百利天恒实控人成四川新首富 半年报公司营收同比下滑96.92%

Core Viewpoint - The stock price of Sichuan listed company Baili Tianheng (688506) reached a new high, with a market capitalization of 154 billion yuan, making its actual controller, Zhu Yi, the new richest person in Sichuan with a net worth of approximately 117.4 billion yuan [1][4]. Company Overview - Baili Tianheng was established in 1996, initially focusing on chemical generic drugs and traditional Chinese medicine, and began entering the global innovative biopharmaceutical field in 2011 [4]. - The company went public on the Sci-Tech Innovation Board in January 2023, with an initial price of 24.7 yuan per share, raising 988 million yuan [4]. Stock Performance - As of September 8, 2023, Baili Tianheng's stock price increased by nearly 7% to 414.02 yuan per share during trading, but closed at 384 yuan, down 1.04% [1]. - Since its listing, the stock price has surged by 14 times, reflecting strong market interest [4]. Financial Performance - In the first half of 2023, Baili Tianheng reported a revenue of 171 million yuan, a significant decline of 96.92% year-on-year, and a net loss of 1.118 billion yuan, down 123.96% year-on-year [6][9]. - The decline in revenue is attributed to high R&D investments and the absence of one-time income from a previous collaboration with Bristol-Myers Squibb (BMS) [6]. R&D Investment - The company has significantly increased its R&D expenditures, reaching 1.039 billion yuan in the first half of 2023, a 90.74% increase year-on-year, with R&D expenses accounting for 606.69% of revenue [9]. - Baili Tianheng's R&D strategy is aimed at establishing a technological moat, but the high investment also poses risks if future research data and approval timelines do not meet expectations [9]. Market Position - As of March 2023, Zhu Yi ranked 403rd on the Hurun Global Rich List with a wealth of 57 billion yuan, while other prominent Sichuan businessmen had lower valuations [4].