（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在高血压、糖尿病、高血脂、关节炎等慢性 病领域上这些广阔的临床需求，有什么项目临床储备没有？ 贝达药业（300558.SZ）11月11日在投资者互动平台表示，公司投资并与杭州瑞普晨创科技有限公司达 成战略合作，双方将合作开发干细胞治疗业务，在人多能干细胞向胰岛细胞诱导分化技术领域展开深入 合作。目前，瑞普晨创自主研发的RGB-5088胰岛细胞注射液治疗1型糖尿病的临床研究已在推进当中。 公司亦会关注其他领域的发展情况，如有重要合作将及时公开披露。 ...

Core Viewpoint - The company, Betta Pharmaceuticals (300558.SZ), confirmed that its subsidiary, Xcovery Holdings, Inc., is currently focused solely on the overseas commercialization of Ensartinib and has not initiated marketing efforts for other products [2] Group 1 - The company is engaged in the overseas development and operation of the Ensartinib project through its subsidiary [2] - There are no current plans for the marketing and promotion of additional products by the subsidiary [2]

Group 1 - Company has signed a strategic cooperation agreement with Hangzhou Ruipu Morning Technology Co., Ltd. to invest in the field of stem cell differentiation technology towards pancreatic cells [1] - The clinical research of RGB-5088 pancreatic cell injection for the treatment of type 1 diabetes is currently underway [1] - Company will monitor developments in other areas and will disclose any significant collaborations in a timely manner [1] Group 2 - Company has established a strategic partnership with Shengsi Biotech to enter the hemophilia treatment sector, which is characterized by long-term medication needs and strong customer loyalty [3] - The inquiry from investors highlights the potential for the company to develop long-term medication projects beyond oncology, such as hypertension, diabetes, weight loss, and anti-lipid drugs [3]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：帕妥珠单抗本来进展很顺利，为什么你们一介入就暂 停了？ 贝达药业（300558.SZ）11月11日在投资者互动平台表示，您好！帕妥珠单抗目前处于正常审评审批 中，如有重要进展公司会及时公告披露。 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the pharmaceutical and biotechnology sector, including WuXi AppTec, Sangamo Therapeutics, and Tigermed [2][8]. Core Insights - The report highlights a positive outlook for the pharmaceutical sector, anticipating a recovery in demand and profitability for innovative drug companies, particularly in the CRO/CDMO and life sciences upstream segments [7][14]. - The recent national medical insurance negotiations have concluded, with a focus on supporting innovative drug chains, and the new drug list is set to be implemented on January 1, 2026 [14][56]. - The report emphasizes the importance of monitoring developments in innovative therapies for breast cancer, particularly the advancements in KAT6 inhibitors and PI3K/mTOR inhibitors [15][20]. Summary by Sections Company Performance - Key companies recommended for investment include WuXi AppTec, WuXi Biologics, and Tigermed, all showing strong growth potential [2][8]. - The report notes that the pharmaceutical sector's overall market capitalization is approximately 731.50 billion, with a circulating market value of around 661.54 billion [5]. Market Trends - The report indicates that the pharmaceutical sector has experienced a decline of 2.40% recently, while the broader market (CSI 300) increased by 0.82%, suggesting a challenging environment for the sector [7][14]. - The report anticipates a gradual recovery in revenue and profit growth for the pharmaceutical sector, with a focus on innovative drugs and medical devices [14][56]. Regulatory Developments - The recent national medical insurance negotiations involved 120 companies, with 127 drugs participating in the basic medical insurance drug list negotiations [14][56]. - The introduction of a dual directory review model is expected to further support the innovative drug chain [14][56]. Innovation Focus - The report highlights the ongoing clinical trials for Celcuity's Gedatolisib and the advancements in KAT6 inhibitors by domestic companies, indicating a strong focus on innovative cancer therapies [15][20]. - The report suggests that companies like Kangchen Pharmaceutical are making significant strides in the KAT6 inhibitor space, positioning themselves competitively in the international market [53].

Core Viewpoint - Bid Pharma is attempting to issue H-shares and list on the Hong Kong Stock Exchange for the third time in four years, driven by increasing financial pressure and declining performance [1] Financial Performance - For the third quarter of 2025, Bid Pharma reported revenue of 2.717 billion yuan, a year-on-year increase of 15.9%, but net profit attributable to shareholders fell by 23.86% to 317 million yuan [1] - As of September 2025, the company had current assets of 1.484 billion yuan and current liabilities of 1.927 billion yuan, resulting in a current ratio of 0.77 and a quick ratio of 0.59, both significantly below industry standards [1] Debt Issues - The company is facing a 180 million yuan debt dispute with its partner, Yifang Bio, which has remained unresolved for over two years [1] - Yifang Bio has reported that despite multiple communications and formal reminders, the debt has not been recovered, leading to a provision for bad debts of 18 million yuan [1] Product Pipeline Challenges - Bid Pharma's revenue is heavily reliant on its long-standing product, Kaimena, which has accounted for over 96% of revenue from 2016 to 2019 [1] - The newly launched third-generation EGFR-TKI, Beifutini (brand name: Saimeina), has underperformed in the market despite receiving approval and inclusion in the national medical insurance directory [1] R&D and Investment Activities - The company has been expanding its business through investments, including a stake in Rui Pu Chen Chuang for diabetes cell therapy and a 7.47% share in He Yuan Bio [2] - However, many of these projects are still in early stages and unlikely to provide immediate financial support [2] - R&D expenditures have decreased, with a 21.59% drop to 717 million yuan in 2024 and a further 2.88% decline in the first three quarters of 2025 [2] Workforce Reduction - The R&D team has been significantly reduced, with personnel numbers dropping from 647 in 2022 to 327 by the end of 2024, indicating a nearly 50% cut [2] - In contrast, sales and management expenses have been rising, with management costs increasing by 26.45% to 372 million yuan in the first three quarters of 2025 [2] Strategic Outlook - The company has proposed a "four-horsepower" strategy focusing on market sales, new drug development, strategic cooperation, and innovation ecosystems, but results have yet to show significant improvement [1][2]

Core Viewpoint - Beida Pharmaceutical is facing significant challenges, including declining performance, tight funding, and a lack of competitive products, as it attempts to relaunch its H-share IPO in Hong Kong for the third time in four years [1][2]. Financial Performance - For the first three quarters of 2025, Beida reported revenue of 2.717 billion yuan, a year-on-year increase of 15.9%, but the net profit attributable to shareholders fell by 23.86% to 317 million yuan [2]. - The company's operating cash flow for the same period was 668 million yuan, down 19.6% year-on-year, indicating weakening cash generation capabilities [2]. - As of September 2025, Beida's current assets were 1.484 billion yuan, while current liabilities reached 1.927 billion yuan, resulting in a current ratio of 0.77 and a quick ratio of 0.59, both significantly below industry standards [2]. Debt and Liquidity Issues - Beida is embroiled in a 180 million yuan debt dispute with its partner, Yifang Bio, stemming from a 2018 cooperation agreement related to the lung cancer drug BPI-D0316 [3]. - The company has delayed payments citing cash flow issues, which has negatively impacted its commercial reputation [3]. Product Pipeline Challenges - Beida's revenue heavily relies on its long-standing product, Kaimena, which has seen its market competitiveness decline due to the emergence of third-generation EGFR-TKI drugs [4]. - The newly launched third-generation EGFR-TKI, Beifu, has underperformed in the market, failing to achieve significant sales despite receiving regulatory approval and inclusion in the national medical insurance directory [4]. R&D and Strategic Initiatives - Beida's recent strategic initiatives, including investments in new therapies and collaborations, have not yet yielded significant results [7]. - The company has seen a reduction in R&D spending, with a 21.59% decrease in 2024 to 717 million yuan, and a further 2.88% decline in the first three quarters of 2025 [8]. - The R&D team has been cut by nearly 50%, from 647 employees in 2022 to 327 by the end of 2024, raising concerns about the continuity of its research efforts [8]. Cost Structure and Financial Management - In contrast to declining R&D expenditures, Beida's management, sales, and financial expenses have increased significantly, with management expenses rising by 26.45% and financial expenses by 78.26% in the first three quarters of 2025 [9]. - The lack of new blockbuster products and the pressure on the funding chain raise questions about Beida's ability to recover growth through its planned IPO [9].

Core Insights - Betta Pharmaceuticals is advancing its BPI-572270 project, a molecular glue inhibitor, and is preparing to submit an Investigational New Drug (IND) application [1] - The CFT8919 project, an orally bioavailable allosteric BiDAC™ degrader, is currently in Phase I clinical trials [1]

Core Insights - The company has established a strong team in the oncology field with significant academic promotion capabilities and successful experience with star products [1] - The team has developed a cohesive, resilient, and adaptable "Iron Army" spirit through multiple market challenges [1] - The management employs a network management model to coordinate over 1,100 professionals across 30 provinces, driving annual revenue growth and demonstrating outstanding sales productivity [1] - The company has linked individual and team value contribution evaluation mechanisms with incentive systems for sales personnel, effectively combining short-term and long-term incentives to create a competitive compensation structure [1]

Core Viewpoint - The company reported a revenue of 2.717 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.90% [2] - The EBITDA reached 860 million yuan, showing a year-on-year increase of 20.15%, although net profit did not grow at the same rate due to depreciation and amortization factors [2] Group 1 - The company currently has eight listed drugs, and revenue is expected to improve as drug promotion strategies are implemented [2] - The company is actively monitoring advancements in new drug development and plans to align its growth strategy accordingly [2]