Betta Pharmaceuticals Co., Ltd.(SZ:300558) Xin Lang Cai Jing·2025-08-20 01:49Core Viewpoint - Beida Pharmaceutical reported a decline in net profit for the first time since 2022, despite an increase in revenue, primarily due to rising costs associated with depreciation and amortization [1][3]. Financial Performance - In the first half of 2025, Beida Pharmaceutical achieved operating revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, while net profit attributable to shareholders was 140 million yuan, a year-on-year decrease of 37.53% [1]. - The first quarter of 2025 saw operating revenue of 918 million yuan, up 24.7% year-on-year, and net profit attributable to shareholders of 100 million yuan, up 2.0% year-on-year [1]. - In the second quarter, operating revenue was 814 million yuan, a 6.4% year-on-year increase, but net profit attributable to shareholders dropped to 39.81 million yuan, down 68.4% year-on-year [1]. Research and Development - Beida Pharmaceutical's R&D expenses for the first half of 2025 were 226 million yuan, a decrease of 10.40% year-on-year, while sales expenses increased by 13.34% to 594 million yuan [3]. - The company has launched eight new products, including key drugs such as Alectinib and Ensartinib, and has seen accelerated sales of drugs like Bafetinib and Vorinostat after their inclusion in medical insurance [1][3]. Market Position and Strategy - The company is actively expanding its product line and market share, particularly in the oncology sector, with strategic cooperation products like Trastuzumab and Recombinant Human Albumin already in sales [3]. - Beida Pharmaceutical has faced financial pressure, with current assets of 1.359 billion yuan, lower than current liabilities of 1.757 billion yuan [3]. Payment Obligations - Beida Pharmaceutical has outstanding payments to its partner, Yifang Bio, totaling 180 million yuan, with some payments overdue for over two years [4].