百利天恒中报业绩重挫，572亿科创板首富也有“钱紧”烦恼？

Core Viewpoint - The company Baile Tianheng, led by its founder Zhu Yi, reported a significant decline in its half-year performance, with revenue dropping by 96.92% to 171 million yuan and a net loss of 1.118 billion yuan, marking a shift from profit to loss. Despite this, the company's market capitalization has surged, reaching approximately 153.98 billion yuan, doubling within the year, which has elevated Zhu Yi to the title of the richest person on the Sci-Tech Innovation Board [2][3][24]. Financial Performance - In the first half of the year, Baile Tianheng's revenue was only 171 million yuan, a decrease of 96.92% year-on-year, representing the worst performance since 2015 [9]. - The company's net profit attributable to shareholders plummeted by 123.96%, resulting in a loss of 1.118 billion yuan, a stark contrast to previous profits [9]. - The company's total liabilities reached 4.386 billion yuan, with an asset-liability ratio of 61.05% [12]. Investment and R&D - Baile Tianheng has been heavily investing in research and development, with R&D expenses rising from 181 million yuan in 2019 to 1.443 billion yuan in 2024. In the first half of 2025 alone, R&D expenses reached 1.039 billion yuan, a year-on-year increase of 90.74% [10][11]. - The company has 15 innovative drugs in clinical trials and has invested a total of 3.396 billion yuan in these projects, with expected total investment reaching 4.353 billion yuan [11]. Strategic Partnerships - A significant turning point occurred at the end of 2023 when Baile Tianheng's subsidiary SystImmune entered a global strategic cooperation agreement with Bristol-Myers Squibb (BMS) for the development and commercialization of BL-B01D1, which includes an upfront payment of 800 million USD and a potential total transaction value of up to 8.4 billion USD [6][22]. - This partnership is expected to dramatically boost Baile Tianheng's revenue and net profit in 2024, with projected revenue growth of 936.31% to 5.823 billion yuan and net profit soaring by 575.02% to 3.708 billion yuan [7]. Market Position and Future Outlook - Despite the recent financial struggles, Baile Tianheng's market capitalization has increased significantly, reflecting investor confidence in its innovative drug pipeline and future growth potential [24]. - The company aims to establish itself as a leading multinational pharmaceutical company, focusing on innovative drug development in the oncology sector [10].