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益方生物: 中信证券股份有限公司关于益方生物科技(上海)股份有限公司2024年年度报告的信息披露监管问询函回复的核查意见
Zheng Quan Zhi Xing·2025-06-24 17:47

Core Viewpoint - The company, Yifang Biotechnology, is under scrutiny regarding its financial disclosures and operational performance, particularly concerning its revenue from technology licensing and sales commissions related to its products, Befotertinib and Garsorasib. Group 1: Revenue and Financial Performance - In 2024, the company reported total revenue of 1,637.86 million yuan from sales commissions, a significant increase from 552.69 million yuan in 2023 [21] - The company has received 15,094.34 million yuan in revenue from Garsorasib and 1,637.86 million yuan from Befotertinib, with the latter's revenue confirmed through correspondence with partners [3][6] - The company’s revenue recognition practices align with accounting standards, confirming income upon the transfer of control of the product to customers [4][6] Group 2: Product Details and Market Potential - Befotertinib is a third-generation EGFR tyrosine kinase inhibitor for treating non-small cell lung cancer (NSCLC), with a market potential driven by a large patient base and increasing incidence rates [16][24] - The global market for KRAS G12C inhibitors, including Garsorasib, is projected to grow from 319 million USD in 2023 to 2.748 billion USD by 2032, with a compound annual growth rate of 27.0% [17] - The company has established agreements with partners for milestone payments and sales commissions, with potential earnings from Befotertinib and Garsorasib expected to increase as commercialization progresses [19][22] Group 3: Operational Challenges and Strategies - The company faces challenges with overdue receivables, particularly a 180 million yuan milestone payment from partner BeiDa Pharmaceuticals, which has been delayed due to their financial arrangements [12] - The company is actively pursuing collection of overdue payments and has implemented measures to improve operational performance, including optimizing product pipelines and seeking commercial partnerships [25][26] - Future clinical trials and product developments are underway, with a focus on expanding indications for existing products and enhancing market presence [28][30]