BIOKIN PHARMACEUTICAL(SH:688506) Sou Hu Cai Jing·2025-09-07 12:49Core Viewpoint - Baili Tianheng's stock price has reached a historical high, significantly increasing its market capitalization and the wealth of its controlling shareholder, Zhu Yi [1][3]. Company Performance - Baili Tianheng's stock price hit a peak of 410 CNY per share, with a market value exceeding 164.4 billion CNY [1]. - As of September 5, 2023, the stock price closed at 388.02 CNY per share, with a total market capitalization of approximately 155.6 billion CNY [3]. - Since its listing on the STAR Market in January 2023 at an initial price of 24.7 CNY per share, the stock has increased over 14 times [1]. Shareholder Wealth - Zhu Yi, the controlling shareholder, holds 74.35% of the company's shares, with the value of his holdings estimated at around 115.7 billion CNY [3]. - Zhu Yi's wealth is reported to be approximately 95 billion CNY, making him the richest person in Sichuan, surpassing previous wealth holders [7]. Product Development - The continuous rise in Baili Tianheng's stock price is attributed to its core product, BL-B01D1, which is in the III clinical trial phase and has been prioritized by the National Medical Products Administration [7]. - BL-B01D1 is a novel EGFR×HER3 dual-targeted ADC, developed since 2014, aimed at treating various cancers [8]. Strategic Partnerships - In December 2023, Baili Tianheng signed a collaboration agreement with Bristol-Myers Squibb (BMS) for the development and commercialization of BL-B01D1, with a potential total transaction value of up to 8.4 billion USD [8]. - This partnership is expected to generate significant revenue, with projected earnings of 5.823 billion CNY in 2024, reflecting a year-on-year increase of 936.31% [8]. Research and Development - The company has been increasing its R&D expenditures, with R&D costs accounting for 132.81%, 24.78%, and 606.69% of total revenue in 2023, 2024, and the first half of 2025, respectively [9]. - As of mid-2025, Baili Tianheng has 15 innovative drugs in clinical stages and 2 in the IND acceptance stage, with nearly 90 clinical trials ongoing globally [9].