Core Viewpoint - The company, Betta Pharmaceuticals, provided an update on its dual-target antibody product MCLA-129, which targets both EGFR and c-Met to inhibit tumor growth and survival [1] Group 1: Product Development - MCLA-129 is currently undergoing multiple clinical studies for both monotherapy and combination therapy indications [1] - In January, the I/II phase study of MCLA-129 entered the parallel cohort expansion phase and completed the enrollment of the first subject, targeting wild-type colorectal cancer [1] - In July, a Phase II study of MCLA-129 in lung cancer related to driver gene positivity and MET amplification completed the enrollment of its first patient [1] Group 2: Combination Therapy Trials - Clinical trials for MCLA-129 in combination with Bevacizumab are progressing [1] - The application for clinical trials of MCLA-129 in combination with Ensartinib has recently been accepted by the NMPA [1] Group 3: Communication and Disclosure - The company will timely disclose any significant progress in the aforementioned clinical studies [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration application for Wuhan Heyuan Biotechnology Co., Ltd.'s initial public offering (IPO) [1] - Bidda Pharmaceutical (300558) responded to investor inquiries regarding potential losses due to delays in Heyuan's issuance, stating that the company does not need to recognize any losses at this time [1] - Investors are advised to monitor Heyuan's public information disclosures for specific details regarding the issuance [1]

Group 1 - The core viewpoint of the news is that Beida Pharmaceutical has shown a significant increase in stock price and trading activity, indicating positive market sentiment [1][2] - As of August 22, Beida Pharmaceutical's stock price rose by 2.03% to 65.38 CNY per share, with a total market capitalization of 27.508 billion CNY [1] - The company has experienced a year-to-date stock price increase of 21.68%, despite a recent decline of 4.04% over the last five trading days [1] Group 2 - As of June 30, the number of shareholders for Beida Pharmaceutical increased by 9.97% to 32,100, while the average circulating shares per person decreased by 9.08% to 13,064 shares [2] - For the first half of 2025, Beida Pharmaceutical reported a revenue of 1.731 billion CNY, reflecting a year-on-year growth of 15.37% [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 [2]

Core Insights - The article highlights the significant stock adjustments made by the China Europe Medical Health Fund, managed by Ge Lan, during the second quarter of 2025, particularly its increased holdings in several pharmaceutical companies [1][3][4]. Group 1: Fund Adjustments - The China Europe Medical Health Fund entered the top ten circulating shareholders of Lizhu Group and Betta Pharmaceuticals, holding 5.939 million shares and 4.3513 million shares, respectively [3]. - The fund significantly increased its stake in XinNuoWei by approximately 14 million shares, representing a 222% increase, bringing its total holdings to 20.184 million shares [3][4][6]. - Other notable increases included holdings in XinLiTai (up 86% to 26.163 million shares), NuoCheng JianHua (up 43.9% to 13.048 million shares), and HuaDong Pharmaceutical (up 17.39% to 24.4395 million shares) [4][6]. Group 2: Fund Management Strategy - In July, the China Europe Medical Health Fund announced the appointment of Zhao Lei as a co-manager, indicating a shift towards a team-based management approach [8]. - The fund is part of a broader trend within China Europe Fund to enhance its research and investment management capabilities through a "professional, industrialized, and intelligent" investment research system [8][9]. - This transformation aims to create a sustainable organization capable of generating alpha over the long term, thereby improving product offerings and services for investors [9].

消息面上，贝达药业在2025年半年报中披露，仍拖欠益方生物1.8亿元里程碑款项，该款项涉及双方合 作开发的创新药贝福替尼。益方生物此前已多次催收，并计提10%坏账准备，但贝达药业未明确还款安 排。 资金流向方面，益方生物-U当日主力资金净流出2760.94万元，近五日主力资金净流入7604.16万元。 益方生物-U股价报40.39元，较前一交易日下跌1.13%，成交额达4.74亿元。盘中股价波动区间为38.50元 至41.00元，振幅6.12%。 益方生物-U属于生物医药行业，专注于肿瘤和代谢疾病领域的创新药物研发。公司主要产品管线覆盖 小分子靶向药和生物大分子药物。 风险提示：投资有风险，市场波动及合作方信用风险可能对公司经营产生影响。 ...

"创新药第一股"贝达药业（300558）于8月20日交出了一份增收不增利的半年报，公司上半年净利下降 至1.4亿元，降幅达到37.53%。贝达药业把业绩下滑归因于计入当期损益的折旧摊销等费用升高。报告 期内，公司销售费用、管理费用和财务费用均出现上升。值得关注的是，在三大费用攀升的同时，贝达 药业的研发投入却不增反降，同比下降超20%。此外，贝达药业拖欠益方生物的1.8亿元里程碑款项已 出现逾期，更进一步暴露其资金压力。在业内人士看来，这可能会影响贝达药业的商业信誉与未来的合 作前景。 净利下滑吓崩股价 一季度尚且实现净利增长的贝达药业，上半年净利出现了明显下滑，公司股价因此盘中一度重挫逾 10%。 财务数据显示，贝达药业上半年实现营业收入17.31亿元，同比增长15.37%；归属净利润1.4亿元，同比 下降37.53%。这是公司自2022年之后，首次在半年报出现净利润同比下滑现象 在研发投入下降的同时，贝达药业销售费用出现持续攀升。今年上半年，贝达药业销售费用约为5.94亿 元，同比增长13.34%。2022—2024年期间，贝达药业半年度销售费用分别为4.4亿元、4.58亿元、5.24亿 元。 此外，今年 ...

"创新药第一股"贝达药业（300558）于8月20日交出了一份增收不增利的半年报，公司上半年净利下降至1.4亿元，降幅达到37.53%。贝 达药业把业绩下滑归因于计入当期损益的折旧摊销等费用升高。报告期内，公司销售费用、管理费用和财务费用均出现上升。值得关 注的是，在三大费用攀升的同时，贝达药业的研发投入却不增反降，同比下降超20%。此外，贝达药业拖欠益方生物的1.8亿元里程碑 款项已出现逾期，更进一步暴露其资金压力。在业内人士看来，这可能会影响贝达药业商业信誉与未来的合作前景。 半年报显示，报告期内，贝达药业产品毛利率保持在80%以上，处于同行业较高水平。公司息税折旧摊销前利润(EBITDA)达到49781.37 万元，同比增长13.1%。因计入当期损益的折旧摊销等费用升高，归属净利润出现了一定程度的下降。 半年报披露后，贝达药业8月20日盘中一度大跌逾10%。截至当日收盘，贝达药业报65.72元/股，跌幅为6.4%，总市值为276.5亿元。 针对公司相关问题，北京商报记者向贝达药业方面发去采访函，不过截至记者发稿，未收到公司回复。 研发投入下滑逾两成 净利下滑"吓崩"股价 一季度尚且实现净利增长的贝达药业 ...

Core Viewpoint - Beida Pharmaceutical reported a decline in net profit for the first half of the year, attributing the drop to increased depreciation and amortization expenses, alongside rising sales, management, and financial costs, while R&D investment decreased by over 20% [1][10][11] Financial Performance - The company achieved an operating revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell to 140 million yuan, down 37.53% [6][8] - EBITDA reached 497.81 million yuan, reflecting a 13.1% growth [7] R&D Investment - R&D expenditure for the first half of the year was 299 million yuan, a decrease of 21.8% compared to the previous year [10] - The decline in R&D investment raises concerns about the company's future product pipeline and competitive edge [12] Expense Trends - Sales expenses rose to approximately 594 million yuan, an increase of 13.34% year-on-year [11] - Management expenses were reported at 261 million yuan, up 23.47%, while financial expenses surged by 118.06% to 39.53 million yuan [11] Debt and Financial Pressure - The company has an overdue milestone payment of 180 million yuan to Yifang Biotechnology, which has raised concerns about its financial health and potential impact on future collaborations [13][14][16] - The overdue payment reflects internal financial management issues that could exacerbate the company's financial difficulties [16]

公司在2025年半年度报告中提到，报告期内的经营业务主要围绕创新药物的研发和销售。公司已有八款药品上市新产品，包括盐酸埃克替尼片、盐酸恩沙替尼胶囊等核心产品。 另外，甲磺酸贝福替尼胶囊和伏罗尼布片在纳入医保后销售加快，酒石酸泰瑞西利胶囊于2025年6月获批上市。此外，公司宣布暂停开发BPB-101项目，并透露MCLA-129在肺癌领域的II期研究 管理层还表示，注射用曲妥珠单抗（安瑞泽）和重组人白蛋白注射液（奥福民）等战略合作产品已启动销售。公司在市场上积极布局，努力满足肺癌等恶性肿瘤领域的临床需求，进一步拓展产品 值得注意的是，财务数据显示，上半年贝达药业研发费用为2.26亿元，同比下降10.40%，上半年销售费用5.94亿元，同比增长13.34%。自2023年第三季度以来，公司研发支出持续收缩，而 多款新药集中上市利好的同时，公司资金却有所承压。截至上半年末，贝达药业流动资产为13.59亿元，低于17.57亿元的流动负债。 8月19日晚间，贝达药业（300558.SZ）披露半年报，上半年实现营业收入17.31亿元，同比增长15.37%；归属净利润1.4亿元，同比下降37.53%。 其中，2025年一季报营 ...

8月19日晚间，贝达药业（300558.SZ）披露半年报，上半年实现营业收入17.31亿元，同比增长 15.37%；归属净利润1.4亿元，同比下降37.53%。 这是公司自2022年之后，首次在半年报出现净利润同比下滑现象。贝达药业表示，因计入当期损益的折 旧摊销等费用升高，归属净利润出现了一定程度的下降。 元。 公司在2025年半年度报告中提到，报告期内的经营业务主要围绕创新药物的研发和销售。公司已有八款 药品上市新产品，包括盐酸埃克替尼片、盐酸恩沙替尼胶囊等核心产品。 另外，甲磺酸贝福替尼胶囊和伏罗尼布片在纳入医保后销售加快，酒石酸泰瑞西利胶囊于2025年6月获 批上市。此外，公司宣布暂停开发BPB-101项目，并透露MCLA-129在肺癌领域的II期研究已完成首例 患者入组。 多款新药集中上市利好的同时，公司资金却有所承压。截至上半年末，贝达药业流动资产为13.59亿 元，低于17.57亿元的流动负债。 其中，2025年一季报营业收入为9.18亿元，同比上升24.7%；归母净利润为1.0亿元，同比上升2.0%；扣 非归母净利润为1.64亿元，同比上升83.6%。 据智通财经报道，贝达药业目前有拖欠合作方 ...