Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1] - Sub-industry ratings include "Add" for pharmaceutical manufacturing and pharmaceutical services [1] Core Insights - The report is optimistic about innovative drugs, CXO, and strong consumer performance in Q1 2025 [5][27] - In April 2025, the pharmaceutical sector performed similarly to the market, with the SHCOMP index down 1.7% and SW Pharma Bio down 2.1%, ranking 11th among Shenwan primary industries [9][28] - The premium of the pharmaceutical sector over all A-Shares is currently at a normal level of 81.01% [18][28] Summary by Sections 1. Focus on Innovative Drugs and CXO - Key A-share stocks recommended include Jiangsu Heng Rui Medicine, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, Huadong Medicine, WuXi AppTec, APT Medical, and AIER EYE HOSPITAL GROUP [5][27] - H-share top picks include Wuxi Biologics Cayman, PATEO, Innovent Biologics, and Zai Lab, with beneficiaries being CSPC Pharmaceutical Group, Gushengtang, and Angelalign [27] 2. April 2025 Pharmaceutical Sector Performance - The pharmaceutical sector's performance was on par with the market, with notable sub-sectors being chemical preparations (+2.8%), pharmaceutical commerce (+1.5%), and chemical raw materials (+0.7%) [12][28] - Top gainers included Apichope Pharmaceutical (+56.2%), Qianjiang Yongan Pharmaceutical (+55.9%), and Kexing Biopharm Co., Ltd. (+55.2%), while top losers were Hainan Poly Pharm (-71.9%), Landfar Bio-Medicine Co., Ltd (-40.0%), and Jiangsu Wuzhong Industrial (-39.5%) [17][28] 3. Performance Disparities in 2024 and Q1 2025 - In 2024, the pharmaceutical sector's overall revenue fell by 1.5% YoY, and net profit decreased by 12.5% YoY, with medical consumables, chemical preparations, and blood products showing positive growth [22][28] - In Q1 2025, the sector's revenue fell by 6.1% YoY, and net profit fell by 9.7% YoY, with medical R&D outsourcing, consumables, and hospitals performing well [22][28] 4. Profitability Metrics - The gross profit margin (GPM) for the pharmaceutical sector fell by 0.5pp YoY in 2024, while the net profit margin (NPM) fell by 0.8pp YoY [24][28] - In Q1 2025, GPM decreased by 1.6pp YoY, and NPM decreased by 0.4pp YoY, with medical R&D outsourcing showing improvements in both GPM and NPM [24][28]

Core Viewpoint - The article highlights the dedication and contributions of Gao Yaqin, a quality engineer at Betta Pharmaceuticals, who has been instrumental in ensuring the quality of innovative drugs, particularly the first small molecule targeted cancer drug in China, for over fifteen years [1][3]. Group 1: Company Background - Betta Pharmaceuticals was established during a time when generic drugs dominated the market, with a small team focused on developing China's first small molecule targeted anti-cancer drug [3]. - The company successfully launched the drug, Erlotinib Hydrochloride, in 2011, which won the National Science and Technology Progress Award [3]. Group 2: Quality Control Achievements - Gao Yaqin has maintained a 100% accuracy rate in quality inspections over her fifteen-year career, demonstrating exceptional professional skills and experience [6]. - The rigorous quality control processes led to the successful market entry of Erlotinib Hydrochloride, benefiting approximately 700,000 lung cancer patients [6]. Group 3: Problem-Solving and Team Leadership - Gao Yaqin's proactive approach in identifying discrepancies in product data has prevented potential quality issues, showcasing her critical role in the quality assurance process [4]. - She led her team in a thorough investigation to resolve a data anomaly, ensuring that a batch of hundreds of kilograms of medicine was cleared for market release after confirming its quality [6].

Group 1 - The core objective of the "Implementation Plan for the Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)" is to achieve significant progress in digital transformation by 2027, enhancing the competitiveness of the pharmaceutical industry and quality management throughout the product lifecycle [1] - The integration of new information technologies with the pharmaceutical industry is expected to drive high-quality and innovative development, with listed companies in the Shenzhen market actively participating in this transformation [1][2] - The rapid development of artificial intelligence is reshaping the pharmaceutical industry, providing unprecedented opportunities for transformation from drug development to health management [2] Group 2 - Companies are focusing on enhancing their research and development capabilities by integrating AI with medical technology, which requires overcoming various interdisciplinary barriers [2][3] - The digital transformation of the pharmaceutical industry involves automating manufacturing processes, unlocking the value of pharmaceutical data, enhancing cybersecurity, and promoting AI across the entire industry chain [3] - Capital markets play a crucial role in supporting the pharmaceutical industry through various funding channels, enabling companies to invest in high-cost areas such as innovative drug development and high-end medical device manufacturing [4][5] Group 3 - The establishment of a transparent corporate governance structure through public listing helps pharmaceutical companies improve internal decision-making processes and risk management capabilities [5] - As of April 29, 2024, 256 companies in the Shenzhen pharmaceutical and biotechnology sector reported a total revenue of 1.13 trillion yuan and a net profit of 67.63 billion yuan, with 37 companies experiencing over 50% net profit growth [5] - Companies plan to continue leveraging capital market support to drive further upgrades in the pharmaceutical industry, focusing on innovation and expanding research boundaries [6]

中信证券股份有限公司 关于贝达药业股份有限公司 2024 年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为贝达 药业股份有限公司（以下简称"贝达药业"或"公司"）2020 年度向特定对象发 行股票持续督导阶段的保荐机构，根据《深圳证券交易所创业板股票上市规则》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等相 关规定履行持续督导职责，对贝达药业 2024 年度募集资金存放与使用情况进行 了核查，现将核查情况及核查意见发表如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会以证监许可[2020]2213 号《关于同意贝达药业股 份有限公司向特定对象发行股票注册的批复》同意注册，贝达药业股份有限公司 向特定对象发行股票 10,138,621 股，每股发行价格为 98.83 元，募集资金总额为 人民币 1,001,999,913.43 元，扣除保荐及承销费用人民币 5,000,000.00 元(含税)后 的余额人民币 996,999,913.43 元已全部划转至本公司银行账户。公司本次募集资 金总 ...

关于贝达药业股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为贝达药 业股份有限公司（以下简称"贝达药业"或"公司"）的保荐机构，根据《深圳证 券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引第2号—— 创业板上市公司规范运作》、《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求》等相关规定履行持续督导职责，对贝达药业使用暂时闲置募集资 金进行现金管理事项进行了核查，现将核查情况及核查意见发表如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意贝达药业 股份有限公司向特定对象发行股票注册的批复》（证监许可[2020]2213号）同意， 公司向14名特定对象发行人民币普通股（A股）10,138,621股，发行价格为98.83元/ 股，实际募集资金总额为人民币1,001,999,913.43元（大写：人民币壹拾亿零壹佰玖 拾玖万玖仟玖佰壹拾叁元肆角叁分），扣除本次发行费用（不含税）人民币 6,594,538.73元后，实际募集资金净额为人民币995,405,374.70元。 ...

Group 1 - The core viewpoint of the articles highlights the advancements in the field of medical innovation, particularly focusing on the development of stem cell therapies for diabetes by RuiPu ChenChuang Technology Co., Ltd. [1] - The launch of the innovation ecosystem alliance at the Wanwu Shengzhang Conference signifies a commitment to empowering more projects within the ecosystem, as stated by the chairman of Betta Pharmaceuticals, Ding Lieming [1] - Betta Pharmaceuticals has established itself as a representative of domestic innovative drugs, having developed China's first small molecule targeted anti-cancer drug, demonstrating the potential of China's biopharmaceutical industry [2] Group 2 - The biopharmaceutical industry in China is undergoing profound changes, with over 200 early-stage innovative drug projects being acquired by multinational companies in the past two years, amounting to nearly $100 billion [2] - Betta's innovation ecosystem has set up four funds and incubated nearly 30 projects, aiming to gather more resources for high-quality early-stage projects [2] - The company emphasizes the importance of collaboration across various sectors to address challenges in the overall pharmaceutical innovation ecosystem [2]

Group 1 - The company achieved a record high quarterly revenue of 918 million yuan in Q1 2025, representing a year-over-year increase of 24.71%, with a net profit attributable to shareholders of 100 million yuan, up 1.99% year-over-year, and a non-GAAP net profit of 164 million yuan, up 83.59% year-over-year [3] - The non-GAAP net profit margin reached 17.86%, an increase of 5.64 percentage points year-over-year, indicating strong operational performance [3] - The company is expected to enter a multi-product commercialization phase in 2025, with core products like Ensartinib and others anticipated to drive significant revenue and profit growth from 2025 to 2027 [3] Group 2 - Ensartinib has been approved in the U.S. and is under EMA review, with expectations for increased performance due to internationalization [4] - The company is advancing its EYP-1901 clinical trials, with promising data expected in 2024 and 2025, indicating potential for further international success [4] - The company signed a regional distribution agreement with He Yuan Bio for a plant-derived recombinant human serum albumin injection, which has been accepted for priority review by NMPA, showcasing its commitment to ecosystem partnerships [5] Group 3 - The company has adjusted its earnings forecasts upward due to lower-than-expected R&D expense ratios and the commercialization of new products, projecting EPS of 1.71, 2.42, and 3.07 yuan for 2025-2027 [6] - The projected PE ratio for 2025 is 29 times based on the closing price on April 24, 2025, maintaining a "buy" rating [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to enter a multi-product commercialization phase in 2025, with key products like Ensartinib and others anticipated to drive significant revenue and profit growth from 2025 to 2027 [2][5] - The international approval of Ensartinib in the US and its ongoing EMA approval process are seen as major catalysts for performance [3] - The company is focusing on building an ecosystem through strategic partnerships, which is expected to enhance its competitive edge and drive performance [4] Financial Performance - In Q1 2025, the company achieved a record revenue of 918 million yuan, representing a year-over-year increase of 24.71%, and a net profit of 100 million yuan, with a non-GAAP net profit of 164 million yuan, reflecting an 83.59% increase year-over-year [11] - The non-GAAP net profit margin reached 17.86%, up 5.64 percentage points year-over-year, indicating strong operational performance [11] - The company forecasts revenues of 3.75 billion yuan in 2025, with a year-over-year growth of 29.75%, and expects EPS to rise to 1.71 yuan [12] Valuation and Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.71 yuan, 2.42 yuan, and 3.07 yuan respectively, reflecting significant growth compared to previous forecasts [5][12] - The price-to-earnings (P/E) ratio for 2025 is estimated at 29 times, indicating a favorable valuation relative to expected earnings growth [5][12]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2400 | 0.2300 | 4.35 | 0.1200 | | 每股净资产（元） | 13.25 | 13.2 | 0.38 | 11.72 | | 每股公积金(元) | 4.98 | 5.18 | -3.86 | 5.15 | | 每股未分配利润(元) | 6.51 | 5.71 | 14.01 | 4.85 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 9.18 | 7.36 | 24.73 | 5.32 | | 净利润(亿元) | 1 | 0.98 | 2.04 | 0.51 | | 净资产收益率(%) | 1.80 | 1.82 | -1.1 | 1.05 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 20650.02万股，累计占流通股比： 49.49%，较上期变化： -88.79万 股。 | 名称 ...

Core Viewpoint - Beida Pharmaceutical reported a revenue growth of 17.74% year-on-year to 2.892 billion yuan in 2024, with a net profit of 403 million yuan, marking a 15.67% increase, and a significant turnaround in profitability with a 55.92% rise in non-net profit [1][2] Financial Performance - The company achieved a revenue of 2.892 billion yuan in 2024, approaching the 3 billion yuan mark, with a net profit of 403 million yuan [1] - The non-net profit reached 410 million yuan, indicating a strong recovery from previous years where revenue growth did not translate into profit [1] - Historical revenue figures from 2021 to 2023 were 2.246 billion yuan, 2.377 billion yuan, and 2.456 billion yuan, with net profits fluctuating significantly [1] Product Portfolio - Beida Pharmaceutical currently has five new drugs in the oncology treatment field, including the first-generation EGFR inhibitor, Alectinib (Kaimena®), and the ALK inhibitor, Ensartinib (Beimina®) [1][2] - The company has expanded its product lineup from a single product to five through independent research and strategic partnerships [2] - Alectinib has generated over 1 billion yuan in annual revenue since its inclusion in the national medical insurance directory in 2017 [2] Market Expansion and Pipeline - The company has one innovative drug under review for market approval and over 20 projects in development, indicating potential for future growth [2][6] - The sales forecast for Beimina in 2024 is expected to approach 800 million yuan, while Kaimena's sales are projected to be between 1.2 billion and 1.4 billion yuan [4][5] - Beida's research and development investment has consistently been high, with R&D expenditures from 2020 to 2024 being 742 million yuan, 861 million yuan, 977 million yuan, 1 billion yuan, and 717 million yuan, respectively [7] Leadership and Strategic Moves - The return of Professor Mao Li as the Chief R&D Officer is a significant development for the company, as he previously held key positions within Beida and has extensive experience in the industry [8][9]