Core Viewpoint - The company has received formal approval from the National Medical Products Administration (NMPA) for the clinical trial of its innovative biopharmaceutical, BL-M24D1, which is an antibody-drug conjugate (ADC) targeting relapsed or refractory hematologic malignancies and advanced solid tumors [1] Group 1 - The clinical trial approval is for the company's self-developed ADC drug, BL-M24D1, which incorporates a new generation toxin [1] - BL-M24D1 is developed from the same small molecule technology platform as BL-B16D1 and BL-M17D1, sharing the same "linker + toxin" platform [1] - The indications for BL-M24D1 include relapsed or refractory hematologic malignancies and advanced solid tumors [1]

证券代码：688506 证券简称：百利天恒 公告编号：2025-077 四川百利天恒药业股份有限公司 关于刊发 H 股发行聆讯后资料集的公告 英文： 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。 四川百利天恒药业股份有限公司（以下简称"公司"）正在进行发行 H 股 股票并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以 下简称"本次发行上市"）的相关工作。 2024 年 7 月 10 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了本次发行上市的申请资料。按照本次发行上市的时间 安排并根据香港联交所的相关规定，公司分别于 2025 年 1 月 21 日、2025 年 9 月 29 日向香港联交所分别重新递交了本次发行的申请，并于同日在香港联交所 网站刊登了本次发行的申请资料。具体内容详见公司分别于 2024 年 7 月 11 日、 2025年1月22日、2025年9月30日在上海证券交易所官方网站（www.sse.com.cn） 披露的《四川百利天恒药业股份有限公司关于向香 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-078 四川百利天恒药业股份有限公司 自愿披露关于注射用 BL-M24D1（ADC）治疗复发或难治性 血液系统恶性肿瘤和晚期实体瘤获得药物 临床试验批准通知书的公告 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。 四川百利天恒药业股份有限公司（以下简称"公司"）近日收到国家药品监督 管理局(NMPA)正式批准签发的《药物临床试验批准通知书》,公司自主研发的创新 生物药注射用 BL-M24D1（ADC）的药物临床试验获得批准。现将相关情况公告如 下： 一、《药物临床试验批准通知书》基本情况 产品名称：注射用 BL-M24D1 受理号：CXSL2500680 BL-M24D1 是公司自主研发的偶联了新一代毒素的 ADC 药物，是与 BL-B16D1 和 BL-M17D1 出自同一小分子技术平台、与 BL-B16D1 和 BL-M17D1 共享同一"连 接子+毒素"平台的 ADC 药物，其适应症为复发或难治性血液系统恶性肿瘤和晚期 实体瘤。 三、风险提示 根据我国药 ...

Core Viewpoint - The company, Baillie Tianheng, has received formal approval from the National Medical Products Administration (NMPA) for the clinical trial of its innovative biopharmaceutical, BL-M24D1, which is an antibody-drug conjugate (ADC) targeting relapsed or refractory hematologic malignancies and advanced solid tumors [1] Group 1 - The clinical trial approval is for the company's self-developed ADC drug, BL-M24D1, which is linked to a new generation toxin [1] - BL-M24D1 shares the same "linker + toxin" platform with other ADC drugs, BL-B16D1 and BL-M17D1, developed from the same small molecule technology platform [1] - The indications for BL-M24D1 include treatment for relapsed or refractory hematologic malignancies and advanced solid tumors [1]

Core Viewpoint - The company, Baile Tianheng (688506.SH), has received formal approval from the National Medical Products Administration (NMPA) for the clinical trial of its innovative biopharmaceutical, BL-M24D1 (ADC) [1] Group 1: Product Development - BL-M24D1 is an ADC drug that incorporates a new generation toxin, developed independently by the company [1] - The drug is part of the same small molecule technology platform as BL-B16D1 and BL-M17D1, sharing the same "linker + toxin" platform [1] - The indications for BL-M24D1 include relapsed or refractory hematologic malignancies and advanced solid tumors [1]

百利天恒公告，近日收到国家药品监督管理局(NMPA)正式批准签发的《药物临床试验批准通知书》， 公司自主研发的创新生物药注射用BL-M24D1（ADC）的药物临床试验获得批准。BL-M24D1是公司自 主研发的偶联了新一代毒素的ADC药物，适应症为复发或难治性血液系统恶性肿瘤和晚期实体瘤。 ...

据港交所文件：四川百利天恒药业股份有限公司通过港交所上市聆讯。 ...

据港交所文件：四川百利天恒药业股份有限公司通过港交所上市聆讯。 ...

Investment Rating - The report maintains a positive outlook on the innovative drug and medical device industry, highlighting key targets for investment [5][24]. Core Insights - The innovative drug sector is experiencing high growth, with a focus on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. The report emphasizes the potential for value re-evaluation in these firms [5][24]. - Recent business development (BD) deals in the innovative drug sector are expected to catalyze market activity, with notable transactions including Jiangsu Heng Rui Medicine's agreement with Kite for a $1.20 billion upfront payment, potentially reaching $15.20 billion in total [5][24]. - The A-share pharmaceutical sector underperformed the broader market in the third week of October 2025, with the Shanghai Composite Index falling by 1.5% and the SW Biopharma index declining by 2.5% [7][18]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Medical Devices - The report emphasizes the high growth potential in innovative drugs, with key investment targets including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. Related targets include CSPC Innovation Pharmaceutical [5][24]. 2. A-Share Pharmaceutical Sector Performance - In the third week of October 2025, the A-share pharmaceutical sector saw a decline of 2.5%, underperforming the Shanghai Composite Index, which fell by 1.5%. The report notes that the sector's premium relative to all A-shares is currently at a normal level, with a relative premium rate of 74.5% [7][14][21]. 3. Hong Kong and U.S. Pharmaceutical Sector Performance - The report indicates that the Hong Kong and U.S. pharmaceutical sectors also underperformed, with the Hang Seng Healthcare index dropping by 5.8% and the S&P 500 Healthcare index increasing by only 0.7% during the same period [18][24].

Group 1 - The core viewpoint of the news is the performance and financial metrics of Sichuan Baili Tianheng Pharmaceutical Co., Ltd., which saw a 5% increase in stock price, reaching 367.69 CNY per share, with a total market capitalization of 151.81 billion CNY [1] - The company was established on August 17, 2006, and went public on January 6, 2023, focusing on the research, production, and sales of pharmaceuticals [1] - The main business revenue composition indicates that 99.57% of revenue is recognized at a specific point in time, while 0.43% is recognized over a period [1] Group 2 - From the perspective of fund holdings, Dongzheng Asset Management has a fund that heavily invests in Baili Tianheng, with the top holding being the Oriental Red Medical Upgrade Stock Initiation A fund, which reduced its holdings by 93,200 shares in the second quarter [2] - The fund currently holds 478,600 shares, accounting for 10.05% of the fund's net value, with an estimated floating profit of approximately 8.38 million CNY [2] - The Oriental Red Medical Upgrade Stock Initiation A fund was established on March 29, 2022, with a latest scale of 481 million CNY, achieving a year-to-date return of 62.92% and a one-year return of 56.3% [2]