Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.93% as of July 1, 2025, with notable gains from stocks such as Rongchang Biopharmaceutical (688331) up 7.21% and Shanghai Yizhong (688091) up 3.61% [1] - Starting July 1, 2025, a new policy mandates that all drug sales must include a verification code for medical insurance reimbursement, with full traceability of drug codes required by January 1, 2026, which is expected to enhance drug circulation regulation and impact the entire pharmaceutical industry chain [1] - The current bull market in innovative drugs is driven by the improvement of China's pharmaceutical innovation capabilities, with a trend towards international collaboration in new drug development expected to enhance profitability and market potential for Chinese pharmaceutical companies [2] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3] - The Sci-Tech Biopharmaceutical ETF closely tracks the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in various biopharmaceutical sectors [2]

近期一直在寻求再融资的百利天恒，曾因百时美施贵宝（BMS）支付的8亿美元首付款，将归母净利润从亏损 7.8亿元拉至盈利37亿元，同比激增580%。这一"非常态"增长却被市场质疑——8亿美元收入是否应计入经常性 损益？ 争议未消，2025年一季度，公司营收暴跌98.77%至6700万元，净利润亏损5.31亿元。这场"悬崖式"业绩波动， 暴露出依赖一次性收入的盈利模式之脆弱：当"非经常性"成为"救命稻草"，企业真实盈利能力究竟如何？ "不可持续收入"惹争议 2024年，百利天恒（688506）因将百时美施贵宝（BMS）支付的8亿美元首付款计入经常性损益，实现归母净 利润从亏损7.8亿元飙升至盈利37亿元，同比增幅达580%。公司辩称该收入属于"正常经营活动"，依据是知识产 权授权业务的可持续性及创新药企的常规变现模式。 然而，这一操作被市场质疑违背了非经常性损益的核心认定原则——"性质特殊和偶发性"。盘古智库高级研究 员江瀚对《华夏时报》记者表示，从财务角度来看，百利天恒2024年一季度因BMS的8亿美元首付款实现的营 收激增和净利润扭亏为盈的情况并不符合医药企业正常的经营逻辑。这种依赖一次性收入的盈利模式难以持 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-046 四川百利天恒药业股份有限公司 自愿披露关于注射用 BL-M07D1（HER2 ADC）用于在新辅 助治疗后存在浸润癌残留的 HER2 阳性乳腺癌术后辅助治疗 III 期临床试验完成首例受试者入组的公告 由于医药产品具有高科技、高风险、高附加值的特点，药品从早期研究、临 床试验报批到投产周期长、环节多，容易受到一些不确定性因素的影响，公司将 按有关规定积极推进上述研发项目，并严格按照有关规定及时对项目后续进展情 况履行信息披露义务，敬请投资者谨慎决策，注意防范投资风险。 特此公告。 四川百利天恒药业股份有限公司董事会 2025 年 6 月 24 日 四川百利天恒药业股份有限公司（以下简称"公司"）自主研发的创新生物 药注射用 BL-M07D1（HER2 ADC）对比注射用恩美曲妥珠单抗（T-DM1）用于在 新辅助治疗后存在浸润癌残留的 HER2 阳性乳腺癌术后辅助治疗 III 期临床试验已 于近日完成首例受试者入组。现将相关情况公告如下： 一、药品的基本情况 BL-M07D1 是一种靶向 HER2 的创新型 ADC，具有同类最佳（Best- ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights recent positive developments in the high-quality weight loss sector, particularly focusing on myostatin pathway clinical trial results from Regeneron and Scholar Rock, which demonstrate significant reductions in lean body mass loss when combined with GLP-1 medications [4][12] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% in the third week of June 2025, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [5][16] - The report emphasizes the potential of Activin receptor drugs, such as Eli Lilly's Bimagrumab and Lai Kai's LAE-102, to retain lean body mass and even promote muscle gain, with promising safety and pharmacokinetic data [4][12] Summary by Sections 1. Recent Developments in Weight Loss Sector - Regeneron's myostatin antibody Trevogrumab combined with semaglutide showed a 50.8% reduction in lean body mass loss over 24 weeks, compared to a 7.9 lbs loss with semaglutide alone [4][12] - Scholar Rock's myostatin antibody Apitegromab combined with Tirzepatide demonstrated a 54.9% reduction in lean body mass loss [4][12] 2. Market Performance - The pharmaceutical and biotechnology sector's decline of 4.35% in June's third week was the largest among all sectors, with the vaccine sector experiencing the smallest drop of 0.4% [5][21] - Other sub-sectors, such as blood products and medical consumables, also faced declines, with the largest drop seen in other biological products at 6.7% [5][21] 3. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and Innovent Biologics, among others [6]

Core Viewpoint - The pharmaceutical research and development industry is characterized by high risks, high investments, and high returns, with a focus on breakthrough innovations to alleviate patient suffering [1] Group 1: Company Development and Achievements - The company has seen significant growth, with total revenue reaching 5.823 billion yuan in 2024, a year-on-year increase of 936.31%, and a net profit of 3.636 billion yuan, marking a turnaround from losses [3] - The company has increased its R&D investment to 1.443 billion yuan in 2024, up 93.34% year-on-year, and 495 million yuan in Q1 2025, a 98.95% increase [3] - The company has multiple products in its pipeline, with 15 candidate drug compounds in clinical trials in China and 6 in the United States [2][3] Group 2: Industry Trends and Future Outlook - The Chinese innovative drug industry has rapidly developed, with the number of original innovative drug R&D pipelines increasing from 124 in 2015 to 704 in 2024 [2] - The company signed a collaboration agreement with Bristol-Myers Squibb for the BL-B01D1 project, with a potential total transaction value of 8.4 billion USD, indicating a shift in market perception towards innovative drug valuations [4] - The future of the industry is seen as critical for cultivating competitive global innovative pharmaceutical companies, with ongoing government support and the establishment of a payment system for innovative drugs [7] Group 3: Strategic Focus and Globalization - The company is focusing on breakthrough innovations and has established R&D centers in Seattle and Chengdu to leverage both domestic efficiency and North American innovation ecosystems [3] - The company emphasizes the importance of global competitiveness and the need for a strong commitment to global expansion in order to succeed in the international market [5][6] - The industry is transitioning from a fast-follow model to a focus on best-in-class and first-in-class innovations, with a call for more domestic companies to engage in original innovations [5][7]

Core Insights - The "Investment Chengdu" Global Investment Promotion Conference was held on June 18, 2025, attracting nearly 400 attendees, including representatives from Fortune 500 companies and major enterprises [1][3] - Chengdu has launched a 10 billion yuan "Chain Master Fund Action Plan" aimed at enhancing investment in emerging industries and advanced manufacturing, particularly in the biopharmaceutical sector [3][7] - The Chengdu government released a comprehensive policy package covering 11 areas to support investment, including industrial funds, innovation, talent, and modern agriculture [1][3] Investment Opportunities - The "Chain Master Fund Action Plan" aims to establish 12 funds by the end of 2030, with a total scale exceeding 60 billion yuan, focusing on sectors like artificial intelligence and integrated circuits [7][8] - Companies like Baile Tianheng are planning to increase investments in innovative drug production bases in Chengdu, particularly for cancer drug research [3][7] - The clean energy project by China Coal Southwest Company, with an investment of 9.2 billion yuan, aims to create a regional energy demonstration base in Chengdu [16][19] Talent and Environment - Chengdu is recognized for its rich talent pool and favorable living environment, which are attractive to both young professionals and investors [3][16] - The city boasts a strong educational infrastructure, providing a skilled workforce that supports various industries, including high-tech and creative sectors [12][26] - The local government is noted for its efficient communication and support for businesses, enhancing the overall investment climate [19][26]

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman announced plans to enhance the STAR Market's demonstration effect, including the establishment of a STAR Market Growth Tier and the reintroduction of the fifth listing standard for unprofitable companies [1] - The STAR Market Growth ETF (588110) saw a strong increase of 1.20% as of June 18, 2025, with notable gains in constituent stocks such as Shengyi Electronics (688183) up 16.63% and Tiande Yu (688252) up 9.28% [1] - The STAR Market Growth ETF has experienced a significant increase in trading volume, with a turnover rate of 4.74% and a daily average transaction of 15.45 million yuan over the past week [1] Group 2 - The STAR Market Growth ETF has achieved a net value increase of 38.29% over the past year, ranking 185 out of 2854 index equity funds, placing it in the top 6.48% [2] - The ETF's highest monthly return since inception was 25.02%, with an average monthly return of 7.25% during the months it increased [2] Group 3 - The management fee for the STAR Market Growth ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [3] - The STAR Market Growth Index consists of 50 high-growth companies selected based on revenue and net profit growth rates, reflecting the overall performance of high-growth stocks on the STAR Market [3] - The top ten weighted stocks in the STAR Market Growth Index account for 53.67% of the index, including companies like Haiguang Information (688041) and Hengen Technology (688608) [3] Group 4 - The introduction of new indices in the STAR Market is positively impacting domestic index investment development by enriching the investment target pool and providing more diverse underlying assets for ETFs [4] - The emergence of thematic and industry indices is guiding investors to accurately allocate resources in emerging industries, enhancing the capital market's effectiveness in serving new productive forces [4]

Core Insights - The "Eight Articles" of the Sci-Tech Innovation Board have revitalized the capital market ecosystem, with significant growth in M&A activities and IPOs for unprofitable companies [1] - Since the release of the "Eight Articles," there have been 106 new M&A transactions on the Sci-Tech Innovation Board, with 60 completed and a total transaction value exceeding 140 billion yuan [1] - Institutional innovations are strengthening the connection between "hard tech" companies and the capital market, enhancing the flexibility of capital to promote technological advancements [1] Group 1: Company Responses to "Eight Articles" - Baili Tianheng's chairman highlighted that the "Eight Articles" have deepened reforms and increased support for high-quality development of unprofitable companies, allowing for successful IPOs even before profitability [1] - Jinghe Integrated's chairman noted that the "Eight Articles" have improved financing efficiency and innovation mechanisms, enabling the company to issue 2 billion yuan in technology innovation bonds [2] - Chip Origin's chairman mentioned that the "Eight Articles" support refinancing for R&D, allowing the company to accelerate its strategic layout in Chiplet technology [3] Group 2: Recommendations for Future Reforms - Tianyue Advanced's chairman expressed the need for more long-term capital to focus on outstanding Sci-Tech Innovation Board companies and suggested enhancing the inclusivity of capital operations for hard tech companies [7] - Du Jinhao from Ailis proposed increasing liquidity by attracting more long-term funds and promoting international connectivity for quality Sci-Tech enterprises [7] - The emphasis on improving corporate governance and enhancing profitability through cash dividends was also highlighted as a key area for development [4]

证券代码：688506 证券简称：百利天恒 公告编号：2025-045 四川百利天恒药业股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日收 到上海证券交易所（以下简称"上交所"）出具的《关于四川百利天恒药业股份有 限公司向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕 票申请文件进行了审核，并形成了问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》提 出的问题进行了认真研究和逐项落实，根据相关要求对《审核问询函》有关问题进 行了说明和论证，具体内容详见公司于 2025 年 5 月 31 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于四川百利天恒药业股份有限公司 2025 年度向特定 对象发行 A 股股票申请文件的审核问询函的回复报告》等相关文件。 根据上交所进一步审核意见，公司会同相关中介机构对部分回复内容进行了补 充与修订，具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票申请文 件的审核问询函的回复报告（修订 ...

立信会计师事务所（特殊普通合伙） 关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复 信会师函字[2025]第 ZA214 号 上海证券交易所： 根据贵所于 2025 年 4 月 30 日出具的《关于四川百利天恒药业股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕47 号）（以下简称"审核问询函"）的要求，立信会计师事务所（特殊普通合伙） （以下简称"申报会计师"或"会计师"）作为四川百利天恒药业股份有限公司 （以下简称"百利天恒"、"公司"或"发行人"）本次向特定对象发行股票的 申报会计师，本着勤勉尽责和诚实守信的原则，就审核问询函中涉及申报会计师 的相关问题逐项落实并回复如下： 本审核问询函回复部分表格中单项数据加总与合计数据可能存在微小差异， 均系计算过程中的四舍五入所致。 回复第 1页 7-2-1 关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复 问题：2、关于前次募投项目 根据申报材料：（1）截至 2024 年 12 月 31 日，公司 2022 年首次公开 ...