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 ...

Group 1 - On October 22, 2023, Benda Pharmaceutical conducted a block trade of 95,800 shares, with a transaction amount of 4.4844 million yuan, accounting for 1.28% of the total trading volume for the day [1][2] - The transaction price was 46.81 yuan per share, which represents a discount of 19.65% compared to the market closing price of 58.26 yuan [1][2]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index declined by 3.65% during the reporting period, ranking 21st among 31 primary industries, underperforming the CSI 300 index which fell by 2.73% [4][16] - The valuation of the pharmaceutical and biotechnology industry as of October 17, 2025, is a PE (TTM overall method, excluding negative values) of 30.08x, down from 31.23x in the previous period, indicating a downward trend and below the average [4][21] - Key sub-industries include vaccines (55.76x), hospitals (39.64x), and medical devices (38.84x), with the lowest valuation in pharmaceutical circulation (14.29x) [4][21] - The report highlights significant innovations presented at the 2025 ESMO conference, indicating a shift in global oncology drug development from "single-agent breakthroughs" to "combination therapy strategies" [6][8] - The newly released regulations by the State Council aim to standardize clinical research pathways, promoting innovation while ensuring safety [7][25][26] Industry Overview - The report notes that 26 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 501 million yuan, while 4 companies increased their holdings by 519 million yuan [4] - The report emphasizes the importance of monitoring third-quarter earnings to validate the fundamentals of companies, particularly those with innovative product launches and significant performance improvements [8] Important Industry News - The approval of the first domestic PDE4 inhibitor by He Mei Pharmaceutical marks a significant milestone in the industry [6][34] - The approval of a new indication for GSK's recombinant shingles vaccine expands its application to adults at increased risk due to immunodeficiency [6][36] - The U.S. Senate passed a revised version of the Biosecurity Act, which continues to impose restrictions on certain Chinese biotechnology companies [6][44] - The collaboration between Bai Li Tian Heng and BMS on the iza-bren project has reached a milestone, triggering a payment of 250 million USD [6][47] - The IPO of Xuan Zhu Biotechnology on the Hong Kong Stock Exchange saw a significant oversubscription and a substantial increase in share price during the dark trading period [6][49]

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical and biotechnology sector, including WuXi AppTec, WuXi Biologics, and Changchun High-tech [5][28]. Core Insights - The report expresses a strong outlook on the innovation theme and emphasizes the importance of capturing Q3 performance. The pharmaceutical sector has shown a decline, with the Shanghai Composite Index down 2.73% and the pharmaceutical sector down 3.65% [12][16]. - The report highlights the active participation of Chinese biopharmaceutical companies in global business development (BD) transactions, which have reached 38% of the global total since 2025. This trend is expected to boost investment sentiment in the sector [12][16]. - The report suggests focusing on companies with improving performance metrics, particularly in the CRO/CDMO and upstream segments, as well as in medical devices and traditional Chinese medicine [12][16]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 515 listed companies with a total market capitalization of approximately 731.59 billion yuan and a circulating market value of about 666.30 billion yuan [2]. Market Dynamics - The pharmaceutical sector has experienced a year-to-date return of 18.85%, outperforming the Shanghai Composite Index by 4.13 percentage points. However, recent weeks have seen a decline in various sub-sectors, with traditional Chinese medicine being the only one to show an increase [16][18]. Valuation Metrics - The current valuation of the pharmaceutical sector is approximately 26.2 times PE based on 2025 earnings forecasts, which is a premium of 17.3% compared to the overall A-share market (excluding financials). The TTM valuation stands at 30.1 times PE, below the historical average of 34.9 times PE [18][20]. Key Company Performance - The report lists several companies with strong performance metrics, including WuXi AppTec, WuXi Biologics, and Changchun High-tech, all rated as "Buy." The average decline for recommended stocks in the month was 10.08%, with a weekly decline of 7.43% [28][29]. Business Development Activity - The report notes that several pharmaceutical companies have engaged in overseas licensing agreements, indicating a growing recognition of Chinese companies' capabilities in the global market [12][16]. Regulatory Updates - Recent regulatory announcements from the National Medical Insurance Administration and the National Medical Products Administration are aimed at improving drug pricing transparency and enhancing the approval process for innovative drugs [12][29]. Price Trends - The report tracks the price movements of various vitamins, noting slight decreases in some and stability in others, which may impact the cost structure for companies in the sector [31][32].