Core Viewpoint - Beida Pharmaceutical (300558.SZ) is seeking a third attempt for an IPO in Hong Kong to enhance its capital strength and support its internationalization process, following two previous unsuccessful attempts in 2021. The primary motivation appears to be alleviating the company's increasing financial pressure rather than solely supporting long-term R&D [2][3][4]. Financial Performance - In 2025 H1, Beida reported revenue of 1.731 billion, a year-on-year increase of 15.37%, but the net profit attributable to shareholders was only 140 million, down 37.53% year-on-year. In Q2 2025, net profit was 40 million, a significant decline of 68.36% [6]. - The company's revenue heavily relies on its cornerstone product, Kaimena, which has annual sales exceeding 1 billion, accounting for more than half of its main business revenue [5][6]. - The company’s operating cash flow in H1 2025 was 445 million, reflecting a year-on-year decrease of 14.70%, indicating tightening liquidity [3][6]. Capital Structure and Liquidity - As of the end of 2023, Beida's cash balance was 527 million, a significant drop from 792 million at the end of 2021. The current assets were 1.359 billion, while current liabilities stood at 1.757 billion, highlighting short-term debt pressure [2][3]. - The company plans to allocate 40% of the IPO proceeds for R&D, 30% for potential acquisitions, and the remainder for marketing network construction and working capital [3]. R&D and Product Pipeline - Beida's R&D investment has decreased from 700 million in 2022 to 255 million in H1 2025, with the R&D team size halved from 647 in 2022 to 327 in 2024. This reduction may hinder new drug development and weaken the company's competitiveness in the innovative drug sector [7]. - The company has eight marketed products, but the performance of new products like Beifutini has been disappointing, with sales in H1 2025 not reaching 10% of main business revenue [5][6]. Market Position and Challenges - The competitive landscape for third-generation EGFR-TKIs is intense, with seven products already on the market, which may further squeeze Beida's market space if more competitors are included in the medical insurance [5][6]. - Beida's stock performance has been weak, with a year-to-date increase of about 30%, and the current stock price of 70.73 per share is significantly lower than its historical high of 160.66 [7][8].

Core Viewpoint - Benda Pharmaceutical's net profit for H1 2025 is projected to be 140 million yuan, a year-on-year decrease of 37.53%, primarily due to increased depreciation and amortization expenses impacting current profits [1] Financial Performance - The company's EBITDA stands at 498 million yuan, reflecting a year-on-year growth of 13.10%, indicating stable growth in core business operations [1] - The decline in net profit is attributed to rising costs, while the core business remains robust [1] Product Development and Market Position - Benda Pharmaceutical's drug sales are steadily increasing, reinforcing its competitive advantage in the lung cancer treatment market [1] - The first-line treatment of the third-generation EGFRTKI, Beifu Tini, is set to benefit from its inclusion in the medical insurance catalog, marking a significant milestone [1] - The company has received approval for postoperative adjuvant therapy indications, further expanding its treatment offerings [1] Future Prospects - Two KRAS-targeted drugs were showcased at the 2025 AACR, indicating promising future developments in the pipeline [1] - The company is actively enhancing its innovative product portfolio in the lung cancer sector and pursuing external collaborations, including the approval of plant-derived albumin for market entry [1] - The investment rating remains "Buy," reflecting confidence in the company's growth trajectory [1]

21世纪经济报道记者朱艺艺报道 A股创新药"老将"贝达药业（300558.SZ）第三次冲刺港股IPO。 近日，贝达药业披露公告称，拟发行境外上市股份（H股）并申请在香港联交所主板挂牌上市。 公司称，将充分考虑现有股东的利益和境内外资本市场的情况，选择适当的时机和发行窗口完成本次发 行上市。 此外，公司拟聘请香港立信德豪会计师事务所有限公司为本次港股发行上市的审计机构。该事项尚需提 交公司股东大会审议。 需要指出的是，这已经是贝达药业第三次冲刺港股上市，早在2021年2月和12月，贝达药业先后两次向 港交所递交招股书，但最终并未成行，如今再度谋求港股上市，能否顺利闯关？ 对于公司上市的主要考虑和进展，9月15日，21世纪经济报道记者联系贝达药业相关人士，但对方表 示"目前暂无回应"。 值得一提的是，尽管贝达药业已手握8款上市药品，但撑起公司业绩半壁江山的，仍然是已经上市十多 年（2011年6月上市）的盐酸埃克替尼（凯美纳），其每年为公司贡献超十亿元营收。 此外，盐酸恩沙替尼（贝美纳）近年来逐渐放量贡献业绩，贝达药业在2024年年报中提到，凯美纳、贝 美纳在2023年及2024年的销售额占公司同期主营业务收入的1 ...

21世纪经济报道记者 朱艺艺报道 A股创新药"老将"贝达药业（300558）（300558.SZ）第三次冲刺港股IPO。 近日，贝达药业披露公告称，拟发行境外上市股份（H股）并申请在香港联交所主板挂牌上市。 公司称，将充分考虑现有股东的利益和境内外资本市场的情况，选择适当的时机和发行窗口完成本次发 行上市。 此外，公司拟聘请香港立信德豪会计师事务所有限公司为本次港股发行上市的审计机构。该事项尚需提 交公司股东大会审议。 需要指出的是，这已经是贝达药业第三次冲刺港股上市，早在2021年2月和12月，贝达药业先后两次向 港交所递交招股书，但最终并未成行，如今再度谋求港股上市，能否顺利闯关？ 值得一提的是，尽管贝达药业已手握8款上市药品，但撑起公司业绩半壁江山的，仍然是已经上市十多 年（2011年6月上市）的盐酸埃克替尼（凯美纳），其每年为公司贡献超十亿元营收。 此外，盐酸恩沙替尼（贝美纳）近年来逐渐放量贡献业绩，贝达药业在2024年年报中提到，凯美纳、贝 美纳在2023年及2024年的销售额占公司同期主营业务收入的10%以上。但另一方面，公司其余产品营收 规模尚未形成气候。 对于公司上市的主要考虑和进展，9月15 ...

Core Viewpoint - Beida Pharmaceutical plans to issue H-shares for listing in Hong Kong to enhance its capital strength and support its internationalization process, amid concerns over its financial performance and liquidity pressures [1][2][3]. Financial Performance - In the first half of 2025, Beida Pharmaceutical reported a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, while its net profit attributable to shareholders decreased by 37.53% to 140 million yuan, marking the first half-year profit decline since 2022 [3][4]. - The company's second-quarter performance showed a significant decline, with revenue of 814 million yuan, a slight increase of 6.39% year-on-year, and a net profit of 39.81 million yuan, down 68.36% year-on-year [5][6]. Debt and Liquidity Issues - As of June 30, 2025, Beida Pharmaceutical's current assets were 1.359 billion yuan, lower than its current liabilities of 1.757 billion yuan, indicating short-term debt pressure [3][4]. - The company has faced liquidity challenges, highlighted by a 1.8 billion yuan overdue payment to a partner, which has been outstanding for nearly two years [3][4]. Product Dependency and Market Competition - Beida Pharmaceutical's revenue is heavily reliant on early products, namely Kaimena and Beimeina, which together account for over 10% of the company's main business income [6][7]. - The newly approved product, Beifutini, has not met sales expectations, failing to reach the disclosure threshold of 246 million yuan in revenue for the first half of 2025, amidst fierce competition from other third-generation EGFR inhibitors [7][8]. R&D and Cost Management - The company has been reducing its R&D investment, with expenditures dropping from 700 million yuan in 2022 to 255 million yuan in the first half of 2025, raising concerns about its long-term innovation capabilities [11][12]. - Despite increasing sales and management expenses, the company's revenue growth has not kept pace, indicating a decline in cost control efficiency [11][12].

Core Viewpoint - The company, Betta Pharmaceuticals, has announced plans to issue H-shares for listing in Hong Kong, raising concerns about its financial health and motivations for fundraising amid a significant decline in net profit [1][2][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, while net profit attributable to shareholders fell by 37.53% to 140 million yuan, marking the first half-year profit decline since 2022 [3][5]. - The second quarter of 2025 saw a revenue of 814 million yuan, a slight increase of 6.39% year-on-year, but net profit dropped dramatically by 68.36% to 39.81 million yuan [3][6]. Debt and Cash Flow - As of June 30, 2025, the company's current assets were 1.359 billion yuan, which is lower than its current liabilities of 1.757 billion yuan, indicating short-term liquidity pressure [5]. - The net cash flow from operating activities for the first half of 2025 was 445 million yuan, a decrease of 14.70% year-on-year [5]. Product Portfolio and Market Competition - The company heavily relies on its early products, Kaimena and Bemena, for revenue, while newly approved product, Beifu, has not yet reached the revenue disclosure threshold and faces intense competition from other third-generation EGFR inhibitors [1][8][9]. - Kaimena has historically generated over 1 billion yuan in annual sales but has struggled with growth due to price reductions in the healthcare system [8][9]. R&D and Cost Management - The company has seen a reduction in R&D investment, dropping from 700 million yuan in 2022 to 255 million yuan in the first half of 2025, raising questions about its long-term innovation capabilities [12][13]. - Despite increasing sales, management and financial expenses have surged, with management costs rising by 23.47% and financial costs doubling by 118.06%, indicating deteriorating cost control [12][13]. IPO Motivation - The planned H-share issuance is seen as a potential solution to alleviate liquidity pressures, with funds intended for R&D, marketing network expansion, and operational costs [2][14]. - The company's ongoing debt issues, including a 180 million yuan overdue payment to a partner, further highlight its financial challenges [5][13].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Views - The pharmaceutical and biotechnology industry index increased by 1.03% during the reporting period, outperforming the CSI 300 index which rose by 0.56% [3][16] - The industry valuation as of September 12, 2025, shows a PE (TTM overall method, excluding negative values) of 31.79x, up from 31.41x in the previous period, indicating an upward trend but still below the average [4][22] - Recent academic conferences and industry dynamics highlight the strength and resilience of China's innovative drug development capabilities [7][8] Industry Trends - The top-performing sub-industries include other biological products and medical research outsourcing, with increases of 4.17% and 3.64% respectively, while traditional Chinese medicine and hospitals saw declines of 1.36% and 1.23% [3][16] - A total of 48 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 3.686 billion yuan, with 6 companies increasing their holdings by 406 million yuan and 42 companies reducing by 4.092 billion yuan [4] Important Industry News - The NMPA has optimized the review and approval process for clinical trials of innovative drugs, aiming to enhance the efficiency of clinical research [26][27] - Sanofi's Teplizumab has been approved by the NMPA as the first innovative drug to delay the progression of type 1 diabetes [37][38] - The U.S. government is considering strict restrictions on Chinese pharmaceuticals, which may impact the industry [49][50] Investment Recommendations - Investors are advised to focus on companies with differentiated advantages in innovative pipelines, particularly in oncology, autoimmune, and metabolic disease areas [8] - Companies with international standard clinical and data capabilities, as well as those with mature license-out capabilities and global collaboration resources, are also recommended for investment [8]

Core Viewpoint - Beida Pharmaceutical has announced plans to issue H-shares for a Hong Kong listing, raising concerns about its operational status and financing motives amid a 37.53% decline in net profit for the first half of 2025 [2][3]. Financial Performance - For the first half of 2025, Beida reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, while net profit was 140 million yuan, down 37.53%, marking the first half-year profit decline since 2022 [3][4]. - The second quarter saw revenue of 814 million yuan, a slight increase of 6.39%, but net profit plummeted by 68.36% to 39.81 million yuan [3][5]. - As of June 30, 2025, Beida's current assets were 1.359 billion yuan, which was lower than current liabilities of 1.757 billion yuan, indicating short-term liquidity pressure [4]. Debt and Cash Flow - Beida has faced scrutiny for a 180 million yuan overdue payment to a partner, highlighting its financial strain [4]. - The company reported a net cash flow from operating activities of 445 million yuan for the first half of 2025, a decrease of 14.70% year-on-year [4]. Product Portfolio and Market Competition - Beida's revenue is heavily reliant on early products, namely Kaimena and Beimina, which together account for over 10% of the company's main business income [6]. - The newly approved product, Beifutini, has not met sales expectations, failing to reach the disclosure threshold of 246 million yuan in revenue for the first half of 2025 [6][7]. - The competitive landscape for Beifutini is intense, with at least seven other third-generation EGFR inhibitors in the market, which could further pressure its sales [6]. R&D and Cost Management - Beida's R&D investment has been declining, from 700 million yuan in 2022 to 255 million yuan in the first half of 2025, raising questions about its commitment to long-term innovation [11][12]. - Sales expenses increased by 13.34% to 594 million yuan, while management expenses rose by 23.47% to 261 million yuan, indicating a decline in cost control efficiency [10][11]. - The company plans to use proceeds from the H-share issuance to support R&D activities, marketing network expansion, and working capital needs, suggesting that alleviating liquidity pressure is a significant motive for the IPO [12][14].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.731 billion yuan for H1 2025, representing a year-on-year growth of 15.37%. However, the net profit attributable to shareholders decreased by 37.53% to 140 million yuan due to increased depreciation and amortization expenses [1] - The sales of drugs are stable, with a strong product portfolio reinforcing the company's competitive advantage in the lung cancer market. The drug Alectinib has shown significant improvements in disease-free survival (DFS) and overall survival (OS) rates in clinical trials [2] - The company is actively developing innovative products in the lung cancer field and has received approval for a plant-derived albumin product, which is expected to positively impact future revenues [5] Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be 3.520 billion, 4.295 billion, and 5.148 billion yuan, respectively. The net profit estimates have been revised down to 578 million, 745 million, and 854 million yuan for the same years [6] - The EBITDA for H1 2025 was reported at 498 million yuan, reflecting a year-on-year growth of 13.10% [1] Product Development - The company is focusing on a robust pipeline of innovative products, including multiple candidates for lung cancer treatment, which are currently in various stages of clinical trials [4] - Two KRAS-targeted drugs have shown promising results in preclinical studies, indicating potential for addressing current treatment challenges [3] Market Position - The company maintains a competitive edge in the lung cancer treatment market, with its products showing favorable clinical outcomes compared to competitors [2] - The strategic partnership with He Yuan Bio for the plant-derived albumin product is expected to enhance the company's market presence and revenue streams [5]

丨 2025年9月15日 星期一 丨 NO.1 百洋医药拟以24%股权战略投资济坤医药 百洋医药公告，公司与天津济坤医药签订战略合作协议，百洋医药战略投资济坤医药，拟持有其24%股 权，进而锁定济坤医药旗下用于治疗肺纤维化的1类创新药的所有权益。同时，公司对济坤医药持有的 所有产品的全球化合物权益享有同等条件下优先购买权。 每经记者｜甄素静 每经编辑｜张海妮 点评：华大基因控股股东华大控股拟转让4%股份，借询价转让获得资金，用于细胞组学、时空组学等 前沿科技孵化。此次布局或为华大基因开拓新增长曲线。 NO.4 索元生物在研新药关键性研究发表于《JAMA精神病学》 索元生物宣布，其关键性ENLIGHTEN试验成果以专题形式发表于精神病学顶级期刊《JAMA精神病 学》。研究结果显示，在携带新型药物基因组生物标志物ANK3的难治性抑郁症（TRD）患者中， DB104（Liafensine）展现出显著疗效。 点评：百洋医药战略投资济坤医药，锁定肺纤维化创新药JK1033项目权益，有望丰富创新药管线。叠 加其在肝纤维化领域的产品，可构建纤维化疾病治疗产品组合优势。 NO.2 千金药业：发行股份购买资产获同意批复 千金药 ...