Core Viewpoint - Baotai Biopharmaceutical Co., Ltd. has received approval from the European Commission for Usymro®, a biosimilar drug for treating moderate to severe plaque psoriasis, active psoriatic arthritis, and moderate to severe active Crohn's disease in adults and children, marking a significant milestone for the company [2][3] Company Overview - Baotai is a global biopharmaceutical company based in Guangzhou, China, focused on developing innovative drugs and biosimilars for various diseases, including cancer and autoimmune disorders [2][3] - The company has successfully launched multiple drugs, including Adalimumab and Tocilizumab, in various markets, establishing itself as a leader in antibody drug development [3] Recent Developments - The approval of Usymro® follows a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) in June 2025, highlighting the company's commitment to advancing its biosimilar pipeline [2] - In October 2024, Baotai signed a licensing and commercialization agreement with Gilead Sciences for BAT2206, another biosimilar, covering markets in the EU, UK, Switzerland, and other regions [2]

Investment Rating - The report maintains an "Optimistic" rating for the industry [7][71]. Core Insights - The report highlights the intensive disclosure of company performances, with a focus on companies that exceed expectations. It emphasizes the upcoming World Lung Cancer Conference (WCLC) and the importance of monitoring related company data [6][70]. - The report notes a significant increase in the medical device sector and mentions the approval of new treatments by regulatory bodies, indicating a positive trend in the pharmaceutical and medical device industries [2][16]. Industry News - The National Healthcare Security Administration issued a temporary management method for disease-based payment, which includes budget management and payment standards [16]. - Semaglutide received FDA approval for treating MASH, showcasing advancements in drug approvals [16]. Company Announcements - **Hengrui Medicine** reported a revenue of approximately 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, and a net profit of approximately 4.45 billion yuan, up 29.67% [25]. - **Baili Tianheng** announced a significant drop in revenue but received breakthrough therapy designation from the FDA for its drug targeting advanced non-small cell lung cancer [28]. - **Rongchang Bio** received breakthrough therapy designation for its drug RC148 for non-small cell lung cancer and signed a licensing agreement [29]. - **Baiyao Tai** reported a revenue of approximately 441.89 million yuan, a year-on-year increase of 9.84%, and received EMA approval for Usymro® [30]. Market Review - The Shanghai Composite Index rose by 2.85%, while the pharmaceutical and biological sector increased by 1.85% during the week of August 15-21, 2025 [5][59]. - The industry’s price-to-earnings ratio (TTM) was reported at 31.23 times, with a valuation premium of 154% compared to the CSI 300 index [5][63]. Weekly Strategy - The report suggests focusing on companies with performance exceeding expectations during the earnings disclosure period and highlights the potential benefits from policy support for innovative drugs and medical devices [6][70].

STADA 为一家历史悠久的欧洲优质医药企业，总部位于德国，公司专注于三大支柱战略，包括消费者 健康、仿制药和特药。STADA 在全球范围超过 100 个国家销售其产品。 在 2024 财年 中 ，STADA 实现了 40.59 亿欧元的集团销售额，经调整的息税折旧摊销前利润 （EBITDA）为 8.86 亿欧元。STADA 在全球拥有约 11,649 名员工。 STADA 与公司及控股子公司不存 在关联关系。 （企业公告） 据悉， BAT1806（托珠单抗）是百奥泰根据中国 NMPA、美国 FDA、欧洲 EMA生物类似药相关指导原 则开发的托珠单抗注射液，是一款靶向白介素-6 受体（IL-6R）的重组人源化单克隆抗体，可与可溶性 及膜结合型 IL-6 受体（sIL-6R和 mIL-6R）特异性结合，并抑制由 sIL-6R 和 mIL-6R 介导的信号传导。 截至本公告披露日，BAT1806（托珠单抗）已获得中国 NMPA、美国 FDA、欧洲 EMA的上市批准，中 国商品名为施瑞立，美国商品名为 TOFIDENCE。 近日，百奥泰发布关于与STADA就BAT1806(托珠单抗)注射液签署授权许可与商业化协议的 ...

Financial Performance - Company reported total revenue of 442 million yuan, an increase of 9.84% year-on-year [1] - Net profit attributable to shareholders was -125 million yuan, an increase of 47.25% year-on-year [1] - In Q2, total revenue was 235 million yuan, a decrease of 2.23% year-on-year, while net profit was -31.6 million yuan, an increase of 73.19% year-on-year [1] - Gross margin increased by 16.38% to 77.76%, while net margin improved by 51.98% to -28.27% [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 162 million yuan, accounting for 36.65% of revenue, an increase of 9.96% year-on-year [1] - Sales expenses increased by 18.84% due to higher promotional costs related to domestic sales of specific products [9] - Management expenses rose by 43.7% due to increased transportation losses and depreciation [9] Cash Flow and Investments - Operating cash flow per share was -0.0 yuan, an increase of 98.71% year-on-year, indicating improved cash flow from sales [1][10] - Investment activities generated a net cash flow decrease of 41.42% due to increased purchases of financial products [11] - Financing activities saw a net cash flow decrease of 96.42% due to reduced cash from borrowings and increased debt repayments [11] Asset and Liability Changes - Accounts receivable increased by 37.2% due to higher revenue [3] - Fixed assets increased by 56.6% due to the capitalization of the R&D and marketing center project [5] - Short-term borrowings decreased by 99.86% as the company repaid bank loans [7] Business Model and Historical Performance - Company relies heavily on R&D for its performance, necessitating careful examination of the underlying drivers [13] - Historical financial performance shows a median ROIC of -37.69%, indicating poor investment returns [12] - The company has reported losses in 8 out of 10 years since its listing, raising concerns about its financial sustainability [12]

Core Viewpoint - The company has signed a licensing and commercialization agreement with STADA for its BAT1806 (Tocilizumab) injection, granting STADA exclusive commercialization rights in several regions, which is expected to positively impact the company's future performance [2][4][14]. Agreement Summary - The agreement allows STADA to commercialize BAT1806 in the EU, Switzerland, the UK, parts of Europe, the MENA region, and CIS countries [2][10]. - The total transaction amount can reach up to €136 million, including an upfront payment of €8.5 million and milestone payments not exceeding €127.5 million, along with a percentage of net sales as revenue sharing [2][11][12]. Agreement Conditions - The agreement will take effect after approval by the company's shareholders and will last for an initial period of 15 years, automatically extending for 2 years unless either party provides written notice to terminate [3][13]. - The company will be responsible for the research, production, and supply of BAT1806, while STADA will handle its commercialization [10][14]. Impact on Company Performance - The signing of this agreement is expected to enhance the company's global commercialization and profitability capabilities [4][15]. - The collaboration is anticipated to leverage international advanced research, production quality control, and commercial promotion, thereby improving the company's core competitiveness [14].

Core Viewpoint - Bio-Thera Solutions, Ltd. reported a revenue increase of 9.84% in the first half of 2025, driven by the sales of its products, including Adalimumab injection and Tocilizumab injection, while also noting a significant reduction in net losses compared to the previous year [3][4][5]. Company Overview and Financial Indicators - Bio-Thera Solutions is a biopharmaceutical company focused on the research and development of innovative drugs and biosimilars, classified under the pharmaceutical manufacturing industry [5]. - The company reported a total revenue of approximately CNY 441.89 million in the first half of 2025, compared to CNY 402.29 million in the same period of the previous year [3][4]. - The total profit for the period was a loss of CNY 124.77 million, an improvement from a loss of CNY 236.85 million in the previous year [3][4]. - The net assets attributable to shareholders decreased by 17.65% to CNY 583.12 million compared to the end of the previous year [3][4]. - The company’s R&D expenditure accounted for 78.94% of its revenue, a decrease of 21.12 percentage points from the previous year [4]. Industry Overview - The global pharmaceutical market has grown from USD 1,324.5 billion in 2019 to USD 1,472.3 billion in 2023, with a projected CAGR of 5.0% reaching USD 2,069.4 billion by 2030 [5]. - The Chinese innovative drug market is also on the rise, with a market size expected to grow from USD 132.5 billion in 2019 to USD 159.2 billion by 2024, reflecting a CAGR of 3.7% [5]. - The oncology treatment sector is the largest in the pharmaceutical industry, with significant growth in antibody-drug conjugates (ADC) and bispecific antibodies, showing annual growth rates of approximately 70% and 125%, respectively [6]. - The autoimmune disease drug market is projected to grow from USD 116.9 billion in 2019 to USD 158.5 billion by 2032, with a CAGR of 6.1% from 2019 to 2023 [7][8]. - Cardiovascular diseases are a major health concern in China, with a significant increase in the incidence of acute coronary syndrome (ACS), leading to a projected growth in percutaneous coronary intervention (PCI) procedures [9]. - The aging population is contributing to an increase in eye diseases, particularly age-related macular degeneration (AMD), with the number of patients expected to rise significantly by 2050 [10].

百奥泰生物制药股份有限公司2025 年半年度报告摘要 公司代码：688177 公司简称：百奥泰 百奥泰生物制药股份有限公司 百奥泰生物制药股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 http：//www.sse.com.cn/网站仔细阅读半年度报告全文。 公司已在半年度报告全文中详细阐述公司核心竞争力风险、经营风险、行业风险和宏观环境风险 等因素，敬请查阅公司半年度报告第三节"管理层讨论与分析"之"四、风险因素"。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科创板 百奥泰 688177 不适用 公司存托凭证简况 □适用 √不适用 百奥泰生物制药股份有限公司2025 年半年度报告摘要 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代 表） 证券事务代表 姓名 鱼丹 宋姗 珊 电话 (8620)32203528 (8620)32203528 办公地址 广州市国际生物岛螺旋二路18号 广州市 国际 ...

证券代码：688177 证券简称：百奥泰 公告编号：2025-058 百奥泰生物制药股份有限公司 关于与 STADA 就 BAT1806（托珠单抗）注射液签 署授权许可与商业化协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示: ? 协议内容摘要： 本协议的签订预计将对公司未来业绩产生积极影响，有利于提升公司全球商 业化及盈利能力。 ? 协议履行中的重大风险及重大不确定性： 详见本公告之"五、协议履行的风险分析"。 一、 审议程序情况 百奥泰于 2025 年 8 月 20 日召开公司第三届董事会第二次会议，审议通过了 《关于就 BAT1806（托珠单抗）签署授权许可与商业化协议的议案》，本次签 署授权协议事项不属于关联交易和重大资产重组事项，根据《上海证券交易所科 创板股票上市规则》及公司章程等相关规定，本议案尚需提交公司股东会审议。 百奥泰生物制药股份有限公司（以下简称"百奥泰"或"公司"）与 STADA Arzneimittel AG （以下简称"STADA"）签署授权许可与商业化协议，将公司的 ...

中国国际金融股份有限公司 关于百奥泰生物制药股份有限公司使用 部分闲置募集资金暂时补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 百奥泰生物制药股份有限公司（以下简称"百奥泰"或"公司"）首次公开发行 股票并在科创板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》 《上市公司募集资金监管规则》 《上海证券交易所科创板股票上市规则》 预计募集资金使用 | | | 《科创板 上市公司持续监管办法（试行）》和《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等有关规定，对百奥泰拟使用部分闲置募集资金暂时 补充流动资金事项进行了核查，具体核查情况如下： 一、募集资金基本情况 经上海证券交易所科创板上市委员会2019年11月20日审核同意，并经中国证 券监督管理委员会2020年1月14日《关于同意百奥泰生物制药股份有限公司首次 公开发行股票注册的批复》（证监许可[2020]92号）注册同意，公司公开发行人 民币普通股6,000万股，发行价格为人民币32.76元/股。募集资金总额为人民币 募集资金到位情况已经由安永华明会计师事务所（特殊普通合伙）审验并 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 8月20日晚，百奥泰发布了2025年半年报，上半年公司实现营业收入4.42亿元，同比增长9.84%，主要得益于公司积极拓展市场，阿达木单抗注射液(格乐立®)及托珠单抗 报告期内，公司利润总额、净利润和扣非净利润较上年同期分别减少亏损1.12亿元、1.12亿元和9913.69万元，主要原因是本报告期营业收入增长及研发费用减少所致。 报告期内，公司经营活动产生的现金流量净流出额较上年同期减少6244.57万元，主要原因是本报告期销售商品、提供劳务收到的现金增加，以及研发费用减少所致。 公司秉承"创新只为生命"的理念，坚持创新驱动发展战略，致力于开发新一代创新药和生物类似药，用于治疗肿瘤、自身免疫性疾病、心血管疾病、眼科以及其它危及人类生命或健康的重大疾病 截至本报告披露日，公司已有5款上市产品，其中有4款产品获NMPA上市批准，包括：格乐立®(阿达木单抗)、普贝希®(贝伐珠单抗)、施瑞立®(托珠单抗)和贝塔宁®(枸橼酸倍维巴肽)；3款产 ...