“创新药第一股”贝达药业利润踩刹车

Core Viewpoint - Beida Pharmaceutical reported a decline in net profit for the first half of the year, attributing the drop to increased depreciation and amortization expenses, alongside rising sales, management, and financial costs, while R&D investment decreased by over 20% [1][3][5]. Financial Performance - The company achieved a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell to 140 million yuan, a decrease of 37.53% [3][4]. - This marks the first instance of a year-on-year decline in net profit since 2022 [3]. - EBITDA reached 497.81 million yuan, reflecting a growth of 13.1% [4]. R&D Investment - R&D expenditure for the first half of the year was 299 million yuan, down 21.8% year-on-year [6]. - The decline in R&D investment raises concerns about the company's future product pipeline and technological advantages [7]. Cost Structure - Sales expenses increased to approximately 594 million yuan, a rise of 13.34% [6]. - Management expenses were reported at 261 million yuan, up 23.47%, while financial expenses surged by 118.06% to 39.53 million yuan [6]. Debt Obligations - Beida Pharmaceutical has an overdue milestone payment of 180 million yuan to Yifang Biotechnology, which has not been settled [8][9]. - The payment is related to the approval of specific cancer treatment indications and has been delayed due to the company's financial arrangements [8][9].