The Zhitong Finance App learned that on October 29, Baiosetu (02315,688796.SH) released its report for the third quarter of 2026. In the first three quarters, the company achieved operating income of 1,403 billion yuan, a year-on-year increase of 49.09%; gross profit of 1,095 million yuan, an increase of 55.35%; and net profit to mother of 312 million yuan, an increase of 173.77% year-on-year.
While revenue and profit increased at the same time, the net cash flow generated by the company's operating activities in the third quarter reached 160 million yuan, an increase of 170.13% over the previous year — the “gold content” of profit and the “hematopoietic capacity” of the business were verified at the same time. At the same time, the company's new facilities in Haimen, Jiangsu have been put into operation one after another, adding a production capacity base for the continued expansion of pre-clinical business.
In the first three quarters, the company achieved operating income of 1,403 billion yuan, up 49.09% year on year; gross profit of 1,095 million yuan, up 55.35% year on year; overall gross profit margin of 78.06%, up 3.14 percentage points year on year; net profit to mother of 312 million yuan, up 173.77% year on year; net profit without return to mother of 235 million yuan, up 307.62% year on year. The company has moved from “achieving profit” to the stage of “large-scale profit”.
What is more noteworthy than the growth rate itself is the composition of the growth rate. The gross profit growth rate was 55.35%, faster than the revenue growth rate of 49.09%; while operating costs only increased by 30.40% year over year, which was significantly lower than the revenue growth rate. This means that the company is not trading price for size—fixed costs are diluted by revenue, and the scale effect is clearly visible on the statements.
The scale effect was reflected, and the product structure was upgraded: the gross profit margin for the first three quarters was 78.06%, up 3.14 percentage points from 74.91% in the same period last year. In other words, every dollar of revenue earned this year left more gross profit. This result comes from two aspects: first, the proportion of innovative animal models required for complex drug forms such as dual antibodies, multiple antibodies, and nucleic acid drugs continues to rise; second, pre-clinical CRO (commissioned by pharmaceutical companies or other pharmaceutical research and development institutions to conduct some or all medical tests) services extend to high value-added links such as pharmacological efficacy, PK/PD (pharmacokinetics/pharmacodynamics), and pathotoxicology, and the depth of the service chain is increasing.
If we focus our attention from cumulative figures to a single quarter, a more noteworthy signal appears on the cash flow statement: net cash flow from operating activities in the third quarter was 160 million yuan, up 170.13% year on year, up 37% month on month, and operating cash flow for the single quarter reached 2.25 times the net profit from mother during the same period.
In the biomedical industry, the long-term divergence between book profit and actual cash flow is the norm — contract assets and accounts receivable are easy to accumulate before revenue is recognized and after repayment. Baiaosetu's cumulative net cash flow from operating activities for the first three quarters was 422 million yuan, higher than net profit of 312 million yuan for the same period, and has already exceeded the full year level of 2025. This shows that the company's revenue is actually being converted into repayments rather than just the accounts receivable on the statement.
Ultimately, the demand boom will have to be captured by the supply side. During the reporting period, new animal houses in Haimen were put into operation one after another. After the new facility was put into operation, the company's supply capacity for animal models and pharmacological efficacy services was further enhanced, and the overall scale of animal housing was further expanded. The graded production capacity layout in Beijing, Haimen, and Boston continues to be implemented, and the “full guarantee of supply capacity for the next 2-3 years” plan previously proposed by the company is changing from a drawing to a deliverable reality.
RenSuper Workstation, released in May 2026, combines the company's accumulated over one million levels of real whole-human antibody sequence data, AI (artificial intelligence) intelligent molecular screening, and automated high-throughput intelligent prototyping systems into a closed loop: the AI model is based on real immune data training, the automated system completes wet test verification, and the verification results are then fed back to the model iteration. As a result, antibody discovery moved from a “project production workshop” to an “industrialized platform paradigm,” and R&D investment that continued to increase in the third quarter was a direct investment in iterating this paradigm.