贝达药业三度冲击港股IPO：资金链承压、研发缩水与产品困局

Core Viewpoint - Beida Pharmaceutical (300558.SZ) is seeking a third attempt for an IPO in Hong Kong to enhance its capital strength and support its internationalization process, following two previous unsuccessful attempts in 2021. The primary motivation appears to be alleviating the company's increasing financial pressure rather than solely supporting long-term R&D [2][3][4]. Financial Performance - In 2025 H1, Beida reported revenue of 1.731 billion, a year-on-year increase of 15.37%, but the net profit attributable to shareholders was only 140 million, down 37.53% year-on-year. In Q2 2025, net profit was 40 million, a significant decline of 68.36% [6]. - The company's revenue heavily relies on its cornerstone product, Kaimena, which has annual sales exceeding 1 billion, accounting for more than half of its main business revenue [5][6]. - The company’s operating cash flow in H1 2025 was 445 million, reflecting a year-on-year decrease of 14.70%, indicating tightening liquidity [3][6]. Capital Structure and Liquidity - As of the end of 2023, Beida's cash balance was 527 million, a significant drop from 792 million at the end of 2021. The current assets were 1.359 billion, while current liabilities stood at 1.757 billion, highlighting short-term debt pressure [2][3]. - The company plans to allocate 40% of the IPO proceeds for R&D, 30% for potential acquisitions, and the remainder for marketing network construction and working capital [3]. R&D and Product Pipeline - Beida's R&D investment has decreased from 700 million in 2022 to 255 million in H1 2025, with the R&D team size halved from 647 in 2022 to 327 in 2024. This reduction may hinder new drug development and weaken the company's competitiveness in the innovative drug sector [7]. - The company has eight marketed products, but the performance of new products like Beifutini has been disappointing, with sales in H1 2025 not reaching 10% of main business revenue [5][6]. Market Position and Challenges - The competitive landscape for third-generation EGFR-TKIs is intense, with seven products already on the market, which may further squeeze Beida's market space if more competitors are included in the medical insurance [5][6]. - Beida's stock performance has been weak, with a year-to-date increase of about 30%, and the current stock price of 70.73 per share is significantly lower than its historical high of 160.66 [7][8].