百奥赛图上市存多方面争议，仍需时间检验
There are many controversies over the listing of Biocytogen Pharmaceuticals , and it still needs time to test
【环球网财经综合报道】百奥赛图（北京）医药科技股份有限公司作为聚焦基因编辑与抗体药物研发的生物医药企业，目前正在申请上市，然而结合公开资料与前期披露信息，公司在人员变动、关联交易、信息披露、研发投入等方面存在争议。
[Global Times Finance Comprehensive Report] Biocytogen Pharmaceuticals (Beijing) Co., Ltd , a biopharmaceutical company focusing on gene editing and antibody drug development, is currently applying for listing. However, based on public information and previously disclosed data, the company faces controversies regarding personnel changes, related-party transactions, information disclosure, and R&D investment.
人员锐减与研发缩水：经营可持续性遭质疑
Sharp Decline In Personnel And Reduced R&D: sustainability of operations questioned
百奥赛图研发团队规模的大幅收缩，成为市场质疑其经营稳定性的首要问题。公开数据显示，2022年8月，公司三个服务中心约有904名研发人员从事临床前研究服务，涵盖基因编辑、临床前药理药效评估、模式动物销售、抗体开发等核心领域。但截至2024年末，公司研发人员仅剩337人，2年半时间内减少63%，人员流失幅度远超行业平均水平。
The significant reduction in the size of Biocytogen Pharmaceuticals R&D team has become the primary concern in the market to question its operating stability. Public data show that in August 2022, about 904 R&D personnel in the company's three service centers will be engaged in preclinical research services, covering core areas such as gene editing, preclinical pharmacology and efficacy evaluation, model animal sales, and antibody development. However, by the end of 2024, the company had only 337 R&D personnel remaining, a 63% decrease over two and a half years, with staff turnover far exceeding the industry average.
从整体员工规模来看，公司同样呈现明显缩减趋势。2021年末至2024年末，员工总数从1392人降至1095人，其中2022年至2023年员工数量从1334人骤减至1047人，一年之内减少287人。有观点认为，在生物医药行业高度依赖研发人才的背景下，如此大规模的人员流失，不仅可能导致核心技术传承断裂、研发项目推进受阻，更引发市场对公司经营战略调整、业务收缩或资金压力的猜测，其经营可持续性亟待进一步说明。
From the perspective of overall employee size, the company also shows a clear trend of reduction. From the end of 2021 to the end of 2024, the total number of employees decreased from 1,392 to 1,095, with a sharp drop from 1,334 to 1,047 between 2022 and 2023, a reduction of 287 people within a year. Some believe that, given the biopharmaceutical industry's heavy reliance on R&D talent, such a large-scale loss of personnel could not only lead to the break of core technology inheritance and the obstruction of R&D projects but also trigger market speculation about the company's adjustments in business strategy, business contraction, or financial pressure. The sustainability of its operations requires further clarification.
关联交易存疑：利益输送风险难规避
Suspicion of Related-Party Transactions: Difficult to Avoid the Risk of Benefit Transfer
关联交易的频繁发生与不透明，是百奥赛图过会过程中的核心争议点。2022年，公司与曾为孙公司的思道医药签订3项合同，获得7000万元收入，占当年抗体开发业务收入的55.1%；2023年又与多玛医药（思道医药母公司，曾为百奥赛图子公司）签订合同，取得3000万元收入，这两家关联方2022至2024年常年出现在前五大客户名单中，关联交易收入占比居高不下。
The frequent occurrence and lack of transparency of related-party transactions were the core controversial points in the process of Biocytogen Pharmaceuticals's meeting. In 2022, the company signed three contracts with Sidao Pharmaceuticals, which was once Sun's company, and obtained 70 million yuan, accounting for 55.1% of that year's antibody development business revenue. In 2023, it signed contracts with Doma Pharma (the parent company of Sidao Pharmaceuticals, once a subsidiary of Biocytograph) and obtained a revenue of 30 million yuan in revenue. These two related parties frequently appeared among the top five customers from 2022 to 2024, with the proportion of revenue from related-party transactions remaining high.
更值得关注的是，关联方与公司核心人员存在深度绑定。2024年初从百奥赛图离职的陈兆荣博士，迅速出任多玛医药首席医学官；多玛医药、思道医药的3项发明专利中，发明人尚诚彰、张译夫、韩雁飞、刘柏宏、杨毅等，均为百奥赛图抗体新药研究院的核心研发人员，涵盖经理、项目总监、总监等关键岗位。核心技术人员参与关联企业专利研发，不禁让人怀疑上市公司核心技术与人力资源是否被用于扶持关联公司，是否存在利益输送及资产稀释风险。
It is noteworthy that there is a deep connection between related parties and the company’s core personnel. Dr. Chen Zhaorong, who resigned from Biocytogen Pharmaceuticals in early 2024, quickly became the chief medical officer of Dorma Pharmaceuticals; Among the three invention patents of Doma Pharmaceuticals and Siduo Pharmaceuticals, the inventors Shang Chengzhang, Zhang Yifu, Han Yanfei, Liu Baihong, Yang Yi, and others are all core R&D personnel from Biocytogen Pharmaceuticals’s antibody new drug research institute, covering key positions such as managers, project directors, and directors. The involvement of core technical personnel in patent development for related companies makes people wonder whether the core technology and human resources are being used to support related companies, and whether there are risks of benefit transfer and asset dilution.
与此同时，关联交易的定价公允性缺乏有效验证。尽管公司声称交易价格合理，但未提供具体案例证明其定价与非关联第三方客户价格具有可比性，也未披露是否有独立第三方评估机构出具公允性意见。在关联方深度依赖公司技术与人员的背景下，交易价格是否真实反映市场水平、是否存在通过定价调节利润的情况，仍需进一步核查。
At the same time, the fairness of pricing in related-party transactions lacks effective verification. Although the company claims that the transaction prices are reasonable, it has not provided specific cases to demonstrate that the pricing is comparable to that of non-affiliated third-party customers, nor has it disclosed whether any independent third-party evaluation agencies have issued fairness opinions. Under the background that related parties are deeply dependent on the company's technology and personnel, whether the transaction prices truly reflect market levels and whether there is any profit adjustment through pricing still need to be further investigated.
信息披露与内控缺陷：公司治理存明显短板
Information Disclosure And Internal Control Deficiencies: Significant shortcomings in corporate governance
百奥赛图在信息披露完整性与内部控制有效性上的不足，暴露出公司治理的显著漏洞。公司参股企业多玛医药的法定代表人黄蕤，曾任百奥赛图监事并于2022年11月离任，同时她还是同业企业荟格医药科技（苏州）有限公司的法定代表人。作为时任监事及关键关联方负责人，黄蕤的同业任职情况，直接关系到公司治理结构评估与关联交易风险判断，属于招股书应披露的关键信息，但公司却未予披露，涉嫌违反信息披露的整体性与实质性原则。
Biocytogen Pharmaceuticals's deficiencies in the completeness of information disclosure and the effectiveness of internal controls reveal significant gaps in corporate governance. Huang Rui, the legal representative of the company's joint-stock company Doma Pharmaceuticals, once served as Biocytogen Pharmaceuticals's supervisor and resigned in November 2022. At the same time, she is also the legal representative of a competing company, Huige Pharmaceutical Technology (Suzhou) Co., Ltd. As the then supervisor and a key related-parties at the time, Huang Rui's employment in the same industry was directly related to the evaluation of corporate governance structure and assessing related-party transaction risks. This is key information that should have been disclosed in the prospectus, yet the company did not disclose it, which was suspected of violating the integrity and substantive principles of information disclosure.
更令人担忧的是，多玛医药与荟格医药在经营层面高度重合，两家公司经营地址均为苏州工业园区星湖街218号生物医药产业园C29楼（多玛为301单元，荟格为301-3单元），电话号码与邮箱完全相同。如此明显的关联迹象，却未被公司内部控制流程识别，表明其在关联方识别环节存在重大缺陷。市场不禁质疑，两家公司在人员、财务、业务及技术方面是否真正实现独立运营，百奥赛图与多玛医药的交易是否存在通过荟格医药转移利益或调整业务的潜在安排。
What is even more concerning is that Doma Pharmaceuticals and Huige Pharmaceuticals are highly overlapped at the operating level. The business addresses of the two companies are C29 Floor, Biomedtical Industrial Park, 218 Xinghu Street, Suzhou Industrial Park (Doma at Unit 301, Huige at Unit 301-3), and they share identical phone numbers and email addresses. Such obvious signs of connection were not detected by the companies' internal control processes, indicating a significant flaw in the stage of related-party identification. The market cannot help but question whether the two companies truly operate independently in terms of personnel, finance, business, and technology, and whether there might be potential arrangementfor the transaction between Biocytogen Pharmaceuticals and Doma Pharmaceuticals to transfer interests or adjust business through Huige Pharmaceuticals.
原材料采购异动：业务调整合理性待解
Abnormalities In Raw Material Procurement: The rationality of business adjustments remains to be clarified
2023年以来，百奥赛图主要原材料采购出现异常变动，实验耗材与饲养物料采购量大幅减少。在生物医药研发中，实验耗材是临床前研究、药物开发的基础物资，饲养物料则与公司核心业务之一的模式动物养殖直接相关。两类关键原材料采购量同时大幅下降，与公司宣称的“推进药物研发”“维持模式动物业务”战略存在矛盾。
Since 2023, Biocytogen Pharmaceuticals's procurement of major raw materials has experienced abnormal changes, and the procurement of experimental consumables and feeding materials has been significantly reduced. In biomedical research and development, laboratory consumables are essential for preclinical studies and drug development, while feeding materials are directly related to one of the company's core businesses. The purchase volume of these two key raw materials dropped significantly at the same time, which contradicts the company's stated strategy of 'advancing drug development' and 'maintaining the laboratory animal business.'
市场对此提出多种猜测：是公司缩减研发规模、减少模式动物养殖，导致原材料需求下降？还是调整采购渠道，通过关联方或其他隐性途径获取物资，规避披露？亦或是存在库存积压，无需大量采购？无论何种原因，如此重要的采购变动，公司未在公开信息中给出合理解释，既影响投资者对公司业务实际进展的判断，也增加了经营透明度的质疑。
The market has put forward various speculations about this: Is the company reducing the scale of research and development and model animal breeding, resulting in a decline in the demand for raw materials? Or is it adjusting its procurement channels, obtaining materials through affiliated parties or other hidden channels, and avoid disclosure? Or is there a backlog of inventory and there is no need to purchase in large quantities? Whatever the reason, the company did not give a reasonable explanation in the company's public information not only affect investors' judgment of the company's actual business progress but also raise doubts about operational transparency.
此外，对于投资者而言，需理性看待企业的技术潜力与行业前景，更要警惕经营风险与治理缺陷可能带来的投资隐患。未来，公司能否通过完善内控、规范交易、提升透明度，赢得市场信任，仍需时间检验。
In addition, investors need to rationally assess a company's technological potential and industry prospects of enterprises rationally, and be more alert to the potential investment hazards caused by business risks and governance flaws may bring. In the future, whether the company can gain market trust through improving internal controls, standardizing transactions, and enhancing transparency remains to be seen over time.
