拖欠合作方1.8亿元两年未付，贝达药业三战港股

Core Viewpoint - Beida Pharmaceutical is planning a third attempt to list its shares on the Hong Kong Stock Exchange, raising questions from investors about the allocation of funds and the company's performance in the market [2][3]. Group 1: Company Financial Performance - In the first half of 2025, Beida Pharmaceutical reported a revenue of 1.73 billion yuan, a year-on-year increase of 15.37%, while the net profit attributable to shareholders decreased by 37.53% to 139.9 million yuan due to increased depreciation and amortization costs [4][5]. - The company's gross profit margin for its main drug sales was 81.59%, a decrease of 2.76% compared to the previous year [4]. - Research and development expenses were 226 million yuan, down 10.40% year-on-year, while sales expenses increased by 13.34% to 594 million yuan [5]. Group 2: Market Challenges and Competition - Beida Pharmaceutical faces significant competition in various therapeutic areas, including pressure from first and third-generation drugs in the EGFR-TKI market and competition in the ALK inhibitor field [6]. - The company plans to accelerate the application of existing clinical research results and continue clinical research for its products to meet market demands [6]. Group 3: Funding and Investment Plans - The funds raised from the H-share issuance will be used for research and development, potential acquisitions, marketing network expansion, and general corporate purposes [4]. - Investors have expressed skepticism about the company's ability to succeed in the Hong Kong listing given its current product sales performance [4][3]. Group 4: Outstanding Payments - Beida Pharmaceutical has been reported to owe 180 million yuan to Yifang Bio for nearly two years, which has raised concerns about its financial management and relationships with partners [7]. - The company has stated that it is in communication with Yifang Bio regarding the milestone payments and is committed to resolving the issue [7]. Group 5: Stock Market Performance - As of September 30, Beida Pharmaceutical's stock price increased by 1.53% to 66.81 yuan per share, with a total market capitalization of 28.11 billion yuan, reflecting a year-to-date increase of approximately 24% [7].