【私募调研记录】保银投资调研贝达药业、华东医药

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]