这几只票暗盘资金正在偷偷流入，立即查看>> 创新药板块反复活跃，润都股份（002923）、江苏吴中（600200）涨停，健友股份（603707）涨超 6%，康辰药业（603590）、贝达药业（300558）上扬。 ...

Core Viewpoint - Beida Pharmaceutical reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year increase of 17.74%, and a net profit attributable to shareholders of 403 million yuan, up 15.67% year-on-year [1] Financial Performance - The overall gross margin for the company was 81.38%, a decrease of 2.15 percentage points year-on-year; the period expense ratio was 65.72%, down 7.37 percentage points year-on-year [2] - The operating cash flow net amount was 911 million yuan, a decrease of 0.33% year-on-year [2] - The company achieved a net profit of -14 million yuan in Q4 2024, a decline of 131.51% year-on-year [1] R&D Progress - The company expanded its pipeline with five products currently on sale, and received FDA approval for its first overseas product, Bemetan (Ensartinib), in December 2024 [3] - R&D investment for the year was 717.78 million yuan, accounting for 24.80% of revenue, with multiple innovative drug IND approvals during the reporting period [4] Strategic Collaborations - The company has established strategic partnerships with various organizations to enhance its R&D pipeline, including a commercialization agreement for a plant-derived recombinant human serum albumin injection [5] - In November 2024, the company invested 20 million yuan in Ruipuchen to collaborate on stem cell therapy business [5] Investment Outlook - Revenue forecasts for 2025-2027 are adjusted to 3.69 billion, 4.46 billion, and 5.24 billion yuan, with expected year-on-year growth rates of 27.7%, 20.6%, and 17.5% respectively [6] - The net profit forecasts for the same period are 610 million, 910 million, and 1.21 billion yuan, with growth rates of 51.6%, 48.2%, and 33.4% respectively [6]

北京鸿道投资管理有限责任公司创立于2010年3月，由原华夏元老级明星基金经理孙建冬创办，基金业 协会登记备案号P1000280，拥有证券私募基金"3+3"投资顾问资格。公司已成功发行过鸿道全球优选、 创新改革系列等六十几只私募基金产品，是国内知名的私募证券投资基金。公司核心人员来自国内大型 基金管理公司、资产管理公司和证券公司，具有丰富的投资研究和资产管理经验，历经多次牛熊市考 验，投资业绩持续表现优异。公司依托独立的投资研究体系、完善的投资决策委员会制度、研究、投 资、风控三位一体的投研风控体系，实现投资与策略的前瞻性、整体性；凭借强大的人才优势、广泛的 市场资源和丰富的投资经验，为投资者提供专业的投资管理、投资顾问服务；秉持"研究创造价值"的投 资理念，充分把握趋势投资机会，积极为投资人争取最大的回报。 调研纪要：2024年，贝达药业实现营业收入289,195.01万元，同比增长17.74%，归母净利润40,256.93万 元，同比增长15.67%。公司已实现五款新药上市销售，包括盐酸埃克替尼、盐酸恩沙替尼胶囊、甲磺 酸贝福替尼、伏罗尼布片及贝伐珠单抗。其中，贝美纳获FDA批准并纳入NCCN指南，启动EM ...

Group 1: Beida Pharmaceutical - In 2024, Beida Pharmaceutical achieved operating revenue of 2,891.95 million yuan, a year-on-year increase of 17.74%, and a net profit attributable to shareholders of 402.57 million yuan, up 15.67% year-on-year [1] - The company has launched five new drugs, including Acetylcysteine, Ensartinib capsules, Bevacizumab, and others, with Beimu approved by the FDA and included in the NCCN guidelines [1] - R&D investment for 2024 is 717 million yuan, accounting for 24.80% of revenue, with multiple new drug developments progressing smoothly [1] Group 2: East China Pharmaceutical - East China Pharmaceutical is actively advancing product R&D and market layout across multiple fields, with GLP-1 series products entering Phase III clinical trials, expecting significant results by 2025 [2] - The company has several innovative products in the ADC and PROTAC fields, with some already in clinical stages [2] - East China Pharmaceutical is confident in the overseas medical beauty market and is actively pursuing overseas registration for its medical beauty products [2]

Group 1: Financial Performance - The company achieved a revenue of 289,195.01 million yuan in 2024, representing a year-on-year growth of 17.74% [2] - The net profit attributable to shareholders was 40,256.93 million yuan, a year-on-year increase of 15.67% [2] - The net profit excluding non-recurring items reached 40,983.41 million yuan, showing a significant growth of 55.92% [2] - Accounts receivable balance decreased by 65.62% year-on-year, with accounts receivable turnover days reduced by 29 days [2] - The net cash flow from operating activities was 91,117.22 million yuan [2] Group 2: Product Development and Market Position - Five new drugs have been launched, including innovative treatments for lung cancer and kidney cancer [3][4] - The drug Beimenna received FDA approval in December 2024 and was recommended by the NCCN guidelines, marking it as the first Chinese original innovative drug in this category [4] - The company is actively promoting the commercialization of Beidan, leveraging its clinical research and market promotion teams [4] - The drug Fumina has shown promising clinical potential in ophthalmology, with ongoing II phase clinical studies [5] Group 3: Research and Development - R&D investment for 2024 was 71,717.78 million yuan, accounting for 24.80% of total revenue [6] - The company is focusing on key R&D projects, with several innovative drug applications under review by the NMPA [6] - Collaboration with clinical oncology experts is ongoing to support investigator-initiated clinical research projects [6] Group 4: Strategic Partnerships - The company has established strategic collaborations with various organizations to enhance its R&D pipeline [7][8] - A partnership with EyePoint for the development of an ophthalmic drug has shown positive results in clinical trials [8] - The company is pursuing a dual strategy of project introduction and self-innovation to expand its treatment options [8] Group 5: Innovation Ecosystem - The company is building an innovation ecosystem to promote collaboration and resource sharing among various stakeholders [9] - A partnership with He Yuan Bio for the commercialization of a plant-derived human serum albumin injection has been established [9] - Investment in Repu Morning Creation for stem cell therapy development is underway, with clinical trials for core products already initiated [10]

Group 1: Participants Overview - The report lists a total of 148 participants from various investment and asset management firms [1][2][3][4] - Participants include representatives from well-known firms such as Goldman Sachs, Manulife, and Temasek Holdings [1][2][3][4] Group 2: Company Representation - The participants represent a diverse range of companies, including domestic and international firms [1][2][3][4] - Notable companies include Huatai Asset Management, China Life Asset Management, and CICC [1][2][3][4] Group 3: Investment Focus - The report indicates a strong interest in pharmaceutical and healthcare investments, as evidenced by the presence of multiple healthcare-focused firms [1][2][3][4] - Several participants are from firms specializing in medical and pharmaceutical investments, highlighting the sector's significance [1][2][3][4] Group 4: Event Context - The event serves as a platform for investor communication and networking among key industry players [1][2][3][4] - The diverse representation suggests a broad interest in collaboration and investment opportunities within the sector [1][2][3][4]

Market Performance - On April 17, 2025, the pharmaceutical sector had a change of +0.04%, outperforming the CSI 300 index by 0.06 percentage points, ranking 16th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (+0.98%), pharmaceutical distribution (+0.40%), and offline pharmacies (+0.35%) performed well, while other bioproducts (-0.57%), vaccines (-0.48%), and blood products (-0.22%) lagged [1] - Top three gainers in individual stocks were Kangpeng Technology (+20.00%), Nuosige (+10.06%), and Yisheng Pharmaceutical (+10.03%); top three losers were Changyao Holdings (-6.33%), Hasanlian (-5.26%), and Shouyao Holdings (-4.81%) [1] Industry News - On April 17, 2025, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved statistically significant positive results in a key Phase III clinical trial (ACHIEVE-1) [2] - The study evaluated the safety and efficacy of Orforglipron compared to a placebo in adults with type 2 diabetes who had poor blood sugar control through diet and exercise alone [2] - Orforglipron is a research-based, once-daily oral small molecule (non-peptide) GLP-1 receptor agonist that can be taken at any time of the day without food and drink restrictions [2] Company News - Huayuan Bio (300401) reported Q1 2025 revenue of 326 million yuan, a year-on-year decrease of 1.18%, with net profit attributable to the parent company at 97 million yuan, a year-on-year increase of 5.50%, and a non-recurring net profit of 88 million yuan, up 44.42% year-on-year [3] - Puluo Pharmaceutical (000739) reported Q1 2025 revenue of 2.73 billion yuan, a year-on-year decrease of 14.63%, with net profit attributable to the parent company at 249 million yuan, a year-on-year increase of 1.98%, and a non-recurring net profit of 206 million yuan, down 14.05% year-on-year [3] - Sanbo Brain Science (301293) reported 2024 revenue of 1.43 billion yuan, a year-on-year increase of 8.84%, with net profit attributable to the parent company at 105 million yuan, a year-on-year increase of 34.24%, and a non-recurring net profit of 94 million yuan, up 0.77% year-on-year [3] - Betta Pharmaceuticals (300558) reported 2024 revenue of 2.89 billion yuan, a year-on-year increase of 17.74%, with net profit attributable to the parent company at 403 million yuan, a year-on-year increase of 15.67%, and a non-recurring net profit of 410 million yuan, up 55.92% year-on-year [3]

Group 1 - The company has launched five new drugs by 2024, including its first innovative drug, EGFR-TKI Alectinib (brand name: Kaimena®), ALK inhibitor Ensartinib (brand name: Beimana®), third-generation EGFR inhibitor BPI-D0316 (brand name: Saimena®), and targeted drug Vorolanib (brand name: Fumeina®) [1] - The company is currently reviewing the market application for its new breast cancer drug BPI-16350 (brand name: Kangmeina®) and a strategic collaboration product, which is expected to contribute to new revenue growth in the future [1] - The company has established a robust revenue growth and cash flow through academic promotion, commercial operation, and lifecycle cost control, ensuring a positive cycle of "R&D - commercialization - reinvestment" for orderly advancement of its subsequent R&D pipeline [1] Group 2 - The company's internationalization strategy is accelerating, with the application for Beimana's first-line indication approved by the FDA in December 2024, and the EMA's application process officially initiated [2] - The company invested 717 million yuan in R&D in 2024, accounting for 24.80% of its operating revenue, focusing resources on key R&D projects [2] - Multiple innovative drug INDs have been approved during the reporting period, including BPI-520105 tablets, BPI-221351 tablets, EYP-1901 intravitreal implant, CFT8919 capsules, and BPI-452080 tablets [2]

Group 1 - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has been detained, but the company's operations remain normal and unaffected [1] - Juran Smart Home reported a total revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% year-on-year, primarily due to economic fluctuations and increased competition in the home furnishing market [3][4] Group 2 - China Bank plans to raise up to 165 billion yuan through a private placement of A-shares, with the funds aimed at increasing its core tier one capital [4] - The issuance price for China Bank's shares is set at 6.05 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The Bank of Communications also plans to raise up to 120 billion yuan through a private placement, with the funds also designated for core tier one capital [5] Group 3 - SANY Heavy Industry reported a total revenue of 78.383 billion yuan in 2024, an increase of 5.9% year-on-year, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [6][7] - The company's international main business revenue reached 48.513 billion yuan, accounting for 63.98% of total revenue, with significant growth in various regions [6][8] - SANY Heavy Industry has established 37 lighthouse factories and is recognized for its advanced smart manufacturing capabilities [8] Group 4 - East China Pharmaceutical achieved a total revenue of 41.906 billion yuan in 2024, a growth of 3.16%, and a net profit of 3.512 billion yuan, up 23.72% year-on-year [10][11] - The company has a robust pipeline of over 80 innovative drugs, focusing on diabetes and oncology [11][12] Group 5 - EVE Energy reported a total revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35%, with a net profit of 4.076 billion yuan, an increase of 0.63% [13][14] - The company has seen significant growth in its energy storage business, with a shipment volume of 50.45 GWh, a year-on-year increase of 91.90% [15] Group 6 - China Unicom reported a revenue of 103.35 billion yuan in Q1 2025, a growth of 3.9%, and a net profit of 2.61 billion yuan, up 6.5% year-on-year [19] - Lens Technology achieved a revenue of 17.063 billion yuan in Q1 2025, a growth of 10.10%, with a net profit of 429 million yuan, up 38.71% year-on-year [20] Group 7 - Fuyao Glass reported a revenue of 9.910 billion yuan in Q1 2025, a growth of 12.16%, with a net profit of 2.030 billion yuan, up 46.25% year-on-year [21] - Zhuye Group reported a revenue of 4.803 billion yuan in Q1 2025, a growth of 8.50%, with a net profit of 277 million yuan, up 74.07% year-on-year [23] Group 8 - Cailong Technology reported a net profit growth of 87.55% in 2024, with total revenue of 11.664 billion yuan [32] - Ziyan Food reported a revenue of 3.363 billion yuan in 2024, with a net profit growth of 4.5% [33] Group 9 - Shunyi Environmental reported a revenue of 12.678 billion yuan in 2024, with a net profit growth of 41.58% [35] - Shougang Group turned a profit in Q1 2025, reporting a revenue of 26.533 billion yuan, down 10.18%, with a net profit of 328 million yuan [36] Group 10 - Keda Li reported a revenue of 12.030 billion yuan in 2024, with a net profit growth of 22.55% [38] - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan in 2024, with a net profit growth of 15.67% [40] Group 11 - New Australia reported a revenue of 4.841 billion yuan in 2024, with a net profit growth of 5.96% [41] - Fawer reported a revenue of 16.468 billion yuan in 2024, with a net profit growth of 11.93% [42] Group 12 - Zhongwei Company reported a revenue of 9.065 billion yuan in 2024, with a net profit decrease of 9.53% [43] - Changying Precision reported a revenue of 16.934 billion yuan in 2024, with a net profit growth of 800% [44] Group 13 - Stanley reported a revenue of 10.263 billion yuan in 2024, with a net profit growth of 17.89% [45] - Puyang reported a revenue of 5.192 billion yuan in 2024, with a net profit decrease of 45.48% [46] Group 14 - Huangshi Group received a notice of administrative penalty for failing to disclose significant contracts, with potential fines for the company and responsible individuals [47] - Baosteel announced plans to acquire a 49% stake in Maanshan Steel through a combination of cash purchases and capital increases, with an estimated total investment of 9 billion yuan [48][49] Group 15 - Shengquan Group reported a revenue of 2.459 billion yuan in Q1 2025, with a net profit growth of 50.46% [50]

贝达药业股份有限公司 审计报告及财务报表 二○二四年度 贝达药业股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-110 | 审 计 报 告 信会师报字[2025]第 ZF10183 号 贝达药业股份有限公司全体股东： 一、 审计意见 我们审计了贝达药业股份有限公司（以下简称贝达药业）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了 ...