Core Insights - Benda Pharmaceutical's stock price increased by 2.02% on October 29, reaching 55.63 CNY per share, with a market capitalization of 23.405 billion CNY [1] - The company reported a year-to-date stock price increase of 3.53%, but experienced a decline of 4.51% over the last five trading days and 16.92% over the last 20 days [1] - For the first nine months of 2025, Benda Pharmaceutical achieved a revenue of 2.717 billion CNY, representing a year-on-year growth of 15.90%, while the net profit attributable to shareholders decreased by 23.86% to 317 million CNY [2] Financial Performance - As of September 30, 2025, the number of shareholders decreased by 7.99% to 29,500, while the average number of circulating shares per person increased by 8.68% to 14,198 shares [2] - The company has distributed a total of 669 million CNY in dividends since its A-share listing, with 184 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders included new entrants such as Xingquan Commercial Model Mixed Fund A and Xiyangfang Chuangye Board ETF, while some funds like Zhongou Medical Health Mixed A exited the top ten list [3]

Core Insights - The company reported a revenue of 2.717 billion, net profit attributable to shareholders of 317 million, and net profit excluding non-recurring items of 337 million for Q1-Q3 2025, showing a year-on-year change of +15.90%, -23.86%, and -6.74% respectively [1] - In Q3 2025, the company achieved a revenue of 986 million, net profit attributable to shareholders of 177 million, and net profit excluding non-recurring items of 147 million, with year-on-year changes of +16.83%, -7.93%, and +1.08% respectively [1] Operational Analysis - Core products are gaining traction, with EBITDA showing steady growth, and the launch of Ensartinib in the U.S. market [2] - The company currently has 8 marketed drugs, with sales growth driven by existing products and the gradual release of new products [2] - EBITDA for Q1-Q3 2025 reached 860 million, reflecting a year-on-year increase of +20.15% [2] - The innovative product Tarecitinib was approved for sale in China in June 2025, and Ensartinib opened its first prescription in the U.S. in August 2025, both expected to contribute to revenue growth [2] - Strategic collaborations and innovative ecosystem layouts are beginning to show results, with the nationwide sales of Trastuzumab starting in July 2025 [2] - The company has exclusive distribution rights for a new indication of a strategic investment project approved in July 2025 [2] - Key Phase III clinical trials for EYP-1901 have completed patient enrollment, with another trial starting in October 2025 [2] Research and Development Progress - Ongoing projects are advancing steadily, with the MCLA-129 Phase II study in lung cancer having completed its first patient enrollment [3] - Research data on Ensartinib and other studies have been presented at major academic conferences [3] Financial Forecast and Valuation - The company is expected to achieve revenues of 3.554 billion, 4.200 billion, and 5.193 billion for the years 2025, 2026, and 2027 respectively, with net profits of 563 million, 691 million, and 869 million [4] - The core business is projected to grow steadily, with operational management improving efficiency [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 2.717 billion, a net profit attributable to shareholders of 317 million, and a net profit excluding non-recurring items of 337 million for the first three quarters of 2025, reflecting a year-on-year increase of 15.90% in revenue but a decrease of 23.86% in net profit [2] - The company has launched its innovative product Ensartinib in the US market and has eight drugs currently on sale, contributing to steady revenue growth [3] - The company’s EBITDA reached 860 million, representing a year-on-year increase of 20.15%, despite a decline in net profit due to rising depreciation and amortization expenses [3] - The company has made significant progress in its pipeline, with multiple academic results published and ongoing clinical trials for various treatments [4] Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 986 million, a net profit of 177 million, and a net profit excluding non-recurring items of 147 million, with year-on-year changes of +16.83%, -7.93%, and +1.08% respectively [2] Operational Analysis - The company’s core products are gaining traction, and the EBITDA is showing robust growth. The launch of new products is expected to drive future performance [3] - Strategic collaborations and the establishment of an innovative ecosystem are beginning to yield results, with new treatments being approved and launched [3] Research and Development - The company is advancing its research projects steadily, with significant clinical trials and studies being conducted in various cancer treatment areas [4] Financial Forecast and Valuation - The company is projected to achieve revenues of 3.554 billion, 4.200 billion, and 5.193 billion for the years 2025, 2026, and 2027 respectively, with net profits of 563 million, 691 million, and 869 million [5]

Core Viewpoint - Benda Pharmaceutical experienced a decline of 5.01% in stock price, reaching 54.59 CNY per share, with a trading volume of 603 million CNY and a turnover rate of 2.60%, resulting in a total market capitalization of 22.968 billion CNY [1] Company Overview - Benda Pharmaceutical Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 7, 2003, with its listing date on November 7, 2016 [1] - The company's main business involves the research, production, and sales of pharmaceuticals, with 99.10% of its revenue coming from drug sales and 0.90% from other supplementary sources [1] Fund Holdings - According to data, one fund under GF Fund has a significant holding in Benda Pharmaceutical. The GF Stable Growth Mixed A Fund (002622) held 4,700 shares in the second quarter, accounting for 0.49% of the fund's net value, ranking as the fifth-largest holding [2] - The GF Stable Growth Mixed A Fund was established on June 27, 2016, with a latest scale of 55.5805 million CNY. Year-to-date returns are 4.55%, ranking 6963 out of 8155 in its category, while the one-year return is 4.95%, ranking 6942 out of 8029 [2] - The fund manager, Qiu Shilei, has been in position for 9 years and 276 days, with total assets under management of 552 million CNY. The best fund return during his tenure is 64.45%, while the worst is 0.28% [2]

Group 1 - BGI Pharmaceutical (300558.SZ) released its Q3 2025 report on October 28, 2025, indicating that 15 institutional investors hold a total of 196 million shares, accounting for 46.69% of the company's total equity [1] - The top ten institutional investors collectively hold 46.60% of the shares, with a 0.79 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, while two funds decreased their holdings, with a reduction rate of 0.23% [2] - Four new public funds were disclosed this period, while 523 funds were not disclosed compared to the previous quarter [2]

Financial Performance - The company's revenue for Q3 2025 reached ¥985,929,981.64, representing a 16.83% increase year-over-year[6] - Net profit attributable to shareholders decreased by 7.93% to ¥177,035,133.47 for the quarter, and by 23.86% to ¥316,932,355.32 for the year-to-date[6] - The net profit excluding non-recurring items was ¥146,603,519.66, a slight increase of 1.08% compared to the same period last year[6] - Operating income for the year-to-date was ¥2,717,342,723.91, up 15.90% due to increased pharmaceutical sales and the gradual release of new products[10] - Total operating revenue increased to ¥2,717,342,723.91, up from ¥2,344,643,009.24, representing a growth of approximately 15.9% year-over-year[26] - Net profit for the period was ¥303,006,092.01, down from ¥405,153,844.02, indicating a decline of approximately 25.3% year-over-year[27] - Earnings per share decreased to ¥0.76 from ¥0.99, representing a decline of about 23.2%[27] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥9,699,462,636.70, reflecting a 3.83% increase from the end of the previous year[6] - The total assets increased to ¥9,699,462,636.70 from ¥9,341,677,723.81, showing a growth of approximately 3.8%[24] - The total liabilities increased to ¥3,779,901,199.51 from ¥3,675,567,489.25, reflecting a growth of about 2.8%[24] - The total owner's equity rose to ¥5,919,561,437.19 from ¥5,666,110,234.56, indicating an increase of approximately 4.5%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 29,537[12] - The largest shareholder, Ningbo Kaiming Investment Management Partnership, holds 19.03% of shares, equating to 80,064,000 shares[12] - Zhejiang Jihe Venture Capital holds 12.91% of shares, totaling 54,324,000 shares[12] - The top 10 shareholders collectively hold significant stakes, with the top four shareholders accounting for 41.14% of total shares[12] - The actual controller, Ding Li Ming, indirectly controls 21.39% of shares through partnerships[12] - The company has no changes in the top 10 shareholders due to securities lending or borrowing compared to the previous period[13] - There are no preferred shareholders or changes in restricted shares reported for this period[13] - The company has a total of 0 preferred shareholders at the end of the reporting period[13] - The total number of shares held by the top 10 unrestricted shareholders is 80,064,000 shares[12] - The company has not disclosed any related party transactions among shareholders outside of the top shareholders[12] Operational Highlights - The company reported a significant increase in accounts receivable by 229.24% to ¥324,186,069.06, attributed to increased sales and outstanding receivables[10] - The company launched eight products, including the recently approved drugs Enasatinib and Tarecitinib, contributing to revenue growth[15] - The company has strategic partnerships, including a collaboration with Hangzhou Bozhirui Biopharmaceutical Co., which commenced nationwide sales of a new product in July 2025[16] - The company is advancing clinical trials for several drugs, including MCLA-129, which has completed patient enrollment for a Phase II study in lung cancer[17] - The company reported a 2-year disease-free survival rate of 86.4% for Enasatinib in postoperative adjuvant therapy, significantly reducing the risk of disease recurrence[17] Cash Flow and Investments - Operating cash inflow for the current period was CNY 2,737,853,928.25, an increase of 7.43% from CNY 2,548,182,394.10 in the previous period[28] - Net cash flow from operating activities decreased to CNY 668,430,246.92, down 19.6% from CNY 831,340,738.79 in the previous period[28] - Cash outflow from investing activities totaled CNY 731,485,187.19, compared to CNY 783,733,321.62 in the previous period, indicating a decrease of 6.67%[28] - Net cash flow from financing activities was CNY 2,786,569.40, a significant improvement from a net outflow of CNY 200,294,076.80 in the previous period[29] - The total cash and cash equivalents at the end of the period decreased to CNY 414,329,858.11 from CNY 595,341,383.28, reflecting a decline of 30.4%[29] - Cash inflow from financing activities increased to CNY 809,946,278.00, up from CNY 483,600,000.00 in the previous period, representing a growth of 67.5%[29] - Cash outflow for purchasing goods and services rose to CNY 402,612,013.17, compared to CNY 207,021,761.38 in the previous period, marking an increase of 94.5%[28] - The company reported a cash inflow of CNY 90,716,752.84 from other operating activities, up from CNY 75,478,085.66, an increase of 19.5%[28] - The company’s cash flow from investment activities showed a net outflow of CNY 730,471,677.77, slightly improved from CNY 781,682,505.65 in the previous period[28] - The impact of exchange rate changes on cash and cash equivalents was a positive CNY 1,901,864.44, compared to a negative impact of CNY 6,019,687.56 in the previous period[29] Research and Development - The company reported a decrease in research and development expenses to ¥372,969,710.80 from ¥384,037,587.90, a decline of approximately 2.9%[26] - Long-term equity investments rose to ¥599,381,502.98 from ¥360,541,773.33, an increase of about 66.3%[23]

证券代码：300558 证券简称：贝达药业 公告编号：2025-068 | | | | | | | | 已质押股份 情况 | | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 （股） | 持股 比例 | 本次质押前 质押股份 数量 （股） | 本次质押后 质押股份 数量 （股） | 占其所 持股份 比例 | 占公司 总股本 比例 | 已质押 股份限 售和冻 结、标 记数量 | 占已 质押 股份 比例 | 未质押 股份限 售和冻 结数量 （股） | 占未质 押股份 比例 | | 凯铭投资 | 80,064,000 | 19.03% | 53,079,904 | 55,051,404 | 68.76% | 13.08% | （股） 0 | 0 | 0 | 0 | | 贝成投资 | 9,924,563 | 2.36% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 丁列明 | 1,024,238 | 0.24% | 0 | 0 | 0 | 0 | 0 ...

Summary of Key Points - On October 24, Benda Pharmaceutical executed a block trade of 238,300 shares, with a transaction value of 10.7449 million yuan, accounting for 1.97% of the total trading volume for the day [1][2] - The transaction price was 45.09 yuan per share, representing a discount of 20.81% compared to the market closing price of 56.94 yuan [1][2]

Core Points - The restructuring protein concept declined by 1.15%, ranking among the top declines in concept sectors as of the market close on October 23 [1] - Within the restructuring protein sector, major declines were observed in companies such as Haitai Biological, Maiwei Biological, and Yipinhong, while 14 stocks experienced price increases, with *ST Suwu, *ST Wanfang, and Kefu Medical leading the gains at 5.21%, 4.99%, and 2.90% respectively [1] Market Performance - The top-performing concept sectors today included Shenzhen State-Owned Enterprise Reform with a rise of 6.62%, while the restructuring protein sector faced a decline of 1.15% [2] - The restructuring protein sector saw a net outflow of 476 million yuan, with 37 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan [2] - Maiwei Biological led the net outflow with 69.48 million yuan, followed by Hualan Biological, BeiDa Pharmaceutical, and Zhifei Biological with outflows of 66.43 million yuan, 54.42 million yuan, and 33.70 million yuan respectively [2] Stock Performance - The top stocks with significant net outflows in the restructuring protein sector included: - Maiwei Biological: -5.53% with a turnover rate of 7.46% and a net outflow of 69.48 million yuan - Hualan Biological: -1.41% with a turnover rate of 1.37% and a net outflow of 66.43 million yuan - BeiDa Pharmaceutical: -3.26% with a turnover rate of 1.78% and a net outflow of 54.42 million yuan [3] - Conversely, the stocks with notable net inflows included: - SanSheng Guojian: +0.67% with a net inflow of 40.98 million yuan - Baipu Sais: +0.17% with a net inflow of 12.23 million yuan - Huiyu Pharmaceutical: +2.96% with a net inflow of 5.71 million yuan [4]

资料显示，贝达药业股份有限公司位于浙江省杭州市临平区经济技术开发区兴中路355号,香港铜锣湾希 慎道33号利园1期19楼1919室，成立日期2003年1月7日，上市日期2016年11月7日，公司主营业务涉及药 品的研发、生产和销售。主营业务收入构成为：药品销售99.10%，其他(补充)0.90%。 贝达药业所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：眼科概念、抗癌治癌、 抗癌药物、创新药、生物医药等。 10月23日，贝达药业盘中下跌2.03%，截至09:47，报57.08元/股，成交3774.79万元，换手率0.16%，总 市值240.15亿元。 资金流向方面，主力资金净流出442.88万元，特大单买入0.00元，占比0.00%，卖出218.89万元，占比 5.80%；大单买入502.80万元，占比13.32%，卖出726.80万元，占比19.25%。 贝达药业今年以来股价涨6.23%，近5个交易日跌2.94%，近20日跌16.83%，近60日跌8.99%。 分红方面，贝达药业A股上市后累计派现6.69亿元。近三年，累计派现1.84亿元。 机构持仓方面，截止2025年6月30日，贝达药业十 ...