022年股份獎勵計

relevant beneficiary in accordance with the provisions of the

劃的條文無償歸屬予相關受益

2022 Share Award Scheme at no cost.

人為止。
於2026 年6 月30 日，受託人

As at 30 June 2026, the outstanding shares held by the

就2022 年股份獎勵計劃持有

Trustee for 2022 Share Award Scheme was 3,280,732 (31

的未行使股份為3,280,732

December 2025: 3,422,358) at a total cost (including related

股（ 2 0 2 5 年 1 2 月 3 1 日 ：

transaction costs) of RMB44,213,000 (31 December 2025:

3 , 4 2 2 , 3 5 8 股 ）， 總 成 本（ 包

RMB45,351,000).

括 相 關 交 易 成 本 ）人 民 幣
44,213,000 元（2025 年 12 月
31日：人民幣45,351,000元）。
截至2026 年6 月30 日止六個

A total of 172,126 shares were unlocked and transferred to

月，共有 172,126 股股份於達

employees upon achieving the service period conditions

成服務期條件後解除限售及轉

during the six months ended 30 June 2026 (six months

讓予僱員（截至 2025 年 6 月 30

ended 30 June 2025: 199,037).

日止六個月：199,037股）。

102

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

18 公允價值計量
(i)

18 FAIR VALUE MEASUREMENT

按公允價值計量的金融資產

(i)

Financial assets measured at fair value

層級根據計量金融資產及負債

The hierarchy groups financial assets and liabilities into

的公允價值時使用的重大輸入

three levels based on the relative reliability of significant

數據的相對可靠性，將該等金

inputs used in measuring the fair value of these financial

融資產及負債分為三個級別。

assets and liabilities. The fair value hierarchy has the

公允價值層級有以下級別：

following levels:

•

•

第一級： 相同資產及負

Level 1:

quoted prices (unadjusted) in active markets
for identical assets and liabilities;

債於活躍市場
的 報 價（ 未 經
調整）；
•

第二級： 除計入第一級

•

Level 2:

inputs other than quoted prices included

的報價外，資

within Level 1 that are observable for

產或負債可直

the asset or liability, either directly (i.e.

接（ 即 價 格 ）

as prices) or indirectly (i.e. derived from

或 間 接（ 自 價

prices); and

格 衍 生 ）觀 察
的輸入數據；
及
•

第三級： 資產或負債並

•

Level 3:

inputs for the asset or liability that are

非基於可觀察

not based on observable market data

市場數據的輸

(unobservable inputs).

入 數 據（ 不 可
觀察輸入數
據）。
於2026年6月30日

於2025年12月31日

As at 30 June 2026

As at 31 December 2025

分類為以下等級的公允價值計量

分類為以下等級的公允價值計量

Fair value measurements

Fair value measurements
categorised into

categorised into
第一級

第二級

第三級

第一級

第二級

第三級

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
RMB’ 000 RMB’ 000 RMB’ 000
按公允價值計量且其變動計入

RMB’000

RMB’000

RMB’000

Financial assets at FVTPL

當期損益之金融資產
一結構性存款

– structured deposits

一一間非上市公司股權投資

– equity investment
in a non-listed company

–

110,088

–

–

–

–

–

–

54,606

–

–

54,606

–

110,088

54,606

–

–

54,606

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

103

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

18 公允價值計量（續）
(i)

按公允價值計量的金融資產
（續）

18 FAIR VALUE MEASUREMENT (CONTINUED)
(i)

Financial assets measured at fair value (Continued)

截至2026 年6 月30 日止六個

During the six months ended 30 June 2026, there were no

月，第一級與第二級之間並無

transfers between Level 1 and Level 2, or transfers into or

轉移，亦並無轉入或轉出第三

out of Level 3. The Group’s policy is to recognise transfers

級。本集團的政策是將公允價

between levels of fair value hierarchy as at the end of the

值層級之間的轉移於發生轉移

reporting period in which they occur.

的報告期間末確認。

(ii)

有關第一級公允價值計量的資料

Information about Level 1 fair value measurements

於2026年6月30日，概無按第

There were no financial assets measured at Level 1 as at 30

一級計量之金融資產。

June 2026.

有關第二級公允價值計量的資料

Information about Level 2 fair value measurements

結構性存款的公允價值計量歸

The fair value measurement of structured deposits fall into

入公允價值層級第二級。

level 2 of the fair value hierarchy.

本集團根據條款及風險相近工

The Group has estimated the fair value of the structured

具之市場利率，採用折現現金

deposits by using a discounted cash flow valuation model

流量估值模型估計結構性存款

based on the market interest rates of instruments with

之公允價值。

similar terms and risks.

有關第三級公允價值計量的資料

Information about Level 3 fair value measurements

於2026年6月30日，管理層採

The fair value of equity investment in a non-listed company

用市場法對一間非上市公司股

was revalued by the management as at 30 June 2026, using

權投資的公允價值進行重估。

marketing approach.

並非按公允價值計量的金融資

(ii)

Fair values of financial assets and liabilities carried at

產及負債的公允價值

other than fair value

本集團按成本或攤餘成本計量

The carrying amounts of the Group’s financial instruments

的金融工具的賬面值與其於

carried at cost or amortised cost are not materially different

2026年6月30日的公允價值之

from their fair values as at 30 June 2026.

間並無重大差別。

104

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

19 承諾

19 COMMITMENTS

於2026 年6 月30 日尚未於中期財務
報告中作出撥備的資本承擔如下：

建設工程：
已訂約在建工程

20 重大關聯方交易
報告期間與關聯方的交易如下：

Capital commitments outstanding at 30 June 2026 not provided
for in the interim financial report were as follows:

Construction projects:
Contracted for construction in progress

於2026年
6月30日
As at
30 June
2026
人民幣千元
RMB’ 000

於2025年
12月31日
As at
31 December
2025
人民幣千元
RMB’000

178,643

30,797

20 MATERIAL RELATED PARTY TRANSACTIONS
Transactions with related parties for the reporting period were as
follows:
截至6月30日止六個月
Six months ended 30 June

提供服務（附註i）
利息開支
附註i：

本集團與思道及多瑪訂立合
約，以授權其開發的分子及
向彼等提供相關服務。根據
該等合約，本集團亦有權於
未來收取開發里程碑付款及
基於銷售的特許權使用費，
直至達到里程碑或銷售完成
為止。

21 報告期後非調整事項

Provision of services (Note i)
Interest expenses
Note i:

2026年
2026
人民幣千元
RMB’ 000

2025年
2025
人民幣千元
RMB’000

60,399
–

24,274
1,661

The Group entered into the contracts with Xadcera and
Doma to license out its developed molecules and provide the
relevant services to them. Under these contracts, the Group is
also entitled to receive the development milestone payments
and sales-based royalties in the future until the milestones are
achieved or the sales are made.

21 N O N - A D J U S T I N G E V E N T S A F T E R T H E
REPORTING PERIOD

於 2026 年 7 月，本集團向江蘇源津
瑞泓創業投資合夥企業（有限合夥）
出資人民幣 30 百萬元進行投資，持
有30%的合夥企業權益。

In July 2026, the Group invested in Jiangsu Yuanjin Ruihong
Venture Capital Partnership (Limited Partnership) by paying a
capital contribution of RMB30 million, holding 30% of partnership.

於 2026 年 8 月，和鉑醫藥控股有限
公司（「和鉑醫藥」）就一審判決提起
上訴，該一審判決駁回和鉑醫藥就
一項發明專利提出的訴訟請求。於
本中期財務報告日期，該案件仍在
審理中，且本中期財務報告概無就
此作出調整。

In August 2026, HBM Holdings Limited (“HBM”) filed an appeal
against the first-instance judgment, which dismissed the litigation
claims brought by HBM for an invention patent. As at the date of
the interim financial report, the case is still under the trial, and no
adjustment has been made in this interim financial report in this
regard.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

105

未經審核中期財務報告附註
Notes to the Unaudited Interim Financial Report

22 已頒佈但於截至 2026 年 6
月30 日止六個月尚未生效
的修訂、新準則及詮釋的
可能影響

22 POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS, AND INTERPRETATIONS
ISSUED BUT NOT YET EFFECTIVE FOR THE
SIX MONTHS ENDED 30 JUNE 2026

多項修訂及新準則於2026年1月1日

A number of amendments and new standards are not yet

開始的年度期間尚未強制生效。允

mandatory for annual periods beginning 1 January 2026. Earlier

許提早應用；然而，本集團於編製

application is permitted; however, the Group has not early

本中期財務報告時並未提早採納任

adopted any new or amended standards in preparing this interim

何新訂或經修訂準則。

financial report.

以下更新了上一年度財務報表中提

The following updates the information provided in the last annual

供的有關國際財務報告準則第 18 號

financial statements about the possible impacts of IFRS 18 which

的可能影響的資料，該準則在採納

may have a significant impact on the Group’s consolidated

時可能對本集團的綜合財務報表產

financial statements when adopted.

生重大影響。
國際財務報告準則第 18 號財務報表

IFRS 18, Presentation and disclosure in financial statements

的呈報及披露
國際財務報告準則第 18 號將取代國

IFRS 18 will replace IAS 1, Presentation of financial statements ,

際會計準則第1號財務報表的呈報 ，

and is first effective for annual reporting periods beginning on or

並於2027年1月1日或之後開始的年

after 1 January 2027.

度報告期間首次生效。
國際財務報告準則第 18 號引入了財

IFRS 18 introduces new requirements for presentation and

務報表呈報及披露的新規定，包括

disclosure in financial statements, including new categories

損益表中的新類別及經定義小計、

and defined subtotals in the statement of profit or loss,

加強對資料匯總及分拆的要求，以

enhanced requirements for aggregation and disaggregation of

及有關管理層定義的表現計量指標

information, and specific disclosures about management-defined

的特定披露。本集團正在評估首次

performance measures. The Group is assessing the expected

應用國際財務報告準則第 18 號將對

impact that the initial application of IFRS 18 will have on its

其綜合財務報表產生的預期影響。

consolidated financial statements.

本集團預計採納國際財務報告準則

The Group expects that the adoption of IFRS 18 will not change

第 18 號不會改變本集團的資產淨值

the group’s net assets or net profit. However, it is expected to

或淨利潤。然而，預計其將影響本

affect the presentation of the group’s consolidated statement of

集團綜合損益表及相關附註披露的

profit or loss and related note disclosures.

呈報。
隨著本集團繼續評估新規定並於首

The actual impact of applying IFRS 18 may change as the Group

次應用日期前落實對其報告流程、

continues to assess the new requirements and finalises any

控制及會計政策的任何變更，應用

changes to its reporting processes, controls and accounting

國際財務報告準則第 18 號的實際影

policies before the date of initial application.

響可能會有所改變。

106

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

釋義
Definition

「A股」

指

以人民幣進行交易並在上海證券交易所科創板上市的本公司股本中每股面值人民
幣1.0元的普通股

“A Share(s)”

the ordinary Share(s) with a nominal value of RMB1.0 each in the share
capital of the Company which are traded in RMB and listed on the SciTech Board of the Shanghai Stock Exchange

「ADC」

指

抗體藥物偶聯物，通過將小分子抗癌藥或另一種治療劑與抗體連接產生的新型高
效生物藥，具有永久或不穩定的連接分子

“ADC”

antibody-drug-conjugates, a new class of highly potent biological drugs
built by attaching a small molecule anticancer drug or another therapeutic
agent to an antibody, with either a permanent or a labile linker

「採納日期」

指

“Adoption Date”

股東批准該股份獎勵計劃的日期，即2022年11月7日
the date on which the Share Awards Scheme is approved by the
Shareholders, i.e. November 7, 2022

「模式動物」

指

醫學研究所用非人類物種，模仿人類疾病的各個方面以獲得有關疾病及其預防、
診斷和治療的資料

“animal model”

a non-human species used in medical research to mimic aspects of a
disease found in humans, so as to obtain information about a disease and
its prevention, diagnosis, and treatment

「章程細則」或「組織章程細則」

指

“Articles” or “Articles of

本公司經不時修訂的組織章程細則
the articles of association of the Company as revised from time to time

Association”
「星赫」

指

“Astral”

「審計委員會」

Astral Eminent Limited
指

“Audit Committee”
「獎勵」

Astral Eminent Limited

董事會審計委員會
the audit committee of the Board

指

“Award”

董事會根據計劃規則向入選僱員授出H股獎勵
an award of H Shares by the Board to a Selected Employee pursuant to the
Scheme Rules

「獎勵股份」

指

“Awarded Share(s)”

就入選僱員而言，董事會釐定並向有關入選僱員授出的有關H股數目
in respect of a Selected Employee, such number of H Shares determined
by the Board and granted to such Selected Employee

「B細胞」

指

通過在其表面表達B細胞受體而與其他類型的淋巴細胞不同的白細胞，負責產生
抗體

“B-cell” or “B cell”

a type of white blood cell that differs from other types of lymphocytes by
expressing B cell receptors on its surface, and responsible for producing
antibodies
百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

107

釋義
Definition

「百奧常盛」

指

北京百奧常盛科技發展中心（有限合夥），於2019 年6 月24 日在中國成立的有限
合夥，沈博士為其唯一普通合夥人，是一致行動人士的成員

“Baiao Changsheng”

Beijing Baiao Changsheng Technology Development Center (Limited
Partnership)*(北京百奧常盛科技發展中心(有限合夥)), a limited partnership
established in the PRC on June 24, 2019, of which Dr. Shen is the sole
general partner, and a member of a Concert Party

「百奧常青」

指

上海百奧常青科技發展中心（有限合夥），於2016 年4 月12 日在中國成立的有限
合夥，沈博士為其唯一普通合夥人，是一致行動人士的成員

“Baiao Evergreen”

Shanghai Baiao Evergreen Technology Development Center (Limited
Partnership)*(上海百奧常青科技發展中心(有限合夥)), a limited partnership
established in the PRC on April 12, 2016, of which Dr. Shen is the sole
general partner, and a member of a Concert Party

「百奧賽圖大興」

指

百奧賽圖（北京）生物工程有限公司，於 2014 年 6 月 25 日在中國成立的有限公
司，由本公司全資擁有

“Biocytogen Daxing”

Biocytogen (Beijing) Biological Engineering Co., Ltd.*(百奧賽圖(北京)生物工
程有限公司), a limited liability company established in the PRC on June 25,
2014 and wholly owned by the Company

「百奧維達」

指

“BioVeda”

「董事會」

BioVeda China Fund II RMB, Limited
指

“Board” or “Board of Directors”
「CD40」

BioVeda China Fund II RMB, Limited

本公司董事會
the board of directors of the Company

指

細胞分化簇40，在抗原遞呈細胞上發現的共刺激蛋白，在介導免疫及炎症反應中
必不可少

“CD40”

Cluster of Differentiation 40, a costimulatory protein found on antigenpresenting cells, essential in mediating immune and inflammatory
responses

「CDMO」

指

合同研發生產企業，按合約基準為醫藥行業其他公司提供藥物開發至藥物生產等
綜合服務的公司

“CDMO(s)”

contract development manufacturing organization(s), a company that
serves other companies in the pharmaceutical industry on a contract basis
to provide comprehensive services from drug development through drug
manufacturing

「企業管治守則」
“CG Code”

指

上市規則附錄C1所載企業管治守則
the Corporate Governance Code set out in Appendix C1 to the Listing
Rules

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釋義
Definition

「中國」

指

中華人民共和國，但僅就本報告及作地區參考而言，除文義另有所指外，不包括
香港、澳門特別行政區及台灣

“China” or “the PRC”

the People’ s Republic of China, but for the purpose of this report and
for geographical reference only and except where the context requires,
excluding Hong Kong, Macau Special Administrative Region and Taiwan

「招銀國際資本」

指

“CMB International Capital”
「CMC」

CMB International Capital Management (Shenzhen) Ltd.
指

“CMC”

「本公司」、「公司」或「百奧賽圖」

招銀國際資本管理（深圳）有限公司

化學、生產及控制
Chemistry, Manufacturing, and Controls

指

百奧賽圖（北京）醫藥科技股份有限公司，於2009年11月13日在中國註冊成立的
有限公司，於2020年12月29日改制為於中國註冊成立的股份有限公司，前身為
北京百奧賽圖基因生物技術有限公司

“Company”, “our Company” or

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.*(百奧賽圖(北京)醫藥科技股份

“Biocytogen”

有限公司), a limited liability company incorporated in the PRC on November
13, 2009 and converted into a joint stock limited liability company
incorporated in the PRC on December 29, 2020 whose predecessor was
Beijing Biocytogen Gene Biotechnology Co., Ltd.*(北京百奧賽圖基因生物技
術有限公司)

「一致行動人士」

指

緊接全球發售完成前的單一最大股東集團成員，即控制方及僱員激勵平台，各為
一名「一致行動人士」

“Concerted Parties”

refers to members of the single largest group of Shareholders immediately
prior to the completion of the Global Offering, namely, the Controlling
Parties and the Employee Incentive Platforms, each a “Concert Party”

「控制方」

指

沈博士及倪博士，為最終控制本集團的管理及運營的自然人，且為單一最大股東
集團成員

“Controlling Parties”

Dr. Shen and Dr. Ni, being the natural persons ultimately controlling the
management and operations of our Group, and members of our single
largest group of Shareholders

「核心產品」

指

“Core Products”

YH001及YH003，上市規則第18A章所界定的指定「核心產品」
YH001 and YH003, the designated “core products” as defined under
Chapter 18A of the Listing Rules

「CRO」

指

合約研究機構，以按合約基準外包研發服務的形式向製藥、生物技術和醫療器械
行業提供支持的公司

“CRO(s)”

contract research organization(s), a company which provides support to the
pharmaceutical, biotechnology, and medical device industries in the form
of research and development services outsourced on a contract basis

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釋義
Definition

「CTLA-4」

指

在T細胞上組成型表達的蛋白質受體，作用機制為作為免疫檢查點起作用，並下
調免疫應答

“CTLA-4”

a protein receptor expressed constitutively on T cells that functions as an
immune checkpoint and downregulates immune responses

「董事」

指

“Director(s)”

「僱員」

本公司董事
the director(s) of the Company

指

“Employee(s)”

本集團任何成員公司的任何全職僱員（不包括任何除外僱員）
any full-time employee (excluding any Excluded Employee) of any member
of the Group

「僱員激勵平台」

指

“Employee Incentive Platforms”

百奧常青、百奧常盛、祐和常青及祐和常盛
Baiao Evergreen, Baiao Changsheng, Eucure Evergreen and Eucure
Changsheng

「僱員激勵計劃」

指

“Employee Incentive Scheme(s)”

董事會批准採納的本公司僱員激勵計劃
the employee incentive scheme(s) of our Company approved and adopted
by the Board

「祐和常盛」

指

上海祐和常盛科技發展中心（有限合夥），於2020年9月1日在中國成立的有限合
夥，沈博士為其唯一普通合夥人，是一致行動人士

“Eucure Changsheng”

Shanghai Eucure Changsheng Technology Development Center (Limited
Partnership)*(上海祐和常盛科技發展中心(有限合夥)), a limited partnership
established in the PRC on September 1, 2020, of which Dr. Shen is the sole
general partner, and a Concert Party

「祐和常青」

指

北京祐和常青科技發展中心（有限合夥），於2020年5月9日在中國成立的有限合
夥，沈博士為其唯一普通合夥人，是一致行動人士

“Eucure Evergreen”

Beijing Eucure Evergreen Technology Development Center (Limited
Partnership)*(北京祐和常青科技發展中心(有限合夥)), a limited partnership
established in the PRC on May 9, 2020, of which Dr. Shen is the sole
general partner, and a Concert Party

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釋義
Definition

「除外僱員」

指

(i)於建議授出獎勵時，按與本集團的僱傭合約中所載的試用期結束當日起計，在
本集團任職不超過1年的任何僱員（除非董事會根據個別情況全權酌情決定），或
(ii)根據僱員居住地法律及法規，不得根據該計劃的條款向其授出獎勵股份及 ╱
或歸屬及轉讓獎勵股份的任何僱員，或董事會或受託人（視情況而定）認為就遵
守當地適用法律及法規而不納入該僱員屬必要或權宜的任何僱員

“Excluded Employee(s)”

(i) at the time of the proposed grant of an Award, any Employee whose
service in the Group does not exceed 1 year from the expiry date of his
probationary period as stated in his employment contract with the Group,
except as otherwise determined by the Board at its absolute discretion
on a case by case basis, or (ii) any Employee who is resident in a place
where the award of the Awarded Shares and/or the vesting and transfer of
the Awarded Shares pursuant to the terms of the Scheme is not permitted
under the laws and regulations of such place or where in the view of the
Board or the Trustee (as the case may be), compliance with applicable
laws and regulations in such place makes it necessary or expedient to
exclude such Employee

「FDA」

指

“FDA”

「FIH」

Food and Drug Administration
指

“FIH”

「按公允價值計量且

食品藥品監督管理局

首次人體試驗
first-in-human

指

按公允價值計量且其變動計入當期損益

其變動計入當期損益」
“FVTPL”

「GCP」

fair value through profit or loss
指

“GCP”

「啟德醫藥」

藥物臨床試驗質量管理規範
Good Clinical Practice

指

啟德醫藥科技（蘇州）有限公司，致力於開發新型高端生物藥的中國創新高科技
企業

“GeneQuantum”

GeneQuantum Healthcare (Suzhou) Co., Ltd.(啟德醫藥科技(蘇州)有限公司),
an innovative high-tech enterprise dedicated to the development of new
high-end biological drugs in China

「全球發售」

指

“Global Offering”
「GMP」
“GMP”

本公司H股於聯交所全球發售
the global offering of the Company’s H Shares on the Stock Exchange

指

藥品生產質量管理規範
Good Manufacture Practices

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釋義
Definition

「本集團」、「集團」或「我們」

指

“Group”, “our Group”,

本公司及其附屬公司
our Company and our subsidiaries

“we” or “us”
「HCC」

指

“HCC”

「港元」

hepatocellular carcinoma
指

“HK$” or “HKD”
「香港」

香港的法定貨幣港元
Hong Kong dollars, the lawful currency of Hong Kong

指

“Hong Kong” or “HK”
「H股」

肝細胞癌

中國香港特別行政區
the Hong Kong Special Administrative Region of the PRC

指

本公司股本中每股面值人民幣1.0元的境外上市外資股，將以港元認購及買賣並
將於香港聯交所上市

“H Share(s)”

overseas listed foreign share(s) in the share capital of our Company with a
nominal value of RMB1.0 each, which is/are subscribed for and traded in
HK dollars and listed on the Hong Kong Stock Exchange

「H股股東」

指

“H Shareholder(s)”
「IgG」

H股持有人
holder(s) of H Share(s)

指

“IgG”

免疫球蛋白G，血液循環中最常見的抗體類型，由血漿B細胞產生和釋放
Immunoglobulin G, the most common type of antibody found in blood
circulation, created and released by plasma B cells

「IgG1」

指

免疫球蛋白G1，人血清中最豐富的IgG亞類，對於介導針對病毒病原體的抗體反
應至關重要

“IgG1”

Immunoglobulin G1, the most abundant IgG subclass in human sera and is
important for mediating antibody responses against viral pathogens

「IgG2」

指

“IgG2”

免疫球蛋白G2，主要負責針對細菌莢膜多糖的抗碳水化合物IgG反應
Immunoglobulin G2, predominantly responsible for anticarbohydrate IgG
responses against bacterial capsular polysaccharides

「IND」
“IND”

指

臨床研究用新藥或臨床研究用新藥申請，在中國亦稱為臨床試驗申請
investigational new drug or investigational new drug application, also
known as clinical trial application in China

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釋義
Definition

「獨立第三方」

指

“Independent Third Party(ies)”

並非本公司關連人士（定義見香港上市規則）的任何實體或人士
any entity(ies) or person(s) who is not a connected person of our Company
within the meaning of the Hong Kong Listing Rules

「原位」

指

“in-situ”

處於正常位置（原位）且沒有侵入鄰近組織或進入身體其他部位
in the normal location (site of origin) and has not invaded neighboring
tissue or gone elsewhere in the body

「體外」

指

“in-vitro”

利用微生物、細胞或生物分子在其正常生物環境外進行的一類研究條件
a category of study conditions which are performed with microorganisms,
cells, or biological molecules outside their normal biological context

「體內」

指

對整個活的生物體或細胞（通常是動物（包括人體）及植物）測試各種生物體的影
響的一類研究條件，有別於對組織提取物或死去生物體進行的研究條件類別

“in-vivo”

a category of study conditions in which the effects of various biological
entities are tested on whole, living organisms or cells, usually animals,
including humans, and plants, as opposed to a tissue extract or dead
organism

「A股發行」

指

首次公開發行47,500,000股A股，該等股份於2025年12月10日在上海證券交易
所科創板上市

“Issue of A Shares”

the initial public issue of 47,500,000 A Shares, which are listed on the SciTech Board of the Shanghai Stock Exchange on December 10, 2025

「上市」

指

“Listing”

H股於香港聯交所主板上市
listing of the H Shares on the Main Board of the Hong Kong Stock
Exchange

「上市規則」或「香港上市規則」

指

“Listing Rules” or “Hong Kong

香港聯交所證券上市規則，經不時修訂、補充或以其他方式修改
the Rules Governing the Listing of Securities on the Hong Kong Stock

Listing Rules”

Exchange, as amended, supplemented or otherwise modified from time to
time

「單抗」或「單克隆抗體」

指

“mAb” or “monoclonal antibody”

由均屬唯一母細胞克隆的相同免疫細胞產生的抗體
antibodies that are made by identical immune cells which are all clones
belonging to a unique parent cell

「主板」

指

香港聯交所運營的股票交易市場（不包括期權市場），其獨立於香港聯交所GEM
市場並與其並行運作

“Main Board”

the stock exchange (excluding the option market) operated by the Hong
Kong Stock Exchange which is independent from and operated in parallel
with GEM of the Hong Kong Stock Exchange

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釋義
Definition

「標準守則」

指

“Model Code”

上市規則附錄C3所載的上市發行人董事進行證券交易的標準守則
the Model Code for Securities Transactions by Directors of Listed Issuers
set out in Appendix C3 to the Listing Rules

「MRCT」

指

“MRCT(s)”

「NK」

多區域臨床試驗
multi-regional clinical trial(s)

指

自然殺傷細胞，因具有迅速尋找及破壞異常細胞的天賦能力而成為人體第一道防
線

“NK”

natural killer cell, the human body’s first line of defense due to their innate
ability to rapidly seek and destroy abnormal cells

「國家藥監局」

指

“NMPA”

「提名委員會」

National Medical Products Administration
指

“Nomination Committee”
「超額配股權」

國家藥品監督管理局

董事會提名委員會
the nomination committee of the Board

指

“Over-allotment Option”

本公司就全球發售授予國際包銷商的超額配股權
the over-allotment option granted by the Company to the international
underwriters in connection with the Global Offering

「OX40」

指

“OX40”

在活化的T細胞上表達的受體，可提供共刺激信號促進T細胞分裂及存活
a receptor expressed on activated T cells which gives costimulatory signals
to promote T cell division and survival

「PD-1」

指

程序性細胞死亡蛋白1或程序性死亡受體1，一種在T細胞、B細胞和巨噬細胞上
表達的免疫檢查點受體。PD-1的正常功能是關閉T細胞介導的免疫應答，阻止健
康免疫系統攻擊體內其他病原細胞。當T細胞表面的PD-1與正常細胞或癌細胞表
面的某些蛋白質結合時，T細胞就會關閉其殺死細胞的能力

“PD-1”

programmed cell death protein 1 or programmed death receptor 1,
an immune checkpoint receptor expressed on T cells, B cells and
macrophages. The normal function of PD-1 is to turn off the T cell mediated
immune response as part of the process that stops a healthy immune
system from attacking other pathogenic cells in the body. When PD-1
on the surface of a T cell attaches to certain proteins on the surface of a
normal cell or a cancer cell, the T cell turns off its ability to kill the cell

「PD-L1」

指

PD-1配體1，一種位於正常細胞或癌細胞表面的蛋白，與T細胞表面的PD-1結合
會致使T細胞關閉其殺死癌細胞的能力

“PD-L1”

PD-1 ligand 1, which is a protein on the surface of a normal cell or a cancer
cell that attaches to PD-1 on the surface of the T cell that causes the T cell
to turn off its ability to kill the cancer cell

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釋義
Definition

「I期臨床試驗」

指

研究人員首次在一小群人中測試一種實驗性藥物或療法的研究。研究人員評估治
療的安全性，確定安全劑量範圍，並確定副作用

“Phase I clinical trial”

a study in which the researchers test an experimental drug or treatment
in a small group of people for the first time. The researchers evaluate the
treatment’s safety, determine a safe dosage range, and identify side effects

「II期臨床試驗」

指

針對更多人進行實驗性藥物或療法以了解其是否有效並進一步評估其安全性的研
究

“Phase II clinical trial”

a study in which the experimental drug or treatment is given to a larger
group of people to see if it is effective and to further evaluate its safety

「中國公司法」

指

“PRC Company Law”
「千鼠萬抗」

《中華人民共和國公司法》
the Company Law of the PRC 《中華人民共和國公司法》
(
)

指

“Project Integrum”

千鼠萬抗於2020年3月啟動，為大規模體內抗體發現計劃
Project Integrum (千鼠萬抗) launched in March 2020, a large-scale in vivo
antibody discovery program

「研發」

指

“R&D”

「榮昌生物」

研究與開發
research and development

指

榮昌生物製藥（煙台）股份有限公司，一家於聯交所（股份代號：9995）及上海證
券交易所（股份代號：688331）上市的公司，是一家已經進入商業化階段的生物
製藥公司，致力於發現、開發和商業化創新的、有特色的生物藥，用於治療中國
乃至全球多種醫療需求未被滿足的自身免疫、腫瘤科和眼科疾病

“RemeGen”

RemeGen Co., Ltd. *(榮昌生物製藥(煙台)股份有限公司), a listed company
in the Stock Exchange (stock code: 9995) and the Shanghai Stock
Exchange (stock code: 688331), a commercial-stage biopharmaceutical
company committed to the discovery, development and commercialization
of innovative and differentiated biologics for the treatment of autoimmune,
oncology and ophthalmic diseases with unmet medical needs in China and
globally

「薪酬與考核委員會」
“Remuneration and Evaluation

指

董事會薪酬與考核委員會
the remuneration and evaluation committee of the Board

Committee”

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釋義
Definition

「RenLite」

指

本公司的平台，使用RenLite小鼠生成多種親和力高的雙特異性抗體及雙特異性
ADC

“RenLite”

a platform of the Company, using RenLite mice to produce diverse bispecific antibodies with high affinity and to generate bi-specific ADCs

「RenMab」

指

本公司的平台，使用具有全人源可變區的轉基因RenMab小鼠，允許在體內自然
配對人類重鏈及輕鏈，以開發具有高親和力、低免疫原性及良好成藥性的全人源
抗體

“RenMab”

a platform of the Company, using transgenic RenMab mice with full human
variable region, which allows for the natural in vivo pairing of human heavy
and light chains for the development of fully human antibodies with high
affinity, low immunogenicity, and favorable developability

「RenNano」

指

使用RenNano小鼠以RenMab小鼠為基礎生產重鏈抗體的平台，對抗體重鏈恆
定區域作進一步修改

“RenNano”

a platform uses RenNano mice to produce heavy chain antibodies on the
basis of RenMab mice with further modification on antibody heavy chain
constant region

「報告期」

指

“Reporting Period”
「返還股份」

2026年1月1日至2026年6月30日六個月期間
the six months period from January 1, 2026 to June 30, 2026

指

根據該計劃的條款不予歸屬及 ╱ 或被沒收的獎勵股份或相關收入，或根據該計
劃及信託契據的條款被視為返還股份的股份

“Returned Shares”

such Awarded Shares or related income which are not vested and/or
forfeited in accordance with the terms of the Scheme, or such Shares being
deemed to be Returned Shares in accordance with the terms of the Scheme
and the Trust Deed

「人民幣」

指

“RMB” or “Renminbi”
「計劃」或「股份獎勵計劃（H股）」
“Scheme” or “Share Award
Scheme (H Shares)”

116

中國的法定貨幣人民幣
Renminbi Yuan, the lawful currency of China

指

計劃規則規定的本公司「僱員股份獎勵計劃」
the “Employees’ Share Award Scheme” of the Company constituted by the
Scheme Rules

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

釋義
Definition

「計劃規則」

指

董事會於採納日期以目前的形式批准及採納或根據本報告規定不時修訂的計劃相
關規則

“Scheme Rules”

the rules relating to the Scheme, as approved and adopted by the Board
on the Adoption Date in its present form or as amended from time to time in
accordance with the provisions hereof

「國投」

指

“SDIC”

「國投寧波」

國家開發投資集團有限公司
State Development & Investment Group Co., Ltd.

指

“SDIC Ningbo”

國投（寧波）科技成果轉化創業投資基金合夥企業（有限合夥）
State Development & Investment Corporation (SDIC) VC Fund (Ningbo) of
Technology Transfer and Commercialization (Limited Partnership)

「國投上海」

指

“SDIC Shanghai”

國投（上海）科技成果轉化創業投資基金企業（有限合夥）
State Development & Investment Corporation (SDIC) VC Fund (Shanghai) of
Technology Transfer and Commercialization (Limited Partnership)

「國投深圳」

指

“SDIC Shenzhen”

國投高新（深圳）創業投資基金（有限合夥）
State Development & Investment Corporation (SDIC) Gaoxin (Shenzhen) VC
Fund (Limited Partnership)

「入選僱員」

指

“Selected Employee(s)”

董事會全權酌情不時挑選參與計劃的任何僱員
Employee(s) selected by the Board pursuant to the Board’s absolute
discretion to, from time to time, select any Employee for participation in the
Scheme

「證券及期貨條例」

指

“SFO”

香港法例第571章證券及期貨條例，經不時修訂
Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong),
as amended from time to time

「股份」

指

“Share(s)”

本公司股本中每股面值人民幣1.0元的普通股，包括A股及H股
ordinary share(s) in the capital of our Company with a nominal value of
RMB1.0 each, comprising our A Shares and H Shares

「股東」
“Shareholder(s)”

指

股份持有人
holder(s) of the Share(s)

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

117

釋義
Definition

「SPR親和力評估」

指

利用表面等離子體共振（Surface Plasmon Resonance，SPR）技術，實時、無
標記地檢測抗體與靶抗原之間的相互作用，並通過結合速率、解離速率及平衡解
離常數等參數評價抗體的結合親和力

“SPR affinity evaluation”

the use of Surface Plasmon Resonance (SPR) technology to detect the
interaction between antibodies and target antigens in real-time and without
labels, and to evaluate the binding affinity of antibodies through parameters
such as association rate, dissociation rate, and equilibrium dissociation
constant

「聯交所」或「香港聯交所」

指

“Stock Exchange” or

香港聯合交易所有限公司
The Stock Exchange of Hong Kong Limited

“Hong Kong Stock Exchange”
「戰略發展委員會」

指

“Strategy Development Committee”
「SUPCE」

董事會戰略發展委員會
the strategy development committee of the Board

指

“SUPCE”

不限大小精準染色體工程系統，一種基因操縱技術
Size-unlimited and Precise Chromosome Engineering System, a genetic
manipulation technique

「T細胞」

指

一種淋巴細胞，由胸腺產生或加工並且積極參與免疫反應，在細胞介導免疫中起
著核心作用。T細胞可以通過細胞表面存在的T細胞受體與其他淋巴細胞（如B細
胞和NK細胞）區分開來

“T-cell” or “T cell”

a lymphocyte of a type produced or processed by the thymus gland
and actively participating in the immune response, which plays a central
role in cell-mediated immunity. T-cells can be distinguished from other
lymphocytes, such as B cells and NK cells, by the presence of a T-cell
receptor on the cell surface

「TCR」

指

T細胞受體，位於T細胞表面的一種蛋白質複合物，負責識別與主要組織相容性
複合體分子結合的抗原肽片段

“TCR”

T-cell receptor, a protein complex found on the surface of T cells that is
responsible for recognizing fragments of antigen as peptides bound to
major histocompatibility complex molecules

「信託」

指

“Trust”

「受託人」
“Trustee”

信託契據所構成之信託
the trust constituted by the Trust Deed

指

招商永隆信託有限公司，或由本公司不時委任以管理該計劃的其他信託公司
CMB Wing Lung (Trustee) Limited, or other trustee corporations to be
appointed by the Company for the administration of the Scheme from time
to time

118

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

釋義
Definition

「信託契據」

指

本公司與受託人就委任受託人管理該計劃而訂立的信託契據（經不時重述、補充
及修訂）

“Trust Deed”

a trust deed to be entered into between the Company and the Trustee (as
restated, supplemented and amended from time to time) in respect of the
appointment of the Trustee for the administration of the Scheme

「信託股份」

指

為結算獎勵股份，受託人利用本公司自其資金撥付予受託人的現金從市場上購入
的任何H股以及與該等H股相關的權利股份或紅股

“Trust Share(s)”

any H Share purchased by the Trustee on the market out of cash arranged
to be paid by the Company out of the Company’s funds to the Trustee,
together with in each case any scrip Shares or bonus Shares referable to
those H Shares, for the purposes of settlement of the Awarded Shares

「美元」

指

“USD”

「歸屬日期」

美國的法定貨幣美元
United States dollars, the lawful currency of the United States of America

指

就入選僱員而言，彼等根據董事會規定的條件或被視為合乎獲授予激勵股份資格
的日期

“Vesting Date”

in respect of a Selected Employee, the date on which his entitlement to the
Award Shares accrues in accordance with the conditions as imposed by
the Board or is deemed to have accrued

「YH001」

指

“YH001”

「YH002」

YH001為重組人源化抗CTLA-4 IgG1單克隆抗體
YH001 is a recombinant humanized anti-CTLA-4 IgG1 monoclonal antibody

指

“YH002”

YH002是一種以人類OX40受體為靶點的重組人源化IgG1抗體
YH002 is a recombinant humanized IgG1 antibody that targets the human
OX40 receptor

「YH003」
“YH003”

指

YH003是一種重組人源化激動性抗細胞分化簇40IgG2單克隆抗體
YH003 is a recombinant, humanized agonistic anti-Cluster of Differentiation
40 IgG2 monoclonal antibody

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

119

釋義
Definition

「YH013」

指

“YH013”

我們的RenLite平台開發的雙特異性ADC，計劃用於治療實體瘤
YH013 is a bi-specific ADC developed using our RenLite platform, which is
intended for the treatment of solid tumor

「YH016」及「YH017」

指

使用我們的RenMice平台開發的兩種新型分子，分別用於治療實體瘤和免疫性疾
病

“YH016” and “YH017”

YH016 and YH017 are two novel molecules developed using our RenMice
platforms, which are intended for the treatment of solid tumor and immune
diseases respectively

「招銀成長柒號」

指

“Zhaoyin Chengzhang Qihao”

招銀成長柒號投資（深圳）合夥企業（有限合夥）
Zhaoyin Chengzhang Qihao Investment (Shenzhen) Partnership (Limited
Partnership)

「招銀成長拾玖號」

指

“Zhaoyin Chengzhang Shijiuhao”

深圳市招銀成長拾玖號股權投資基金合夥企業（有限合夥）
Shenzhen Zhaoyin Chengzhang Shijiuhao Equity Investment Fund
Partnership (Limited Partnership)

「招銀朗曜」
“Zhaoyin Langyao”

指

深圳市招銀朗曜成長股權投資基金合夥企業（有限合夥）
Shenzhen Zhaoyin Langyao Growth Equity Investment Fund Partnership
(L.P.)

120

*

僅供識別

*

For identification purpose only

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依
賴該等內容而引致的任何損失承擔任何責任。

BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD.
百奧賽圖（北京）醫藥科技股份有限公司

（於中華人民共和國註冊成立的股份有限公司）

（股份代號：2315）

截至2026年6月30日止六個月的中期業績公告
百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）
謹此宣佈本公司及其附屬公司（「本集團」）截至2026年6月30日止六個月之未經審
核中期業績。董事會審計委員會已審閱此中期業績。本業績公告列載本公司2026
年H股中期報告全文，並符合香港聯合交易所有限公司證券上市規則中有關中期
業績初步公告附載的資料之要求。
本公司2026年中期報告將於2026年9月底或之前在香港交易及結算所有限公司網
站( www.hkexnews.hk )及本公司網站( http://www.biocytogen.com.cn )發佈。
承董事會命
百奧賽圖（北京）醫藥科技股份有限公司
董事長、首席執行官兼執行董事
沈月雷
香港，2026年8月27日

於本公告日期，董事會包括董事長、首席執行官兼執行董事沈月雷博士、執行董
事倪健博士；非執行董事周可祥博士、張蕾娣女士及劉弘康博士；獨立非執行董
事華風茂先生、喻長遠博士及梁曉燕女士；及職工董事李妍女士。

目錄
CONTENTS
2

公司資料

Corporate Information

5

財務概要

Financial Summary

6

管理層討論與分析

Management Discussion and Analysis

48

企業管治及其他資料

Corporate Governance and Other Information

76

審閱報告

Review Report

78

綜合損益及其他全面收入表

Consolidated Statement of Profit or Loss
and Other Comprehensive Income

80

綜合財務狀況表

Consolidated Statement of Financial Position

82

綜合權益變動表

Consolidated Statement of Changes in Equity

84

簡明綜合現金流量表

Condensed Consolidated Cash Flow Statement

85

未經審核中期財務報告附註

Notes to the Unaudited Interim Financial Report

107

釋義

Definition

公司資料
Corporate Information

中文名稱

CHINESE NAME

百奧賽圖（北京）醫藥科技股份有限公司

百奧賽圖(北京)醫藥科技股份有限公司

英文名稱

ENGLISH NAME

Biocytogen Pharmaceuticals (Beijing)

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.*

Co., Ltd.*

2

股份代號

STOCK CODE

02315

02315

法定代表人

LEGAL REPRESENTATIVE

沈月雷博士

Dr. Shen Yuelei

董事長

CHAIRMAN OF THE BOARD

沈月雷博士

Dr. Shen Yuelei

總辦事處及中國主要營業地點

HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN CHINA

中國

12 Baoshen South Street

北京市大興區

Daxing Bio-Medicine Industry Park

大興生物醫藥產業基地

Daxing District, Beijing

寶參南街12號院

PRC

註冊辦事處

REGISTERED OFFICE

中國

12 Baoshen South Street

北京市大興區

Daxing Bio-Medicine Industry Park

大興生物醫藥產業基地

Daxing District, Beijing

寶參南街12號院

PRC

香港主要營業地點

PRINCIPAL PLACE OF BUSINESS IN HONG
KONG

香港

40th Floor, Dah Sing Financial Center

灣仔

No. 248 Queen’s Road East

皇后大道東248號

Wanchai

大新金融中心40樓

Hong Kong

*

*

僅供識別

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

For identification purposes only

Interim Report 2026

公司資料
Corporate Information

董事會

BOARD OF DIRECTORS

執行董事

Executive Directors

沈月雷博士（董事長、首席執行官兼總經理）

Dr. Shen Yuelei (Chairman, Chief Executive Officer and General Manager)

倪健博士

Dr. Ni Jian

非執行董事

Non-executive Directors

劉弘康博士（於2026年2月12日獲委任）

Dr. Liu Hongkang (appointed on February 12, 2026)

周可祥博士

Dr. Zhou Kexiang

張蕾娣女士

Ms. Zhang Leidi

獨立非執行董事

Independent Non-executive Directors

華風茂先生

Mr. Hua Fengmao

喻長遠博士

Dr. Yu Changyuan

梁曉燕女士

Ms. Liang Xiaoyan

職工董事

Employee Director

李妍女士

Ms. Li Yan

審計委員會

AUDIT COMMITTEE

梁曉燕女士（主席）

Ms. Liang Xiaoyan (Chairwoman)

華風茂先生

Mr. Hua Fengmao

喻長遠博士

Dr. Yu Changyuan

劉弘康博士（於2026年2月12日獲委任）

Dr. Liu Hongkang (appointed on February 12, 2026)

薪酬與考核委員會

REMUNERATION AND EVALUATION COMMITTEE

華風茂先生（主席）

Mr. Hua Fengmao (Chairman)

梁曉燕女士

Ms. Liang Xiaoyan

喻長遠博士

Dr. Yu Changyuan

倪健博士

Dr. Ni Jian

提名委員會

NOMINATION COMMITTEE

喻長遠博士（主席）

Dr. Yu Changyuan (Chairman)

華風茂先生

Mr. Hua Fengmao

梁曉燕女士

Ms. Liang Xiaoyan

沈月雷博士

Dr. Shen Yuelei

戰略發展委員會

STRATEGY DEVELOPMENT COMMITTEE

沈月雷博士（主席）

Dr. Shen Yuelei (Chairman)

周可祥博士

Dr. Zhou Kexiang

張蕾娣女士

Ms. Zhang Leidi

劉弘康博士（於2026年2月12日獲委任）

Dr. Liu Hongkang (appointed on February 12, 2026)

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

3

公司資料
Corporate Information

4

聯席公司秘書

JOINT COMPANY SECRETARIES

王永亮先生
區慧晶女士
（香港公司治理公會及
英國特許公司治理公會資深會員）

Mr. Wang Yongliang
Ms. Au Wai Ching (fellow member of The Hong Kong Chartered
Governance Institute and The Chartered Governance Institute in
the United Kingdom)

授權代表

AUTHORIZED REPRESENTATIVES

沈月雷博士
區慧晶女士

Dr. Shen Yuelei
Ms. Au Wai Ching

核數師

AUDITOR

畢馬威會計師事務所
於《會計及財務匯報局條例》下的
註冊公眾利益實體核數師
香港中環
遮打道10號
太子大廈8樓

KPMG
Public Interest Entity Auditor registered in accordance with the
Accounting and Financial Reporting Council Ordinance
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong

H股股份過戶登記處

H SHARE REGISTRAR

卓佳證券登記有限公司
香港
夏愨道16號
遠東金融中心17樓

Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong

有關香港法例的法律顧問

LEGAL ADVISERS TO HONG KONG LAW

達維律師事務所
香港遮打道3A號
香港會所大廈10樓

Davis Polk & Wardwell
10th Floor, The Hong Kong Club Building
3A Chater Road, Hong Kong

主要往來銀行

PRINCIPAL BANKS

中國建設銀行北京經濟技術開發區支行
中國北京市
大興區
景園北街2號

China Construction Bank, Beijing Economic and Technological
Development Zone Sub-branch
No. 2, Jingyuan North Street
Daxing District
Beijing, PRC

中國招商銀行北京亦莊支行
中國北京市
大興區
榮華中路8號院
力寶廣場8號樓1層

China Merchants Bank, Beijing Yizhuang Sub-branch
1/F, Building 8, Libao Plaza
No. 8 Ronghua Middle Road
Daxing District
Beijing, PRC

公司網站

COMPANY WEBSITE

http://www.biocytogen.com.cn

http://www.biocytogen.com.cn

投資者聯絡資料

CONTACT INFORMATION FOR INVESTORS

電話：010-56967601
傳真：010-56967666-8067
電郵：ir@biocytogen.com.cn

Tel.: 010-56967601
Fax: 010-56967666-8067
Email: ir@biocytogen.com.cn

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

財務概要
Financial Summary

截至2026年

截至2025年

6月30日

6月30日

止六個月

止六個月

同比變動
Period-to-

Six months

Six months

ended June

ended June

period

30, 2026

30, 2025

change

人民幣千元

人民幣千元

RMB’ 000

RMB’000

%

（未經審核） （未經審核）
(Unaudited)

(Unaudited)

收益

Revenue

941,389

620,963

51.6

毛利

Gross profit

746,490

461,949

61.6

除稅前盈利

Profit before taxation

248,569

59,620

316.9

期內盈利

Profit for the period

241,094

47,999

402.3

本公司權益股東應佔

Profit for the period attributable to
equity shareholders of the Company

241,095

47,999

402.3

期內全面收入總額

Total comprehensive income for the period

240,069

47,961

400.6

每股盈利基本及

Earnings per share basic and
0.54

0.12

350.0

261,560

203,434

28.6

期內盈利

攤薄（人民幣）
經營活動所得現金淨額

diluted (RMB)
Net cash generated from operating activities

*

本報告所載若干金額及百分比數字已經約整，或約整至小數點後一位或兩位數。任何表格、圖表或其他地方所列總數與金額總和之間的任

*

Certain amounts and percentage figures included in this report have been subject to rounding adjustments or have been rounded

何差異乃因約整所致。
to one or two decimal places. Any discrepancies in any tables, charts or elsewhere between totals and sums of amounts listed
therein are due to rounding.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

5

管理層討論與分析
Management Discussion and Analysis

I.

業務回顧

BUSINESS REVIEW

概覽

Overview

我們於2009 年成立，是一家創新技
術驅動新藥研發的國際性生物技術公
司，致力於成為全球新藥發源地。
公司以自主研發的基因編輯技術為
核心自主開發了RenMice ® 全人抗體

Founded in 2009, we are an international biotechnology company
driven by innovative technologies that drive the research and
development of novel drugs, committed to becoming a global
headstream of new drugs. Centered on our proprietary geneediting technology, the Company has independently developed
the RenMice ® fully human antibody platforms (comprising

平 台（ 涵 蓋 R e n M a b ® 、 R e n L i t e ® 、
R e n N a n o ®、 R e n T C R ®、 R e n T C R
m i m i c ® ）， 用 於 治 療 性 全 人 單 抗 、
雙 ╱ 多特異性抗體、雙抗ADC、納米
抗體以及類TCR抗體等的發現。圍繞
1000+潛在可成藥靶點，公司正推進
規模化抗體發現計劃 ——「千鼠萬抗
™」，已構建超過100萬條真實全人抗
體序列庫，並開放全球合作。公司子
品牌百奧動物已建立數千種基因編輯
動物 ╱ 細胞模型，擁有全球規模領先
的靶點人源化小鼠庫，並為全球客戶
提供臨床前藥理藥效研究、基因編輯
服務與模型構建等全鏈條能力支持。
我們總部位於北京，在中國（江蘇海
門、上海）、美國（波士頓、舊金山、
聖地亞哥）及德國（海德堡）等地設有
分支機構，形成面向全球的研發與運
營網絡。
2026年以來，全球與中國宏觀環境在
深刻變革中孕育新機。放眼全球，新
一輪地緣政治衝突顯著加劇了市場預
期的不確定性，而海外主要經濟體通
脹再度加劇引發的加息預期，為全球
金融市場與資本流動帶來考驗；聚焦
國內，整體宏觀態勢企穩向好，尤其
是國家對生物醫藥行業的戰略支持與
政策紅利加速釋放，推動產業歷經階
段性調整後，全面邁入高質量復甦的
新階段。在此背景下，我們始終堅持
「創新驅動新藥研發」的戰略目標，持
續保持高水準的研發投入。我們統籌
全球市場佈局，積極應對外部環境各
類不確定性，致力於為全球生物醫藥
企業提供兼具全球競爭力與核心技術
賦能的產品及服務。2026年上半年，
公司規模化盈利趨勢更加顯著，營業
收入繼續保持高速增長，淨利潤水平
大幅提升，經營活動現金流同步呈現
高水平增長。

6

I.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

R e n M a b ®, R e n L i t e ®, R e n N a n o ®, R e n T C R ™ , a n d R e n T C R
mimic™) for the discovery of fully human therapeutic monoclonal
antibodies, bispecific/multispecific antibodies, bispecific ADCs,
nano-antibodies, and TCR-mimic antibodies. Targeting over
1,000 potential druggable targets, the Company is advancing a
large-scale antibody discovery program, “Project Integrum™”,
which has established an off-the-shelf library of more than
1,000,000 fully human antibody sequences for worldwide
collaboration. Biocytogen’s sub-brand, BioMice, has established
several thousand gene-edited animal and cell models, boasting
a world-leading humanized target mouse library, and provides
worldwide clients with full-chain capability support including
pre-clinical pharmacology and efficacy evaluation, gene-editing
services, and model construction. We are headquartered in
Beijing and have branches in China (Haimen in Jiangsu, and
Shanghai), USA (Boston, San Francisco, and San Diego), and
Germany (Heidelberg), forming a global R&D and operation
network.
Since 2026, the global and Chinese macro-environments have
nurtured new opportunities amidst profound transformation.
Globally, a new round of geopolitical conflicts has significantly
intensified the uncertainty of market expectations, while the
expectations of interest rate hikes triggered by rebounding
inflation in major overseas economies have posed tests for
global financial markets and capital flows. Domestically, the
overall macroeconomic trend has stabilized and shown positive
growth, particularly with the accelerated release of strategic
support and policy dividends for the biopharmaceutical industry,
driving the industry to fully enter a new stage of high-quality
recovery following a period of adjustment. Against this backdrop,
we have always adhered to our strategic goal of “driving new
drug development with innovation” and maintained a high
level of investment in our R&D efforts. We have strategically
positioned ourselves in the global market, actively responded to
various uncertainties in the external environment, and committed
ourselves to providing globally competitive and core technologyempowered products and services to biopharmaceutical
enterprises across the globe. During the first half of 2026,
the Company’s trend of large-scale profitability became more
significant, with revenue continuing to maintain high-speed
growth, a significant increase in net profit, and a high level of
growth in operating cash flow.
Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

2026年上半年，我們業績延續良

In the first half of 2026, our performance continued to maintain a

好的增長態勢，實現營業收入人民

robust growth trajectory, recording revenue of RMB941.4 million,

幣941.4 百萬元，較上年同期增長

representing an increase of 51.6% as compared to the same

51.6%；得益於盈利規模的全面釋

period last year. Benefiting from the full release of profitability

放，淨利潤為人民幣 241.1 百萬元，

scale, net profit was RMB241.1 million, representing an increase

較上年同期增長 402.3%；經營活動

of 402.3% as compared to the same period last year. Net cash

所得現金淨流入為人民幣 261.6 百萬

inflow from operating activities was RMB261.6 million, as the

元，公司經營穩健性持續加固，抗風

Company’s operational stability continued to strengthen and its

險水平顯著提升。

risk resistance level significantly improved.

經過多年戰略佈局，本公司已構建起

Through years of strategic planning, the Company has built a

臨床前產品及服務和抗體發現「雙輪

business ecosystem driven by the “dual engines” of pre-clinical

驅動」的業務生態，兩大板塊通過技

products and services and antibody discovery, where the two

術協同與資源聯動實現雙向賦能，持

segments achieve mutual empowerment through technological

續釋放增長動能。本公司始終依靠研

synergies and resource integration, continuously releasing

發驅動業務發展，不斷為國內外生物

growth momentum. The Company consistently relies on R&D

醫藥企業提供具備全球競爭力的高質

to drive business development, providing high-quality R&D

量研發產品及服務。得益於雙抗、多

products and services with global competitiveness to domestic

抗及核酸藥物等多元化成藥形式的拓

and international biopharmaceutical enterprises. Benefiting

展，公司創新動物模型的先發優勢日

from the expansion of diversified drug-forming forms such as

益凸顯，高研發壁壘、高單價的行業

bispecific antibodies, multispecific antibodies and nucleic acid

領先雙抗及多抗創新動物模型，其銷

drugs, the Company’s first-mover advantage in innovative animal

售佔比呈現快速增長趨勢。2026年上

models has become increasingly prominent. The sales proportion

半年，以創新動物模型銷售為核心的

of industry-leading innovative animal models for bispecific and

臨床前產品與服務業務實現營業收入

multispecific antibodies, characterized by high R&D barriers and

人民幣 723.5 百萬元，較去年同期增

high unit prices, has demonstrated a rapid growth trend. In the

長57.9%，同時毛利率保持在70%以

first half of 2026, the pre-clinical products and services business,

上的高水平。其中，創新動物模型銷

with innovative animal model sales at its core, achieved revenue

售業務實現營業收入人民幣 445.8 百

of RMB723.5 million, representing an increase of 57.9% as

萬元，較去年增長62.4%，毛利率約

compared to the same period last year, while maintaining a high

82.3%，憑藉全球領先的行業競爭優

gross profit margin of over 70%. Among them, the innovative

勢，該項業務長期保持高增長態勢；

animal model sales business achieved revenue of RMB445.8

面對全球不斷增長的需求，公司目前

million, representing an increase of 62.4% as compared to

正積極推進產能擴建，以進一步鞏固

last year, with a gross profit margin of approximately 82.3%.

和擴大全球領先優勢。

Leveraging its world-leading competitive advantages, this
business has maintained a long-term high growth momentum. In
the face of increasing global demand, the Company is currently
actively advancing production capacity expansion to further
consolidate and expand its global leading advantage.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

7

管理層討論與分析
Management Discussion and Analysis

公司於2026年5月，正式發佈

In May 2026, the Company officially launched RenSuper

RenSuper Workstation ，新一代AI

Workstation TM, a new generation AI-driven antibody discovery

驅動的抗體發現平台。通過AI及自動

platform. Empowered by AI and automated intelligent

化智造平台賦能，抗體發現業務2026

manufacturing platforms, the antibody discovery business

年上半年實現營業收入人民幣 217.9

achieved revenue of RMB217.9 million in the first half of 2026,

百萬元，較去年同期增長33.8%，

representing an increase of 33.8% as compared to the same

毛利率約92.8%。截至2026 年6 月

period last year, with a gross profit margin of approximately

30 日，我們累計簽署約455 項治療性

92.8%. As of June 30, 2026, we have cumulatively signed

抗體及多種臨床資產合作開發 ╱ 授

approximately 455 therapeutic antibody and multiple clinical

權 ╱ 轉讓協議，並與包括多家跨國

asset co-development/out-licensing/transfer agreements, and

製藥公司 (MNCs) 在內的合作夥伴達

reached RenMice platform licensing development collaborations

成了RenMice平台授權開發合作。其

with partners including several multinational pharmaceutical

中，2026 年上半年新增簽署逾105 項

companies (MNCs). Among them, over 105 new contracts

合約，較去年同期增長約31.3%。未

were signed in the first half of 2026, representing an increase

來，本公司將依靠AI和自動化平台進

of approximately 31.3% as compared to the same period last

一步提升抗體研發向高效、智能化創

year. Going forward, the Company will rely on AI and automation

新方向升級。

platforms to further promote the upgrade of antibody R&D

TM

towards high-efficiency and intelligent innovation.
一方面，依託完善的全球化網絡體

On the one hand, relying on a comprehensive global

系，2026年上半年我們順應全球生物

network system, we followed the recovery trend of the global

醫藥行業回暖的趨勢，持續深化海外

biopharmaceutical industry in the first half of 2026, continuously

市場佈局與銷售體系升級，海外業務

deepening our overseas market layout and upgrading our sales

保持快速增長的同時毛利率依舊處於

system. Overseas business maintained rapid growth while gross

高水平，營業收入達到人民幣 561.5

profit margin remained at a high level, with revenue reaching

百萬元，海外業務佔比接近60%；另

RMB561.5 million, accounting for nearly 60% of the total revenue.

一方面，隨著國內生物醫藥全鏈條政

On the other hand, with the release of full-chain policy dividends

策紅利的釋放，進一步激活本土生物

in the domestic biopharmaceutical industry, domestic demand

醫藥早期研發創新需求，本公司憑藉

for early-stage R&D innovation has been further activated.

前沿創新產品與優質的服務生態，精

Leveraging cutting-edge innovative products and a high-

準錨定國內創新藥企及生物科技公司

quality service ecosystem, the Company has precisely targeted

釋放的高標準研發需求，2026年上半

the high-standard R&D needs of domestic innovative drug

年境內業務實現加速高增，營業收入

companies and biotechnology companies. In the first half of

達到人民幣 379.9 百萬元。全球化的

2026, domestic business achieved accelerated high growth, with

深度佈局賦予了我們抵禦宏觀波動的

revenue reaching RMB379.9 million. Our deep global positioning

核心韌性，使我們能夠穿越行業調整

has endowed us with core resilience against macroeconomic

週期，並在復甦階段迅速成為領導者。

fluctuations, enabling us to navigate industry adjustment cycles
and rapidly become a leader during the recovery phase.

8

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

長期以來我們保持高水平的研發投入

For a long time, we have maintained a high level of investment in

以築牢核心技術壁壘，並不斷提升研

R&D to solidify our core technological barriers and continuously

發效率，通過引入AI與自動化技術賦

improve R&D efficiency. By introducing AI and automation

能，加速創新研發向高效生產的成果

technologies, we have accelerated the transformation of

轉化，確保高質量的產品與服務持續

innovative R&D into high-efficiency production results, ensuring

推向市場，精準滿足全球客戶需求。

that high-quality products and services are continuously

2026 年上半年本公司研發費用為人

launched to the market to precisely meet global customer needs.

民幣 267.3 百萬元，較去年同期增加

In the first half of 2026, the Company’s R&D expenses amounted

人民幣58.2 百萬元，研發費用率保持

to RMB267.3 million, representing an increase of RMB58.2 million

在約30%的高位水平。在強投入的同

as compared to the same period last year, with the R&D expense

時，我們常態化推行精益管理，全面

ratio remaining at a high level of approximately 30%. Alongside

優化運營效能。自2023 年啟動的「開

strong investment, we have implemented lean management

源節流」戰略迎來成效的全面深化，

on a regular basis to comprehensively optimize operational

2026年上半年一般及行政費用約人民

efficiency. The “broadening income sources, while minimizing

幣 133.0 百萬元，較去年同期上升人

costs” strategy initiated in 2023 has achieved a comprehensive

民幣16.8 百萬元，一般及行政費用佔

deepening of results. In the first half of 2026, the general and

收入率降至約14.1%，同比下降4.6百

administrative expenses were approximately RMB133.0 million,

分點，運營效能持續釋放。

representing an increase of RMB16.8 million as compared to
the same period last year, with the general and administrative
expense to revenue ratio down to approximately 14.1%, a yearon-year decrease of 4.6 percentage points, as operational
efficiency continues to be released.

我們的藥物開發業務包括(i)抗體開

Our drug development business includes (i) antibody

發業務：我們利用自身抗體發現平

development business that we utilize our own antibody discovery

台 R e n M i c e 和「千鼠萬抗」計劃，為

platforms RenMice and Project Integrum to form more than

1,000多個靶點形成超過1,000,000個

1,000,000 antibody sequences library for over 1,000 targets

抗體序列庫，從而有可能識別潛在的

which have the potential to identify potential therapeutic antibody

治療性抗體分子，以及通過對外授權

molecules and via out-licensing or collaboration with partners to

或與合作夥伴合作以適應他們的各種

suit their various antibody modalities and continuous innovation

抗體模式及持續創新的要求。在授權

requirements. In addition to licensing antibody sequences, we

抗體序列的同時也會為合作方提供早

also provide early drug discovery services to our collaborators;

期藥物發現服務；及(ii)在腫瘤和自

and (ii) selecting a small number of potential drug targets in the

免領域挑選有潛力的少量藥物靶點，

field of oncology and self-immunity, screen and obtain potential

篩選獲得有潛力的PCC分子，自主推

PCC molecules, independently advance to pre-clinical stage,

進到臨床前階段，在研發推進的過程

and in the process of R&D advancement, joint development/

中，可以把全部或部分產品權益對外

authorization of transfer/transfer of development all or part of

聯合開發 ╱ 授權轉讓 ╱ 轉讓開發，

the product interests to other drug companies to obtain the

獲得首付款、里程碑付款以及銷售分

upfront payments, the milestones payments and royalties, so as

成，實現短期和中長期兼顧的營收持

to achieve the sustainable growth of revenues in the short-term

續增長，以實現我們成為全球新藥發

and the medium-to-long-term, fulfilling our vision of becoming a

源地的願景。

global headstream of new drugs.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

9

管理層討論與分析
Management Discussion and Analysis

我們的臨床前研究服務包括基因編

Our pre-clinical research services include gene-editing,

輯、臨床前藥理藥效評估及模式動物

pre-clinical pharmacology and efficacy evaluation, and animal

銷售。我們緊跟全球生物製藥公司的

models selling. We keep pace with the R&D needs of global

研發需求，提供創新前沿的臨床前服

biopharmaceutical companies, providing innovative and

務和更多適應症的模式動物。憑藉多

cutting-edge pre-clinical services and animal models for a wider

年來向跨國公司及國內生物技術公司

range of indications. Our capabilities are validated through our

提供的服務以及我們與多家合作夥伴

services provided to multinational companies and domestic

合作研發的候選藥物，我們的實力獲

biotechnology companies and evidenced by our drug candidates

得認可。我們的服務和產品獲得了海

cooperated with many partners over years. Our services and

外和國內客戶的廣泛認可，並為我們

products are widely recognized by overseas and domestic

收益的快速增長和高毛利奠定基礎。

customers and have provided the basis for our fast-growing
revenues and high gross margins.

千鼠萬抗及產品

PROJECT INTEGRUM (千鼠萬抗) AND PRODUCTS

公司通過自主開發的SUPCE 技

The Company has successfully built the fully human antibody

術成功打造了全人抗體小鼠平

mouse platform RenMab through its independently developed

台RenMab，該平台是全球人源

SUPCE® technology, which is one of the world’s most advanced

化程度最領先的小鼠平台之一。

humanized mouse platforms. On this basis, the Company

在此基礎上，公司陸續拓展出

has successively expanded core platforms such as RenLite®,

®

RenLite ®、RenNano、RenTCR以及

RenNano, RenTCR, and RenTCR-mimic, becoming the first

RenTCR-mimic等核心平台，是國內

biotechnology enterprise in China to independently develop

首家自主開發的全人抗體小鼠平台的

fully human antibody mouse platforms. Relying on the RenMice®

生物技術企業。依託 RenMice 全人

fully human antibody mouse platforms, the Company launched

®

抗體小鼠平台，公司啟動了「千鼠萬

“Project Integrum (千鼠萬抗)”, which aims to conduct large-

抗」計劃，旨在對1,000餘個潛在藥物

scale antibody screening, validation, and development for over

靶點進行規模化的抗體篩選、驗證與

1,000 potential drug targets, widely covering mainstream disease

開發，靶點廣泛涵蓋腫瘤、自身免疫

areas such as oncology, autoimmune diseases, inflammation,

病、炎症及代謝等主流疾病領域。公

and metabolism. The Company generates revenue through out-

司就發現的潛在治療性抗體分子向合

licensing/transfer of or co-development of discovered potential

作夥伴授權 ╱ 轉讓或與其合作開發產

therapeutic antibody molecules with partners, typically receiving

生收益，通常可在若干時點自合作夥

upfront payments, milestone payments, and sales royalties after

伴收取首付款、里程碑付款以及產品

product approval and launch at certain time points. Currently,

獲批上市後的銷售分成。目前，「千鼠

Project Integrum (千鼠萬抗) has completed evaluation and

萬抗」計劃已完成約1,200個靶點的評

research for approximately 1,200 targets and has basically

估調研並基本上已對所有靶點進行抗

conducted antibody development for all targets, forming an “off-

體開發，形成了超百萬個抗體結合表

the-shelf” library of over one million antibody molecule sequences

位豐富的抗體分子序列「貨架」。截至

rich in antigenic epitopes. As of June 30, 2026, the Company

2026 年6月30 日，公司已累計簽署超

has cumulatively signed over 455 drug co-development/out-

455項藥物合作開發 ╱ 授權 ╱ 轉讓協

licensing/transfer agreements, among which over 10 candidates

議，其中已有超10 個候選分子成功推

have successfully advanced to clinical trials, and has reached

進至臨床試驗階段，並與包括多家跨

RenMice platform licensing development collaborations with top

國製藥公司(MNCs)在內的行業頂尖夥

industry partners, including several multinational pharmaceutical

伴達成了RenMice平台的授權開發合

companies (MNCs). Among them, over 105 new agreements

作。其中，2026年上半年新增簽署協

were signed in the first half of 2026.

議超105項。

10

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

千鼠萬抗是我們專有的大規模全人源

Project Integrum (千鼠萬抗) is our proprietary large scale fully

抗體篩選計劃，旨在發現有望用於外

human antibody screening program that discovers promising

部變現或內部開發的抗體分子。千鼠

antibody molecules for external monetization or internal

萬抗是我們的重點研發項目，我們已

development. Project Integrum is our key R&D project, we

於2023 年第三季度之前完成千鼠萬

have completed most of the work on Project Integrum by the

抗的大部分工作。截至2026 年6 月30

third quarter of 2023. As of June 30, 2026, Project Integrum is

日，千鼠萬抗進展順利，而我們已就

progressing well, and we have explored global partnerships

現成超1,000,000個涵蓋約1,000多個

for an off-the-shelf library of more than 1,000,000 fully human

靶點的全人源抗體序列庫開拓全球合

antibody sequences against approximately over 1,000 targets

作夥伴，以尋求全球合作。該抗體庫

for worldwide collaboration. This antibody library is of high

品質高且多樣性豐富，能全面充分覆

quality and rich in diversity, and can fully and adequately cover

蓋靶點的所有抗原表位，形成全人源

all antigenic epitopes of targets, forming a fully human antibody

抗體庫，以滿足各合作夥伴製藥公司

library to meet the different antibody development needs

的不同抗體開發需求。未來，我們計

of various partner pharmaceutical companies. In the future,

劃持續基於自有RenMice技術平台，

based on our proprietary RenMice-based platforms, we plan to

推出雙抗、納米抗體、TCRm 抗體及

continue to introduce innovative drug-ready molecules, such as

GPCR 抗體等創新成藥形式的分子，

bis-antibodies, nano-antibodies, TCRm antibodies and GPCR

擴展千鼠萬抗所形成的抗體庫的豐富

antibodies, in order to expand the richness of the antibody library

度。

formed by Project Integrum.

有別於傳統的抗體開發策略，我們將

Unlike traditional antibody development strategies, we have

「 根 據 客 戶 需 求 來 製 備 抗 體 」改 變 成

changed our approach from “preparing antibodies based on

「針對上千個靶點提前開發上百萬個抗

customer demand” to “developing millions of antibody molecules

體分子進行貨架式提供」，使得客戶可

in advance for shelf-ready supply against thousands of targets”,

以根據研發計劃從我們這裡即時獲得

which allows our customers to obtain high-quality antibody

擬研發的藥物靶點的優質抗體分子，

molecules for the drug targets they intend to develop instantly

而不用從頭開始研發。基於RenMice

according to their R&D plans, without having to develop them

技術平台優勢以及RenMice基因敲除

from scratch. Based on the advantages of RenMice technology

後再進行免疫的優勢，我們形成了獨

platform and RenMice knockout followed by immunization, we

特的規模化抗體開發流程，形成全球

have formed a unique scale-up antibody development process,

獨一無二的優質全人源抗體分子庫，

forming a globally unique library of high-quality, fully human

極大多樣性的抗體分子庫以及完整的

antibody molecules, with a great diversity of antibody molecule

抗體分子數據可以供各個藥企根據研

libraries and complete antibody molecule data that can be used

發需要篩選獲得理想的抗體分子。通

by various pharmaceutical companies to screen and obtain ideal

常，相較於傳統的藥物研發方式，可

antibody molecules according to their R&D needs. Generally,

以為合作夥伴節省1至2年以上的臨床

compared with the traditional drug development method, we can

前研發時間，從而大大加快新藥研發

save more than 1-2 years of pre-clinical development time for

進度。

our partners, thus greatly accelerating the progress of new drug
development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

11

管理層討論與分析
Management Discussion and Analysis

12

就業務模式而言，我們利用合作開發
藥物、已授權轉讓藥物、轉讓開發及
其他合作機會將產生的抗體商業化。
我們通過轉讓千鼠萬抗所產生的大量
抗體分子 ╱ 序列收取首付款、里程碑
付款和銷售分成，與許多藥物研發公
司建立合作關係，從而實現短期和中
長期兼顧的抗體開發業務營收增長。
在現階段，每年銷售收入大部分來自
首付款及少量里程碑付款。未來，隨
著轉讓更多抗體分子 ╱ 序列，里程碑
付款及銷售分成的增長將愈發顯著，
是我們日後非常重要的收入來源。

In respect of business model, we utilized co-development,
out-licensing, transfer development and other collaboration
opportunities to commercialise the generated antibodies. We
have entered into collaborations with many drug discovery
companies through upfront payments, milestone payments
and royalties for the transfer of a large number of antibody
molecules/sequences generated by Project Integrum, achieving
revenue growth in the antibody development business in both
the short and medium to long term. At the current stage, most of
the annual sales revenue is from upfront payments and a small
amount of milestone payments. In the future, as more antibody
molecules/sequences are transferred, the growth of milestone
payments and royalties revenue will become very significant,
which is a very important source of revenue for us in the future.

公司於2026 年5 月正式發佈新一代
AI驅動的抗體發現平台RenSuper
W o r k s t a t i o n ， 成 功 構 建 了「 真 實 抗
體序列庫 + AI + 自動化智造平台」
的三重驅動架構。公司依託「千鼠萬
抗」計劃所積累的大規模真實抗體序
列數據，基於RenSuper Workstation
構建了AI驅動的候選分子優選體系，
實現從結構預測、表位推斷至功能趨
勢判斷的多維度分析與智能排序。以
RenNano全人源僅重鏈抗體(HCAb)
平台為例，在基於SPR親和力評估為
標準的篩選體系中，該平台的平均陽
性命中率達到46%，最高命中率可達
98%，展現出在複雜結構靶點等挑戰
性靶點上具備優異的抗體發現效能。
同時，該平台已搭建覆蓋抗體蛋白生
產全生命週期的高通量抗體自動化智
造系統，在菌液接種、質粒提取、轉
染、補料培養、純化等關鍵環節實現
標準化與連續化運行，抗體蛋白產出
能力穩定在平均 50-100mg，通量可
達約800 個樣本 ╱ 天，可穩定支撐
大規模抗體樣品的製備與快速驗證需
求。由此，公司形成了「海量真實抗
體序列數據訓練AI模型 － 自動化智
造平台高通量標準化實驗驗證 － 驗證
結果反哺 AI 模型優化」的閉環研發迭
代機制。RenSuper Workstation的
核心目標是推動抗體發現的數字化、
規模化與高效化，顯著降低早期發現
階段的時間成本與複雜度，從而加速
創新療法的開發進程。通過對外授權
RenSuper Workstation平台，公司能
夠助力全球客戶突破時間和空間限制
篩選優質抗體，並顯著提升公司抗體
分子對外授權的變現潛能，從而為公
司帶來更大規模的首付款、里程碑及
權益分成。

In May 2026, the Company officially released its new generation
AI-driven antibody discovery platform, RenSuper Workstation,
successfully building a triple-drive architecture of “Real Antibody
Sequence Library + AI + Automated Intelligent Manufacturing
Platform”. Leveraging the large-scale real antibody sequence
data accumulated through “Project Integrum”, the Company has
built an AI-driven candidate molecule optimization system based
on RenSuper Workstation, achieving multi-dimensional analysis
and intelligent ranking from structural prediction and epitope
inference to functional trend judgment. Taking the RenNano
fully human heavy chain only antibody (HCAb) platform as an
example, in a screening system based on SPR affinity evaluation
standards, the platform’s average positive hit rate reached 46%,
with a maximum hit rate of up to 98%, demonstrating excellent
antibody discovery efficiency against challenging targets such
as those with complex structures. Meanwhile, the platform has
established a high-throughput antibody automated manufacturing
system covering the entire life cycle of antibody protein
production, achieving standardized and continuous operation in
key links such as bacterial liquid inoculation, plasmid extraction,
transfection, feed culture, and purification, and antibody protein
production capacity remains stable at an average of 50-100 mg,
with a throughput of up to approximately 800 samples per day,
which can stably support the preparation and rapid verification
needs of large-scale antibody samples. Consequently, the
Company has formed a closed-loop R&D iteration mechanism of
“training AI models with massive real antibody sequence data
– high-throughput standardized experimental verification by
automated manufacturing platforms – feeding back verification
results to optimize AI models”. The core objective of RenSuper
Workstation is to promote the digitalization, scale, and high
efficiency of antibody discovery, significantly reducing time
costs and complexity in the early discovery stage, thereby
accelerating the development process of innovative therapies. By
out-licensing the RenSuper Workstation platform, the Company
can assist global customers in screening high-quality antibodies
across time and space constraints, and significantly enhance
the monetization potential of the Company’s antibody molecule
out-licensing, thereby bringing larger-scale upfront payments,
milestones, and royalties to the Company.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

臨床前研究服務及產品

PRE-CLINICAL RESEARCH SERVICES AND PRODUCTS

我們的臨床前研究服務及產品主要包

Our pre-clinical research services and products primarily

括臨床前藥理藥效評估等CRO服務，

include CRO services such as pre-clinical pharmacology and

研發及創新靶點模式動物銷售以及基

efficacy evaluation, R&D and sale of innovative target animal

因編輯定制服務業務。該等服務線乃

models, and gene-editing customization service business. These

為本公司重要的業務分部。銷售收入

services lines are important business segments for the Company.

的快速增長和較高的利潤水平為本公

The rapid sales revenue growth and higher profit level have

司不斷提供經營現金流量，鞏固了我

continuously generated business cash flow for the Company and

們的財務狀況。

buttressed the soundness of our financial conditions.

面對國內外充滿挑戰的市場環境，本

In the face of the challenging domestic and overseas market

公司重點佈局具有高增長潛力的市場

environment, the Company focuses its resources on markets and

及業務線。在模式動物銷售等臨床前

business lines with the potential for high growth. In the business

CRO服務業務線中，本公司不斷拓展

line of pre-clinical CRO services such as animal model selling,

模式動物的類別。同時，本公司擴充

the Company continuously expands the categories of animal

了海外銷售團隊，提升當地客戶覆蓋

models. Meanwhile, the Company complements the overseas

率。為了更好地服務海外醫藥客戶，

sales team, enhancing coverage of local customers. A German

發揮海外銷售佔比，本公司於2022

subsidiary in Europe was established in 2022 and expanding and

年在歐洲成立德國附屬公司，擴大了

commissioned the Boston, USA test site, in the hope of better

美國波士頓試驗基地並投入使用。於

serving overseas pharmaceutical customers and leveraging

2023年，本公司進一步將美國波士頓

the proportion of overseas sales. In 2023, the Company further

設施擴大為原有三倍，已經於2023年

expanded the Boston, USA facility to triple its original size, which

8 月正式啟用。2026 年，公司再次拓

officially opened in August, 2023. In 2026, the Company further

展美國波士頓子公司的基礎設施，從

expanded the infrastructure of its Boston subsidiary in the USA,

而進一步完善覆蓋全球的研發、生產

thereby further improving its global R&D, production and sales

與銷售網絡，優化區域資源配置與運

network, optimizing regional resource allocation and operational

營體系，進一步提升海外業務收入水

systems, and further enhancing the revenue level of its overseas

平。

business.

作為本公司銷售收入增長的核心驅動

As one of the core drivers of our sales revenue growth, we

力之一，我們持續保持較高的研發投

continue to maintain a high level of R&D investment for the

入，用於開發具有全球競爭力的豐富

development of globally competitive and enriched animal models,

模式動物，並為國內外藥企客戶提供

as well as providing high-quality pre-clinical CRO services to

高質量的臨床前CRO服務，在充滿挑

domestic and international pharmaceutical clients, maintaining

戰的市場環境下依然保持高毛利和快

high gross margins and rapid revenue growth despite the

速的營收增長。

challenging market environment.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

13

管理層討論與分析
Management Discussion and Analysis

模式動物銷售

Animal Model Selling

憑藉先進的基因編輯技術，我們通過

Leveraging our advanced gene-editing technologies, we have

編輯小鼠的基因，創建了全面的抗體

created a comprehensive set of antibody discovery and disease

發現及疾病小鼠模型，創造了適合體

mouse models by editing the gene of mice, creating animal

內藥效評估的模式動物。我們的抗

models suitable for in-vivo efficacy evaluation. Our antibody

體發現及疾病小鼠模型包括約 5,670

discovery and disease mouse models included approximately

個獨特的基因編輯小鼠 ╱ 細胞系項

5,670 unique gene-edited mouse/cell line projects, including

目，其中包括靶點人源化小鼠 2,300

more than 2,300 types of target humanized mice. Benefiting

餘種。得益於雙抗、多抗及核酸藥物

from the expansion of diversified drug drug-forming forms such

等多元化成藥形式的拓展，公司創新

as bispecific antibodies, multispecific antibodies and nucleic

動物模型的先發優勢日益凸顯，豐富

acid drugs, the Company’s first-mover advantage in innovative

的品系矩陣已築牢堅實的技術壁壘。

animal models has become increasingly prominent, and its rich

尤為重要的是，雙 ╱ 多抗模型的研發

portfolio of strains has built solid technological barriers. More

高度依賴成熟的單抗模型作為底層支

importantly, the R&D of bispecific/multispecific antibody models

撐。公司憑藉在單抗模型領域的先發

highly relies on mature monoclonal antibody models as the

優勢，能夠實現雙 ╱ 多抗模型的快速

underlying support. Leveraging its first-mover advantage in the

迭代與高效開發，推動公司的行業領

field of monoclonal antibody models, the Company is able to

先優勢持續擴大。

achieve rapid iteration and efficient development of bispecific/
multispecific antibody models, driving the continuous expansion
of the Company’s industry-leading advantages.

全面的模式動物組合與大規模動物生

The combination of an extensive portfolio of animal models

產及體內療效研究相結合，令我們能

and large-scale animal production and in-vivo efficacy studies

夠成功地為內部資產及計劃進行大規

has enabled us to successfully conduct large-scale in-vivo

模體內抗體發現及篩選，並為全球生

antibody discovery and screening for our own internal assets

物技術及大型製藥公司客戶提供疾病

and initiatives as well as providing disease animal models

模式動物及體內藥理學服務。

and in-vivo pharmacology services to biotechnology and large
pharmaceutical company clients worldwide.

在創新模式動物的研發和銷售業務

In the business line of R&D and sales of innovative animal

線，本公司每年不斷向市場推出數百

models, the Company keeps launching hundreds of new animal

種新型模式動物，同時擴大國內外客

models in the market every year, while expanding the domestic

戶群，並藉助江蘇南通動物設施的規

and overseas customer base, and leveraging the scale of the

模，為更多的客戶提供更好的模式動

animal facility in Nantong, Jiangsu Province, to provide more

物產品。這些舉措確保本公司在報告

customers with better animal model products. These initiatives

期取得令人滿意的銷售增長。

ensured that the Company made satisfactory sales growth in the
Reporting Period.

14

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

模式動物

Animal Models

通過修改關鍵基因來模擬人類病理環

Animal models that mimic human pathological environments

境的模式動物是當前藥物研發過程中

through the modification of key genes are essential tools in

必不可少的工具。使用相關模型進行

the current drug development process. Drug evaluations using

藥物評估被認為是驗證臨床前藥物療

these models are considered the “gold standard” for validating

效的「黃金標準」。基於基因編輯人源

the efficacy of pre-clinical drugs. Based on the gene-editing

化小鼠模型，我們研發了腫瘤及自身

humanized mouse model, we have developed mouse models

免疫疾病小鼠模型，並亦已成功開發

for tumor and autoimmune diseases, and have also successfully

出涵蓋更廣泛其他疾病領域的小鼠模

developed mouse models for a wider range of other disease

型，用於基因功能研究及藥物研發。

areas, which are used for gene function research and drug

通過使用已上市及自主研發的抗體藥

development. Using marketed and self-developed antibody

物進行小鼠體內藥效測試，結合生

drugs for in-vivo drug efficacy testing in mice, combined with

理、生化、血液、毒性等其他因素，

physiological, biochemical, blood, toxicity and other factors,

我們能夠驗證模型的有效性並向客戶

we are able to verify the validity of the models and sell disease

銷售疾病模型鼠。

model mice to our customers.

目前的模式動物疾病類型主要集中於

Current disease types of animal models are mainly focused on

腫瘤及自身免疫疾病。我們正積極探

tumor and autoimmune diseases. We are actively investigating

索新的模式動物及細胞檢測模型，利

new animal models and cellular assay models, constructing

用基因編輯人源化小鼠構建腫瘤模

tumor models using gene-edited humanized mice, testing the

型，測試抗腫瘤抗體藥物、化療藥物

inhibitory effects of anti-tumor antibody drugs, chemotherapy

及靶向小分子藥物對腫瘤生長的抑制

drugs and targeted small molecule drugs on tumor growth,

作用，為腫瘤藥物的藥物篩選及臨床

and providing more data support for drug screening of tumor

申報提供更多數據支持。對於自身免

drugs and clinical declarations. For autoimmune diseases,

疫疾病，我們專注於在基因編輯人

we are focusing on inducing autoimmune diseases (asthma,

源化小鼠中誘發自身免疫性疾病（哮

experimental autoimmune encephalomyelitis, psoriasis, etc.) in

喘、實驗性自身免疫性腦脊髓炎、銀

gene-edited humanized mice and testing the therapeutic effects

屑病等），並測試基於細胞因子抗體藥

of cytokine-based antibody drugs.

物的治療效果。
除腫瘤及自身免疫性疾病外，我們已

In addition to tumor and autoimmune diseases, we have

全面拓展神經、心血管及代謝疾病等

fully expanded the disease areas of animal models, such as

疾病領域的模式動物，為藥物開發提

neurological, cardiovascular and metabolic diseases, to provide

供臨床前體內外藥效測試。

pre-clinical in-vivo and in-vitro drug efficacy testing for drug
development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

15

管理層討論與分析
Management Discussion and Analysis

(i)

人源化小鼠

(i)

Humanized Mice

免疫檢查點及其他人源化小鼠

Immune Checkpoint and other Humanized Mice

大多數人源抗體藥物僅能識別人

Most human antibody drugs can only recognize and interact

源抗原並與之相互作用，並且由

with human antigens, and due to species differences,

於物種差異，不能直接用野生小

pre-clinical pharmacodynamic and pharmacokinetic

鼠進行臨床前藥效學及藥代動力

evaluation and testing cannot be performed directly with

學評價及測試。因此，有必要將

wild-type mice. Therefore, it is necessary to humanize

小鼠免疫檢查點以及其他靶點

mouse immune checkpoints as well as other targets such as

（如GPCR）人源化並在小鼠體內

GPCR and express human-related antigens in mice, so that

表達人源相關抗原，使人源抗體

human antibody drugs can produce normal drug responses

藥物能在小鼠體內產生正常的藥

in mice.

物反應。
依託高效穩定的基因技術平台和

Relying on an efficient and stable gene technology platform

科學規範的模式動物生產中心，

and a scientific and standardized model animal production

我們充分考慮可能干擾人源化蛋

center, we fully considered the factors that may interfere

白表達的因素，對每個試驗者進

with the expression of humanized proteins, carried out

行詳細評估和精準設計，基於

detailed evaluation and made a precise design for each

C57BL/6基因背景研發出一系列

subject and developed a series of immune checkpoint and

免疫檢查點及其他人源化小鼠。

other humanized mice based on the genetic background

為確保小鼠模型完全人源化，我

of C57BL/6. In order to ensure that the mouse model is

們排除外界環境對人源化蛋白表

fully humanized, we excluded the influence of external

達及信號傳導的影響，為免疫檢

environment factors on the expression and signaling of

查點及其他靶點抗體的藥物驗證

humanized proteins, and provided an effective model and

提供了有效模型及有力工具。

powerful tool for drug validation of immune checkpoint and
other target antibodies.

細胞因子及細胞因子受體人源化

Cytokine and Cytokine Receptor Humanized Mice Format

小鼠同源免疫檢查點及其他人源

Homologous Immune Checkpoint and Other Humanized

化小鼠

Mice

細胞因子參與自身免疫性疾病的

The mechanisms of cytokine involvement in autoimmune

機制已得到深入研究。艾伯維已

diseases have been studied in depth. AbbVie has

研發出靶向TNF的阿達木單抗，

developed adalimumab, which targets TNF, and has

並已獲得 F D A 批准用於 11 種適

been approved by the FDA for 11 indications, including

應症，包括類風濕性關節炎及銀

rheumatoid arthritis and psoriatic arthritis. Other antibodies

屑病關節炎。其他靶向細胞因子

targeting cytokines also have good market prospects in

的抗體在自身免疫疾病及腫瘤學

autoimmune diseases and oncology.

方面亦具有良好的市場前景。

16

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

細胞因子通常具有複雜的信號通

Cytokines usually have complex signaling pathways. By

路。通過研究細胞因子的作用機

studying the mechanism of action of cytokines, we have

制，我們對小鼠體內的關鍵細胞

humanized the key cytokines or cytokine receptors in

因子或細胞因子受體進行了人源

mice, allowing the in-vivo evaluation of the efficacy and

化處理，從而可以評價人源細胞

pharmacological effects of human cytokine or cytokine

因子或細胞因子受體抗體藥物在

receptor antibody drugs in mice. We believe such coverage

小鼠體內的療效及藥理作用。我

can meet a substantial majority of the pre-clinical drug

們認為該等範疇可滿足藥企對細

evaluation needs of cytokine or cytokine receptor antibody

胞因子或細胞因子受體抗體藥物

drugs for pharmaceutical companies.

的絕大部分臨床前藥物評價需
求。

(ii)

嚴重免疫缺陷(B-NDG)小鼠

(ii)

Severe Immunodeficient (B-NDG) Mice

我們獨立研發的B-NDG (NOD.

B-NDG (NOD.CB17-Prkdcscid IL2rgtm1/Bcgen) mice, which

C B17- P r k d c s c i d I L2r g t m1/

we independently developed, are obtained from mice with

Bcgen)小鼠是通過IL2rg基因敲

NOD-scid genetic background by IL2rg gene knockout.

除從具有NOD-scid遺傳背景的

B-NDG mice have a severe immunodeficient phenotype,

小鼠獲得。B - N D G 小鼠具有嚴

lack mature T-cells, B-cells and NK cells, and are deficient

重的免疫缺陷表型，缺乏成熟的

in cytokine signaling, making them ideal drug development

T細胞、B細胞及NK細胞，並且

vehicles for human hematopoietic stem cells, human

缺乏細胞因子信號，使其成為人

peripheral blood mononuclear cells, human tumor cells or

源造血幹細胞、人外周血單個核

tissue transplantation.

細胞、人源腫瘤細胞或組織移植
的理想藥物研發載體。
我們用於出售的模式動物的知識

The intellectual properties of our animal models for sale

產權通常屬於本公司。由於我們

generally belong to the Company. As our model animals

的模式動物一般不會直接應用於

would generally not be applied directly towards a product

客戶的候選產品，故於報告期內

candidate of our clients, there were no intellectual

並無與客戶進行模式動物的知識

properties allocation discussions with our clients of animal

產權分配討論。我們通常與客戶

models during the Reporting Period. We typically enter

簽訂為期一至五年的框架協議，

into framework agreements with our clients for a term of

並根據此類框架協議接受客戶的

one to five years and take clients’ work orders under such

工作訂單。我們與客戶釐定費率

framework agreements. We decide fee rates and payment

及付款條款時考慮多項因素，包

terms together with our clients considering multiple factors,

括特定模式動物的開發成本、育

including the development cost of certain model animals,

種費用及要求的數量。我們通常

breeding expenses, and quantity requested. We generally

要求客戶在發票日期後一個月內

require our clients to make full payment within one month

全額付款。通常而言，除非發生

after the invoice date. Generally, neither our client nor we

不可抗力事件，否則客戶與我們

have the right of termination unless a force majeure event

均無權終止協議。

occurs.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

17

管理層討論與分析
Management Discussion and Analysis

人體免疫力系統重建模型

Models for Human Immune System Reconstitution

為解決重度免疫缺陷小鼠造血細胞維

In order to solve the problems of maintenance and differentiation

持分化功能、免疫細胞發育受限等問

functions of hematopoietic cells and restricted development

題，我們基於 B-NDG 小鼠研發了一

of immune cells in severely immunodeficient mice, we have

系列二代產品，以滿足不同的研究需

developed a series of second-generation products based on

求。例如，B-NDG B 2m KO plus

B-NDG mice to meet different research needs. For example,

小鼠可以延遲PBMC重建模型中的

B-NDG B2m KO plus mice can delay the GVHD effect in PBMC

GVHD效應，從而在不影響抗體藥

reconstitution model, thus achieving a longer dosing window

物半衰期的情況下實現更長的給藥

without affecting the half-life of antibody drugs. Additionally,

窗口。此外，B-NDG hIL15 小鼠能

B-NDG hIL15 mice can better promote the immune reconstitution

更好地促進人NK細胞的免疫重建，

of human NK cells and B-NDG hTHPO mice do not need

B-NDG hTHPO小鼠無需照射而重

irradiation to be reconstituted, thus avoiding radiation damage to

組，從而避免輻射對小鼠的損傷。

mice.

臨床前藥理藥效評估

Pre-Clinical Pharmacology and Efficacy Evaluation

我們位於中國及美國的藥理學團隊在

Our pharmacology team, which is based in China and the

測試新療法（例如治療免疫腫瘤，免

USA, has built expertise in testing novel therapeutics such

疫及自身免疫、CNS、眼科疾病以

as mAbs, ADCs, BsAb and BsADC, CAR-Ts and CAR-NKs,

及代謝疾病以及腎臟疾病的單克隆抗

mRNA-LNP and gene therapy and other therapeutic modalities

體、ADC、雙抗及雙抗ADC、CAR-T

for immuno-oncology, immune and autoimmune, CNS, Ocular

及CAR-NK、mRNA-LNP及基因療法

diseases as well as metabolic diseases as well as kidney

及其他療法）方面積累了專業知識，

diseases to support drug discovery and development worldwide.

支持全球藥物研發。我們的服務利用

Our services utilize a large collection of genetically humanized

大量基於檢查點抑制劑及細胞因子 ╱

mouse models for checkpoint inhibitors and cytokine/cytokine

細胞因子受體的基因人源化小鼠模

receptors, highly immune-deficient B-NDG mice and their

型、高度免疫缺陷 B-NDG 小鼠及其

variants, including CDX models and engineered cell line models,

變體（其中包括 CDX 模型和工程細胞

among others. Our pharmacology services include in-vivo

系 模 型 等 ）。 我 們 的 藥 理 學 服 務 包 括

efficacy, Pharmacokinetics (PK)/Pharmacodynamics (PD),

體內功效、藥代動力學(PK)╱ 藥效學

biomarker assessments, toxicology and safety evaluation, in-vitro

(PD)、生物標誌物評估、毒理學及安

immune cell and cytokine profiling and cell functional assays.

全性評估，以及體外免疫細胞及細胞

Our pre-clinical pharmacology studies have supported a number

因子分析和細胞功能分析。我們的臨

of IND applications and clinical trials. As at June 30, 2026, we

床前藥理學研究支持多項 IND 申請及

have completed more than 10,700 drug evaluation projects for

臨床試驗。於2026年6月30日，我們

approximately 1,500 partners globally.

已為全球約 1,500 名合作夥伴完成超
過10,700個藥物評估項目。

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Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

我們主要根據使用的動物類型和提供

We determine our fee rates for pre-clinical pharmacology and

的服務類型來確定臨床前藥理藥效評

efficacy evaluation services primarily based on types of animal

估服務的費率。動物費用根據使用的

used and types of service provided. Animal fees are set by

動物類型確定，服務費則根據腫瘤

types of animals utilized, and service fees are determined by

PD、免疫重建及自身免疫疾病等服

allocation of staff resource, duration and materials required for

務類型按項目所需的人力資源、期限

the projects based on the type of services such as oncology

及材料分配確定。我們與客戶就臨床

PD, immune reconstitution and autoimmune disease. Duration

前藥理藥效評估服務達成協議的期限

of our agreements with customers on pre-clinical pharmacology

取決於項目的複雜性，通常不超過一

and efficacy evaluation services is based on complexity of the

年。付款條款由項目設定，我們通常

project, which typically lasts for no longer than one year. Payment

有權向客戶收取預付款和項目完成時

terms are set by project and we are generally entitled to upfront

的付款。由於我們是臨床前藥理藥效

payments and project closing payments by our customers. As

評估的服務提供商，與項目相關的知

we are a service provider for our pre-clinical pharmacology and

識產權屬於我們的客戶。

efficacy evaluation, the intellectual rights relating to the project
belong to our customers.

體內藥理學能力

In-Vivo Pharmacology Capabilities

體內藥理學團隊已成功開發並驗證

Our in-vivo pharmacology team has successfully developed and

數百個同源及異基因腫瘤模型，以

validated hundreds of syngeneic and xenogeneic tumor models

滿足客戶的科學目標。模式動物包

to meet the scientific objectives of our clients. The animal models

括內部生產的人源化小鼠和攜帶功能

include our internally generated humanized mice and humanized

性人類基因的人源化細胞系，該等人

cell lines carrying functional human genes that express identified

類基因表達確定的人類治療靶點或根

human therapeutic targets or customized targets per clients’

據客戶興趣定制的靶點。使用人源化

interests. Employing the humanized cell lines and the humanized

細胞系及人源化小鼠須定制完整生物

mice results in a tailored biotherapeutic strategy with a complete

治療策略，評估不同類型的人類治療

biology to evaluate the efficacy of different types of human

分子（單克隆抗體、雙特異性抗體、

therapeutic molecules (monoclonal antibodies, bi-specific

ADC、疫苗等）針對相應治療靶點的

antibodies, ADCs, vaccines, etc.) against the therapeutic targets

療效。此外，通過不同途徑（包括原

of interest. Furthermore, tumor cell implantation through different

位注射）植入腫瘤細胞能提供正面直

routes including orthotopic injection delivers favorite translatable

觀的數據支持臨床研究。該等模型均

data to support clinical studies. All these models cover broad

涵蓋了廣泛的免疫治療領域，並大大

immune-therapeutic areas and greatly increase translation from

提高了藥物開發從臨床前研究到臨床

pre-clinical research to clinical studies for drug development.

研究的轉化效率。
除腫瘤模型外，體內藥理學服務亦於

Besides the tumor models, in-vivo pharmacology services have

野生型及人源化小鼠中開發了若干可

also developed several translatable immune and autoimmune

轉化的免疫與自身免疫性疾病模型以

inflammatory disease models and CNS diseases, Ocular

及CNS疾病、眼科疾病、代謝性疾病

diseases, metabolic disease models as well as kidney disease

模型以及腎臟疾病模型，將我們的研

models in both wild-type and humanized mice to extend our

究與服務擴展至更廣泛的治療領域，

research and services to broader therapeutic areas and better

更好地支持客戶的研究與藥物開發。

support our clients in their research and drug development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

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管理層討論與分析
Management Discussion and Analysis

我們基於模型的體內藥效服務具有高

Our model-based in-vivo efficacy services have high scale

規模篩選能力，通過體內活性評估，

screening capabilities to support molecule selection, drug

支持分子的篩選、藥物的比較或藥物

comparison, or drug evaluation by in-vivo activity assessment.

的評估。作為體內能力的補充，我們

Complementary to our in-vivo capabilities, our in-vitro

的體外藥理學服務包括免疫細胞分

pharmacology services include immune cell profiling, cytokine

析、細胞因子分析、原代T、NK及巨

profiling, primary T, NK, and macrophage cell-based functional

噬細胞的功能檢測等。我們的綜合體

assays, among others. Our integrated in-vivo capabilities

內能力及體外藥理學能力可使我們為

and in-vitro pharmacology capabilities enable us to provide a

藥物開發提供完整的PoC及MoA。

complete PoC and MoA for drug development.

藥代動力學(PK)及藥效學(PD)

Pharmacokinetics (PK) & Pharmacodynamics (PD)

抗體藥物的藥代動力學深受靶點表

Antibody drug pharmacokinetics are deeply influenced by target

達（靶點介導清除）與 F c R n（新生 F c

expression (target-mediated clearance) and FcRn (neonatal

受體）表達的影響，這可以延長抗體

Fc receptor) expression, which can extend antibody half-life.

半衰期。由於人類抗體對靶點有不同

Because human antibodies have different affinities to the targets,

的親和力，而且在動物物種中表達的

and FcRn expressed in animal species differ from that expressed

FcRn與在人類中表達的不同，源於動

in human, the PK profile of human antibodies from animals may

物的人類抗體的PK參數可能並不適用

not be translatable to human. Our humanized mice could express

人類。我們的人源化小鼠能夠表達人

human therapeutic targets, and FcRn humanized mice enable

類治療靶點，FcRn人源化小鼠則能更

more translatable evaluation of human antibody PK in mice,

直觀地評估小鼠中的人類抗體PK，從

which could help to address these issues. Due to the growing

而能夠協助解決該等問題。由於非人

limited availability of non-human primates, humanized mice may

靈長類動物的供應越來越有限，人源

have increased value in non-clinical PK and toxicity studies for

化小鼠可能在生物製劑藥物開發的非

biologic drug development.

臨床PK及毒性研究中具有越來越大的
價值。

20

通過使用靶點人源化小鼠及FcRn人源

Utilizing target humanized mice and FcRn humanized mice,

化小鼠，我們建立了完善的PK/PD服

we have established a comprehensive PK/PD service platform

務平台，能夠進行一系列PK/PD研究

in which we perform a series of PK/PD studies to characterize

以表徵藥物暴露、預測劑量要求、了

drug exposure, predict dosage requirements, understand

解濃度效應關係、建立安全邊際和功

concentration-effect relationships, establish safety margins and

效特徵及開發藥物的產品概況，以支

efficacy characteristics, and develop the drug’s product profile

持藥物開發及臨床試驗。PK/PD評估

to support drug development and clinical trials. The PK/PD

亦由我們的體外能力支撐。此外，基

evaluation is also supported by our in-vitro capabilities. Also,

於細胞的檢測包括抗體依賴細胞介導

cell-based assays including antibody-dependent cell-mediated

的細胞毒性作用 (ADCC) 及補體依賴

cytotoxicity (ADCC) and Complement-dependent cytotoxicity

性細胞毒性反應(CDC)，由體外PD評

(CDC) assist with in-vitro PD evaluation and identification of the

估及MoA識別協助。

MoA.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

小動物毒理學和安全性研究

Small Animal Toxicology and Safety Study

人源化小鼠可以在候選藥物的毒理學

Humanized mice can provide favorite translatable results in the

和安全性評估中提供正面的可轉化結

toxicology and safety evaluation of drug candidates and are

果，並得到FDA的推薦。我們使用人

recommended by the FDA. We have established toxicology and

源化小鼠和高度免疫缺陷的B-NDG小

safety evaluation platforms using our humanized mice and highly

鼠建立了毒理學和安全性評估平台。

immune deficient B-NDG mice. Our comprehensive toxicology

我們全面的毒理學和安全性讀數包括

and safety readouts include blood biochemistry liver and renal

血液生化肝腎功能評估、組織病理學

function evaluation, histopathology evaluation, Cytokine Release

評估、細胞因子釋放綜合徵 (CRS) 評

Syndrome (CRS) evaluation, Adenosine Deaminase (ADA) test

估、抗藥抗體(ADA)測試等，均是目

and more, which are the common side effect tests for current

前免疫療法常見的副作用測試。相信

immunotherapy. We believe our pre-clinical toxicology and

我們的臨床前毒理學和安全性評估為

safety evaluation provides very predictive data to support drug

候選藥物評估提供了預測性很強的數

candidate evaluation and may guide the design of clinical

據支持，並可作為臨床研究設計的指

studies.

引。
基因編輯

Gene-Editing

我們的基因編輯技術為抗體研發平台

Our gene-editing technology lays a solid foundation for our

奠定堅實基礎。運用我們先進的基因

antibody discovery and development platforms. Leveraging

編輯技術，我們已提出了千鼠萬抗計

our advanced gene-editing technologies, we have launched

劃，開發了轉基因RenMice平台，並

Project Integrum, developed transgenic RenMice platforms and

且設立了全面的抗體發現及模式動物

created a comprehensive set of antibody discovery and animal

平台。基因編輯是對生物體DNA片段

model platform. Gene-editing is a technique for making specific

進行特定修飾的技術，通常用於實現

modifications to segments of an organism’s DNA, which is

特定DNA片段的添加及刪除、特定鹼

usually used to achieve modifications such as the addition and

基的刪除及替換等修飾。基因編輯可

deletion of specific DNA segments, deletions and substitutions

對生物體的基因組進行永久性改變，

of specific bases. Gene-editing can make permanent changes

而該等改變可在整個身體或特定組織

in the genome of an organism, and these changes can take

中發生。通過基因編輯技術獲得的動

place throughout the body or in specific tissues. Models such

物或細胞系等模型可模擬人類的特定

as animals or cell lines obtained by gene-editing technology

生理、病理及細胞特徵，故在研究基

can simulate specific physiological, pathological and cellular

因功能、闡明生物的遺傳進化、疾病

characteristics of humans, and thus play an important role in

發生的分子機制及提供治療疾病藥物

studying the functions of genes, elucidating the genetic evolution

相關評價等方面發揮重要作用。

of organisms, the molecular mechanisms of disease occurrence
and providing relevant evaluation of drugs for disease treatment.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

21

管理層討論與分析
Management Discussion and Analysis

在基因編輯定制服務領域，我們將重

In the area of gene-editing customized services, we have shifted

心轉移至海外製藥公司客戶，重點服

the focus to overseas pharmaceutical company customers

務於內部研發創新，提升基因編輯業

and emphasized to serve internal R&D and innovations so as

務線的盈利水平和價值貢獻。

to enhance the profit level and value contribution of the geneediting business line.

我們的基因編輯技術

Our Gene-Editing Technology

基因編輯技術為創新模式動物的開發

Our gene-editing technology lays the solid foundation for the

及抗體研發平台奠定了堅實基礎。運

development of innovative model animals and our antibody

用我們先進的基因編輯技術，我們已

discovery and development platforms. Leveraging our advanced

提出了千鼠萬抗計劃，開發了系列轉

gene-editing technologies, we have launched Project Integrum,

基因RenMice平台，並且設立了全面

developed a series of transgenic RenMice platforms and created

的抗體發現及模式動物平台。

a comprehensive set of antibody discovery and animal model
platform.

22

通過十多年的專注研究，我們已開

We have developed powerful gene-editing platforms, SUPCE,

發強大的基因編輯平台SUPCE、

CRISPR/EGE and ESC/HR, through more than a decade of

CRISPR/EGE及ESC/HR，是我們進

dedicated research, which serves as our driving force for

行相關技術創新的推動力。自成立以

underlying technological innovations. Since our establishment,

來，我們一直提供基於動物及細胞的

we have been providing customized gene-editing services based

定制基因編輯服務，以滿足客戶基礎

on animals as well as cells to meet the needs of basic science

科學研究及藥物開發的需求。憑藉先

research and drug development of our customers. Leveraging

進的基因編輯技術，我們為客戶完成

our advanced gene-editing technologies, we have completed

了約 5,660 個定制基因編輯項目及內

approximately 5,660 customized gene-editing projects for our

部開發了約 5,670 種基因編輯動物及

clients and self-developed approximately 5,670 gene-edited

基因編輯細胞模型產品。

animal and gene-edited cell model products.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

定制服務

Customized Services

我們主要提供基於大鼠 ╱ 小鼠及細

We mainly provide customized gene-editing services based on

胞系的定制基因編輯服務，最終產品

rat/mouse and cell lines, and the final products are animal or cell

為具有特定基因型的動物或細胞系模

line models with specific genotypes, genotype detection reports

型、基因型檢測報告及項目結束報

and project closure reports. In addition, we also provide a series

告。此外，我們亦提供sgRNA質粒構

of gene-editing experimental services such as sgRNA plasmid

建及sgRNA活性檢測等一系列基因編

construction and sgRNA activity detection:

輯實驗服務：
•

基於動物的基因編輯服務。我

•

Animal-based Gene-Editing Services. We are mainly

們主要從事大鼠 ╱ 小鼠的定制

engaged in customized gene-editing services for rat/

基因編輯服務。小鼠易操作，

mouse. Mice are easy to handle, have a short life cycle,

生命週期短，繁殖能力強，且具

high reproductive capacity, and have similar genomic and

有與人類相似的基因組和生理特

physiological characteristics to humans, thus are often used

徵，因此常被用作研究人類基因

as animals of choice for studying human gene function and

功能和疾病機制的首選動物。小

disease mechanisms. Mice are also the most intensively

鼠亦是基因組學、轉錄組學、蛋

studied animal for genomics, transcriptomics, proteomics

白質組學及遺傳表型研究最廣泛

and genetic phenotyping. Rats have a higher similarity to

的動物。與小鼠相比，大鼠在神

humans in terms of nervous system compared to mice and

經系統方面與人類有更高的相似

are often used as pharmacodynamic models in related

性，常被用作相關領域的藥效學

fields. We provide customized gene-editing services for

模型。我們使用成熟穩定的基於

rat/mouse using mature and stable ESC/HR-based and

ESC/HR和基於CRISPR/EGE的

CRISPR/EGE-based gene-editing technologies. We perform

基因編輯技術提供定制大鼠 ╱

gene-editing modification based on several rat/mouse

小鼠基因編輯服務。我們根據幾

strains. The mouse strains for which gene-editing services

種大鼠 ╱ 小鼠品系進行基因編

are provided mainly include C57BL/6, BALB/c, DBA2 and

輯修飾。提供基因編輯服務的

NOD-scid, and the rat strains mainly include Sprague

小鼠品系主要包括 C57BL/6、

Dawley and Wistar.

BALB/c、DBA2和NOD-scid，
大鼠品系主要包括Sprague
Dawley及Wistar。
•

基於細胞系的基因編輯服務。相

•

Cell Line Based Gene-Editing Services. Compared with

較於基因編輯模式動物，細胞系

gene-editing animal models, cell line models have the

模型具有方便、週期短及成本低

advantages of convenience, short cycle time and low cost.

的優點。穩定細胞系在基因功能

Stable cell lines play an important role in gene function

研究、重組蛋白製備、藥物篩選

research, recombinant protein preparation, drug screening

及靶點驗證、腫瘤治療等研究中

and target validation, tumor therapy and other research.

發揮重要作用。我們使用基於

We provide a variety of cell line gene-editing services

ESC/HR和基於CRISPR/EGE的

using ESC/HR-based and CRISPR/EGE-based gene-editing

基因編輯技術提供各種細胞系基

technologies.

因編輯服務。
•

基因編輯實驗服務。我們提供基

•

Gene-Editing Experimental Services. We provide

於大鼠、小鼠及細胞系的定制基

customized gene-editing services based on rats and mice

因編輯服務以及配套實驗服務。

as well as cell lines along with supporting experimental
services.
百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

23

管理層討論與分析
Management Discussion and Analysis

基於多年的潛心研究和技術積累，我

We have mastered ESC/HR-based gene-editing technology and

們已掌握基於 ESC/HR 的基因編輯技

CRISPR/EGE-based gene-editing technology based on our years

術和基於CRISPR/EGE的基因編輯技

of dedicated research and technical accumulation.

術。

生成豐富全人源抗體庫的RenMice平

RenMice platforms for generation of a diverse repertoire of fully

台

human antibodies

與常見其他基因編輯技術使用質粒一

Compared with other common gene-editing technologies that

次僅可編輯少於30,000 個鹼基的基

can only edit gene fragments less than 30,000 bases at a time

因片段相比，我們的專有內部開發的

using plasmid, our proprietary in-house developed SUPCE

SUPCE技術可實現百萬鹼基規模的染

technology allows for megabase-scale chromosomal editing,

色體編輯，且具有高穩定性及可重複

with high stability and reproducibility. Our SUPCE technology is

性。SUPCE技術被應用該技術成功開

well validated by our RenMice platforms, which was successfully

發的RenMice平台充分驗證。我們在

developed applying this technology. We achieved full length

RenMice中實現了多種抗體的全長原

in-situ gene replacement for diverse antibodies in RenMice and

位基因替換，並產生了保持強大免疫

produced very healthy mice retaining a strong immune system.

系統的非常健康的小鼠。
我們開發了RenMice平台，生成豐富

We have developed RenMice platforms to generate a diverse

的全人源單克隆抗體庫及雙特異性抗

repertoire of fully human monoclonal antibodies and bi-specific

體庫。我們的RenMice平台由幾種

antibodies. Our RenMice platforms consists of several different

不同的具全人源免疫球蛋白可變區的

chromosome engineered mice with fully human immunoglobulin

染色體工程小鼠組成，以替代對應小

variable domains replacing mouse counterparts, namely

鼠，即全人源抗體小鼠RenMab、全

RenMab, a fully human antibody mouse, RenLite, a fully human

人源通用輕鏈小鼠 RenLite 及全人源

common light chain mouse and RenNano, a fully human heavy

重鏈小鼠RenNano。基於RenMab，

chain only mouse. Based on RenMab, we have developed a

我們開發了全新類 RenTCRm 技術平

new RenT Cell Receptor-Mimic (RenTCRm) technology platform

台，用於針對細胞內靶點的抗體藥物

for drug development of antibodies against intracellular targets

開發，並開發用於發現針對GPCR 及

and developed a new GPCR antibody technology platform for

其他具有挑戰性靶點的治療性抗體的

the discovery of therapeutic antibodies against GPCR and other

新GPCR抗體技術平台。

challenging targets.

我們的RenMice平台競爭力很強，這

Our RenMice platforms are competitive and validated through

一點體現於對外的授權。截至2026年

external licenses. As of June 30, 2026, we reached license

6 月 30 日，我們已與數十家知名的跨

and trial collaboration agreements with dozens of well-known

國製藥公司及領先的製藥公司（例如

multinational pharmaceutical companies and leading

德國默克集團、強生集團、Xencor、

pharmaceutical companies such as Merck KGaA, Darmstadt,

百濟神州及信達生物製藥）達成授權

Germany, Johnson & Johnson, Xencor, BeiGene and Innovent,

及試驗合作協議，該等公司均為我們

all of which are independent third parties of us. The licensing of

的獨立第三方。RenMice技術平台的

the RenMice technology platform will allow us to receive upfront

授權將使我們能夠獲得首付款、里程

payments, milestone payments and royalties.

碑付款和銷售分成。

24

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

RenMab

RenMab

我們的RenMab平台使用RenMab小

Our RenMab platform uses RenMab mice for the discovery and

鼠發現及生成全人源單克隆抗體。我

generation of fully human monoclonal antibodies. Our in-house

們自主開發的RenMab小鼠是全人源

developed RenMab mice are transgenic mice with full human

重鏈可變區和kappa輕鏈可變區原位

heavy chain variable region and kappa light chain variable

置換的轉基因小鼠。RenMab 小鼠攜

region replacement in-situ. RenMab mice carry the full human

帶全人源免疫球蛋白可變區庫，具有

immunoglobulin variable region repertoire, which have an intact

完整的免疫系統，即使經過基因編輯

immune system and are healthy even after gene-editing.

仍非常健康。
我們的自主百萬鹼基級基因編輯技術

This proprietary, megabase-scale gene-editing technology

可實現整體小鼠免疫球蛋白重鏈及

enables the efficient replacement of the entire murine

kappa輕鏈可變區（包括遠端Vk）與對

immunoglobulin heavy chain and kappa light chain variable

應人類免疫球蛋白可變區的有效原位

domains (including distal Vk) with the corresponding human

置換。因此，RenMab 小鼠健康如一

immunoglobulin variable domains in-situ. Thus, our RenMab

般野鼠，非常適合進行藥物靶點基因

mice are as healthy as regular wild-type mice, and well suited to

敲除。基因敲除小鼠是千鼠萬抗的重

knock out drug target genes. The knockout mice are an essential

要組成部分。

building block of our Project Integrum.

通過全人源重鏈及輕鏈可變區，

With the full human heavy and light chain variable regions,

RenMab小鼠能夠產生豐富的抗體

RenMab mice are able to produce a diverse repertoire of

庫，我們繼而可在先導抗體篩選過程

antibodies. This then allows us to optimize and select antibodies

中優化和選擇具有最佳特異性和親和

with the best specificity and affinity at subnanomolar ranges in

力的亞納摩爾級抗體。

the lead antibody screening process.

RenMab平台獨立自主研發的關鍵技

The independently self-developed key technology of RenMab

術已於2023年獲得中國專利及美國專

platform has been granted a Chinese patent and a USA patent

利，於2025年獲得日本專利。有關詳

in 2023, and a Japanese patent in 2025. For details, please refer

情，請參閱本公司日期為2023 年7 月

to the announcements of the Company dated July 11, 2023,

11日、2023年12月5日及2025年6月

December 5, 2023 and June 5, 2025.

5日的公告。

RenLite

RenLite

我們的RenLite平台使用RenLite小鼠

Our RenLite platform uses RenLite mice to produce diverse

生成多種親和力高的雙特異性抗體及

bi-specific antibodies with high affinity and to generate

雙特異性 ADC。RenLite 小鼠的小鼠

bi-specific ADCs. In our RenLite mice, the mouse heavy chain

重鏈抗體基因可變區已由全人源重鏈

antibody gene variable region is replaced with full human heavy

可變區原位置換，產生類似人類的多

chain variable region in-situ resulting in diversified heavy chain

樣化重鏈庫。相反，kappa鏈可變區

repertoire similar to that of humans. In contrast, the kappa chain

則被單一固定人類共同kappa輕鏈置

variable domain has been replaced by a single fixed human

換。該單一人類共同kappa鏈的存在

common kappa light chain. Presence of the single human

確保完美解決雙特異性抗體平台經常

common kappa chain ensures light chain complementarity to

出現的輕鏈與重鏈錯配問題的輕鏈互

seamlessly resolve the light chain and heavy chain mismatch

補性，從而大幅降低CMC流程開發的

issues often seen in bi-specific antibody platforms, thereby

難度。

greatly reducing the difficulty of CMC process development.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

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管理層討論與分析
Management Discussion and Analysis

除雙特異性抗體外，我們的RenLite小

In addition to bi-specific antibodies, our RenLite mice are able to

鼠還能為雙特異性ADC生成抗體。我

generate antibodies for bi-specific ADCs. Our bi-specific ADCs

們的雙特異性ADC可有效針對兩種腫

can be used to effectively target two tumor-associated antigens

瘤抗原，準確輸送藥量至腫瘤細胞，

and deliver the payload specifically to tumor cells, overcoming

克服傳統ADC藥物的非腫瘤細胞毒

the non-tumor cytotoxicity of traditional ADC drugs. YH013 is a

性。YH013是Renlite平台產生的雙抗

bi-specific antibody ADC molecule generated by Renlite platform.

ADC分子。
RenLite 平台獨立開發的關鍵技術已

The independently self-developed key technology of RenLite

於2024年獲得美國專利授權。有關詳

platform has been granted a USA patent in 2024. For details,

情，請參閱日期為2024年6月21日的

please refer to the announcement dated June 21, 2024.

公告。

RenNano

RenNano

我們的RenNano平台在RenMab小鼠

Our RenNano platform uses RenNano mice to produce heavy

的基礎上進一步對抗體重鏈恆定區進

chain antibodies on the basis of RenMab mice with further

行改造，利用RenNano小鼠生產重鏈

modification on antibody heavy chain constant region. Compared

抗體。與世界上為數不多的其他納米

to few other nano-antibody models in the world, our RenNano

抗體模型相 比 ， 我 們 的 R e n N a n o 小

mice carry the complete human antibody heavy chain variable

鼠攜有原位替換的完整的人類抗體重

region gene in an in-situ swap, producing a fully human

鏈可變區基因，其產生的全人源單鏈

single chain antibody fragment sequence that can be used

抗體片段序列無需再經過體外人源化

for drug development without further in-vitro humanization,

改造便可用於藥物開發，節省了大量

saving significant time and expense, and reducing the risk of

時間和費用，並降低了後續開發的風

subsequent development. Based on the rapid reproductive

險。基於小鼠的快速繁殖能力以及成

capacity of mice and the proven technology for preparing

熟的鼠單抗製備技術，與羊駝等其它

mice monoclonal antibody, RenNano mice can be used for

單鏈抗體片段動物相比，RenNano小

high-throughput development of fully human heavy chain

鼠可以用來進行規模化高通量全人源

antibodies at scale compared to other single chain antibody

重鏈抗體的開發。用多種不同抗原免

fragment animals such as alpacas. Immunization of RenNano

疫的RenNano小鼠後，可獲得互補決

mice with a variety of different antigens resulted in heavy chain

定區3(CDR3)序列多樣、識別表位豐

antibodies with diverse complementarity determining region 3

富的重鏈抗體。這些抗體結合抗原不

(CDR3) sequences and abundant recognition epitopes. These

依賴輕鏈，並且具有nM級別的高親和

antibodies bind antigen independent of the light chain and have

力。實驗表明，RenNano來源的抗體

a high affinity at the nM level. Experiments have shown that

在體內外具有良好的生物學功能。由

antibodies derived from RenNano have good biological functions

於其結構簡單、無需配對，所以適合

in-vitro and in-vivo. Due to its simple structure and no pairing,

模塊化組裝，易於構建雙抗、多抗及

it is suitable for modular assembly, and even more so, for the

CAR-T等藥物形成新形式。

construction of more innovative drug-forming forms such as dual
antibodies, multibodies and CAR-T.

26

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

RenTCRm平台

RenTCRm Platform

RenTCRm平台（「RenTCRm平台」）

RenTCRm platform (the “RenTCRm Platform”) is heavily

基於RenMice進行深度改造，成為

modified based on RenMice to become HLA/RenMab to produce

HLA/RenMab，以產生全人源抗體，

fully human antibodies that accurately recognize intracellular

精準識別細胞內MAP表位並產生針

MAP epitopes and produce antibodies against intracellular

對細胞內抗原的抗體。HLA/RenMab

antigens. HLA/RenMab is designed to break through the

旨在突破主要針對細胞膜表面抗原

limitations of traditional antibody therapy that mainly targets

（如 P D -1 及 P D - L1）或可溶性抗原的

cell membrane surface antigens, such as PD-1 and PD-L1, or

傳統抗體治療局限，而識別腫瘤抗原

soluble antigens, as well as the immune escape of tumor cells

TCR的抗體對相應抗原的親和力通常

caused by the usually low affinity of antibodies that recognize

很低，造成了腫瘤細胞的免疫逃逸。

the TCR of tumor antigens for the corresponding antigens. The

RenTCRm 平台專注以能夠有效靶向

RenTCRm Platform focuses on screening antibodies with much

胞內抗原的抗體替代TCR，從而篩選

higher affinity and specificity than TCR by replacing them with

出親和力和特異性遠高於TCR的抗

antibodies that can effectively target intracellular antigens.

體。基於HLA/RenMab小鼠的優勢，

Based on the advantages of HLA/RenMab mice, we can obtain

我們可以一步到位獲得識別MAP表

fully human antibodies that recognize MAP epitopes and produce

位並產生針對細胞內抗原的全人源抗

antibodies against intracellular antigens in one step, while

體，同時確保體內的親和力成熟，並

ensuring in-vivo affinity maturation and screening of antibodies

篩選出親和力和特異性優於TCR的抗

with better affinity and specificity than TCR.

體。
RenTCRm 平台獲得的全人源抗體序

The fully human antibody sequences obtained from the

列為後續的抗體相關藥物、CAR-T等

RenTCRm Platform provide more candidates for subsequent

領域提供更多候選物。為靶向清除特

antibody-related drugs, CAR-T and other fields. It provides

定的異常細胞如腫瘤細胞、感染細胞

additional intracellular targeting options for targeted removal

和衰老細胞提供更多的胞內靶點選

of specific abnormal cells such as tumor cells, infected cells,

擇。此外，也可以為自免疾病受到攻

and senescent cells. In addition, TCR-like blocking antibodies

擊的特定細胞篩選類TCR的阻斷抗

can also be screened for specific cells that are attacked by

體，避免對正常組織造成傷害。

self-exempt diseases to avoid damage to normal tissues.

GPCR平台

GPCR Platform

G P C R 平 台（「 G P C R 平 台 」）乃 基 於

GPCR platform (the “GPCR Platform”) is developed based

RenMice開發。GPCR（G蛋白偶聯受

on RenMice. GPCR (G protein-coupled receptor) is the

體）是人類基因中最豐富的膜蛋白。

most abundant membrane protein in the human genome. Its

其主要功能是將細胞外信息傳輸到

primary function is to transmit extracellular information into

細胞中，引起各種細胞反應。許多

the cell, causing various cellular responses. Many GPCR and

GPCR 及跨膜蛋白為潛在藥物靶點。

transmembrane proteins are potential drug targets. However,

然而，其細胞外結構域較小，不可能

they have small extracellular domains and are not soluble, which

溶解，使其難以通過傳統方法獲得抗

makes it difficult to obtain antibodies by traditional methods. Our

體。我們的 GPCR 抗體發現平台可解

GPCR antibody discovery platform can address these difficulties.

決該等困難。該平台通過DNA免疫及

The platform immunizes antigens with native conformation and

其他方法將抗原與原生構象免疫結合

enhanced immunogenicity by DNA immunization and other

並增強免疫原性。此外，通過利用靶

methods. In addition, by utilizing target knock-out RenMice

點敲除RenMice (RenMice KO)，該

(RenMice KO), the platform generates fully human antibodies

平台產生具有高度多樣性的全人源抗

with great diversity to increase the screening success rate.

體，以提高篩選成功率。
百奧賽圖(北京)醫藥科技股份有限公司

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管理層討論與分析
Management Discussion and Analysis

為培養高素質人才儲備並確保提供專

To cultivate a high-quality talent pool and ensure delivery of

業服務，我們已建立現場培訓計劃提

professional services, we have developed on-site training

供有關各種尖端科學和技術主題的培

programs that provide training courses on a variety of

訓課程，以及跟蹤、評估和報告各員

cutting-edge scientific and technical topics, as well as tracking,

工的培訓進度。

evaluating and reporting each employee’s training progress.

截至2026 年6 月30 日，本公司約有

As of June 30, 2026, the Company had approximately 545 R&D

545 名研發人員，從事千鼠萬抗以

personnel engaged in Project Integrum as well as pre-clinical

及臨床前研究服務。截至2025 年及

research services. For the six months ended June 30, 2025 and

2026 年6 月30 日止六個月，我們的研

2026, our R&D expenses were RMB209.1 million and RMB267.3

發費用分別為人民幣 209.1 百萬元及

million, respectively. The R&D expenses on the Core Products

人民幣 267.3 百萬元。截至 2026 年 6

was RMB0.03 million for the six months ended June 30, 2026,

月30 日止六個月，核心產品的研發費

accounting for approximately 0.01% of the R&D expenses during

用為人民幣0.03 百萬元，約佔同期研

the same period.

發費用的0.01%。
產品及產品管線

PRODUCTS AND PIPELINES

我們研發的所有藥物分子，無論是自

All the drug molecules we have developed, whether

主推進到早期臨床階段還是臨床前階

independently advanced to the early clinical stage or the

段，都以達成對外轉讓合作，由合作

pre-clinical stage, aim for external transfer collaboration,

方推進臨床研究及未來的商業化為最

with the partners advancing the clinical research and future

終目的。除已經對外達成合作的藥物

commercialization. Apart from the drug molecules that

分子外，未來公司將更加聚焦於臨床

collaboration have already been reached with external partners,

前不同階段藥物分子的研發，將更多

the Company will increasingly focus on the research and

的臨床前藥物分子與合作方達成合

development of drug molecules at various pre-clinical stages in

作。所有候選藥物均通過我們的自有

the future, so as to establish more collaborations with partners

抗體發現平台發現。截至2026 年6 月

on pre-clinical drug molecules. All of our drug candidates were

30 日，我們的 5 個候選藥物已經全部

discovered through our own antibody discovery platforms. As
of June 30, 2026, all of our five drug candidates have been outlicensed, three of which are at the clinical stage.

下圖概述截至本報告日期我們的產品

The following chart summarizes our pipeline and the development

管線及各候選藥物的開發狀態：

status of each drug candidate as of the date of this report:

臨床前階段藥物
Pre-clinical-stage
Drug Candidates

臨床階段候選藥物
Clinical -stage Drug
Candidates

達成對外授權，其中 3 個處於臨床階
段。

在研項目
Candidate

靶點
Target

適應症
Indication

YH001

CTLA-4

腫瘤
Tumor

Syncromune, Inc.

YH003

CD40

腫瘤
Tumor

Syncromune, Inc.

YH013

EGFR x MET雙抗ADC
EGFR x MET BsADC

腫瘤
Tumor

多瑪醫藥
Doma Pharmaceutical

YH016

未公開
Undisclosed

腫瘤
Tumor

Gilead Sciences

YH017

未公開
Undisclosed

免疫疾病
Immune
Disease

Neurocrine Biosciences

核心產品
Core Product

28

臨床前
Pre-clinical

已授權轉讓╱合作開發的藥物
Out-licensing/Co-development

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

IND

I期
Phase I

II期
Phase II

非腫瘤管線
Non-oncology

III期
Phase III

合作方
Partner

腫瘤管線
Oncology

管理層討論與分析
Management Discussion and Analysis

Notes:

註：
1

我們授予 S y n c r o m u n e 將 Y H001、

1

We granted Syncromune an exclusive license to use YH001, YH002

YH002 和 YH003 作為活性化合物，

and YH003 as active compounds to develop intratumoral injection

通過使用Syncrovax TM 技術在全球範

products globally using SyncrovaxTM technology, and we are entitled

圍內開發瘤內注射產品的獨家許可，

to receive upfront payments, milestone payments and royalties on

我們有權獲得首付款、里程碑付款和

net sales.

淨銷售額分成。
2

3

4

我們與多瑪醫藥就YH013雙特異性抗

2

We and Doma Biopharmaceutical have reached an exclusive clinical

體達成在全球臨床開發及商業化獨家

development and commercialization agreement for the YH013

授權協定，有權獲得首付款、里程碑

bispecific antibody, with the right to receive upfront payments,

付款和淨銷售額分成等權益。

milestone payments, royalties on net sales and other interest.

YH016和YH017我們已分別與

3

In respect of YH016 and YH017, we have reached agreements

Gilead Sciences和Neurocrine

with Gilead Sciences and Neurocrine Biosciences respectively on

Biosciences達成轉讓或授權合作。

transfer or licensing cooperation.

縮寫含義如下：

4

Full term of each abbreviation used:

CD40：細胞分化簇40

CD40: Cluster of Differentiation 40

CTLA-4：細胞毒性T淋巴細胞相關蛋

CTLA-4: Cytotoxic T-Lymphocyte-Associated protein 4

白4
PD-1：程序性死亡受體-1

PD-1: Programmed Death-1

ADC：抗體藥物偶聯物

ADC: Antibody Drug Conjugate

CMC：化學製程與質量控制

CMC: Chemistry, Manufacturing, and Controls

MRCT：多區域臨床試驗

MRCT: Multi-regional Clinical Trial(s)

EGFR：表皮生長因數受體

EGFR: Epidermal growth factor receptor

MET：間質 － 上皮細胞轉化因數

MET: MET proto-oncogene

我們的核心產品

Our Core Products

YH001及YH003

YH001 and YH003

YH001和YH003是我們的核心產品。

Y H001 a n d Y H003 a r e o u r C o r e P r o d u c t s . Y H001 i s a

YH001為重組人源化抗CTLA-4 IgG1

recombinant humanized anti-CTLA-4 IgG1 monoclonal antibody.

單克隆抗體。YH003 為一種重組人源

YH003 is a recombinant, humanized agonistic anti-CD40 IgG2

化激動性抗CD40IgG2單克隆抗體。

monoclonal antibody.

我們已在澳大利亞和中國完成YH001

We completed Phase I clinical trials of YH001 in patients with

治療晚期實體瘤患者的I期臨床試驗。

advanced solid tumors in Australia and China. Data from the

I期臨床試驗的數據顯示出YH001良好

Phase I clinical trial showed a favorable safety and efficacy

的安全性和療效特徵。

profile of YH001.

我們已完成YH003 在美國、中國大

We completed the Phase II MRCT clinical study of YH003 in

陸、澳大利亞等地對胰腺導管腺癌

patients with pancreatic duct adenocarcinoma (PDAC) in the

(PDAC)患者進行的II期MRCT臨床研

USA, Chinese Mainland, Australia and other regions. During the

究。在該項研究中，YH003 聯合特瑞

study, YH003 in combination with toripalimab, with or without

普利單抗伴或不伴化療安全性及耐受

chemotherapy, demonstrated good safety and tolerability and

性良好，且取得不錯的臨床療效。

achieved promising clinical efficacy.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

29

管理層討論與分析
Management Discussion and Analysis

YH001、YH002及YH003－ 與

YH001, YH002 and YH003 – Collaboration with Syncromune

Syncromune合作
於2022年，我們與Syncromune, Inc.

In 2022, we entered into a license agreement with Syncromune,

（「Syncromune」）簽訂授權協議。

Inc. (“Syncromune”). Syncromune will acquire an intratumoral

Syncromune將獲得由YH002 和其他

immunotherapy consisting of YH002 and other active ingredients.

活性成分組成的瘤內免疫療法。其

It has subsequently been agreed that YH001 and YH003 are also

後，各方同意將YH001及YH003作為

included in the scope of the collaboration as selected active

選定的活性成分納入合作範圍。根據

ingredients. Under the agreement, we are entitled to receive an

協議，我們有權獲得首付款及潛在的

upfront payment and potential milestone payments.

里程碑付款。
我們最終未必能成功開發及推廣

WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND

YH001及YH003。

MARKET YH001 AND YH003 SUCCESSFULLY.

YH013

YH013

YH013 是一種使用我們的 RenLite 平

YH013 is a first-in-class fully human anti-EGFR/MET BsADC

台開發的首創全人源類抗EGFR/MET

developed using our RenLite platform. Based on YH013, we

雙特異性ADC。我們基於YH013與多

entered into a license agreement with Doma. Under the terms

瑪訂立授權協議。根據協議條款，我

of the agreement, we are entitled to receive upfront payments,

們有權獲得首付款、里程碑付款以及

milestone payments, as well as royalties on net sales and other

淨銷售額分成等權益。該分子目前處

interests. The molecule is currently in Phase II clinical study

於 II 期臨床研究階段，臨床研究進展

stage, with clinical study progressing smoothly.

順利。

30

我們最終未必能成功開發及推廣

WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND

YH013。

MARKET YH013 SUCCESSFULLY.

YH016及YH017

YH016 and YH017

YH016和YH017是利用RenMice平台

YH016 and YH017 are novel fully human monoclonal antibody

開發的新型全人源單株抗體分子。

drugs discovered with the RenMice platforms.

目前，我們已經與不同的合作夥伴就

Currently, we have entered into option and licensing agreements

YH016 及YH017 達成選擇及授權協

with different partners for YH016 and YH017. Under the terms

議。根據協議條款，合作方行使選擇

of these agreements, upon the exercise of the option by the

權後，我們將有權獲得擇權費用、授

partners, we will be entitled to receive option fees, licensing fees,

權費用、開發及商業化里程碑付款以

development and commercialization milestone payments, as well

及個位數淨銷售額分成。

as single-digit royalties on net sales.

我們最終未必能成功開發及推廣

WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND

YH016及YH017。

MARKET YH016 AND YH017 SUCCESSFULLY.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

營銷及業務開發

MARKETING AND BUSINESS DEVELOPMENT

我們通過營銷和業務開發團隊的努力及客

We procure business through the efforts of our marketing and

戶推薦獲得業務。我們的營銷和業務開發

business development teams and customer referrals. Our marketing

團隊致力於提高我們的品牌知名度、擴大

and business development team is dedicated to increasing our brand

我們的全球客戶群並加強我們與現有客戶

awareness, expanding our global customer base and strengthening

的關係以獲取更多商機。本公司建立了覆

our relationships with existing customers to drive more business

蓋亞太、北美以及歐洲地區的銷售體系。

opportunities. The Company has established a sales system covering

一方面，不斷夯實國內業務領先優勢，保

Asia-Pacific, North America and Europe. On the one hand, the

持穩步健康增長；另一方面，持續拓展海

Company continues to consolidate the leading edge of its domestic

外市場，保持海外銷售收入快速增長。

business and maintains steady and healthy growth; on the other
hand, it continues to expand its overseas markets and maintains rapid
growth in overseas sales revenue.

市場策略上，我們繼續積極開拓海外市

In terms of market strategy, we continue to actively develop overseas

場，帶動海外收入的快速增長。通過加大

markets to drive the rapid growth of overseas revenue. By increasing

宣傳，塑造本公司專業生物技術公司的形

publicity, we have shaped the image of our Company as a professional

象，擴大在行業內的認知度；按照不同業

biotechnology company and expanded our recognition in the industry;

務線，不同客戶類型等對銷售團隊進行擴

we have expanded and adjusted our sales team according to

充和調整，增加新覆蓋區域，強化對客戶

different business lines and types of customers, added new coverage

需求的快速響應；擴大本公司在波士頓的

areas, and strengthened our quick response to customers’ needs;

研發生產設施，並擴充波士頓附屬公司研

we have expanded the Company’s R&D and production facilities in

發生產團隊，能夠更好的為美國藥企客戶

Boston and expanded the R&D and production teams of our Boston

提供本地化的服務。本公司CRO相關臨床

subsidiaries, so that we can better provide localized services to our

前業務收入持續保持以較高的毛利水平快

USA pharmaceutical customers. We achieved income from pre-clinical

速增長，並與全部海外前十大製藥公司保

business related to CRO of the Company continues to maintain rapid

持長期業務合作。

growth and a relatively high gross profit level, and we keep long-term
business cooperation with all top ten overseas pharmaceutical
companies.

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

31

管理層討論與分析
Management Discussion and Analysis

自2022 年起，本公司對北美及歐洲銷售網

Since 2022, the Company has optimized and upgraded its North

絡進行了優化升級。於2022 年，我們於德

American and European sales network. In the year of 2022, we set

國海德堡設立新的附屬公司，並開始於歐

up a new subsidiary in Heidelberg, Germany, and started to have

洲各地組建銷售團隊。2023 年 5 月，本公

sales teams based all over Europe. In May 2023, the Company set

司在美國舊金山成立辦公室並正式投入運

up an office in San Francisco, USA and officially put it into operation,

營，能夠為美國西海岸的客戶提供及時的

which is able to provide timely response service for customers on

響應服務。2023年8月，本公司遷址到美國

the west coast of the USA. In August 2023, the Company relocated

波士頓新租賃的實驗室和動物房，新設施

to the newly leased laboratory and animal house in Boston, USA, and

的投入使用，能夠為本公司帶來更大的業

the commissioning of the new facilities is able to bring the Company

務承載能力。2025年3月，本公司位於美國

a greater business carrying capacity. In March 2025, the Company

加州聖地亞哥的新辦公室正式開始營運。

officially commenced the operation of its new office located in San

此外，我們亦將招募更多擁有海外基地的

Diego, California, USA. In addition, we are recruiting more business

業務開發商，積極擴大當地客戶覆蓋率並

developers with abroad bases to actively expand coverage of local

開拓海外市場。2026 年，公司再次拓展美

customers and explore overseas markets. In 2026, the Company

國波士頓子公司的基礎設施，從而進一步

further expanded the infrastructure of its Boston subsidiary in the

完善覆蓋全球的研發、生產與銷售網絡，

USA, thereby further improving its global R&D, production and sales

優化區域資源配置與運營體系，進一步提

network, optimizing regional resource allocation and operational

升海外業務收入水平。

systems, and further enhancing the revenue level of its overseas
business.

基於 RenMice平台，我們的抗體發現平台

Based on the RenMice platforms, our antibody discovery platforms

繼續生成潛在抗體分子，並已在不同階段

continue to produce potential antibody molecules and have reached

與國內外製藥公司達成合作開發 ╱ 授權協

co-development/licensing agreements with domestic and foreign

議。我們的抗體開發業務自2020 年以來持

pharmaceutical companies at different stages. Our antibody

續高速增長，同時維持非常高的毛利率。

development business has continued to grow at a high rate since

我們的客戶基礎已從國內知名生物科技公

2020, while maintaining a very high gross profit margin. Our customer

司擴展至全球知名製藥公司，單個合同首

base has expanded from well-known domestic biotech companies to

付款、里程碑付款及銷售分成持續提高。

famous pharmaceutical companies around the world, and the upfront
payment, milestone payment and royalties of a single contract keep
improving.

截至2026 年6 月30 日止六個月及直至本報

For the six months ended June 30, 2026 and up to the date of this

告日期，我們並無於市場上商業化任何核

report, we had not commercialized any of our Core Products on the

心產品。我們尚未就核心產品制定任何明

market. We have not formulated any definitive pricing policy for our

確的定價政策。我們正通過與多家國內及

Core Products yet. We are accelerating the development of our clinical

海外製藥公司合作，加快臨床及臨床前產

and pre-clinical product assets by entering into collaborations with a

品資產的開發。未來，我們將繼續奉行此

number of domestic and overseas pharmaceutical companies. In the

產品開發策略，並與製藥公司進行更多合

future, we will continue to pursue this product development strategy

作，以推進及商業化我們的資產。

and enter into more collaborations with pharmaceutical companies to
advance and commercialize our assets.

32

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

研究與開發

RESEARCH AND DEVELOPMENT

我們致力於提供創新服務，以支持我們客

We are committed to providing innovative services to support our

戶在中國及世界各地的開創性和複雜的新

customers’ ground-breaking and complex new drug R&D projects in

藥研發項目。為實現該目標，我們不斷投

China and around the world. Towards this goal, we have constantly

資改進技術和提升服務能力。相關投資令

invested in improving our technologies and advancing our service

我們能夠持續站在行業最新技術趨勢的前

capabilities. Such investments have allowed us to remain at the

沿，為客戶研發新解決方案並維持我們的

forefront of the latest technology trend in our industry, develop novel

競爭地位。我們努力通過內部研發以及與

solutions for our customers and maintain our competitive position.

合作夥伴和客戶的合作進一步提高我們的

We strive to further enhance our technical capability through internal

技術能力。

research and development as well as collaboration with our partners
and customers.

生產

Manufacturing

模式動物生產

Animal Model Production

我們已建立模式動物生產中心，包括三個

We have established animal model production centers, including three

動物基地，涵蓋共約55,000 平方米的動

animal facilities encompassing a total of approximately 55,000 sq.m.

物設施。公司新建的動物房設施近期將正

animal facilities. The Company’s newly constructed animal house

式投入使用，進一步擴充產能，助力公司

facility will be officially put into operation in the near future, further

更好地承接快速增長的市場需求。憑藉大

expanding capacity and enabling the Company to better meet the

型基地，我們得以擁有廣泛的基因工程小

rapidly growing market demand. Our large facilities allow us to have a

鼠、疾病小鼠模型及大齡小動物，並具有

broad set of genetically engineered mice, disease mouse models and

顯著的成本優勢。

aged small animals with a significant cost advantage.

與CRO及CDMO的合作

Collaboration with CROs and CDMOs

CRO及CDMO（作為我們的供應商）開展及

CROs and CDMOs, as our supplier, conduct and support the research

支持我們資產產品的研發和臨床試驗，無

and development and clinical trials of our assets products, whether

論藥物資產處於我們內部項目的開發階段

the drug assets are in the development phase of our own initiative

亦或處於我們與合作夥伴達成合作之後。

or after we have reached cooperation with partners. The pre-clinical

臨床前CRO主要根據我們的研究設計並在

CROs mainly provide us with services related to pre-clinical toxicity

我們的監督下為我們提供與我們核心產品

and safety evaluations, such as animal studies, of our Core Products

臨床前毒性及安全性評估相關的服務，例

in accordance with our study design and under our supervision. We

如動物研究。我們與 CDMO 合作夥伴合作

collaborate with our CDMO partners for the manufacturing of a portion

生產我們的部分候選藥物，特別是我們的

of our drug candidates, in particular our Core Products, to supply for

核心產品，以供應用於臨床前研究及臨床

use in pre-clinical studies and clinical trials. For details, please refer

試驗。有關詳情，請參閱本報告「供應商」

to “Suppliers” and “External Business Development” in this report.

及「外部業務開發」。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

33

管理層討論與分析
Management Discussion and Analysis

質量管理

QUALITY MANAGEMENT

我們設有質量管理部門，將資源投入到產

We have a quality management department that devotes resources to

品的質量管理中。基於我們研發抗體藥物

the quality management of our products. Based on our novel idea to

的新理念，我們參照ISO9001、GMP和

develop antibody drugs, we have established our own quality control

GLP 體系建立了自己的質量控制體系。我

system with reference to the ISO9001, GMP and GLP systems. Our

們的質量控制體系非常重視我們產品和候

quality control system devotes significant attention to quality control

選產品的設計、研發、製造、測試及運輸

for the designing, R&D, manufacturing, testing and transportation

的質量控制。我們的管理團隊積極參與制

of our products and product candidates. Our management team is

定質量政策和管理內外部的質量表現。

actively involved in setting quality policies and managing our internal
and external quality performance.

截至2026 年6 月30 日，我們的質量管理部

As of June 30, 2026, our quality management department consists of

門由約 80 名員工組成。我們的質量管理團

approximately 80 employees. Our quality management team members

隊成員擁有豐富的質量管理及成功向美國

have rich experience in quality management and successful drug

FDA和國家藥監局申報藥品的經驗。

filings to the USA FDA and the NMPA.

供應商

SUPPLIERS

供應商是本集團重要的業務夥伴，供應商

Suppliers are important business partners of the Group, and the

的選擇和管理直接關係到本集團的產品質

selection and management of suppliers are directly related to the

量。因此，依靠卓越的供應鏈管理，確保

quality of the Group’s products. Therefore, relying on an excellent

供應商和產品的質量是重中之重。為了有

supply chain management to ensure the quality of our suppliers and

效規範和管理我們的供應商選擇流程，我

products is a top priority. In order to effectively standardize and

們制定了一系列政策，為供應商准入、選

manage our supplier selection process, we have formulated a series of

擇、審批、監控和評估提供制度保障，明

policies to provide a system guarantee for supplier access, selection,

確了內部採購人員的職責。

approval, monitoring, and evaluation and clarified the responsibilities
of internal procurement personnel.

在選擇供應商並與其簽訂合約之前，我們

Before selecting a supplier and signing a contract with it, we will

會進行盡職調查，以評估潛在供應商交付

conduct due diligence to evaluate the price, quality, reputation,

產品及服務的價格、質量、聲譽、能力及

ability, and technology of the potential supplier to deliver products

技術，並可能要求其發送樣品，並由專人

and services, and may request it to send samples, product trial

進行產品試用檢驗或現場調查。盡職調查

inspection or on-the-spot investigation by personnel. The due

結果經採購部審查後納入我們的合格供應

diligence results will be included in our qualified supplier database

商數據庫。我們亦要求供應商提供企業認

after being reviewed by the purchasing department. We also require

證，包括但不限於質量及 ╱ 或環境管理體

suppliers to provide corporate certifications, including but not limited

系認證，以確保符合國家及國際標準。同

to quality and/or environmental management system certifications,

時，根據供應商甄選相關政策，我們定期

to ensure compliance with national and international standards. At

對所有供應商進行評估，以驗證其質量體

the same time, in accordance with the policies related to supplier

系及服務表現的有效性，並將評估結果作

selection, we regularly conduct assessments of all suppliers to verify

為供應商評估的依據。對於無法滿足基本

the effectiveness of their quality systems and service performance,

採購要求且考核結果被淘汰的供應商，各

and the assessment results serve as the basis for supplier evaluation.

部門必須立即終止與其合作，並以表現較

For suppliers who cannot meet the basic procurement requirements

好的供應商替換。

and whose assessment results are eliminated, all departments must
immediately terminate cooperation with them and replace them with
suppliers with better performance.

34

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

於 2026 年 6 月 30 日，本集團有約 2,700 名

As at June 30, 2026, the Group had approximately 2,700 suppliers,

供應商，其中超過2,600名來自中國。截至

of which more than 2,600 were from China. As of June 30, 2026, we

2026 年6 月30 日，我們對主要供應商進行

conducted assessments for major suppliers to examine whether their

評估，以檢查其供應表現是否符合我們對

supply performance meets our requirements for quality, service and

質量、服務及價格的要求。我們的主要供

price. Our main suppliers include suppliers of materials, assets and

應商包括材料、資產及服務供應商。

services.

外部業務開發

EXTERNAL BUSINESS DEVELOPMENT

根據行業慣例，我們與CRO及CDMO合作

In line with industry practice, we collaborate with CROs and CDMOs

開 展 及 支 持 我 們 的 資 產 產 品（ 無 論 藥 物 資

to conduct and support our R&D and clinical trials of our assets

產處於我們內部項目的開發階段亦或處於

products, whether the drug assets are in the development phase of

我 們 與 合 作 夥 伴 達 成 合 作 之 後 ）的 研 發 和

our own projects or after we have reached cooperation with partners.

臨床試驗。我們的CRO合作夥伴通常是主

Our CRO partners are usually reputable multinational companies

要從事生物製藥開發、生物檢測開發、臨

that primarily engage in biopharmaceutical development, biologic

床開發、臨床試驗管理、藥物警戒及結果

assay development, clinical development, clinical trials management,

研究的信譽良好的跨國公司。CRO 通常提

pharmacovigilance and outcomes research. CROs generally provide a

供一整套服務以協助我們進行及管理臨床

comprehensive suite of services to assist us in the implementation and

試驗，包括試驗準備、源數據驗證、臨床

management of clinical trials, including trial preparation, source data

安全管理、數據管理及報告編製。我們的

verification, clinical safety management, data management and report

CDMO 合作夥伴通常是主要從事藥物開發

preparation. Our CDMO partners are usually multinational companies

及製造的跨國公司。我們與 CDMO 合作夥

that primarily engage in the development and manufacture of drugs.

伴合作生產我們的部分候選藥物，以供應

We collaborate with our CDMO partners for the manufacturing of a

用於臨床前研究及臨床試驗。

portion of our drug candidates, to supply for use in pre-clinical studies
and clinical trials.

截至2026 年6 月30 日止六個月，我們未因

For the six months ended June 30, 2026, we did not incur any

核心產品的研發而產生任何CRO和CDMO

expenses for CROs and CDMOs attribute to the R&D of our Core

費用。我們挑選CRO及CDMO時基於各項

Products. We select CROs and CDMOs based on various factors,

因素，例如學歷、行業聲譽、對相關監管

such as academic qualifications, industry reputation, compliance with

機構的合規性及成本競爭力。我們密切監

relevant regulatory agencies and cost competitiveness. We closely

督相關CRO及CDMO，確保彼等表現符合

supervise these CROs and CDMOs to ensure their performance in a

我們的協議和適用法律，從而保障我們試

manner that complies with our protocols and applicable laws, which

驗和研究數據的完整性及真實性。

in turn protects the integrity and authenticity of the data from our trials
and studies.

知識產權

INTELLECTUAL PROPERTY

知識產權對我們的業務很重要。我們在開

Intellectual property rights are important to our business. We develop

展業務的過程中開發及使用多種自有方

and use a number of proprietary methodologies, analytics, systems,

法、分析、系統、技術、商業秘密、專有

technologies, trade secrets, know-how and other intellectual property

知識及其他知識產權。截至 2026 年6 月 30

during the conduct of our business. As of June 30, 2026, we had

日，我們擁有213 項授權專利及4 項軟件著

213 licensed patents and 4 software copyrights, and filed 515 patent

作權，並於 25 個國家或地區提交了 515 項

applications in 25 countries or regions. We also have 33 issued

專利申請。我們亦已就RenMice核心技術

patents and 51 filed patent applications in relation to our RenMice

以及臨床管線相關專利獲授 33 項專利，並

core technologies and other patents related to clinical pipeline.

提交51項專利申請。

百奧賽圖(北京)醫藥科技股份有限公司

二零二六年中期報告

35

管理層討論與分析
Management Discussion and Analysis

未來與前景

FUTURE AND PROSPECTS

2 0 2 6 年 作 為「 十 五 五 」規 劃 開 局 之 年 ， 生

As 2026 marks the commencement year of the “15th Five-Year Plan”,

物醫藥首次定為國家新興支柱產業，國內

the biopharmaceutical industry has been designated as a national

產業政策全面向創新傾斜，持續推進產業

emerging pillar industry for the first time. Domestic industrial policies

鏈自主可控建設，加速淘汰低附加值落後

are comprehensively tilting towards innovation, continuously promoting

產能；創新藥物海外BD授權規模創歷史新

the construction of autonomous and controllable industrial chains,

高，全球市場對雙特異性抗體、ADC、納

and accelerating the elimination of backward production capacity

米抗體、核酸藥物等前沿創新藥的研發需

with low added value. The scale of overseas business development

求持續攀升。與此同時，AI 算法與自動化

(BD) out-licensing of innovative drugs has reached a record high, and

平台深度賦能藥物早期發現、生產以及後

global market demand for frontier innovative drugs such as bispecific

續工藝開發全流程，大幅縮短創新藥研發

antibodies, ADCs, nanobodies, and nucleic acid drugs continues to

週期。生物醫藥行業呈現明顯分化態勢，

climb. Meanwhile, AI algorithms and automation platforms are deeply

具備全球創新能力的生物醫藥企業同步享

empowering the entire process of early drug discovery, production,

受國內政策紅利與海外商業化收益，而缺

and subsequent process development, significantly shortening the

乏核心技術、單純依靠仿制或提供低端產

R&D cycle of innovative drugs. The biopharmaceutical industry is

品及服務的企業，其市場份額與生存空間

demonstrating a clear trend of differentiation: biopharmaceutical

則在加速出清。

enterprises with global innovation capabilities are simultaneously
enjoying domestic policy dividends and overseas commercialization
returns, while enterprises lacking core technologies and relying solely
on generics or low-end products and services are seeing their market
share and survival space rapidly cleared.

公司將持續保證在臨床前產品和服務業務

The Company will continue to ensure investment in R&D and facilities

板塊的研發與設施投入。首先，繼續深耕

for the pre-clinical products and services business segment. First, we

創新動物模型開發，聚焦靶點人源化動物

will continue to deepen the development of innovative animal models,

模型核心優勢，鞏固腫瘤與自免領域優

focusing on our core advantage in target humanized animal models,

勢，加速佈局神經退行性、代謝性疾病及

consolidating our strengths in the oncology and autoimmune fields,

小核酸、細胞治療等前沿成藥形式模型，

and accelerating the layout of models for frontier drug modalities

夯實全球高端模型領軍地位。其次，加緊

such as neurodegenerative and metabolic diseases, oligonucleotide

擴充創新動物模型的生產能力保證供應，

therapeutics, and cell therapy, thereby solidifying our position as a

年底前啟用江蘇海門動物中心新設施，快

global leader in high-end models. Second, we are stepping up the

速新增超 10 萬個籠位，並啟動海門新生產

expansion of production capacity for innovative animal models to

基地建設，保障未來2-3年模式動物供應。

ensure supply. New facilities at the Haimen animal center in Jiangsu

再次，基於創新動物模型先發優勢，積極

will be commissioned before the end of the year, rapidly adding over

拓展藥理藥效評價等服務能力，在北京大

100,000 cages, and construction of a new production base in Haimen

興及美國波士頓建設全新的藥理藥效服務

has been commenced to secure the supply of model animals for the

設施，以更高質量、更即時的服務滿足全

next 2-3 years. Third, based on the first-mover advantage of innovative

球客戶需求。

animal models, we will actively expand service capabilities such as
pharmacology and efficacy evaluation, and construct brand-new
pharmacology and efficacy service facilities in Daxing, Beijing, and
Boston, USA, to meet global customer demand with higher quality and
more immediate services.

36

Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Interim Report 2026

管理層討論與分析
Management Discussion and Analysis

公司將持續優化和豐富自主開發的全人抗

The Company will continue to optimize and enrich its self-developed

體小鼠RenMice平台，在此基礎上持續擴

fully human antibody mouse platform, RenMice, and further expand

充「 千 鼠 萬 抗 」計 劃 形 成 的 全 人 抗 體 序 列

the fully human antibody sequence library generated by the Project

庫，將更多優質的抗體分子序列以現貨形

Integrum on this basis to bring more high-quality antibody molecule

式推向市場，以滿足海內外創新藥企和生

sequences to the market in an off-the-shelf format, so as to meet

物科技公司對創新抗體序列分子和多元疾

the R&D needs of domestic and overseas innovative pharmaceutical

病領域的研發需求。此外，在我們有較多

companies and biotechnology companies for innovative antibody

經驗積累的腫瘤和自身免疫性疾病等優勢

sequence molecules and diverse disease areas. In our areas of

領域，我們將開發出一系列高潛力的臨床

strength such as oncology and autoimmune diseases where we

前 PCC 分子，通過對外轉讓與授權合作，

have accumulated extensive experience, we will develop a series of

獲得更高水平的首付款、里程碑付款及銷

high-potential pre-clinical PCC molecules, and secure higher levels of

售分成。

upfront payments, milestone payments, and royalties through external
transfer and licensing cooperation.

公 司 將 以「 千 鼠 萬 抗 」計 劃 形 成 的 海 量 真

Based on the vast amount of real fully human antibody sequence

實全人抗體序列分子數據為基礎，持續

molecule data generated by the Project Integrum, the Company

推 進「 A I 和 自 動 化 」與 抗 體 發 現 業 務 的 深

will continue to propel the deep integration of “AI and automation”

度融合。2026 年 5 月，公司正式發佈新一

with our antibody discovery business. In May 2026, the Company

代 AI 驅動的抗體發現平台 ——RenSuper

officially launched RenSuper Workstation, a new generation AI-driven

Workstation。該平台開創性地構建了「真

antibody discovery platform. This platform innovatively constructs a

實分子庫 + AI + 自動化智造平台」的三重

triple-drive architecture of “Real Molecule Library + AI + Automated

驅 動 架 構 ， 將 傳 統 的「 項 目 式 研 發 」徹 底

Intelligent Manufacturing Platform”, completely upgrading traditional

升級為可檢索、可篩選、可快速迭代的智

“project-based R&D” into an intelligent process that is searchable,

能流程。這將使抗體發現邁入高效、低風

screenable, and rapidly iterable. This will drive antibody discovery

險的數據驅動時代。今後，