炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Mark一下-马克 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Mark一下-马克 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 责任编辑：宋雅芳 ...

Core Viewpoint - Baili Tianheng's stock has shown significant volatility, with a year-to-date increase of 76.17%, but recent declines in the short term raise concerns about its performance and investor sentiment [1][2]. Group 1: Stock Performance - On December 26, Baili Tianheng's stock price increased by 2.05%, reaching 337.78 CNY per share, with a trading volume of 2.21 billion CNY and a turnover rate of 0.65% [1]. - The company's market capitalization stands at 139.46 billion CNY [1]. - Year-to-date, the stock has risen by 76.17%, but it has experienced a decline of 4.75% over the last five trading days, 10.99% over the last 20 days, and 10.76% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baili Tianheng reported a revenue of 2.066 billion CNY, a year-on-year decrease of 63.52% [2]. - The company recorded a net profit attributable to shareholders of -495 million CNY, reflecting a year-on-year decrease of 112.16% [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.08% to 5,979, while the average number of circulating shares per person decreased by 20.05% to 17,208 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by major funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited [3].

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： 证券代码：688506 证券简称：百利天恒 公告编号：2025-089 四川百利天恒药业股份有限公司 首次公开发行部分限售股上市流通暨控股股东、实际控制人自愿承诺不减持的公告 ● 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为298,108,880股。 本次上市流通的限售股属于公司首次公开发行部分限售股，自公司首次公开发行股票限售股形成至今， 公司股本数量变化情况如下： ● 本次股票上市流通总数为298,108,880股。 ● 本次股票上市流通日期为2026年1月6日。 ● 本次申请股份解除限售的股东除遵守作出的关于所持四川百利天恒药业股份有限公司（以下简称"公 司"或"发行人"）股份锁定、减持相关承诺外，还需遵守《上市公司股东减持股份管理暂行办法》《上 海证券交易所上市公司自律监管指引第15号一一股东及董事、高级管理人员减持股份》等法规及规范性 文件中关于股份减持的相关规定。根据前述规定，截至本公告披露日，公司最近三个已披露经审计的年 度报告 ...

中信证券股份有限公司 关于四川百利天恒药业股份有限公司 首次公开发行部分限售股上市流通 暨控股股东、实际控制人自愿承诺不减持事项的核查意见 中信证券股份有限公司（以下简称"保荐人"）为四川百利天恒药业股份有 限公司（以下简称"公司"、"百利天恒"）向特定对象发行股票的保荐人，承接 公司首次公开发行股票并在科创板上市的原保荐人国投证券股份有限公司未完 成的持续督导工作。根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《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》《上海证券交易所科创板股票上市规则》以及《科创 板上市公司持续监管办法（试行）》等有关规定，对百利天恒首次公开发行部分 限售股上市流通暨控股股东、实际控制人自愿承诺不减持事项进行了核查，核查 情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 11 月 23 日出具的《关于同意四川百利天恒药业股份有限公司首次公开发行股票注册 的批复》（证监许可〔2022〕2969 号），公司首次向社会公众公开发行人民币普通 股（A 股）股票 40,10 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-089 四川百利天恒药业股份有限公司 首次公开发行部分限售股上市流通暨控股股东、实际控制人 自愿承诺不减持的公告 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 298,108,880股。 本次申请股份解除限售的股东除遵守作出的关于所持四川百利天恒药业 股份有限公司（以下简称"公司"或"发行人"）股份锁定、减持相关承诺外， 还需遵守《上市公司股东减持股份管理暂行办法》《上海证券交易所上市公司自 律监管指引第 15 号——股东及董事、高级管理人员减持股份》等法规及规范性文 件中关于股份减持的相关规定。根据前述规定，截至本公告披露日，公司最近三 个已披露经审计的年度报告的会计年度因亏损及截至 2024 年 12 月 31 日母公司报 表累计未分配利润为负值而未进行现金分红，公司控股股东、实际控制人朱义先 生将不会通过证券交易所集中竞价交易或者大宗交易方式减持公司股份。 基于对公司未来发 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][9]. Core Insights - The company has successfully transitioned to innovative drug development, particularly in the ADC (Antibody-Drug Conjugate) sector, highlighted by a significant global collaboration with BMS worth $8.4 billion for the EGFR/HER3 dual-target ADC, which positions the company for accelerated growth [6][8]. - The core product, iza-bren, is advancing through clinical trials and is expected to enter commercialization soon, with a potential market approval in 2026 for nasopharyngeal carcinoma [8][41]. - The company has established four major technology platforms that support a diverse pipeline of innovative drug candidates, enhancing its competitive edge in the oncology market [37][41]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2,211 million yuan, with a significant year-on-year decline of 62% due to increased R&D investments [7]. - The company anticipates net losses of 599 million yuan in 2025, with further losses projected for 2026 and 2027 [9]. - The gross margin is expected to decrease from 89% in 2025 to 85.6% by 2027, reflecting the evolving product mix as innovative drugs gain market traction [7][10]. Pipeline Analysis - The company is focusing on the clinical development of iza-bren, with multiple indications being pursued, including high-incidence tumors, and aims to submit additional regulatory applications in the coming years [8][41]. - Other innovative products in the pipeline, such as HER2 ADC and EGFR/HER3 dual-target antibodies, are also under development and could significantly contribute to future revenue [8][11]. Valuation and Market Potential - The target market capitalization for the company is set at 159.4 billion yuan, indicating a 13% upside potential from the current market value [9]. - The report emphasizes that the current market valuation does not fully reflect the potential of the company's diverse pipeline, suggesting further upside as clinical data emerges [11].

12月24日，百利天恒盘中下跌2.00%，截至14:14，报342.40元/股，成交1.57亿元，换手率0.44%，总市 值1413.68亿元。 截至9月30日，百利天恒股东户数5979.00，较上期增加25.08%；人均流通股17208股，较上期减少 20.05%。2025年1月-9月，百利天恒实现营业收入20.66亿元，同比减少63.52%；归母净利润-4.95亿元， 同比减少112.16%。 机构持仓方面，截止2025年9月30日，百利天恒十大流通股东中，中欧医疗健康混合A（003095）位居 第三大流通股东，持股370.19万股，相比上期减少57.78万股。香港中央结算有限公司位居第四大流通股 东，持股289.57万股，相比上期减少69.64万股。华夏上证科创板50成份ETF（588000）位居第五大流通 股东，持股283.37万股，相比上期减少159.13万股。易方达上证科创板50ETF（588080）位居第六大流 通股东，持股229.92万股，相比上期减少101.89万股。永赢医药创新智选混合发起A（015915）位居第 七大流通股东，持股164.98万股，为新进股东。汇添富创新医药混合A（006 ...

Core Insights - The article discusses the implementation of the "Postdoctoral Talent Introduction and Cultivation Project" in Wenjiang District, aimed at fostering an innovative ecosystem and stimulating industrial momentum as part of China's broader goal to enhance its technological capabilities by 2025 [1][6]. Group 1: Postdoctoral Research Stations - Wenjiang District has established 14 postdoctoral research stations and innovation practice bases, focusing on key industries such as biomedicine, green food, and equipment manufacturing [1]. - The district has added 3 new postdoctoral innovation practice bases in November, with a total of 18 postdoctoral research stations and over 500 postdoctoral researchers currently active [1]. Group 2: Industry Collaboration and Achievements - The postdoctoral research stations have facilitated significant achievements in the biomedicine sector, with companies like Kelun-Botai and BaiLi Tianheng leading in innovative drug approvals and international licensing, totaling over $23.22 billion [3]. - The collaboration between postdoctoral researchers and companies has led to the development of proprietary products, such as wireless monitoring systems and high-temperature hydraulic pumps, generating sales in the millions [2]. Group 3: Talent Attraction and Retention - Wenjiang District has implemented a dual-mentor system involving both academic and industry mentors to enhance the integration of research and industry needs [5]. - Over the past five years, the district has published over 1,000 job postings in collaboration with local universities and has successfully recruited more than 70 researchers [5]. - The district has introduced supportive policies and funding, totaling 4.53 million yuan, to create a conducive environment for talent retention and innovation [5].

Core Insights - The oncology sector remains a hotbed for pharmaceutical innovation, with antibody-drug conjugates (ADCs) emerging as one of the most promising areas due to their dual advantages of precise targeting and potent cytotoxicity [1][2] - Chinese biotech companies have established themselves as key players in the global ADC innovation landscape, holding over 50% of the new drug pipeline in this category [1][2] - A significant strategic partnership between BaiLi TianHeng and Bristol-Myers Squibb (BMS) has set a record for the highest total transaction value for a single ADC asset, further intensifying industry innovation [1][2] Industry Trends - The ADC sector has become one of the fastest-growing segments in the global pharmaceutical industry, with projections estimating the market to reach $115.1 billion by 2032, and China's ADC market expected to reach 66.2 billion yuan by 2030 [2] - In the first eight months of 2025, ADC drugs accounted for 14 transactions, making it one of the hottest outbound technology sectors for Chinese companies [1][2] - Companies are expanding their focus beyond established targets like HER2 and TROP2 to explore "blue ocean" targets such as CDH6, CDH17, and DLL3, aiming for broader treatment windows and improved competitive landscapes [1][2] Strategic Collaborations - The partnership between BaiLi TianHeng and BMS is characterized by a unique model of "self-researched core assets + global rights collaboration" and "co-development + co-commercialization," which is relatively rare globally [4][5] - The collaboration is expected to face challenges related to team size and division of labor, prompting BaiLi TianHeng to expand its team and build a robust organizational structure [4][5] - The deal with BMS, valued at up to $8.4 billion, has revitalized the pharmaceutical market during a period referred to as a "capital winter" [2][3] Market Dynamics - Despite the growing trend of business development (BD) transactions, licensing out remains the mainstream model for domestic biotech companies, allowing them to focus on early-stage innovation while outsourcing later-stage development [6] - The increasing number of BD transactions reflects the rising competitiveness and value of Chinese pharmaceutical assets on a global scale, although concerns about undervaluation persist [7][8] - The need to create "super blockbuster" products is seen as essential for overcoming the challenges of being undervalued in the global market [7][8] Future Outlook - The competition in the ADC+IO (immune-oncology) space is intensifying, with both multinational and domestic companies racing to develop innovative therapies [8][9] - BaiLi TianHeng aims to leverage the cash flow from its partnership with BMS to enhance its R&D capabilities and build a comprehensive commercialization framework [9][10] - The company plans to address four core capability gaps essential for achieving global competitiveness: global R&D capabilities, clinical development capabilities, supply chain capabilities, and commercialization capabilities [10][11] Conclusion - The ADC sector's growth signifies a shift in China's pharmaceutical innovation from a follower to a leader, with a focus on original innovation and global capabilities as the pathway for domestic biotech companies to establish themselves as industry leaders [12]

Core Insights - The "Annual Outstanding Biopharmaceutical Enterprises" award recognizes companies with independent core technologies, continuous innovation, and effective transformation of research results into clinical or commercial applications [4] Group 1: Award Announcement - The "Annual Outstanding Biopharmaceutical Enterprises" award was announced during the "Technology Empowerment, Capital Breakthrough" sharing session held online by Gelonghui on December 22 [1] - Eight companies were awarded, including Baillie Tianheng (688506.SH), Dongyang Sunshine Pharmaceutical (06887.HK), Dongyao Pharmaceutical-B (01875.HK), and others, listed in alphabetical order [1] Group 2: Evaluation Criteria - The evaluation for the award was based on a comprehensive assessment of technical innovation, research and development strength, and achievement transformation [4] - The final results were derived through quantitative data analysis and expert review [4] Group 3: Purpose of the Award - Gelonghui aims to create a reference value ranking for listed companies and unicorns in the investment community with the "Golden Gelong Award" [4] - The award covers all listed companies and unicorns on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4]