四川百利天恒药业股份有限公司 第四届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 四川百利天恒药业股份有限公司（以下简称"公司"）第四届董事会第二十 三次会议（以下简称"本次会议"）于 2025 年 8 月 19 日在公司会议室召开。本 次会议以现场及通讯表决方式召开，应出席董事 10 名，实际出席董事 10 名，会 议由董事长朱义先生主持。本次会议的通知于 2025 年 8 月 12 日通过专人、书面 等形式送达全体董事，全体董事一致同意豁免本次会议的提前通知期限要求。本 次会议的召集和召开程序符合《中华人民共和国公司法》（以下简称《公司法》） 和《四川百利天恒药业股份有限公司章程》（以下简称《公司章程》）的规定，会 议决议合法、有效。 证券代码：688506 证券简称：百利天恒 公告编号：2025-053 二、董事会会议审议情况 本次会议按照《公司法》和《公司章程》的有关规定，对以下议案进行审议， 经表决，会议决议如下： 1、审议通过《关于公司<2025 年半年度 ...

报告期内，公司围绕全球化发展战略，持续保持创新药的高研发投入，导致本期利润指标为负；同时， 上年同期公司与BMS达成的合作协议首付款到账并确认相关知识产权收入，导致本期净利润等核心利 润指标以及经营活动产生的现金流量净额较上年同期降幅较大。 智通财经APP讯，百利天恒(688506.SH)发布2025年半年度报告，报告期内，公司实现营业收入1.71亿 元，同比下降96.92%。归属于上市公司股东净亏损11.18亿元。归属于上市公司股东的扣除非经常性损 益净亏损11.76亿元。基本每股亏损2.79元。 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines professional terms and company entity abbreviations used in the report, covering the company, subsidiaries, regulatory bodies, drug R&D, clinical trials, and key technology platforms [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter defines proprietary names for company entities, regulatory bodies, drug types, clinical trial stages, and key technology platforms, providing a foundation for understanding the report's content[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information and key financial data, highlighting a significant revenue decline and a shift to a net loss due to a high prior-year base and increased R&D spending [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%PFE%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's basic corporate information, including names, legal representative, addresses, and contact details, which remained unchanged during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | 四川百利天恒药业股份有限公司 | | Chinese Abbreviation | 百利天恒 | | Legal Representative | Zhu Yi | | Registered Address | Building 1, No 161, Baili Road, Chengdu Cross-Strait Science and Technology Industrial Park, Wenjiang District, Chengdu, Sichuan | | Email | ir@baili-pharm.com | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's financial performance declined significantly, with revenue down 96.92% and a net loss of RMB 1.12 billion, driven by a high base from a prior-year upfront payment and a 90.74% increase in R&D investment Key Accounting Data (RMB) | Key Accounting Data | Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | -96.92 | | Net Profit Attributable to Shareholders | -1,117,952,210.37 | 4,666,340,011.27 | -123.96 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -1,176,187,586.01 | 4,644,208,923.71 | -125.33 | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | -122.55 | | Net Assets Attributable to Shareholders | 2,798,884,860.57 | (End of Prior Year) 3,885,924,780.04 | -27.97 | Key Financial Indicators | Key Financial Indicators | Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -2.79 | 11.64 | -123.97 | | Weighted Average Return on Equity (%) | -33.60 | 187.78 | Decrease of 221.38 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 606.69 | 9.81 | Increase of 596.88 percentage points | - The significant decline in financial indicators was due to two main reasons: 1) A high base from the recognition of substantial intellectual property income from the BMS collaboration in the prior year; 2) Continued significant investment in innovative drug R&D, with R&D expenses **increasing by 90.74%** year-over-year[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled RMB 58.24 million, primarily composed of a RMB 54.55 million fair value change in financial assets and RMB 15.46 million in government grants Non-recurring Gains and Losses Items (RMB) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -233,921.35 | | Government Grants Included in Current Profit or Loss | 15,457,608.05 | | Fair Value Change Gains/Losses on Financial Assets/Liabilities | 54,554,588.90 | | Other Non-operating Income and Expenses | -770,852.77 | | Income Tax Effect | -10,772,047.19 | | **Total** | **58,235,375.64** | [Management's Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's business, operations, competitive strengths, and risks, highlighting significant R&D progress amidst financial pressures from increased investment and a high prior-year revenue base [Core Business and Industry Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a biopharmaceutical enterprise focused on global oncology, with a growing market for ADC and multi-specific antibodies providing a favorable environment for its dual business segments [Core Business](index=9&type=section&id=1%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates as a multinational pharmaceutical firm with dual R&D centers in the US and China, focusing on innovative biologics like ADC/GNC/ARC and a commercial portfolio of established medicines - The company is strategically positioned as a multinational corporation (MNC) with a leading global advantage in the oncology drug sector, possessing dual R&D centers in the US and China and four production bases for comprehensive R&D, manufacturing, and commercialization capabilities[30](index=30&type=chunk)[31](index=31&type=chunk) - The company operates two main business segments: - **Innovative Biologics**: As of the disclosure date, **15 innovative drugs are in clinical trials**, with 3 having entered Phase III registrational clinical trials - **Chemical and Traditional Chinese Medicines**: Holds 208 chemical drug approvals and 30 traditional Chinese medicine approvals, with key products in anesthesia, parenteral nutrition, and pediatrics[32](index=32&type=chunk)[33](index=33&type=chunk)[48](index=48&type=chunk) [Industry Situation and Technical Barriers](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The global oncology drug market is projected to reach $575 billion by 2033, with the ADC market expanding to $151.9 billion, highlighting a high-barrier industry that demands strong R&D and manufacturing capabilities Global Oncology Drug Market Size Forecast (Billion USD) | Year | 2023 | 2033 (Est) | CAGR (2023-2033E) | | :--- | :--- | :--- | :--- | | Global | 223.2 | 575.0 | 9.9% | | US | 102.0 | 280.5 | 11.4% | | China | 30.9 | 101.3 | 11.7% | Global ADC Drug Market Size Forecast (Billion USD) | Year | 2023 | 2033 (Est) | | :--- | :--- | :--- | | Global | 10.1 | 151.9 | | US | 3.5 | 69.8 | | China | 0.2 | 24.7 | - The pharmaceutical industry, particularly new drug development, has **extremely high technical barriers**, requiring interdisciplinary integration and stringent standards for R&D capabilities, talent, large-scale production, and quality control, making it difficult for new entrants to compete in the short term[77](index=77&type=chunk) [Discussion and Analysis of Operations](index=21&type=section&id=%E4%BA%8C%E3%80%81%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) R&D investment reached RMB 1.04 billion, a 90.74% increase, driving significant clinical progress, including a pivotal Phase III trial meeting its primary endpoint and the launch of an innovative radiopharmaceutical (ARC) platform - The company's R&D expenses were **RMB 1.04 billion, a year-over-year increase of 90.74%**, supporting nearly 90 clinical trials globally for its 15 clinical-stage drug candidates[80](index=80&type=chunk) - The core product **iza-bren (EGFR×HER3 bispecific ADC)** met its primary endpoint in the interim analysis of its Phase III clinical trial for last-line nasopharyngeal carcinoma, and Pre-NDA communication with the CDE has been completed[79](index=79&type=chunk)[81](index=81&type=chunk) - Clinical development has progressed rapidly, with **9 new pivotal registrational clinical trials initiated** and full patient enrollment completed for 7 Phase III clinical trials[78](index=78&type=chunk) - The company has established an innovative **ARC (radiopharmaceutical) R&D platform (HIRE-ARC platform)**, and the IND application for its first ARC candidate, BL-ARC001, has been submitted in China[100](index=100&type=chunk) - The company has initiated a private placement of A-shares for 2025, aiming to raise **RMB 3.76 billion** entirely for innovative drug R&D projects[106](index=106&type=chunk) [Analysis of Core Competitiveness](index=26&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include its dual R&D model, four proprietary technology platforms, a robust pipeline led by iza-bren, an integrated industry chain, and a strategic partnership with BMS potentially worth up to $8.4 billion - The company has built **four globally leading and proprietary innovative drug technology platforms** covering ADC, GNC, SEBA, and ARC drug fields[110](index=110&type=chunk)[117](index=117&type=chunk) - It possesses a rich pipeline led by the potential blockbuster drug **iza-bren**, having successfully developed 3 Phase III clinical assets and 12 early-stage core clinical assets[111](index=111&type=chunk) - A strategic partnership was established with global pharmaceutical giant **BMS for iza-bren**, with a potential total deal value of up to **$8.4 billion** and an $800 million upfront payment already received, validating the international recognition of the company's R&D capabilities[115](index=115&type=chunk) R&D Investment (RMB) | Item | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 1,038,636,526.10 | 544,530,631.66 | 90.74 | | Total R&D Investment | 1,038,636,526.10 | 544,530,631.66 | 90.74 | | R&D Investment as a Percentage of Operating Revenue (%) | 606.69 | 9.81 | Increase of 596.88 percentage points | R&D Personnel | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel | 1,360 | 879 | | R&D Personnel as a Percentage of Total Employees (%) | 48.16 | 38.83 | [Risk Factors](index=35&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company faces financial risks of continued losses from high R&D spending, competitive pressures, talent retention challenges, operational uncertainties, and macroeconomic risks - **Risk of Operating Losses**: Due to continuous large-scale R&D investment, the company has been in a loss-making state except for 2024 (due to intellectual property licensing income) and may continue to face losses in the future[135](index=135&type=chunk) - **Core Competitiveness Risk**: The company faces intense competition from global pharmaceutical firms and the risk of key research, clinical, and management personnel loss, which could harm its business strategy[136](index=136&type=chunk)[137](index=137&type=chunk) - **Operational Risk**: Uncertainties exist in market access and promotion for new drugs post-approval, raw material price fluctuations, and the operational safety of production facilities[138](index=138&type=chunk) - **Financial and Macroeconomic Risk**: With international expansion, the company faces financial risks from foreign exchange rate fluctuations and macroeconomic risks from changes in domestic and international industry regulations and geopolitical environments[139](index=139&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) [Financial Analysis of Core Business](index=37&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section explains financial statement fluctuations, noting a 96.92% revenue drop due to a prior-year BMS payment, increased expenses from R&D and staffing, and a 116.25% rise in long-term debt to fund operations Analysis of Key Items in Financial Statements (RMB) | Account | Current Period | Prior Year Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | -96.92 | Primarily due to the receipt of the BMS upfront payment and related intellectual property income recognition in the prior year | | Administrative Expenses | 127,350,733.13 | 71,289,928.54 | 78.64 | Primarily due to increased employee compensation and share-based payment expenses | | R&D Expenses | 1,038,636,526.10 | 544,530,631.66 | 90.74 | Primarily due to increased costs for materials, employee compensation, and clinical trial testing | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | -122.55 | Primarily due to the receipt of the BMS upfront payment in the prior year and a significant increase in R&D investment in the current period | Analysis of Key Items in Balance Sheet (RMB) | Item | End of Current Period | End of Prior Year | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 92,083,942.88 | 35,508,469.53 | 159.33 | Primarily due to increased investment in the ongoing antibody drug industrialization project during the reporting period | | Accounts Payable | 524,837,424.55 | 392,548,432.60 | 33.70 | Primarily due to an increase in payables for R&D materials and clinical trial fees during the reporting period | | Long-term Borrowings | 2,572,130,000.00 | 1,189,430,000.00 | 116.25 | Primarily due to new bank loans with maturities over one year obtained during the reporting period | [Corporate Governance, Environmental, and Social](index=44&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers ESG matters, confirming management stability, no proposed profit distribution, and the inclusion of four subsidiaries on the environmental information disclosure list - During the reporting period, there were **no changes** in the company's directors, supervisors, senior management, or core technical personnel, indicating a stable management team[159](index=159&type=chunk) - The company proposes **no profit distribution** and no conversion of capital reserve to share capital for the current semi-annual period[159](index=159&type=chunk) - Four of the company's subsidiaries have been included in the list of enterprises required to disclose environmental information by law, reflecting the company's emphasis on environmental responsibility[160](index=160&type=chunk)[161](index=161&type=chunk) [Significant Matters](index=46&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company fulfilled all its commitments, reported no significant legal issues, disclosed a total guarantee of RMB 550 million for its subsidiaries, and has invested 92.46% of its IPO funds - All commitments made by the company and related parties during or continuing into the reporting period were **strictly fulfilled** without any breaches[163](index=163&type=chunk)[164](index=164&type=chunk) - During the reporting period, there were **no instances of suspected violations of laws or regulations**, penalties, or rectifications involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller, nor were there any major lawsuits or arbitrations[200](index=200&type=chunk) Guarantees for Subsidiaries (RMB 10,000) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Period | 70,000 | | Outstanding Guarantee Balance for Subsidiaries at Period-End | 54,978 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 19.64 | Overall Use of Raised Funds (RMB 10,000) | Item | Amount | | :--- | :--- | | Net Amount of Raised Funds | 88,439.74 | | Total Committed Investment | 142,227.55 | | Cumulative Investment as of Period-End | 81,767.60 | | Cumulative Investment Progress (%) | 92.46 | [Share Capital Changes and Shareholders](index=72&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The total share capital remained unchanged, while the expiration of a lock-up period increased unrestricted shares, with the controlling shareholder holding a 74.35% stake Share Capital Change Table (Shares) | Share Class | Before Change | After Change | Change Amount | | :--- | :--- | :--- | :--- | | Restricted Shares | 310,549,010 | 298,108,880 | -12,440,130 | | Unrestricted Circulating Shares | 90,450,990 | 102,891,120 | +12,440,130 | | **Total Shares** | **401,000,000** | **401,000,000** | **0** | - The change in share structure was primarily due to the listing and circulation of some strategically placed restricted shares and other restricted shares from the initial public offering, totaling **12,440,130 shares**[218](index=218&type=chunk)[219](index=219&type=chunk) Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Zhu Yi | 298,159,400 | 74.35 | Domestic Individual | | OAP III (HK) Limited | 28,527,171 | 7.11 | Foreign Legal Entity | | Zhang Suya | 9,575,543 | 2.39 | Domestic Individual | [Bond-Related Matters](index=78&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section clarifies the company's bond-related status, confirming that no corporate bonds or convertible bonds have been issued - As of the end of the reporting period, the company had **not issued any corporate bonds**, enterprise bonds, or convertible corporate bonds[230](index=230&type=chunk) [Financial Report](index=79&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section provides the unaudited financial statements and key accounting policies, detailing the company's financial position, performance, and cash flows for the period [Financial Statements](index=79&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The unaudited semi-annual report shows total assets of RMB 7.19 billion and a net loss of RMB 1.12 billion, reflecting the impact of prior-year licensing income and current R&D expenses [Consolidated Balance Sheet](index=79&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, total assets were stable at RMB 7.19 billion, while total liabilities rose to RMB 4.39 billion due to increased long-term debt, and equity decreased to RMB 2.80 billion Core Data from Consolidated Balance Sheet (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 7,184,919,585.53 | 7,137,357,660.07 | | Total Liabilities | 4,386,034,724.96 | 3,251,432,880.03 | | Long-term Borrowings | 2,572,130,000.00 | 1,189,430,000.00 | | Total Equity Attributable to Parent Company | 2,798,884,860.57 | 3,885,924,780.04 | [Consolidated Income Statement](index=83&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, revenue was RMB 171 million, a sharp decrease from the prior year, while R&D expenses grew 90.74% to RMB 1.04 billion, resulting in a net loss of RMB 1.12 billion Core Data from Consolidated Income Statement (RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | | R&D Expenses | 1,038,636,526.10 | 544,530,631.66 | | Total Profit | -1,127,910,502.75 | 4,827,726,900.34 | | Net Profit Attributable to Parent Company | -1,117,952,210.37 | 4,666,340,011.27 | [Consolidated Cash Flow Statement](index=87&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash from operating activities was -RMB 1.13 billion, while financing activities provided a net inflow of RMB 981 million, leaving a cash balance of RMB 3.15 billion Core Data from Consolidated Cash Flow Statement (RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | | Net Cash Flow from Investing Activities | 102,932,326.25 | -1,641,151,995.85 | | Net Cash Flow from Financing Activities | 980,669,917.83 | 434,657,000.00 | | Cash and Cash Equivalents at Period-End | 3,145,091,956.76 | 4,228,057,548.61 | [Notes to the Financial Statements](index=99&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details key accounting policies, including revenue recognition for product sales and intellectual property licensing, and the capitalization criteria for R&D expenditures - **Revenue Recognition Policy**: Product sales revenue is recognized when the customer obtains control of the goods (i.e., upon receipt), while intellectual property licensing revenue is recognized at a point in time or over a period based on contract evaluation[335](index=335&type=chunk)[336](index=336&type=chunk) - **R&D Expenditure Policy**: Internal R&D projects are divided into research and development phases; for Class 1 and 2 new drugs, expenditures before the substantive Phase III clinical trial are expensed, while subsequent expenditures are capitalized if conditions are met[316](index=316&type=chunk)[317](index=317&type=chunk) - **Financial Instrument Impairment**: The company uses an expected credit loss model to provide for impairment on financial assets measured at amortized cost; for receivables, the loss provision is always measured at the lifetime expected credit loss[290](index=290&type=chunk)[291](index=291&type=chunk)

四川百利天恒药业股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告 四川百利天恒药业股份有限公司（以下简称"公司"）始终重视投资者利益， 牢固树立以投资者为本的理念。为推动经营发展质量、投资价值及可持续发展水 平的提升，积极维护市场稳定，公司于 2025 年 3 月 29 日发布了《2025 年度"提 质增效重回报"行动方案》（以下简称"行动方案"）。2025 年上半年，行动方案 的相关落实及成效情况具体如下： 一、聚焦主业领域研发，持续提升公司竞争力，实现全球化布局 1、通过全球化创新研发平台，不断丰富研发管线 公司已经构建了类型丰富、梯队化布局且具有全球竞争力的创新药产品管线 体系，并已成功将多款在研创新药物在全球范围内推进至临床试验阶段。公司聚 焦肿瘤治疗领域，构建起了全球领先的：（1）创新 ADC 药物研发平台（HIRE-ADC 平台），成功研发包括 iza-bren 在内的已进入临床阶段的 9 款创新 ADC 药物、1 款处于 IND 受理阶段以及系列临床前的创新 ADC 药物；（2）创新多特异性抗体 研发平台（GNC 平台），成功研发包括 GNC-077 在内的已进入临床阶段的 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-055 四川百利天恒药业股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 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。 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》等有关规定，四川百利天恒药业股份有限公司（以 下简称"公司"）就 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 根据中国证券监督管理委员会（以下简称"中国证监会"）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）以及上海证券交易所出具的《关于四川百利天恒药业股份有 限公司人民币普通股股票科创板上市交易的通知》（〔2023〕1 号），公司已向社 会公众首次公开发行人民币普通股（A 股）4,010.00 万股，每股发行价为人民币 24.70 元，合计募集资金人民币 990,470,000.00 元 ...

转自：证券时报 人民财讯8月19日电，百利天恒(688506)8月19日晚间披露2025年半年报，公司上半年实现营业收入1.71 亿元，同比下降96.92%；归母净利润为-11.18亿元，同比由盈转亏。基本每股收益-2.79元。报告期内， 公司围绕全球化发展战略，持续保持创新药的高研发投入，导致本期利润指标为负；同时，上年同期公 司与BMS达成的合作协议首付款到账并确认相关知识产权收入，导致本期净利润等核心利润指标以及 经营活动产生的现金流量净额较上年同期降幅较大。 ...

Group 1 - The core point of the article highlights the performance of the Huatai Fuhua Medical Service Flexible Allocation Mixed A Fund, which has shown significant returns over various time frames, including a 69.10% return over the past six months and a 65.45% return year-to-date, ranking first in its category [1] - The fund's latest net value is reported at 1.9920 yuan, reflecting a decrease of 0.75% [1] - The fund's top ten stock holdings account for a total of 68.66%, with notable investments in companies such as Heng Rui Pharmaceutical (9.90%) and Ke Lun Pharmaceutical (9.03%) [1] Group 2 - The Huatai Fuhua Medical Service Flexible Allocation Mixed A Fund was established on June 18, 2015, and as of June 30, 2025, it has a total scale of 2.915 billion yuan [1] - The fund manager, Zhang Wei, has a strong background in biomedical studies and extensive experience in the pharmaceutical sector, having held various positions in research and fund management [2]

百利天恒公告，2025年上半年营业收入1.71亿元，同比下降96.92%。归属于上市公司股东的净亏损 11.18亿元，上年同期净利润46.66亿元。 ...

Core Viewpoint - The FDA has granted Breakthrough Therapy Designation to izalontamab brengitecan (iza-bren) for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) patients who have progressed after EGFR-TKI and platinum-based chemotherapy, indicating significant clinical benefits over existing therapies [1][2]. Group 1: FDA Breakthrough Therapy Designation - The designation is based on clinical research data from multiple studies, including BL-B01D1-101, BL-B01D1-203, and BL-B01D1-LUNG-101 [2]. - This recognition validates the reliability of existing data and highlights the unmet clinical needs faced by patients after EGFR-TKI and platinum-based chemotherapy [2][4]. Group 2: Clinical Context and Market Need - NSCLC accounts for approximately 80% of all lung cancer cases and remains a leading cause of cancer-related deaths globally [3]. - In Western populations, 10% to 15% of NSCLC patients have EGFR mutations, while in Asian populations, this figure can be as high as 50% [3]. Group 3: Drug Development and Clinical Trials - Iza-bren is a globally innovative EGFR×HER3 dual antibody ADC that has entered Phase III clinical trials [4]. - The drug is currently involved in over 40 clinical trials across various tumor types in China and the U.S., with several Phase III trials ongoing for NSCLC, small cell lung cancer, breast cancer, and nasopharyngeal carcinoma [5].

以最新收盘价计算，科创板平均股价为36.42元，其中股价超100元的有53只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有221只，下跌的有360只，以收盘价为基准测算，科 创板平均股价为36.42元，其中，收盘价超过100元的有53只，股价在50元至100元之间的有155只，股价 在30元至50元的有155只。 科创板股中，收盘价最高的是寒武纪，今日报收933.98元，下跌1.69%，其次是茂莱光学、百利天恒 等，最新收盘价分别为377.27元、313.00元。 科创板百元股中，今日平均下跌0.51%，具体来看，今日上涨的有14只，涨幅居前的有芯原股份、影石 创新、中科蓝讯等。下跌的有39只，跌幅居前的有鼎通科技、泽璟制药、芯碁微装等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价380.17%，溢价幅度居前的有寒武纪、百 利天恒、热景生物等，溢价幅度分别为1350.50%、1167.21%、1143.70%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有23只、11 只、8只股票上榜。 | 688332 | 中科蓝讯 | 109.00 ...