“创新药第一股”贝达药业半年报净利润首次下滑，同比降超三成

Core Insights - The company reported a revenue of 1.731 billion yuan for the first half of the year, marking a year-on-year increase of 15.37%, while the net profit attributable to shareholders was 140 million yuan, reflecting a decline of 37.53% [1] - In the first quarter of 2025, the company achieved a revenue of 918 million yuan, up 24.7% year-on-year, and a net profit of 100 million yuan, which is a 2.0% increase year-on-year [2] - The second quarter revenue was 814 million yuan, showing a 6.4% year-on-year increase, but the net profit dropped by 68.4% to 39.81 million yuan [3] Financial Performance - The company experienced its first year-on-year decline in net profit since 2022, attributed to increased depreciation and amortization expenses [3] - Research and development expenses for the first half of the year were 226 million yuan, down 10.40% year-on-year, while sales expenses increased by 13.34% to 594 million yuan [4] - As of the end of the first half, the company's current assets were 1.359 billion yuan, which is lower than its current liabilities of 1.757 billion yuan [4] Product Development and Market Position - 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 [3][4] - The company announced the suspension of the BPB-101 project and is conducting Phase II studies of MCLA-129 in lung cancer [4] - Strategic cooperation products such as Trastuzumab and Recombinant Human Albumin have begun sales, indicating the company's active market positioning in addressing clinical needs in oncology [4] Debt and Payment Issues - The company is reported to have outstanding payments to partners, specifically a milestone payment of 180 million yuan owed to Yifang Bio, with some amounts overdue for over two years [4]