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 ...

Core Viewpoint - The article discusses the entrepreneurial journey of a former employee of Betta Pharmaceuticals, who is leveraging generic drugs to fund the development of innovative drugs, aiming for an IPO in the future [1] Group 1: Company Overview - The entrepreneur is based in Fuzhou, Fujian, and is focusing on the pharmaceutical industry, particularly in the area of drug development [1] - The strategy involves using revenue from generic drugs to support the research and development of new, innovative pharmaceuticals [1] Group 2: Market Implications - The approach of combining generic drug sales with innovative drug development could present a unique business model in the pharmaceutical sector, potentially attracting investor interest [1] - The move towards an IPO indicates a significant growth ambition and the potential for scaling operations within the competitive pharmaceutical landscape [1]

Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].

Core Viewpoint - Beida Pharmaceutical plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, as well as to advance its internationalization process [1][10]. Company Overview - Beida Pharmaceutical, established in 2003 and listed on the Shenzhen Stock Exchange in 2016, is recognized as China's "first innovative drug stock" [3]. - The company's flagship product, Alectinib (brand name: Kaimena), is China's first independently developed small molecule targeted anti-cancer drug [3]. Financial Performance - From 2019 to 2024, Beida's revenue is projected to grow from 1.5 billion to 2.8 billion yuan, with the best net profit at 400 million yuan and the worst at 30 million yuan [7]. - In the first half of this year, Beida achieved revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but its net profit decreased by 11.91% to 191 million yuan [7][8]. Market Position and Competition - Beida's Alectinib is a first-generation EGFR-TKI product, facing increasing competition from six approved third-generation EGFR-TKIs in China, five of which are domestically developed [5][9]. - The company has lost its leading position in the EGFR-TKI market, with its third-generation EGFR-TKI, Beifu, lacking a first-mover advantage as it was approved later than competitors [9]. Product Portfolio - Besides EGFR-TKIs, Beida also has ALK-TKIs and CDK4/6 inhibitors, but the market for ALK-TKIs is limited, and CDK4/6 inhibitors are in a highly competitive field [9]. - Beida's only commercially mature products are biosimilars, which face challenges in a price-sensitive environment [9]. Funding and Financial Structure - As of mid-2023, Beida's current assets were 1.359 billion yuan, while current liabilities were 1.757 billion yuan, indicating potential liquidity issues [10]. - The company aims to use funds from the H-share issuance for new drug research, clinical trials, debt repayment, and to improve its financial structure [10].

Group 1 - Bidafarma plans to issue overseas listed shares (H-shares) and apply for listing on the main board of the Hong Kong Stock Exchange to enhance capital strength and competitiveness [2][5] - The company has previously submitted applications to the Hong Kong Stock Exchange twice in 2021, with the first submission on February 8 and the second on December [6] - The company is currently discussing the details of the issuance with relevant intermediaries, and the issuance is subject to approval from the shareholders' meeting and regulatory authorities [5][6] Group 2 - In the first half of 2025, Bidafarma achieved operating revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but the net profit attributable to shareholders decreased by 37.53% to 140 million yuan, indicating a "revenue increase without profit increase" phenomenon [7] - The company has eight drugs currently on the market, but faces competitive pressures in specific areas, including competition from first and third-generation drugs in the EGFR-TKI market and market challenges in the ALK inhibitor field [8]

Core Viewpoint - Beida Pharmaceutical is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, as well as to advance its internationalization process [1][4]. Group 1: H-Share Issuance Details - The proposed H-share issuance will not exceed 15% of the total share capital post-issuance and will target a global range of investors, including qualified institutional investors and individuals from various regions [4]. - The funds raised will be used for R&D activities, potential acquisitions, marketing network expansion, and general corporate purposes [4][6]. - This is not Beida's first attempt to list in Hong Kong, as it previously submitted applications in February and December 2021 [4]. Group 2: Strategic Timing and Market Context - Beida Pharmaceutical aims to consider the interests of existing shareholders and market conditions when determining the timing for the issuance, which will occur within 18 months of shareholder approval [5]. - The company has engaged an auditing firm for the listing process, indicating a serious commitment to this initiative [6]. Group 3: Financial Performance and Product Pipeline - By mid-2025, Beida expects to have eight drugs on the market, with projected revenue of 1.731 billion yuan, reflecting a year-on-year growth of 15.37% [7]. - Key revenue contributors include the drugs Alectinib (Kaimena) and Ensartinib (Beimina), each contributing over 10% to total revenue [7]. - Ensartinib is positioned as a critical product for future growth, with ongoing clinical trials and international market expansion plans [8][9]. Group 4: Internationalization Strategy - Beida's internationalization strategy involves a shift from "bringing in" to "going out," with a focus on expanding its product pipeline through strategic partnerships and acquisitions [10]. - The company has made significant investments in various drug candidates, enhancing its global presence and capabilities [11][12]. - Beida's recent collaborations and investments have established a foundation for its ambition to become a multinational enterprise headquartered in China [12][13].

Group 1 - The company Beida Pharmaceutical (300558) responded to investor inquiries on September 11, indicating that as of August 29, 2025, the total number of A-share common stock shareholders is 29,200 [1]

Core Viewpoint - Beida Pharmaceutical plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, while considering the interests of existing shareholders and market conditions [2] Group 1: Financial Performance - For the first half of 2025, Beida Pharmaceutical reported revenue of 1.7 billion yuan, a year-on-year increase of 15%, but net profit fell to 140 million yuan, down 38% year-on-year [2] - Research and development expenditure was 300 million yuan, a decrease of 21.8% year-on-year, marking the first decline in net profit since 2022 [2] Group 2: Financial Position - As of the first half of 2025, Beida Pharmaceutical's current assets were 1.359 billion yuan, which is lower than its current liabilities of 1.757 billion yuan [3] - The company has faced pressure on its finances, including overdue payments to partners, with a reported 180 million yuan milestone payment owed to Yifang Bio, some of which has been overdue for over two years [3] Group 3: Strategic Initiatives - Beida Pharmaceutical is focusing on enhancing its original research capabilities and improving R&D efficiency and success rates, with plans to integrate its research centers in Beijing and Hangzhou into the newly established Beida Innovation Research Institute [4] - The company held a presentation on September 8, 2025, where the chairman acknowledged the challenges faced and emphasized the need for proactive changes to compete with emerging industry players [3][4] Group 4: Market Reaction - On September 11, 2025, Beida Pharmaceutical's stock fell by 2.67%, closing at 70 yuan per share, with a total market capitalization of 29.5 billion yuan [4]

Core Viewpoint - Beida Pharmaceutical has officially restarted its H-share listing plan in Hong Kong, marking its second attempt since 2021, aiming to broaden financing channels and advance internationalization [1][2]. Fundraising Focus - The company plans to use 40% of the raised funds for innovative drug research and development over the next five years, and 30% for potential collaborations through equity investments, acquisitions, or licensing arrangements [2]. Competitive Landscape - Beida Pharmaceutical, established in 2003, has faced increasing competition in the oncology market, particularly in lung cancer treatment, with several new innovative drugs entering the market [3][4]. - The company's first product, Alectinib (brand name "Kaimena"), once accounted for over 98% of revenue, but now faces competition from multiple domestic and international companies [3][4]. - The expiration of the patent for Alectinib in March 2023 has intensified competition, with sales in 2023 exceeding 1.4 billion yuan, down from a peak of 1.87 billion yuan in 2020 [4]. R&D Team Reduction - Beida Pharmaceutical's R&D team has significantly decreased from 647 members in 2022 to 562 in 2023, a reduction of 13.14%, and is projected to drop to 327 by the end of 2024, a decline of 41.81% [6]. - The resignation of key personnel, including the Chief Scientist, raises concerns about the company's ability to maintain its competitive edge in drug development [6]. Financial Performance - In the first half of 2025, Beida Pharmaceutical reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but a net profit decline of 37.53%, marking the first drop since 2022 [7]. - The decline in net profit is attributed to increased depreciation and amortization expenses, with current assets of 1.359 billion yuan falling short of current liabilities of 1.757 billion yuan [7].

Group 1 - The core point of the article is that Beida Pharmaceutical (300558.SZ) plans to issue overseas listed shares (H-shares) and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness while advancing its internationalization process [2] - Beida Pharmaceutical will consider the interests of existing shareholders and the conditions of domestic and foreign capital markets when selecting the appropriate timing and issuance window for the listing [2] - The company has previously attempted to list in Hong Kong, submitting its prospectus in February 2021 and again in December 2021, but both attempts were unsuccessful [2] Group 2 - Beida Pharmaceutical, founded in 2003, focuses on innovative drug research and development with independent intellectual property rights, and has eight drugs currently on the market [3] - The company was listed on the Shenzhen Stock Exchange on November 7, 2016, and as of September 10, 2025, its total market capitalization is approximately 30.259 billion RMB [3][4] - The company's notable products include various cancer treatment drugs, such as the hydrochloride erlotinib tablets (Kaimena®) and the hydrochloride ensartinib capsules (Beimana®) [3]