贝达药业三冲港股IPO：有点缺钱净利降欠款拖研发缩

Core Viewpoint - Bidda Pharmaceutical is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, while also advancing its internationalization process [1] Group 1: Financial Performance - For the first half of 2025, Bidda Pharmaceutical reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but the net profit attributable to shareholders dropped by 37.53% to 140 million yuan, marking the first half-year profit decline since 2022 [2] - The company's second-quarter performance showed a revenue of 814 million yuan, a slight increase of 6.39%, while net profit fell significantly by 68.36% to 39.81 million yuan [2] Group 2: Debt and Financial Pressure - Bidda Pharmaceutical is facing financial pressure, with current assets of 1.359 billion yuan against current liabilities of 1.757 billion yuan as of mid-2023, resulting in a cash and cash equivalents balance of 527 million yuan [4] - The company has an outstanding payment of 180 million yuan to Yifang Bio for a milestone payment related to a lung cancer drug project, which has been overdue for nearly two years [3] - As of the first half of 2025, the total accounts payable amounted to 580 million yuan, with 180 million yuan being overdue payments to Yifang Bio [3] Group 3: Research and Development - Bidda Pharmaceutical's R&D investment has been declining, dropping from 700 million yuan in 2022 to 500 million yuan in 2024, with only 255 million yuan spent in the first half of 2025, a slight decrease of 0.63% year-on-year [3]