BIOKIN PHARMACEUTICAL(SH:688506) Hua Xia Shi Bao·2025-09-28 11:58Core Viewpoint - The capital market is increasingly focusing on the innovative drug sector, as evidenced by Bailitianheng's recent completion of a 3.764 billion yuan A-share private placement, attracting significant investment from top public funds, indicating strong institutional confidence in biotech companies with genuine innovation capabilities and overseas potential [2][3]. Group 1: Investment Details - Bailitianheng's private placement was priced at 317 yuan per share, issuing a total of 11.87 million shares to 18 specific investors, with public funds being the largest buyers [3]. - Notable investors include China Europe Fund, which subscribed for 678.82 million yuan, followed by other major funds like E Fund and GF Securities, with all top 10 subscription amounts exceeding 100 million yuan [4]. Group 2: Fund Manager Actions - Fund managers displayed a "reduce then increase" strategy, with China Europe Fund reducing its holdings before participating in the private placement, indicating a reassessment of the company's value [5]. - ICBC Credit Suisse Fund and Fortune Fund also participated significantly, with multiple products from these funds collectively investing over 5.62 billion yuan in Bailitianheng [5]. Group 3: Financial Performance - Bailitianheng's financial performance shows a stark contrast to the institutional enthusiasm, with a reported revenue of only 171 million yuan for the first half of 2025, a 96.92% year-on-year decline, and a net loss of 1.118 billion yuan [6]. - The company's R&D expenses surged to 1.039 billion yuan, reflecting the high-cost nature of innovative drug development [6]. Group 4: Market Position and Product Pipeline - As of September 26, 2025, Bailitianheng's stock price increased by 94.49% year-to-date, with a market capitalization of 154 billion yuan, ranking fourth among A-share innovative drug companies [7]. - The market is optimistic about its core product, BL-B01D1, which has received multiple breakthrough therapy designations, enhancing its market potential [7]. Group 5: Analyst Ratings and Market Sentiment - Recent analyst reports maintain a positive outlook on Bailitianheng, with several institutions issuing "strong buy" ratings, reflecting confidence in its future prospects [8][9]. - The innovative drug sector is increasingly categorized into "focused" companies like Bailitianheng and "dual-driven" companies that leverage traditional business cash flows to support innovation [10]. Group 6: Strategic Insights - Top fund managers emphasize the importance of innovation and international expansion as key growth drivers in the industry, with a focus on areas like ADC drugs and GLP-1 weight loss medications [10].