转自：新华财经 新华财经北京5月25日电（记者沈寅飞）日前，2024年度"中联上市公司价值100"（以下简称"中联百 强"）榜单出炉。该榜单由中联企业管理集团有关专家组成的上市公司业绩评价课题组推出，至今已是 连续第24年发布。同期还首次发布了"中国人工智能产业分析报告""数据资产上市公司分析报告"及有关 民营上市公司的分析评价等。 据介绍，此次榜单凸显"先进制造与AI创新赋能新质生产力""民营企业高质量发展""培育壮大新型消 费"等亮点。从综合评价来看， 云铝股份以综合得分91.59获得第一，华利集团、北新建材、中远海控等 上市公司紧随其后。 2024年度中联百强中，制造业以67家上市公司持续保持领先，其中先进科技制造企业明显增多，集中在 新能源、半导体与AI硬件、电子制造、创新药与医疗器械等领域，形成一批高增长潜力股。如在新能 源领域，以比亚迪、赛力斯为代表的电动车企和以阳光电源、德业股份为代表的光伏与储能企业实现快 速增长，并达到中国品牌出海新高度。在创新药与医疗领域，百利天恒首款国产SL-B01D1 （EGFR/HER3双抗）进入临床III期，惠泰医疗等上市公司加快医疗设备国产替代进程。在电子制造、 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 399.56 CNY [4][7]. Core Views - The report highlights the potential of the company's EGFR×HER3 bispecific antibody ADC in the overseas market, especially due to its collaboration with BMS, which is expected to drive significant sales growth [1][2]. - The company has established a strong pipeline in ADC and bispecific antibody fields, with multiple innovative products entering clinical stages, indicating promising future developments [1][3]. Summary by Sections Company Overview - The company is positioned as an innovative drug development enterprise with a global perspective, focusing on ADC and bispecific antibody platforms. It has 15 candidate drugs in clinical stages and over 80 clinical trials globally [12]. Core Product - The core product, BL-B01D1, is the world's first EGFR×HER3 bispecific antibody ADC, currently in collaboration with BMS. The product has shown excellent clinical data and is in advanced clinical trials both domestically and internationally [2][3]. ADC Pipeline - The company has eight ADC drugs in clinical development, including BL-M07D1, which is in phase 3 trials. New generation linker-payload drugs BL-B16D1 and BL-M17D1 have also entered clinical stages [3][21]. Financial Projections - Revenue is expected to improve significantly from 2024 onwards, primarily due to the collaboration with BMS, which includes an upfront payment of 800 million USD and potential milestone payments [21][31]. - The company has faced losses in recent years due to heavy investments in R&D, but profitability is anticipated to improve as core products progress towards commercialization [21][22]. R&D Investment - R&D expenses have increased significantly, reaching 744 million CNY in 2023, with a projected 1.443 billion CNY in 2024, reflecting the company's commitment to advancing its clinical pipeline [27][28]. Management Team - The management team comprises experienced professionals from various fields, providing strong leadership and expertise in drug development and commercialization [15][16]. Market Position - The company has a concentrated ownership structure, with the top ten shareholders holding 88.36% of the shares, indicating strong control by core stakeholders [18][19]. Clinical Development Strategy - The company is actively pursuing overseas development through collaborations with multinational corporations and its subsidiary SystImmune, enhancing its global reach [31][32].

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) continues to play a crucial role in supporting technological innovation in China amid a complex economic environment in 2024, focusing on high-quality development in key industries such as integrated circuits, artificial intelligence, innovative pharmaceuticals, and advanced manufacturing [1] Group 1: Company Performance - In 2024, STAR Market companies achieved a total operating revenue of 1,422.17 billion yuan, a year-on-year increase of 0.24%, with nearly 70% of companies reporting revenue growth [2] - The net profit for the year reached 47.52 billion yuan, with 50% of companies experiencing profit growth, and 32 companies turning losses into profits [2] - Private enterprises, which account for over 80% of STAR Market companies, showed resilience and vitality, with 154 companies doubling their revenue post-listing and 70 companies achieving doubled or turned profitable net income [2] Group 2: Innovation and R&D - STAR Market companies increased their R&D investment, with total R&D expenditure reaching 168.08 billion yuan in 2024, exceeding net profit by 2.5 times, and a year-on-year growth of 6.4% [7] - The median R&D intensity among STAR Market companies was 12.6%, leading all A-share sectors, with 107 companies maintaining an R&D intensity above 20% for three consecutive years [7] - A total of 20 companies listed under the fifth set of standards have made significant progress, with 18 achieving core product launches and 16 companies reporting revenues exceeding 100 million yuan [3] Group 3: Market Reforms and Financing - Recent capital market reforms, including the "STAR Market Eight Articles" and "Merger and Acquisition Six Articles," have enhanced the adaptability and inclusiveness of the STAR Market, facilitating high-quality industrial integration [4] - The STAR Market has seen 100 new industry mergers and acquisitions since June 2024, with disclosed transaction amounts exceeding 24.7 billion yuan [4] - Eight companies have disclosed refinancing plans under the new "light asset, high R&D investment" criteria, with a total financing scale exceeding 17.5 billion yuan [5] Group 4: International Expansion and Competitiveness - Over 80% of STAR Market companies focus on core products aimed at import substitution and self-control, with over 380 companies achieving international advanced levels in their products or technologies [8] - In 2024, STAR Market companies reported total overseas revenue of 430.36 billion yuan, a year-on-year increase of 6.1%, with 173 companies experiencing over 30% growth in overseas revenue [8] - High-margin products are increasingly penetrating global markets, with the median gross margin for overseas sales reaching 40.8% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its R&D investment and has initiated its first overseas registration clinical trial for its core product BL-B01D1 [7] - The company reported a significant decline in revenue and profit for Q1 2025, primarily due to the absence of large intellectual property licensing income that was recognized in the same period last year [7] - BL-B01D1 has over 40 ongoing clinical studies, with several in Phase III trials, indicating strong potential for becoming a standard treatment for various cancers [7] - The company forecasts revenues of 2.018 billion for 2025, with growth expected in subsequent years, reflecting the potential of its innovative products [7] Financial Summary - Total revenue for 2023 is projected at 561.87 million, with a significant increase to 5,822.72 million in 2024, followed by a decrease to 2,018 million in 2025 [1] - The net profit attributable to the parent company is expected to be a loss of 780.50 million in 2023, with a recovery to a profit of 3,707.51 million in 2024, followed by further losses in the subsequent years [1] - The latest diluted EPS is projected to be (1.95) in 2023, improving to 9.25 in 2024, but declining again in the following years [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its R&D investment and has initiated its first overseas registration clinical trial for its core product BL-B01D1 [7] - The company reported a significant decline in Q1 2025 revenue and net profit due to the absence of large intellectual property licensing income, which was present in the same period last year [7] - BL-B01D1 has over 40 ongoing clinical studies, with several in advanced stages, indicating strong potential for future growth and market entry [7] - The company forecasts revenues of 2.018 billion for 2025, with projections of 2.035 billion and 2.541 billion for 2026 and 2027 respectively, reflecting a strong growth trajectory [7] Financial Summary - Total revenue for 2023 is projected at 561.87 million, with a significant increase to 5,822.72 million in 2024, followed by a decrease to 2,018.00 million in 2025 [1] - The net profit attributable to the parent company is expected to be a loss of 780.50 million in 2023, with a recovery to a profit of 3,707.51 million in 2024, followed by further losses in subsequent years [1] - The latest diluted EPS is projected to be (1.95) in 2023, improving to 9.25 in 2024, and then declining to (1.34) in 2025 [1] - The company’s market capitalization is approximately 114.72 billion, with a circulating A-share market value of about 29.44 billion [5]

证券代码：688506 证券简称：百利天恒 公告编号：2025-037 四川百利天恒药业股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 本次股东大会由公司董事会召集，会议由公司半数以上的董事共同推举的董 事张苏娅女士主持。会议采用现场投票和网络投票相结合的表决方式。本次股东 大会的召集和召开程序、出席会议人员的资格和召集人资格、会议的表决程序和 表决结果均符合《公司法》及《公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 30 日 （二） 股东大会召开的地点：成都市高新区高新国际广场 B 座 10 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 241 | | --- | --- | | 普通股股东人数 | 241 | | 2、出席会议的股东所持 ...

成都高新区交子大道 233 号 中海国际中心 C 座 28 层 邮编：610041 电话：（86-28）6739-8000 传真：（86-28）6739-8001 junhecd@junhe.com 北京君合（成都）律师事务所 关于四川百利天恒药业股份有限公司 2024 年年度股东大会的法律意见书 致：四川百利天恒药业股份有限公司 2. 根据《股东大会通知》，本次股东大会采取现场投票与网络投票相结合的 方式召开。 本次股东大会现场会议于 2025 年 4 月 30 日 14:30 时在成都市高新区高新国 际广场 B 座 10 楼会议室召开。董事长因其他工作安排未能现场出席本次股东大 会，根据《公司法》《股东会规则》及《公司章程》的规定，由贵公司半数以 上的董事共同推举的董事张苏娅女士主持。 北京君合（成都）律师事务所（以下简称"本所"）受四川百利天恒药业 股份有限公司（以下简称"贵公司"）的委托，根据《中华人民共和国公司法》 （以下简称《公司法》）、《上市公司股东会规则》（以下简称《股东会规 则》）等中华人民共和国现行有效的有关法律、行政法规、部门规章、规范性 文件（以下合称"法律法规"，仅为本法律意见书法律 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-036 四川百利天恒药业股份有限公司 关于参加 2024 年度科创板创新药行业集体业绩说明会暨 召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 4 月 30 日(星期三)至 5 月 7 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过四川百利天恒药业股份 有限公司（以下简称"公司"）邮箱 ir@baili-pharm.com 进行提问，公司将在说 明会上对投资者普遍关注的问题进行回答。 （一） 会议召开时间：2025 年 5 月 8 日（星期四）15:00-17:00 公司已于 2025 年 3 月 29 日在上海证券交易所网站（www.sse.com.cn）披露 公司 2024 年年度报告，并于 2025 年 4 月 30 日披露 2025 年第一季度报告，为便 于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度的经营成 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥67,439,982.29, a decrease of 98.77% compared to ¥5,462,123,134.28 in the same period last year[4] - The net profit attributable to shareholders was -¥531,435,850.51, representing a decline of 110.62% from ¥5,005,155,365.45 year-on-year[4] - Basic and diluted earnings per share were both -¥1.33, down 110.66% from ¥12.48 in the previous year[4] - The company reported a significant decrease in net profit due to a sharp decline in operating revenue and an increase in R&D expenses[7] - The net loss for Q1 2025 was CNY 531,435,850.51, a stark contrast to a net profit of CNY 5,005,155,365.45 in Q1 2024[19] - The company reported a total comprehensive loss of CNY -530,297,772.33 in Q1 2025, compared to a comprehensive income of CNY 5,003,708,460.37 in Q1 2024[20] Research and Development - Research and development expenses totaled ¥494,913,002.18, an increase of 98.95% compared to ¥248,767,838.91 in the previous year[5] - The ratio of R&D expenses to operating revenue surged to 733.86%, up by 729.31 percentage points from 4.55% in the previous year[5] - The company aims to accelerate the R&D progress of its product pipeline to maintain its competitive advantage and expedite product launches[7] - The company is focusing on expanding its R&D efforts, as indicated by the substantial increase in R&D expenses[19] Cash Flow and Liquidity - The net cash flow from operating activities was -¥489,838,426.73, a decline of 109.11% from ¥5,378,961,733.25 in the same period last year[4] - Total cash inflow from operating activities in Q1 2025 was 183,689,270.20, down from 5,829,179,801.63 in Q1 2024[22] - Cash outflow from operating activities increased to 673,527,696.93 in Q1 2025, compared to 450,218,068.38 in Q1 2024[23] - Cash flow from investing activities showed a net inflow of 209,854,280.88 in Q1 2025, contrasting with a net outflow of -9,184,007.40 in Q1 2024[23] - Cash inflow from financing activities rose to 1,010,000,000.00 in Q1 2025, compared to 100,000,000.00 in Q1 2024[23] - The net cash flow from financing activities was 738,974,554.43 in Q1 2025, up from 54,781,142.67 in Q1 2024[23] - The ending cash and cash equivalents balance for Q1 2025 was 3,661,101,912.06, compared to 5,811,813,000.70 in Q1 2024[24] - The company received 10,042,314.81 in tax refunds in Q1 2025, an increase from 3,423,343.57 in Q1 2024[22] - The company paid 201,852,112.05 in employee compensation in Q1 2025, compared to 113,533,587.71 in Q1 2024[23] - The cash outflow for other operating activities was 386,816,933.38 in Q1 2025, compared to 279,735,605.89 in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,439,191,804.86, an increase of 4.23% from ¥7,137,357,660.07 at the end of the previous year[5] - Total liabilities increased to CNY 4,067,763,407.83 in Q1 2025 from CNY 3,251,432,880.03 in Q1 2024, marking an increase of approximately 25%[15] - The company's total equity decreased to CNY 3,371,428,397.03 in Q1 2025 from CNY 3,885,924,780.04 in Q1 2024, reflecting a decline of about 13%[15] - Shareholders' equity attributable to shareholders decreased by 13.24% to ¥3,371,428,397.03 from ¥3,885,924,780.04 at the end of the previous year[5] - The total current assets as of March 31, 2025, amounted to ¥6,568,169,083.49, an increase from ¥6,307,204,588.11 as of December 31, 2024, representing a growth of approximately 4.14%[12] - Cash and cash equivalents increased to ¥3,667,937,163.82 from ¥3,220,120,969.20, reflecting a rise of about 13.9%[12] - Inventory levels rose to ¥192,941,670.97 from ¥162,191,590.25, indicating an increase of approximately 18.98%[13] - The company's long-term assets totaled ¥871,022,721.37, up from ¥830,153,071.96, which is an increase of about 4.2%[13] - Accounts receivable decreased to ¥80,167,866.70 from ¥106,715,664.97, showing a decline of approximately 25%[13] - The company reported a significant increase in prepayments, which rose to ¥97,392,571.25 from ¥81,590,484.92, reflecting a growth of about 19.4%[13] Shareholder Information - There were no changes in the top 10 shareholders or their shareholding status due to margin trading activities[11] - The company has not identified any related party transactions among its major shareholders[11] - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[12]

Group 1 - The company's operating revenue for the first quarter of 2025 is 67.44 million, representing a year-on-year decline of 98.77% [1] - The company reported a net loss of 531 million, compared to a net profit of 5.005 billion in the same period last year [1]