Core Viewpoint - The company, Baillie Tianheng (688506.SH), has received formal approval from the National Medical Products Administration (NMPA) for the clinical trial of its innovative drug, BL-ARC001, marking a significant milestone in its development of antibody-radiolabeled conjugates [1] Group 1: Drug Development - BL-ARC001 is the company's first Class I innovative drug in the field of antibody-radiolabeled conjugates (ARC) [1] - The drug is positioned as a potential first-in-class ARC product with fully independent intellectual property rights [1] - BL-ARC001 utilizes antibody-mediated targeted delivery technology combined with the powerful tumor-killing ability of radioactive nuclides, offering stronger target specificity and higher tumor accumulation compared to traditional radiolabeled conjugates [1] Group 2: Market Potential - The drug is expected to demonstrate better resistance to drug resistance, which is a significant advantage in cancer treatment [1]

Core Viewpoint - The company, BaiLi TianHeng, has received approval from the National Medical Products Administration for its innovative drug BL-ARC001, marking a significant milestone in its development of antibody-radiolabeled conjugates [1] Group 1: Drug Development - BL-ARC001 is the company's first Class I innovative drug in the field of antibody-radiolabeled conjugates (ARC) [1] - The drug is positioned as a potential first-in-class ARC product with complete proprietary intellectual property rights [1] Group 2: Drug Characteristics - BL-ARC001 utilizes antibody-mediated targeted delivery technology combined with the powerful tumor-killing ability of radioactive nuclides [1] - Compared to traditional radiolabeled conjugates, BL-ARC001 offers stronger target specificity and higher tumor accumulation, with the potential for better resistance to drug tolerance [1]

证券代码：688506 证券简称：百利天恒 公告编号：2025-073 四川百利天恒药业股份有限公司 自愿披露关于 BL-ARC001 用于在晚期实体瘤治疗获得临床试 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 药镥[ 177Lu]-BL-ARC001 注射液（以下简称"BL-ARC001"）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 申请人：成都百利多特生物药业有限责任公司；四川百利药业有限责任公司 结论：根据《中华人民共和国药品管理法》及有关规定，经审查，BL-ARC001 临床试验符合药品注册的有关要求，同意本品开展晚期实体瘤的临床试验。 二、药品的其他情况 BL-ARC001 是公司在抗体放射性核素偶联物（ARC）领域的首款 I 类创新药物， 同时也是公司拥有完全自主知识产权的潜在全球首创（Firs ...

Core Viewpoint - The company has received formal approval from the National Medical Products Administration (NMPA) for the clinical trial of its innovative drug BL-ARC001, marking a significant milestone in its research and development efforts in the field of antibody-radionuclide conjugates (ARC) [1] Group 1 - The clinical trial approval pertains to the company's self-developed innovative drug BL-ARC001 injection [1] - BL-ARC001 is the company's first Class I innovative drug in the ARC field [1] - The drug is noted to have completely independent intellectual property rights and is a potential first-in-class ARC drug globally [1]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, marking the third attempt since planning for the IPO began last year [2] Company Summary - Baili Tianheng recently completed a private placement in the A-share market, raising a total of 3.764 billion yuan at an issue price of 317 yuan per share, with all funds allocated for innovative drug research and development [4] - The company was listed on January 6, 2023, focusing on innovative biopharmaceuticals, chemical preparations, and traditional Chinese medicine, with key products including propofol emulsion injection [5] - As of September 30, 2023, the company's market capitalization reached 155 billion yuan, with its chairman, Zhu Yi, holding 72.22% of the shares valued at approximately 112.853 billion yuan [5] Financial Performance - Baili Tianheng experienced significant financial fluctuations, reporting revenues of 703 million yuan in 2022, 562 million yuan in 2023, and a projected 5.823 billion yuan in 2024, with net profits of -282 million yuan, -780 million yuan, and 3.708 billion yuan respectively [5] - In the first half of 2025, the company reported revenues of 171 million yuan, a 96.9% year-on-year decline, and a net loss of 1.12 billion yuan, a 124% decrease compared to the previous year [5][6] - The company's R&D expenses for the first half of 2025 amounted to 1.039 billion yuan, representing 606.69% of its revenue, indicating a significant increase in R&D investment [7] Industry Context - There has been a surge in A-share pharmaceutical companies pursuing dual listings in Hong Kong, with at least 10 companies announcing "A+H" plans this year, including Baili Tianheng [8][9] - The Hong Kong market has seen a favorable environment for biotech companies, with 10 biotech firms listed under Chapter 18A of the Hong Kong Stock Exchange rules, raising approximately 8.05 billion HKD this year [9] - The overall sentiment in the innovative drug sector has improved, with the Wind Innovation Drug Index rising by 51.22% year-to-date as of September 30, 2023 [10]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, marking the third attempt since last year [1]. Company Overview - Baili Tianheng completed a private placement in A-shares, raising a total of 3.764 billion yuan, with funds allocated entirely for innovative drug research and development [3]. - The company primarily operates in the innovative biopharmaceutical sector and traditional Chinese medicine, with key products including Propofol emulsion injection [5]. - As of September 30, the company's market capitalization reached 155 billion yuan, with its chairman, Zhu Yi, holding 72.22% of the shares, valued at approximately 112.853 billion yuan [6]. Financial Performance - The company reported significant financial fluctuations, with revenues of 703 million yuan in 2022, declining to 562 million yuan in 2023, and projected to rise to 5.823 billion yuan in 2024. However, net profits showed a loss of 282 million yuan in 2022, escalating to a loss of 1.12 billion yuan in the first half of 2025 [6]. - For the first half of 2025, the company recorded revenues of 171 million yuan, a 96.9% decrease year-on-year, and a net loss of 1.12 billion yuan, a 124% decline compared to the previous year [7]. - R&D expenses accounted for 606.69% of revenue in the first half of 2025, reflecting a significant increase in investment in innovation [8]. Industry Context - There is a growing trend among A-share pharmaceutical companies to pursue dual listings in Hong Kong, with at least 10 companies announcing progress on "A+H" plans this year [10]. - The Hong Kong market has seen a resurgence in biotech listings, with 10 biotech companies listed under Chapter 18A of the Main Board Listing Rules, raising approximately 8.05 billion HKD [11]. - The innovative drug sector has gained traction, with the Wind Innovation Drug Index rising by 51.22% year-to-date, indicating a robust market environment for pharmaceutical investments [12].

Core Viewpoint - The company Baillie Tianheng (688506.SH) has submitted an IPO application to the Hong Kong Stock Exchange after two previous applications expired, indicating a strong need for capital despite significant revenue growth in 2024 [1][10]. Company Overview - Baillie Tianheng was founded in 1996 and is led by Chairman and CEO Zhu Yi, who holds 72.22% of the shares. The company focuses on innovative biopharmaceuticals, particularly in the field of tumor macromolecule therapy [4]. - The company aims to establish global commercialization capabilities by 2029 and has developed a strong research and development platform for innovative ADC (antibody-drug conjugates) [4]. Business Operations - Baillie Tianheng operates two main business segments: innovative biopharmaceuticals and generic drugs [5]. - The company has established R&D centers in both the U.S. and China, focusing on early development and subsequent clinical research [5]. Financial Performance - In 2024, Baillie Tianheng achieved a revenue of 5.82 billion, marking a growth of over 900% year-on-year, with a significant portion of this revenue (91.6%) coming from licensing agreements with Bristol-Myers Squibb (BMS) [8][9]. - The company reported a net profit of 3.71 billion in 2024, indicating a turnaround from previous losses [8]. Funding and Capital Needs - Baillie Tianheng has raised 3.764 billion through a private placement to accelerate the development of its innovative drug pipeline [9]. - The company has identified a funding gap of 4.819 billion over the next three years to support its R&D and operational activities [11].

Core Viewpoint - The company Baillie Tianheng (688506.SH) has submitted a new IPO application to the Hong Kong Stock Exchange after two previous applications expired, driven by a significant increase in revenue and ongoing funding needs [1][11]. Group 1: Company Overview - Baillie Tianheng was founded in 1996 and is led by Chairman and CEO Zhu Yi, who holds 72.22% of the shares. The company focuses on innovative biopharmaceuticals, particularly in the field of oncology [3]. - The company operates two main business segments: innovative biopharmaceuticals and generic drugs, with a strategy to integrate North American and Chinese advantages to become a multinational pharmaceutical company [4]. Group 2: Financial Performance - In 2024, Baillie Tianheng achieved a revenue of 5.82 billion, marking a growth of over 900% year-on-year. The company reported a net profit of 3.71 billion for the same year [9][10]. - A significant portion (91.6%) of the 2024 revenue came from licensing and collaboration agreements with Bristol-Myers Squibb (BMS), indicating reliance on non-sustainable income sources [10]. Group 3: Research and Development - The company has developed nine ADC innovative drug candidates and is conducting approximately 70 clinical studies, including 16 key registration trials in China and three global trials [6][7]. - Baillie Tianheng's collaboration with BMS on the drug iza-bren is notable, with a total deal value of 8.4 billion, making it the largest single-asset deal in the ADC field to date [7]. Group 4: Funding and Future Plans - The company has raised 3.764 billion through a private placement to accelerate the development of its innovative drug pipeline and expand its product offerings [11]. - A projected funding gap of 4.819 billion is anticipated over the next three years, highlighting the ongoing need for capital to support R&D and operational activities [12].

根据中国证券监督管理委员会出具的《关于同意四川百利天恒药业股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2025〕1641 号），向特定对 象发行人民币普通股（A 股）11,873,817 股，发行价格为人民币 317.00 元/股， 募集资金总额为人民币 3,763,999,989.00 元，扣除发行费用人民币 32,945,808.97 元（不含增值税），公司本次实际募集资金净额为人民币 3,731,054,180.03 元。前 述募集资金到位情况已经立信会计师事务所（特殊普通合伙）审验，并出具了信 会师报字[2025]第 ZA15003 号《验资报告》。 为规范公司募集资金管理，保护投资者权益，提高募集资金使用效率，根据 《上市公司募集资金监管规则》《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》等法律、法规以及规范性文件的相关规定，公司设立了募 集资金专项账户，对上述募集资金实施专项存储、专款专用，并已与保荐人、募 集资金专户监管银行签署了《募集资金专户存储三方监管协议》。 二、募集资金投资项目的基本情况 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 使用自筹资 ...

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 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为四川百 利天恒药业股份有限公司（以下简称"百利天恒"或"公司"）首次公开发行股 票并上市的保荐人，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》《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》等相关法律、法规和规范性文件的规 定，对百利天恒拟使用部分暂时闲置募集资金进行现金管理的事项进行了审慎核 查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意四川百利天恒药业股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕1641 号）同意注册，公司向特 定对象发行人民币普通股（A 股）11,873,817 股，发行价格为人民币 317.00 元/ 股，募集资金总额为人民币 3,763,999,989.00 元，扣除发行费用人民币 32,945,808.97 元（不含增值税），公司本次实际募集资金净额为人民币 3,731,054,180.03 ...