Core Viewpoint - The company reported significant growth in revenue and net profit for Q3 2025, primarily driven by successful collaboration with BMS and milestone achievements in clinical trials [1] Financial Performance - The company's revenue for Q3 2025 reached RMB 1.895 billion, representing a year-on-year increase of 1,625.08% [1] - The net profit attributable to shareholders was RMB 623 million, while the net profit excluding non-recurring gains and losses was RMB 601 million [1] - Basic earnings per share stood at RMB 1.55 [1] Key Drivers of Growth - Revenue growth was mainly attributed to the successful advancement of the collaboration with BMS [1] - The achievement of a milestone in the global II/III phase key registration clinical trial IZABRIGHT-Breast01 on September 30, 2025, triggered the recognition of the first payment of USD 250 million under the collaboration agreement [1]

格隆汇10月26日丨百利天恒(688506.SH)公布2025 年第三季度报告，2025年7-9月，公司营业收入为人民 币18.95亿元，同比增长1,625.08%，归属于上市公司股东的净利润为人民币6.23亿元，归属于上市公司 股东的扣除非经常性损益的净利润为人民币6.01亿元，基本每股收益为人民币1.55元年 。 公告显示，营收增长主要系公司与 BMS 合作的顺利推进，全球II/III 期关键注册临床试验 IZABRIGHT- Breast01 里程碑于2025 年 9 月 30 日的达成，所触发合作协议项下第一笔2.5亿美元近期或有付款于本期 确认收入所致。 来源：格隆汇APP ...

公告显示，营收增长主要系公司与 BMS 合作的顺利推进，全球II/III 期关键注册临床试验 IZABRIGHT- Breast01 里程碑于2025 年 9 月 30 日的达成，所触发合作协议项下第一笔2.5亿美元近期或有付款于本期 确认收入所致。 来源：格隆汇APP 格隆汇10月26日丨百利天恒(688506.SH)公布2025 年第三季度报告，2025年7-9月，公司营业收入为人民 币18.95亿元，同比增长1,625.08%，归属于上市公司股东的净利润为人民币6.23亿元，归属于上市公司 股东的扣除非经常性损益的净利润为人民币6.01亿元，基本每股收益为人民币1.55元年 。 ...

智通财经APP讯，百利天恒(688506.SH)披露2025年第三季度报告，公司前三季度实现营收20.66亿元， 同比下降63.52%;归母净利润亏损4.95亿元;扣非净利润亏损5.75亿元;基本每股收益-1.23元。 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,894,697,656.12, representing a year-on-year increase of 1,625.08%[3] - The total profit for the period was ¥942,318,826.09, with a year-to-date decrease of 104.27% to -¥185,591,676.66[3] - Net profit attributable to shareholders was ¥623,436,299.08, reflecting a year-to-date decrease of 112.16%[3] - The basic and diluted earnings per share were both ¥1.55, a decrease of 112.13% compared to the previous year[3] - Total revenue for the first three quarters of 2025 was CNY 2,065,895,265.44, a decrease from CNY 5,662,560,246.21 in the same period of 2024, representing a decline of approximately 63.5%[18] - Net profit for the first three quarters of 2025 was a loss of CNY 494,515,911.29, compared to a profit of CNY 4,065,367,515.10 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was a loss of CNY 185,151,076.77, down from a profit of CNY 4,349,785,140.92 in 2024[19] - The total comprehensive income attributable to the parent company for the current period is -490,119,390.74 CNY, compared to 4,080,957,866.61 CNY in the previous period[20] - Basic and diluted earnings per share for the current period are both -1.23 CNY, down from 10.14 CNY in the previous period[20] Cash Flow and Liquidity - The net cash flow from operating activities was -¥758,580,044.73, a decline of 142.10% compared to the previous year[3] - Net cash flow from operating activities for the first three quarters of 2025 is -1,892,401,585.71 CNY, compared to 4,494,488,783.12 CNY in the same period of 2024[22] - Cash inflow from operating activities totaled 455,390,621.58 CNY, significantly lower than 6,151,840,374.07 CNY in the previous year[21] - Total cash outflow from operating activities reached 2,347,792,207.29 CNY, compared to 1,657,351,590.95 CNY in the previous year[22] - Cash flow from investing activities resulted in a net outflow of -970,082,886.83 CNY, compared to -698,285,222.01 CNY in the previous year[22] - Cash inflow from financing activities amounted to 5,984,837,989.09 CNY, a significant increase from 1,128,930,000.00 CNY in the previous year[22] - The net increase in cash and cash equivalents for the current period is 2,338,272,370.36 CNY, compared to 4,530,884,664.35 CNY in the previous year[22] - The ending balance of cash and cash equivalents is 5,546,270,654.08 CNY, up from 4,922,577,373.88 CNY in the previous year[22] - The company has a significant cash position with 6,085,691,597.59 RMB in cash and cash equivalents as of September 30, 2025, compared to 3,220,120,969.20 RMB at the end of 2024, indicating a growth of approximately 89.5%[13] Assets and Liabilities - Total assets at the end of the period amounted to ¥12,319,212,489.52, an increase of 72.60% from the previous year[4] - Total assets increased to CNY 12,319,212,489.52 from CNY 7,137,357,660.07, reflecting a growth of about 72.9%[16] - Total liabilities rose to CNY 5,148,319,132.79 from CNY 3,251,432,880.03, an increase of approximately 58.2%[15] - Cash and cash equivalents in current assets totaled CNY 11,359,543,556.79, up from CNY 6,307,204,588.11, indicating a growth of approximately 80.5%[16] - Long-term borrowings increased significantly to CNY 2,810,090,000.00 from CNY 1,189,430,000.00, marking an increase of about 136.2%[15] Research and Development - Research and development expenses totaled ¥733,745,772.26 for the quarter, an increase of 89.51% year-on-year[4] - The ratio of R&D expenses to operating revenue was 38.73%, a decrease of 313.78 percentage points[4] - Research and development expenses surged to CNY 1,772,382,298.36, compared to CNY 931,701,202.14 in the previous year, indicating an increase of approximately 90.5%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,979[9] - The largest shareholder, Zhu Yi, holds 298,159,400 shares, representing 72.22% of the total shares[9] - The total number of shares held by the top 10 shareholders accounts for a significant portion of the company's equity, with the top shareholder alone holding over 72%[9] - The company has not reported any changes in the participation of major shareholders in margin financing or securities lending activities[10] Strategic Partnerships and Future Outlook - The company confirmed a significant milestone in its collaboration with BMS, leading to a recognition of a recent payment of $250 million in revenue[7] - The company is on track to achieve a milestone payment of 250 million USD from its collaboration with BMS by September 30, 2025[11] - The company has engaged in strategic partnerships to enhance its product pipeline and market reach[11] - The company is focused on expanding its market presence and developing new technologies to drive future growth[11]

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 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 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，对百利天恒拟使用募集资金置换预先投入募投项目及已支付发行费用的自筹 资金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 ...

四川百利天恒药业股份有限公司 募集资金置换专项鉴证报告 信会师报字[2025]第 ZA15114 号 四川百利天恒药业股份有限公司 募集资金置换专项鉴证报告 四川百利天恒药业股份有限公司全体股东： 我们接受委托，对后附的四川百利天恒药业股份有限公司（以下 简称"贵公司"）管理层编制的截至 2025 年 10 月 10 日的《四川百 利天恒药业股份有限公司使用募集资金置换预先投入募投项目及已 支付发行费用的自筹资金的专项说明》（以下简称"专项说明"）进 行鉴证。 一、管理层的责任 贵公司管理层的责任是按照中国证券监督管理委员会《上市公司 募集资金监管规则》（证监会公告[2025]10 号）、《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》的规定编制专项 说明，并保证其内容真实、准确、完整，不存在虚假记录、误导性陈 述或重大遗漏。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对贵公司管理层编制的 上述专项说明发表独立的鉴证意见。 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第 3101 号-历史财 务信息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准则 要求我们计划 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-079 四川百利天恒药业股份有限公司 关于使用募集资金置换预先投入募投项目及已支付 发行费用的自筹资金的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 四川百利天恒药业股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开了第五届董事会第二次会议和第五届董事会审计委员会 2025 年第二次会 议，审议通过了《关于使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的议案》，同意公司使用募集资金人民币 26,878.44 万元用于置换预先投 入募投项目的自筹资金，人民币 72.99 万元（不含税）用于置换已支付发行费用 的自筹资金。本次募集资金置换的时间距募集资金到账时间未超过 6 个月，符合 《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、规范性文件的规定。公司保荐人中信证券 股份有限公司（以下简称"保荐人"）对本事项出具了明确的核查意见，立信会 计 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market in the next six months [30]. Core Insights - The pharmaceutical sector saw a weekly increase of 0.6%, while the Shanghai Composite Index rose by 2.9% during the same period. The pharmaceutical index ranked 25th among 31 sub-industries [3][5]. - Notable collaborations include a strategic partnership between Innovent Biologics and Takeda Pharmaceutical, valued at up to $11.4 billion, which includes an upfront payment of $1.2 billion [4][13]. - Key clinical trial results presented at the 2025 ESMO conference highlighted significant advancements in cancer treatments, with several companies reporting promising outcomes in their respective studies [4][14][17]. Market Performance - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 primary industries [7][5]. - Various sub-sectors showed mixed performance, with medical devices and medical consumables performing relatively well, while traditional Chinese medicine and chemical preparations faced declines [7][5]. Key Events - The report notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a year-on-year growth of 1.3% [19][21]. - Significant clinical trial results from companies like Kintor Pharmaceutical and Zai Lab were highlighted, showcasing their innovative approaches to cancer treatment [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug companies and those with improving performance in medical devices and CXO sectors, listing companies such as Hengrui Medicine, Changchun High-tech, and Mindray Medical as key investment targets [4][19].