Group 1 - The company's Q1 2025 revenue was 67.44 million yuan, a year-on-year decrease of 98.77%, with a net loss attributable to shareholders of 531 million yuan compared to a net profit of 5.005 billion yuan in the same period last year [1] - The significant decline in revenue and profit was primarily due to the absence of large intellectual property licensing income and related cash inflows in the current reporting period, which were present in Q1 2024 [1] Group 2 - The core product BL-B01D1 (EGFR×HER3 dual antibody ADC) has initiated over 40 clinical studies as of April 2025, including 8 Phase III registration trials for various cancers [2] - BL-B01D1 is expected to present multiple clinical data at the 2025 ASCO conference, with potential submissions for market approval by the end of 2025 or in 2026 [2] - The product has the potential to become a standard first-line treatment for tumors and is anticipated to be a significant blockbuster drug [2] Group 3 - On April 15, 2025, the company initiated its first overseas registration clinical trial for BL-B01D1 in triple-negative breast cancer (TNBC) patients, which will trigger a milestone payment of 250 million USD upon initiation [3] - The company is progressing with early basket studies for BL-B01D1 in overseas markets and plans to submit its first application to the FDA as early as 2028 [3] - The revenue forecast for the company is 2.018 billion yuan for 2025, with projections of 2.035 billion yuan and 2.541 billion yuan for 2026 and 2027, respectively [3]

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]

Core Insights - The Chinese innovative drug industry is experiencing a positive trend, with increasing industry prosperity and significant breakthroughs in product development by various companies [1][2][3] - The AACR annual meeting showcased the strength of Chinese innovative drug research, with 126 companies presenting nearly 300 new drug research results [2] - Several companies reported impressive financial results, indicating a recovery and growth in the sector [4][5][6] Industry Developments - The AACR meeting highlighted the growing influence of Chinese innovative drugs, with over 80 ADC studies and nearly 40 bispecific antibody studies presented [2] - Notable approvals include the new BTK inhibitor from Innovent Biologics and the PD-1/VEGF bispecific antibody from Kangfang Biotech, both receiving regulatory approval for cancer treatment [3] - The industry is seeing a trend of improved financial performance, with companies like Heng Rui Pharma reporting a 22.63% increase in revenue and a 47.28% increase in net profit [4] Financial Performance - Heng Rui Pharma achieved a revenue of 27.985 billion yuan, with a net profit of 6.337 billion yuan, reflecting strong growth [4] - Bai Li Tian Heng reported a staggering 936.31% increase in revenue to 5.823 billion yuan, turning a profit due to a significant upfront payment from a global pharmaceutical partner [4] - Shen Zhou Cell's revenue reached 2.513 billion yuan, marking a 33.13% increase, with the company achieving profitability for the first time [5] Market Catalysts - The innovative drug sector is being catalyzed by various factors, including overseas licensing, domestic policy support, and clinical data advancements [7] - Recent policies in Beijing and Shenzhen aim to accelerate innovation in the pharmaceutical industry, offering financial incentives for successful drug approvals [7] - Investment trends show a significant increase in domestic innovative drug financing, with a 51.78% year-on-year growth in March [7] Future Outlook - Industry experts believe that continued policy support will provide better development opportunities for differentiated innovative drugs in China [8] - The focus on innovation and internationalization remains a core strategy for the industry, with expectations for faster approval processes and supportive pricing mechanisms [8]

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]

Group 1 - The State Council Information Office will hold a press conference on April 28 to discuss policies related to stabilizing employment and the economy, promoting high-quality development [1] - The National Development and Reform Commission, Ministry of Human Resources and Social Security, Ministry of Commerce, and the People's Bank of China will present relevant measures and answer questions [1] Group 2 - The China Council for the Promotion of International Trade will hold a press conference on April 28 to release the global trade friction index for February 2025 and other trade-related data [3] - The press conference will also cover the latest preparations for the third Chain Expo and new policies to support foreign trade [3] Group 3 - The China Meteorological Administration will hold a press conference on April 28 to discuss the national weather and climate characteristics for April, as well as predictions for May [4] Group 4 - The first "Beijing Xiangshan Forum" will take place from April 28 to 30, focusing on global security challenges and opportunities, with participation from over 200 defense officials and experts from more than 30 countries [5] Group 5 - On April 28, a total of 17 companies will have their restricted shares released, amounting to 1.727 billion shares with a total market value of 24.677 billion yuan [6] - Companies with the highest share unlock volumes include China Resources Materials, Chengda Bio, and Wangbian Electric [6] Group 6 - 19 companies announced stock repurchase progress on April 28, with 18 companies disclosing new repurchase plans [7] - The highest repurchase amounts were reported by Tianyuan Environmental Protection, Jinli Permanent Magnet, and Zhenhua Heavy Industry [7] Group 7 - A total of 176 billion yuan in 7-day reverse repos will mature today, with an operation rate of 1.5% [8]

证券代码：688506 证券简称：百利天恒 公告编号：2025-035 四川百利天恒药业股份有限公司 自愿披露关于 BL-B01D1（EGFR×HER3 双抗 ADC）联合用 药治疗复发或转移性宫颈癌和晚期或复发性子宫内膜癌获得 受理号：CXSL2500114、CXSL2500119 通知书编号：2025LP01174、2025LP01175 申请事项：境内生产药品注册临床试验 申请人：成都百利多特生物药业有限责任公司；四川百利药业有限责任公司 结论：根据《中华人民共和国药品管理法》及有关规定，经审查，注射用 BL-B01D1 临床试验符合药品注册的有关要求，同意本品开展联合帕博利珠单抗 双药不联合或联合贝伐珠单抗和/或化疗治疗复发或转移性宫颈癌、联合帕博利珠 单抗双药不联合或联合化疗治疗晚期或复发性子宫内膜癌的临床试验。 二、药品的其他情况 2 个 II 期药物临床试验批准通知书的公告 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。 四川百利天恒药业股份有限公司（以下简称"公司"）近日收到国家药品监 督管理局(NMPA) ...