Baicheng Pharmaceutical

What Baicheng Pharmaceutical does

Baicheng Pharmaceutical (Hangzhou Baicheng Pharmaceutical Technology Co., Ltd., 百诚医药, stock code 301096.SZ) is a Hangzhou-based, publicly listed pharmaceutical R&D services company founded in 2011 and listed on the Shenzhen Stock Exchange in 2021. The company operates an integrated CRO/CDMO platform serving domestic and international pharmaceutical clients across the full drug development lifecycle, from target design and preclinical research through clinical trials, registration, technology transfer, and commercial manufacturing. It maintains four core operating subsidiaries: Zhejiang Saimo Pharmaceutical, which runs a 264-acre GMP facility in Jinhua covering 20+ dosage forms; Baicheng Pharmaceutical (Zhuhai Hengqin), focused on innovative drug R&D; Bailun Testing, a CNAS-certified third-party testing lab; and Baixing Bio, providing GLP-compliant bioanalysis, pharmacokinetics, and bioequivalence studies.

The company's technology stack combines proprietary AI models for target design, compound preparation, drugability evaluation, and efficacy assessment with specialized platforms spanning inhalation preparations (since 2014), sustained/controlled release (2017), fine particle taste masking (2019), transdermal delivery, API R&D, traditional Chinese medicine, CNS electrophysiological biomarker research (EEG/EMG/LFP), and a 400+ project impurity research platform equipped with high-resolution mass spectrometry. Baicheng has accumulated 90+ impurity reference standards supplied to China's National Institutes for Food and Drug Control and has supported multiple first-in-China generic drug approvals for partners. Its own innovative drug pipeline includes five Class 1 small molecule candidates in clinical development: BIOS-0625 for ulcerative colitis (claimed first-in-class globally), BIOS-0623-Z4 for cancer pain, BIOS-0618 for neuropathic pain and OSA-related excessive daytime sleepiness, and HQ2231 for schizophrenia, alongside a disclosed XPO1/CRM1 receptor antagonist program covered by BioWorld.

Baicheng generates revenue through professional services (CRO contracts with milestone payments), managed CDMO/CMO manufacturing services via Zhejiang Saimo, technology transfer fees, impurity reference standard sales, and licensing/royalty potential from its innovative drug pipeline. Distribution relies on direct B2B engagement with pharmaceutical companies domestically, channel partnerships (Hua Zhong Pharmaceutical for national sales coverage) and international partnership with Delim Cosmetics & Pharma S.R.L. for European market access and co-development of oral semaglutide, tirzepatide, and minoxidil formulations. Following a 2023 revenue peak of RMB 1.017 billion and 2025 full-year losses of approximately RMB 900 million, the company returned to profitability in Q1 2026 with RMB 160 million revenue and RMB 128.125 million net profit, while in May 2026 controlling shareholders initiated a transaction that may result in a change of control.

Name

Baicheng Pharmaceutical

Legal name

杭州百诚医药科技股份有限公司

Website

https://hzbio-s.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Baicheng Pharmaceutical (301096.SZ) is a Hangzhou-based CRO/CDMO and innovative drug developer providing end-to-end pharmaceutical R&D, manufacturing, technology transfer, and impurity reference standards to domestic and international pharma clients via AI-driven discovery platforms and a 264-acre GMP facility.

Ownership category

akta.pro rank

Product category

Pharmaceutical R&D Services (CRO/CDMO)

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417), Pharmaceutical Preparation Manufacturing (325412)

SIC

Services-Commercial Physical & Biological Research (8731), Medicinal Chemicals & Botanical Products (2833), Pharmaceutical Preparations (2834)

akta.pro primary industry

Drug Substance–Drug Product Integrated CDMO (HLAGABAG)

akta.pro secondary industries

Small-Molecule API & Intermediates CDMO (HLAGABAA), Small-Molecule Drug Product (Solid/Oral/Parenteral) CDMO (HLAGABAB), Impurity / Reference Standard Synthesis & Characterization (HLAGAHAG), Quality Engineering & Risk Management (ICH Q9/Q10, validation, change control) (HLAGAKAL)

Keywords

• Pharmaceutical R&D services
• Contract manufacturing services
• Drug discovery platform
• CDMO manufacturing
• Impurity reference standards

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. CRO Services (Contract Research Organization): Comprehensive drug R&D services covering the full lifecycle from靶点设计 to 临床试验, including药学研究, 注册申报, CDMO/CMO. Revenue generated through service fees and milestone payments from pharmaceutical company clients.
2. CDMO/CMO Manufacturing: Manufacturing services for innovative and generic drugs through subsidiary浙江赛默制药, providing commercial-scale production across 20+ dosage forms including oral solids, injectables, ophthalmic, and inhalation products.
3. Technology Transfer: Technology transfer services for generic drug development, including一致性评价, regulatory filing, and commercial production support.
4. Impurity Reference Standards: Custom impurity synthesis and reference standard provision, including 100+ proprietary API and intermediate products, serving pharmaceutical companies and regulatory institutions.
5. Innovative Drug R&D: Self-developed Class 1 innovative drugs advancing through clinical pipeline, with potential for out-licensing or co-development partnerships.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Baicheng Pharmaceutical is a publicly listed Chinese pharmaceutical company providing integrated drug discovery, pharmaceutical R&D, and contract manufacturing services (CRO/CDMO) from target design through commercialization. The company combines proprietary AI-driven drug discovery models, biochip applications, and organoid libraries with CDMO manufacturing capabilities across 20+ dosage forms via its subsidiary Zhejiang Saimo Pharmaceutical. It also develops its own Class 1 innovative drug pipeline (e.g., BIOS-0625 for ulcerative colitis, BIOS-0623-Z4 for cancer pain, BIOS-0618 for neuropathic pain, HQ2231 for schizophrenia) and supplies impurity reference standards to China's National Institutes for Food and Drug Control.

Product overview

Baicheng Pharmaceutical (百诚医药, stock code 301096.SZ) operates as an integrated AI-driven pharmaceutical R&D and CRO/CDMO platform offering full life-cycle drug development services. The core platform combines CRO services (drug discovery,药学研究, clinical trials) with CDMO manufacturing capabilities through subsidiary Zhejiang Saimo Pharmaceutical. Key products include innovative drugs such as BIOS-0625片 (ulcerative colitis), BIOS-0623-Z4片 (cancer pain), BIOS-0618片 (neuropathic pain), and HQ2231 (schizophrenia), alongside a portfolio of generic drugs and technology platforms covering inhalation preparations, transdermal delivery, sustained/controlled release, taste masking, and impurity research. The company has developed proprietary AI models supporting its 'AI + experiment' R&D mode for accelerated drug discovery. Subsidiaries Bailun Testing and Baixing Bio provide specialized testing and bioanalysis services, while the impurity customization service has supplied reference standards to China's National Institutes for Food and Drug Control.

Differentiator

Problem solved

Functional benefit

Products and services

• Bio-S Pharmaceutical CRO/CDMO Platform An integrated platform offering full-cycle pharmaceutical R&D services from drug discovery through commercialization, combining CRO (Contract Research Organization) and CDMO (Contract Development and Manufacturing Organization) capabilities including target design, compound preparation, drugability evaluation, clinical trials, data management, and registration filing, for pharmaceutical company clients.
• BIOS-0625 Tablet A Class 1 small molecule innovative drug for treating ulcerative colitis, developed independently by Baicheng Pharmaceutical with a novel target mechanism. This is the first drug of its kind globally with no same-target same-indication products approved.
• BIOS-0623-Z4 Tablet A Class 1 small molecule innovative drug for relieving cancer pain in adults, developed with a non-opioid target mechanism. No same-target same-indication drugs are currently marketed.
• BIOS-0618 Tablet A Class 1 innovative drug for treating neuropathic pain with potential for multiple CNS disease applications. Also approved for new indication: excessive daytime sleepiness in OSA patients.
• HQ2231 A Class 2 chemical drug for schizophrenia treatment, developed by Baicheng Pharmaceutical's subsidiary Baicheng Pharmaceutical (Zhuhai Hengqin). NMPA clinical trial approval (IND) received.
• Olopatadine Hydrochloride Granules (盐酸奥洛他定颗粒) A second-generation selective histamine H1 receptor antagonist with dual anti-allergic effects (antihistamine and mast cell stabilization), marketed as a generic drug for allergic rhinitis, urticaria, and pruritic skin conditions.
• CDMO Manufacturing Services Provides pharmaceutical development and manufacturing services including process development, pilot scale-up, and commercial production, supported by subsidiary Zhejiang Saimo Pharmaceutical across 20+ dosage forms including oral solids, small-volume injectables, oral liquids, ophthalmic, and inhalation products.
• Technology Transfer Services Offers technology transfer services for pharmaceutical products including process transfer, validation, and registration support to enable partners to commercialize developed products.
• Impurity Customization and Reference Standards Provides customized impurity reference standards and impurity research services, including polymer impurities, natural products, and reference standards for over 20 pharmaceutical compounds. Has supplied 100+ impurity reference standards to China's National Institutes for Food and Drug Control.
• Innovative Drug R&D Platform (创新药物研发平台) Platform for innovative small molecule drug discovery covering the full R&D chain from target design through IND filing, utilizing proprietary AI models and organoid technologies, offered to pharmaceutical partners and used in internal pipeline development.
• Nervous System (CNS) Research Platform (神经系统平台) CNS research platform covering model construction, mechanism validation, and efficacy evaluation. Integrates behavioral assessment, electrophysiological detection (EEG/EMG/LFP), and biomarker analysis with multi-level disease model libraries for psychiatric and neurodegenerative diseases.
• Inhalation Preparation Technology Platform (吸入制剂技术平台) Established in 2014, conducts research on inhalation preparations including aerodynamic characteristic analysis (fine particles, delivery rate, total delivery volume). Equipped with multi-stage impactors, breathing simulators, and laser particle size analyzers, offered as an R&D service to pharmaceutical partners.
• Transdermal Drug Delivery Platform (透皮给药技术平台) Develops transdermal dosage forms including patches, plasters, ointments, and liniments. Conducts formulation selection, process optimization, equipment design, and quality research including transdermal calculations and in vivo clinical trials.
• Sustained & Controlled Release Preparation Platform (缓控释制剂技术平台) Established in 2017, equipped with multi-functional fluidized beds, extrusion spheronizers, multi-layer tablet presses, and laser drilling machines. Mastery of matrix release, membrane-controlled release, and osmotic pump technologies.
• Fine Particle Taste Masking Platform (细粒掩味技术平台) Provides taste masking solutions using coating, complexation, and taste bud passivation technologies. Includes products with instant dissolution in mouth characteristics. Established taste scoring system in 2019.
• API R&D Center (API研发中心) Conducts research and development of innovative APIs, marketed APIs, and intermediates, including synthesis, process development, pilot testing, scale-up, and registration filing. Covers 100+ proprietary APIs and intermediates.
• Clinical Research Center (临床研究中心) Provides clinical trial services including study design, execution, data management, and statistical analysis for pharmaceutical development partners.
• Impurity Research Platform (杂质研究平台) Equipped with advanced mass spectrometers and analytical equipment including Waters 2D I-Class+Xevo QTof and Thermo U3000 systems. Provides unknown impurity identification, impurity profiling, genotoxicity assessment, and methodology research, and has provided 90+ impurity reference standards to China Institute of Food and Drug Control.
• Zhejiang Saimo Pharmaceutical (浙江赛默制药有限公司) CDMO/CMO Operations Wholly-owned CDMO/CMO subsidiary located in Jinhua Health Bio-Industrial Park (264 acres). Provides commercial-scale manufacturing for innovative and generic drugs in 20+ dosage forms including oral solids, small volume injections, oral liquids, ophthalmic preparations, and inhalation products.
• Bailun Testing (百伦检测) Third-Party Testing Services Comprehensive third-party testing institution providing detection services, technical services, compound customization, and impurity research. CNAS-certified laboratory with results recognized by countries with CNAS mutual recognition agreements.
• Baixing Bio (百杏生物) Bioanalysis Services Bioanalysis technology services company with 1000+ sqm GLP-compliant laboratory. Provides pharmacokinetics, bioequivalence, and toxicokinetics studies using chromatography and LC-MS methods.

Quantifiable outcome

• Multiple generic drug approvals achieved for partners including全国首家 approvals
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature10 records

Partnerships

Four partnerships are on record, tiered minor and core.

• 华东理工大学药学院 (East China University of Science and Technology School of Pharmacy)minorOthers · 21 April 2026University-industry collaboration on talent cultivation and research. Topics include joint talent development, industry demand matching, and regional talent introduction. Potential cooperation in drug discovery, process development, and industrial translation projects.
• 华中药业股份有限公司 (Hua Zhong Pharmaceutical Co., Ltd.)coreStrategic or Co-development Partner · 23 March 2026Strategic cooperation for full-chain integration covering R&D, manufacturing, and sales. Cooperation includes: improved new drugs and complex formulations joint R&D, existing product process and quality improvement, and rapid market promotion of cooperative products. Hua Zhong provides manufacturing capacity and national sales network; Baicheng provides R&D capabilities and CDMO services.
• Delim Cosmetics & Pharma S.R.L.coreStrategic or Co-development Partner · 23 January 2026Strategic partnership for global market development. Focus areas include: (1) Baicheng as exclusive Chinese partner for Delim's European product industrialization; (2) Greater China rights cooperation for Delim's commercialized products; (3) Baicheng European market expansion via Delim's regulatory and market expertise. Initial collaboration covers semaglutide, tirzepatide, and minoxidil oral formulation R&D, production, and commercialization.
• 北京大学宁波海洋药物研究院 (Peking University Ningbo Institute of Marine Medicine)minorStrategic or Co-development Partner · 18 December 2025Academic-industry collaboration on marine biopharmaceutical research. The institute focuses on marine medicinal resource library, drug molecule discovery, candidate drug evaluation, and green manufacturing. Potential cooperation in 'blue medicine warehouse' initiative targeting marine biomedicine R&D and industrialization.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Shanghai Medicilon:
• Genscript ProBio: Genscript ProBio is the CDMO arm of Genscript, offering cell therapy, gene therapy, and biologics development services. While Baicheng focuses more on small molecules, both compete for Chinese pharma CDMO contracts and international partnership opportunities.
• Pharmaron: Pharmaron is a fully integrated CRO/CDMO with strong capabilities in drug discovery, preclinical, CMC, and commercial manufacturing. It competes head-to-head with Baicheng for both service contracts and CDMO partnerships, especially in small-molecule and complex formulation work.
• Asymchem Laboratories: Asymchem is a Chinese CDMO specialist focused on small-molecule API and intermediate manufacturing with strong global client relationships. It directly competes with Baicheng's Saimo Pharmaceutical subsidiary for contract manufacturing of innovative and generic drugs.
• Tigermed (Hangzhou Tigermed): Tigermed is a leading Chinese clinical CRO with growing CDMO capabilities and is headquartered in Hangzhou like Baicheng. Both companies serve Chinese pharma with R&D services and increasingly pursue international expansion, making Tigermed the closest geographic and business model peer.

Broad incumbents

• WuXi AppTec: WuXi AppTec is China's largest and most diversified CRO/CDMO, offering end-to-end drug discovery, development, and manufacturing services globally. It is the dominant benchmark for full-chain Chinese CRO/CDMO platforms like Baicheng's, though vastly larger in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baicheng Pharmaceutical