贝达药业三冲港股IPO：光环之下暗藏隐忧

Core Viewpoint - Betta Pharmaceuticals is making a third attempt to list on the Hong Kong Stock Exchange (HKEX) after two previous unsuccessful attempts in 2021, raising questions about its ability to pass HKEX scrutiny and achieve its listing goals [1][2]. Group 1: Company Overview - Betta Pharmaceuticals focuses on innovative drug research and development, integrating R&D, production, and marketing [2]. - The company has eight marketed products targeting various cancers, including lung, kidney, and breast cancer [2]. - Betta Pharmaceuticals was listed on the Shenzhen Stock Exchange in 2016 [2]. Group 2: Financial Performance - In the first half of 2025, Betta Pharmaceuticals reported a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell by 37.53% to 140 million yuan [2][3]. - The second quarter of 2025 saw a significant net profit decline of 68.36%, marking the first instance of a year-on-year decrease in net profit since 2023 [2]. Group 3: Cost Structure - The decline in net profit is attributed to increased depreciation and amortization expenses [3]. - R&D expenses decreased by 10.40% to 226 million yuan, while sales expenses rose by 13.34% to 594 million yuan [3]. Group 4: Financial Pressure - As of June 30, 2025, Betta Pharmaceuticals had current assets of 1.359 billion yuan, which is lower than current liabilities of 1.757 billion yuan, indicating short-term solvency issues [4]. - The net cash flow from operating activities was 445 million yuan, a decrease of 14.70% year-on-year, highlighting liquidity challenges [4]. Group 5: Debt Issues - Betta Pharmaceuticals has an outstanding payment of 180 million yuan to Yifang Bio for a collaboration agreement, with some payments overdue for over two years [4][5]. - The company has marked the reason for the unpaid amount as "not yet settled," indicating ongoing disputes [5]. Group 6: Product Dependency - The company's net profit margin dropped to 7.55%, down from 14.40% in the previous year, largely due to high dependency on core products and a lack of new product support [6]. - The main revenue drivers are two products, Kai Mei Na and Bei Mei Na, which have historically contributed significantly to revenue [6]. Group 7: Market Competition - The third-generation EGFR inhibitor, Sai Mei Na, has not performed as expected in the market, with sales failing to meet the threshold of 10% of total revenue [7]. - New products like Kang Mei Na and Ao Fu Min face stiff competition from established players, limiting their potential revenue contributions [8]. Group 8: Future Outlook - The company aims to use the funds raised from the IPO for R&D, potential acquisitions, and expanding its marketing network [5]. - The ability of Betta Pharmaceuticals to navigate current challenges and achieve its IPO goals remains a focal point for market observers [8].