近日，第一财经"上海药圈新拐点"系列独家专访了百利天恒创始人朱义。他如何回应外界的掌声和质 疑？要成为一家从中国崛起的入门级跨国药企，百利天恒还有多少路要走？这家诞生于四川的企业，未 来将如何在上海开启它的崭新布局？我们将与之深度对话。 两年股价涨13倍、科创板首富标签，加上超级出海大单和全球首创的"抗癌神药"，这一切将百利天恒推 向了今年资本市场的聚光灯下。有人说，这是一场关于创新药的豪赌，也有人认为，这是中国生物医药 产业的破局范本。 ...

Core Viewpoint - The global offering of Bailitianheng (2615.HK) has been delayed due to current market conditions, and the company will not proceed with the international underwriting agreement or unconditional public offering agreement [1] Group 1: Offering Details - Bailitianheng's public offering was initially scheduled from November 7 to November 12, with a planned listing on November 17 [1] - The company announced that application funds will be refunded on November 17, following the decision to delay the global offering [1] Group 2: Subscription and Demand - As of the morning of November 12, the estimated margin for Bailitianheng was approximately HKD 6.33 billion, indicating an oversubscription of about 17.8 times based on the public offering amount of HKD 336 million [1] Group 3: Business Impact - The company stated that the decision to delay the global offering does not affect its current business operations, and it remains committed to developing and expanding its business [1] - Bailitianheng and its overall coordinators are carefully assessing the timeline for the global offering and listing [1]

Core Viewpoint - The global offering of Bailitianheng (02615.HK) has been delayed due to current market conditions, and the company will not proceed with the initial public offering as planned [1] Group 1: Offering Details - Bailitianheng's public offering was initially scheduled from November 7 to 12, with a listing date of November 17 [1] - The company announced that the international underwriting agreement will not be established, and the public offering underwriting agreement will not become unconditional [1] - As of today, the estimated margin for Bailitianheng is approximately HKD 6.33 billion, with the public portion raising HKD 336 million, resulting in an oversubscription of about 17.8 times [1] Group 2: Business Impact - The decision to delay the global offering does not affect the company's current business operations, and the company remains committed to developing and expanding its business [1] - The company and its overall coordinators are carefully evaluating the updated timeline for the global offering and listing [1]

Core Insights - A-shares core assets showed strong performance, leading the Shanghai Composite Index to turn positive in early trading on November 12 [1] - Key sectors such as oil and gas extraction, insurance, banking, medical devices, and innovative pharmaceuticals saw significant gains [1] Market Performance - The CSI A500 Index experienced fluctuations in early trading, with the A500 ETF from E Fund (159361) recording a trading volume exceeding 1.7 billion yuan within the first hour, indicating increased activity compared to the previous day [1] - Leading stocks included Enjie Co., Ltd., XW Communications, and China Aluminum, contributing to the index's performance [1] Sector Analysis - The innovative pharmaceutical ETF from E Fund (516080) also saw a rise of over 1.7% in early trading, driven by strong performances from stocks like Baillie Tianheng, Zai Lab, and BeiGene [1] - Despite market adjustments, the Shanghai Composite Index remained above 4000 points, suggesting that the adjustments are within a healthy range [1] Investment Strategy - Analysts suggest that the frequent switching of market styles has increased operational difficulty for investors, recommending a focus on the A500 Index for a balanced investment approach [1] - The CSI A500 Index consists of 500 stocks with large market capitalization and good liquidity, optimizing industry balance and covering most of the CSI's tertiary industries [1] Cost Efficiency - The management fee for the A500 ETF from E Fund (159361) is only 0.15% per year, providing a low-cost option for investors to gain exposure to core A-share assets [1]

Group 1 - The core viewpoint of the articles highlights a strong performance in the innovative drug sector, with the Medical Innovation ETF (516820.SH) rising by 1.06% and key stocks like Sangfor Technologies (688336) and Baillie Gifford (688506) showing significant gains [1] - Over the past week, the Medical Innovation ETF has seen continuous net inflows, with a peak single-day net inflow of 44.28 million yuan, totaling 78.69 million yuan and an average daily net inflow of 11.24 million yuan [1] - Recent negotiations for the 2025 National Basic Medical Insurance Drug List and commercial insurance innovative drug pricing have been completed, with 120 domestic and foreign companies participating [1] Group 2 - The recent trend in innovative drug business development (BD) is accelerating, with overseas Phase III clinical trials progressing quickly, leading to a recovery in sentiment within the innovative drug sector [1] - The industry is witnessing a positive trend in investment and financing data, orders, and performance, indicating a recovery in the innovative drug supply chain [1] - The expectation of a rate cut in the U.S. is anticipated to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2]

Core Insights - On November 11, brokerages issued target prices for listed companies a total of 21 times, with notable increases in target prices for Century Huatong, ZTE Corporation, and Zhuhai Smelter Group, showing increases of 50.48%, 47.02%, and 34.74% respectively, across the gaming, communication equipment, and industrial metals sectors [1][2]. Target Price Increases - Century Huatong received a target price of 26.50 yuan, reflecting a target price increase of 50.48% [2]. - ZTE Corporation's target price was set at 60.13 yuan, indicating a 47.02% increase [2]. - Zhuhai Smelter Group's target price reached 20.40 yuan, with a 34.74% increase [2]. - Other companies with significant target price increases include Jinlei Co. (30.79%), Changan Automobile (30.29%), and Sanhua Intelligent Control (29.84%) [2]. Brokerage Recommendations - The top companies recommended by brokerages on November 11 include Zhonglian Heavy Industry, Xinbao Co., and Sany Heavy Industry, each receiving two brokerage ratings [3]. - Zhonglian Heavy Industry had a closing price of 8.44 yuan, while Xinbao Co. closed at 15.30 yuan, and Sany Heavy Industry at 20.91 yuan [3]. Rating Adjustments - Nanjing Steel Group's rating was upgraded from "Hold" to "Buy" by Zhongtai Securities on November 11 [4]. - A total of 14 companies received first-time coverage from brokerages, with Zhejiang Energy Power rated "Hold" and Zhonggu Logistics rated "Hold" as well [5]. Newly Covered Companies - Newly covered companies include Zhejiang Energy Power (rated "Hold"), Zhonggu Logistics (rated "Hold"), and Longxin General (rated "Outperform") [5]. - Other companies receiving first-time ratings include Yifeng Pharmacy (rated "Outperform") and Haier Smart Home (rated "Buy") [5].

Core Viewpoint - The Hong Kong Stock Exchange welcomes another "A+H" biopharmaceutical company, Baillie Tianheng, which has launched its IPO with a price range of HKD 347.50 to HKD 389.00, despite facing significant financial challenges and a lack of sustainable revenue sources [2][4]. Financial Performance - In 2024, Baillie Tianheng is projected to generate revenue of CNY 58.23 billion and a net profit of CNY 37.08 billion, largely due to an $800 million upfront payment from a partnership with Bristol-Myers Squibb (BMS) [2]. - However, in the first half of 2025, the company's revenue is expected to plummet to CNY 1.71 billion, a staggering decline of 96.92% year-on-year, with a net loss of CNY 11.18 billion [2]. - The company's R&D expenses reached CNY 10.39 billion in the first half of 2025, a 90.74% increase, amounting to approximately six times its revenue during the same period [2]. Product Pipeline - Baillie Tianheng's core product, iza-bren, is the world's first EGFR×HER3 dual-targeted ADC drug and the only one in Phase III clinical development, with a total licensing agreement worth up to $8.4 billion with BMS [4]. - Clinical data presented at the 2025 European Society for Medical Oncology meeting showed an overall objective response rate of 55% in patients with advanced heavily pre-treated solid tumors, indicating its potential as a broad-spectrum drug [5]. - Another promising drug, T-Bren, demonstrated an objective response rate of 82.2% in HER2-positive breast cancer patients, with a median progression-free survival of 18 months, showcasing better therapeutic potential compared to its competitor [6]. Market Dynamics - The IPO has attracted five cornerstone investors, including BMS and Athos Capital, who collectively subscribed to approximately HKD 248 million worth of shares, representing 7.8% of the offering [7]. - The absence of a greenshoe option in the IPO raises concerns about price stability post-listing, especially given the recent underperformance of A+H shares in the biopharmaceutical sector [8]. - The high entry cost of HKD 39,292.31 for retail investors may deter participation, suggesting a cautious approach for those less familiar with the biopharmaceutical industry [8].

Core Viewpoint - The recent IPO of BaiLi Tianheng in the Hong Kong market is expected to fill a gap in the ADC drug sector, driven by technological advancements, surging demand, and supportive policies [1][2]. Group 1: IPO Details - BaiLi Tianheng plans to launch its H-share global public offering with a base issuance of 8,634,300 shares, including 863,500 shares for public sale in Hong Kong [1]. - The price range for the shares is set between 347.50 HKD and 389.00 HKD, with trading expected to commence on November 17 [1]. - The H-shares are eligible for inclusion in the Stock Connect program on the listing date [1]. Group 2: Strategic Partnerships and Market Position - The IPO has attracted significant interest from major investors, including Goldman Sachs, JPMorgan, and notable cornerstone investors like Bristol-Myers Squibb (BMS) [2][3]. - BaiLi Tianheng's strong market position is attributed to its robust ADC drug development, independent global clinical capabilities, and innovative commercialization strategies [2]. - The partnership with BMS involves a groundbreaking deal worth 8.4 billion USD for the ADC product Iza-bren, marking a significant milestone in the ADC sector [3][4]. Group 3: Product Development and Clinical Trials - Iza-bren is the first-in-class dual-target ADC drug, currently in Phase III clinical trials, showing promising efficacy with a 55% overall response rate in late-stage cancer patients [5][6]. - The drug's potential peak sales could exceed 20 billion USD, indicating a strong commercial outlook [5][6]. - BaiLi Tianheng is also advancing another ADC, T-Bren, which has shown superior efficacy and safety compared to competitors, with a clinical objective response rate of 82.2% [7][8]. Group 4: Financial Strength and Future Prospects - As of June 30, BaiLi Tianheng had over 5 billion CNY in cash reserves, bolstered by a recent 3.764 billion CNY A-share placement and potential future payments from BMS [12]. - The company is positioned for significant growth in the global market, with a focus on building a comprehensive R&D and commercialization framework [10][11]. - The overall market sentiment towards innovative biopharmaceuticals is improving, with BaiLi Tianheng expected to be a key player in the sector [13].

Core Viewpoint - The company is a comprehensive medical enterprise group with capabilities in early research and development, clinical development, production, and commercialization, focusing on innovative biopharmaceuticals and generic medicines [2][7]. Group 1: Company Overview - The company was established in Seattle, USA, ten years ago and has developed the world's first and only EGFR×HER3 bispecific antibody ADC, known as iza-bren (BL-B01D1), which is currently in Phase III clinical trials [2]. - The company is planning an IPO starting on October 7, with a price range of HKD 347.5 to HKD 389, targeting a market capitalization between HKD 146.474 billion and HKD 163.967 billion [2]. - The company has appointed Goldman Sachs Asia, JPMorgan, and CITIC Securities as sponsors, with their recent IPO projects showing first-day gains of 60%, 42.85%, and 89.18%, respectively [2]. Group 2: Financial Performance - Revenue projections for 2022, 2023, and 2024 are HKD 702 million, HKD 560 million, and HKD 5.821 billion, respectively, indicating a year-on-year growth of 938.7% in 2024 [3]. - Net profit for the same years is projected to be HKD -282 million, HKD -780 million, and HKD 3.708 billion, with a significant year-on-year increase of 575.02% in 2024 [3]. Group 3: IPO Details - The IPO will have an initial public offering share of 10% without a mechanism for reallocation, and the cornerstone investors have collectively subscribed approximately USD 32 million, accounting for 7.81% of the total issuance [5][7]. - The company is already listed on the A-share market, and the current A-share price is RMB 349.93, equivalent to HKD 382.09, indicating a discount of approximately 3.62% for the H-shares compared to A-shares [5]. - The subscription multiple is currently at 6.54 times, suggesting weak investor interest in the IPO [5].

Core Insights - The company is accelerating its capital operations globally, with a focus on transforming its technological value into operational capital [1][3] - The recent financing activities, including a nearly 38 billion RMB A-share private placement and an upcoming H-share IPO, reflect the company's commitment to achieving its long-term goals [1][8] - The H-share IPO is a crucial step in the company's strategy to become a multinational corporation (MNC) within five years, as stated by the founder [1][18] Financing Activities - The A-share private placement raised approximately 38 billion RMB, aimed at strengthening domestic innovative drug research and development [1][8] - The H-share IPO will offer 8.6343 million shares at a price range of 347.5 to 389 HKD per share, with expected net proceeds between 3.001 to 3.359 billion HKD [4] - The involvement of prestigious underwriters such as Goldman Sachs and JPMorgan Chase indicates strong market confidence [5] Strategic Partnerships - Bristol-Myers Squibb (BMS) is a key cornerstone investor in the IPO, having previously engaged in an 84 billion USD collaboration with the company [6][9] - BMS's investment signals strong confidence in the company's technology platform and its potential to produce successful products like Iza-bren [7][12] Product Development - Iza-bren is a first-in-class dual-specific antibody ADC that has shown promising clinical results, including a 100% objective response rate in lung cancer treatment [10][11] - The company is also advancing T-Bren, a new HER2 ADC, which has received breakthrough therapy designation and shows strong efficacy in clinical trials [14][15] Technological Framework - The company operates a unique "dual-engine" research and development model, with operations in both the U.S. and China, allowing for efficient innovation and development [16] - The technology matrix includes three tiers: the ADC platform, the multi-antibody platform, and the nuclear drug platform, ensuring a robust pipeline for future growth [16][17] Vision and Leadership - The founder, Dr. Zhu Yi, has a clear vision to establish the company as an MNC within five years, demonstrating strong leadership and execution capabilities [18]