导语：百利天恒未来3年资金缺口超48亿却延迟港股发售，"四川新首富"朱义的底气在哪？ 摘要： 1、市值飙升：百利天恒凭借与BMS达成的高额授权合作及在ADC领域的技术领先性，快速实现市值跃升，并具备全球化布局的潜力。 2、大客户依赖：公司高度依赖BMS里程碑收入"续命"，创新药尚未商业化，现金流承压，未来三年资金缺口仍超过48亿元。 3、现金流承压：全球商业化投入巨大、研发烧钱且不容中断，任何临床或融资环节出问题，都可能动摇其"入门级跨国药企"目标。 在港股正式挂牌前的第三个工作日叫停 IPO ，这样的剧情在药企里罕见，甚至在整个港股市场都极为少见。 而市值千亿的 四川百利天恒药业股份 有限公司 （简称 "百利天恒"， 688506.SH ）就 做了这件事，也难怪外界震惊。 近日，百利天恒决定 延迟原订于 11 月 17 日（星期一） H 股的全球发售及上市，而原因仅简单表示为" 鉴于现行市况 " 。 按此前计划，百利 天恒准备在香港联交所发售 863.43 万股股份，最高发售价 389 港元 / 股，募集资金约 33.59 亿港元。 延迟发售后，百利天恒表示将在 11 月 17 日退还申请款， 包销协议也随 ...

Group 1 - The report emphasizes the rapid development of China's innovative pharmaceuticals, highlighting that the number of clinical trials has reached a global leading position, with a significant increase in new drug approvals [3][5][7] - Chinese pharmaceutical companies are transitioning from a "fast follower" to an "innovation leader" model, actively engaging in cutting-edge fields such as ADC, bispecific antibodies, and mRNA vaccines, with a notable increase in the number of products in late-stage development [8][11][18] - The report identifies two main investment directions: the transformation of biotech companies into biopharma and the revaluation of traditional pharmaceutical companies during their innovation transition, suggesting specific companies to watch in both categories [3][4] Group 2 - China's integration into the global innovative drug value chain is deepening, with a growing number of global multi-center clinical trials led by Chinese companies, indicating a shift in the global drug development landscape [3][24] - The report notes that the contribution of Chinese companies to global clinical trials has significantly increased, with a projection of 1,903 innovative drug clinical trials registered in China by 2024 [7][24] - The report highlights the increasing competitiveness of Chinese companies in high-potential therapeutic areas, particularly in oncology, metabolic diseases, and autoimmune diseases, with substantial market shares in these segments [18][19] Group 3 - The report discusses the rising trend of BD (business development) transactions involving Chinese assets, with a notable increase in transaction amounts and numbers, indicating China's growing influence in the global pharmaceutical innovation landscape [33][44] - It highlights that the majority of license-out projects are now in early stages, reflecting the international interest in early-stage Chinese innovations, particularly in oncology and metabolic therapies [39][44] - The report points out that major multinational corporations (MNCs) are increasingly seeking next-generation blockbuster products from China to fill revenue gaps due to impending patent expirations [62][66]

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

投资要点 本周、年初至今A 股医药指数涨幅分别为3.3%、22.1%，相对沪深300的超额收益分别为4.4%、4.5%； 本周、年初至今恒生生物科技指数涨跌幅分别为7.0%、88.8%，相对于恒生科技指数跑赢7.4%、 58.7%；本周医药商业（+5.7%）、化学制药（+4.5%）、中药（+4.1%）、生物制品（+2.7%）、医疗 服务（+1.8%）、医疗器械（+1.8%）等涨幅较大；本周A 股涨幅居前金迪克（+62%）、人民同泰 （+61%）、诚达药业（+58%），跌幅居前*ST 长药（-34%）、振德医疗（-11%）、福瑞股份 （-8%）；本周H 股涨幅居前歌礼制药（+45%）、三叶草生物（+30%）、来凯医药（+28%），跌幅居 前永泰生物（-8%）、药捷安康（-8%）、君圣泰医药（-7%）。医药板块表现特点：本周医药反弹较 强。 百利天恒聚焦主要肿瘤类型的治疗需求，已系统性构建涵盖多种治疗方式的全球创新候选药物管线，搭 建了HIRE-ADC（抗体偶联药物）、GNC（T 细胞衔接器）、HIRE-ARC（抗体放射性核素偶联药药 物）三大平台。截至25 年11 月，公司创新药物管线中共自研布局 17 款临床 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 显著滞涨的潜在创新药 MNC 龙头，重点推荐 百利天恒等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 2024/11/18 2025/3/18 2025/7/16 2025/11/13 医药生物 沪深300 相关研究 《特色原料药触底积极变化，重点推 荐奥锐特、普洛药业等》 2025-11-09 2025 年 11 月 16 日 《2026 年医药生物行业策略》 2025-11-04 | 1. 本周及年初至今各医药股收益情况 | | | 4 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2. 百利天恒新药研发全景拆解 7 | | | | | | | | | | 2.1. 核心产品 持续读出亮眼数据，逐步展现 iza-bren | ...

Core Viewpoint - The company Baili Tianheng (688506.SH) has unexpectedly suspended its Hong Kong IPO just five days before the scheduled listing date due to unfavorable market conditions, despite significant investments in R&D and a strong pipeline of innovative drugs [1][2][4]. Group 1: IPO Suspension Reasons - The decision to pause the IPO is attributed to the current "breaking wave" in the Hong Kong new stock market, where three out of five newly listed stocks in November have already experienced a drop in share price on their first day [4][5]. - Baili Tianheng's initial plan was to issue 8.6343 million shares at a price range of HKD 347.50 to HKD 389.00, but the A-share closing price on the day of the IPO was HKD 370, indicating a potential overvaluation compared to other pharmaceutical companies [4][5]. - The company faced a lack of strong cornerstone investors, with only five investors committing to a total of HKD 249 million, which is only 7.81% of the total fundraising target, contrasting sharply with competitors like Heng Rui Medicine, which secured 43% from cornerstone investors [5][6]. Group 2: Financial Performance and Strategy - Baili Tianheng has invested heavily in R&D, spending CNY 17.72 billion in the first three quarters of 2025, a 90% increase year-on-year, which has led to a net loss of CNY 4.95 billion in the same period [9][10]. - The company recently secured a significant licensing deal with Bristol-Myers Squibb (BMS) for its ADC drug, which generated an upfront payment of USD 800 million and additional milestone payments, resulting in a projected revenue of CNY 58.23 billion for 2024, a staggering increase of 936.31% [9][10]. - The long-term goal of the company is to become an "entry-level multinational pharmaceutical company" by 2029, with the Hong Kong listing aimed at raising funds for global clinical trials and enhancing international visibility [10][12]. Group 3: Market Conditions and Future Outlook - The current market conditions are challenging for innovative drug companies, with investors becoming increasingly selective about unprofitable firms, which has led to a decline in institutional holdings in Baili Tianheng's A-shares [6][12]. - The company’s decision to delay the IPO is seen as a strategic move to avoid "selling itself short" in a down market, with the potential to return to the market when conditions improve [12][13].

Core Viewpoint - The surge in IPO applications from pharmaceutical companies in Hong Kong has created a competitive environment, leading to challenges in securing cornerstone investors and navigating the market dynamics [1][5]. Group 1: IPO Market Dynamics - The Hong Kong IPO market for healthcare has seen a significant recovery, with 23 companies successfully listed this year compared to only 8 last year [1]. - Over 40 healthcare companies have applied for IPOs this year, with 8 applications in just the first half of November [1]. - The competition among companies to attract suitable investors has intensified due to the increasing number of IPO applications [1][5]. Group 2: Specific Company Developments - Bai Li Tianheng's IPO was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [2][3]. - The company aimed to attract long-term value-focused investors rather than those interested in short-term gains [4]. - The IPO structure includes cornerstone placements, book-building placements, and public offerings, with cornerstone investors playing a crucial role in stabilizing the market perception of the IPO [4]. Group 3: Investor Behavior and Market Trends - Investors are currently more focused on new IPOs due to the significant gains seen in the secondary market this year, leading to a preference for new offerings over existing stocks [5]. - The participation of cornerstone investors has increased, with many successful IPOs this year having multiple cornerstone investors involved [7]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains high, with expectations for several companies to list in the first quarter of next year [8][9]. Group 4: Future Outlook - The healthcare sector is still attracting attention from both international and domestic investors, with a focus on high-quality investment targets [10]. - The pricing strategy for upcoming IPOs will be critical, as sufficient discounting is necessary to garner investor interest [10].

Core Viewpoint - The article discusses the surge in IPO applications from pharmaceutical companies in Hong Kong, highlighting the competitive landscape and the challenges faced by these companies in securing investors amid a crowded market [3][5][10]. Group 1: IPO Market Dynamics - As of November 14, 2023, 23 healthcare companies have successfully listed on the Hong Kong stock market this year, compared to only 8 in the same period last year [3]. - Over 40 healthcare companies have applied for IPOs in Hong Kong this year, with 8 applications submitted in just the first half of November [3]. - The increase in IPO applications has led to heightened competition among companies to attract suitable investors, resulting in a more complex negotiation landscape between companies and institutional investors [3][5]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's planned global offering was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [4][5]. - The company aimed to attract long-term value investors rather than those focused on short-term price fluctuations, indicating a strategic approach to its IPO [5][6]. - The IPO process involves cornerstone placements, book-building, and public offerings, with cornerstone investors playing a crucial role in validating the company's value [6]. Group 3: Market Sentiment and Trends - The pharmaceutical sector has seen significant stock price increases this year, leading investors to focus on new IPOs rather than existing stocks [7]. - The introduction of new IPO pricing mechanisms by the Hong Kong Stock Exchange has increased the participation of cornerstone investors in pharmaceutical IPOs [9]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains strong, with expectations of multiple companies going public in the first quarter of the following year [10][11]. Group 4: Investment Focus Areas - Certain sectors within the pharmaceutical industry, such as siRNA and ADC drugs, are attracting more attention from investors, indicating a trend towards specialized investment opportunities [11]. - The competition among major pharmaceutical companies for acquisitions, particularly in the GLP-1 drug space, has heightened interest in related IPOs [11]. - The article notes that while many IPOs are being pursued, the quality of the offerings and their pricing will be critical in attracting investor interest [13].

Core Insights - The healthcare innovation sector is showing positive momentum, with the China Securities Medicine and Medical Device Innovation Index (931484) rising by 0.31% as of November 14, 2025, and several key stocks, including Sanofi and Ganli Pharmaceutical, experiencing significant gains [1] Group 1: Market Performance - The China Securities Medicine and Medical Device Innovation Index has seen a 0.31% increase, with notable stock performances: Sanofi up 4.64%, Ganli Pharmaceutical up 3.28%, and Jiutian Pharmaceutical up 1.83% [1] - The Medical Innovation ETF (516820) has also risen by 0.26%, marking its third consecutive increase [1] Group 2: Clinical Developments - AstraZeneca announced successful Phase III clinical trials for Baxdrostat, which significantly reduced 24-hour average systolic blood pressure in patients with resistant hypertension over 12 weeks, indicating a new treatment pathway for hypertension [1] Group 3: Industry Trends - According to Dongfang Caifu Securities, the pharmaceutical industry showed improvement in Q3 2025, with the medical device sector experiencing a turning point, achieving positive year-on-year revenue growth and a notable narrowing of net profit declines [1] - The CXO sector performed exceptionally well in the first three quarters of 2025, with medical R&D outsourcing revenue increasing by 12.2% and net profit rising by 56.8%, particularly in ADC CDMO and peptide CDMO fields [2] - The index reflects the performance of 30 profitable and growth-oriented companies in the pharmaceutical and medical device sectors, with the top ten stocks accounting for 64.12% of the index [2]

Core Viewpoint - Bailitianheng's IPO plan in Hong Kong has been unexpectedly delayed just five days before its scheduled listing, despite strong investor interest and significant oversubscription [2][3]. Group 1: IPO Details - The company announced the delay of its IPO originally set for November 17, with the public offering phase having taken place from November 7 to 12, and the pricing expected to be announced by November 14 [3]. - The IPO was supported by major underwriters including Goldman Sachs, JPMorgan, and CITIC Securities, with plans to issue 8.6343 million H-shares [3]. - The company had attracted cornerstone investors such as Bristol-Myers Squibb and several prominent funds, collectively subscribing for shares worth $32 million [3]. Group 2: Previous Attempts and Challenges - This marks Bailitianheng's third attempt to list on the Hong Kong Stock Exchange, with previous applications failing due to not completing the listing process within the required timeframe [4]. - The company initially announced its intention to go public on June 21, 2024, and submitted its application on July 10, 2024, successfully passing the hearing on October 21, 2024 [4]. Group 3: Market Speculations and Company Response - Speculations regarding the delay include potential issues with international placements, internal disagreements on pricing, and the absence of a greenshoe option [5]. - The company stated that the delay would not impact its current operations and remains committed to business development, although it acknowledged that the postponement could negatively affect its funding arrangements [5]. Group 4: Financial Situation and Funding Needs - Despite a significant partnership with Bristol-Myers Squibb, which included an upfront payment of $800 million and potential total deal value of $8.4 billion, the company faces substantial financial pressure [6]. - For the first half of the year, the company reported revenue of 171 million yuan and a net loss of 1.176 billion yuan, primarily due to high R&D expenditures [6]. - R&D expenses have surged from 181 million yuan in 2019 to 1.443 billion yuan in 2024, with a 90.23% year-on-year increase in the first three quarters of this year [6][7]. Group 5: R&D Pipeline and Future Prospects - Bailitianheng has a robust R&D pipeline with 15 innovative drugs in clinical trials and 2 in the IND acceptance stage, including 3 in Phase III trials [7]. - The company has launched a fundraising plan of 3.764 billion yuan to support its R&D efforts, successfully attracting participation from 18 institutions [7]. - As of the third quarter, the company had cash reserves of 6.058 billion yuan, but ongoing high R&D costs may challenge its long-term financial sustainability [7].