Baiosetu-B (02315.HK) announced its annual results. For the year ended December 31, 2023, the Group achieved operating income of approximately RMB 717 million, an increase of 34.3%; gross profit of approximately RMB 506 million, up 29.2% year on year, and gross profit margin of 70.6%, maintaining a high level. Annual losses narrowed sharply by about 36.4%% to RMB 383 million.
During the reporting period, the results of continuing to expand overseas markets were remarkable, and overseas sales revenue continued to grow rapidly. Overseas market revenue surged 65.9% year over year to RMB 408 million, accounting for 57.0% of total revenue. At the same time, both the antibody discovery business and model animal sales business continued to grow rapidly. In 2023, model animal sales revenue reached RMB 273 million, an increase of 61.1% year on year; revenue from antibody development business was RMB 176 million, up 38.6% year on year.
In addition, the research and development of the “Thousand Mouse Antibodies” has been completed in stages, and the harvest period has begun. Drug pipeline research and development is being promoted with partners through licensing or transfer. The company's large-scale R&D investment phase has ended. R&D investment dropped sharply year-on-year in 2023, and is expected to continue to decline significantly in 2024. The company is expected to start profitable in the second half of 2024 and is expected to be close to breakeven for the whole year.