贝达药业三闯港交所：资金告急、产品断档、研发缩水 “四驾马车”失速IPO能否成为救命稻草？

Core Viewpoint - Beida Pharmaceutical is facing significant challenges, including declining performance, tight funding, and a lack of competitive products, as it attempts to relaunch its H-share IPO in Hong Kong for the third time in four years [1][2]. Financial Performance - For the first three quarters of 2025, Beida reported revenue of 2.717 billion yuan, a year-on-year increase of 15.9%, but the net profit attributable to shareholders fell by 23.86% to 317 million yuan [2]. - The company's operating cash flow for the same period was 668 million yuan, down 19.6% year-on-year, indicating weakening cash generation capabilities [2]. - As of September 2025, Beida's current assets were 1.484 billion yuan, while current liabilities reached 1.927 billion yuan, resulting in a current ratio of 0.77 and a quick ratio of 0.59, both significantly below industry standards [2]. Debt and Liquidity Issues - Beida is embroiled in a 180 million yuan debt dispute with its partner, Yifang Bio, stemming from a 2018 cooperation agreement related to the lung cancer drug BPI-D0316 [3]. - The company has delayed payments citing cash flow issues, which has negatively impacted its commercial reputation [3]. Product Pipeline Challenges - Beida's revenue heavily relies on its long-standing product, Kaimena, which has seen its market competitiveness decline due to the emergence of third-generation EGFR-TKI drugs [4]. - The newly launched third-generation EGFR-TKI, Beifu, has underperformed in the market, failing to achieve significant sales despite receiving regulatory approval and inclusion in the national medical insurance directory [4]. R&D and Strategic Initiatives - Beida's recent strategic initiatives, including investments in new therapies and collaborations, have not yet yielded significant results [7]. - The company has seen a reduction in R&D spending, with a 21.59% decrease in 2024 to 717 million yuan, and a further 2.88% decline in the first three quarters of 2025 [8]. - The R&D team has been cut by nearly 50%, from 647 employees in 2022 to 327 by the end of 2024, raising concerns about the continuity of its research efforts [8]. Cost Structure and Financial Management - In contrast to declining R&D expenditures, Beida's management, sales, and financial expenses have increased significantly, with management expenses rising by 26.45% and financial expenses by 78.26% in the first three quarters of 2025 [9]. - The lack of new blockbuster products and the pressure on the funding chain raise questions about Beida's ability to recover growth through its planned IPO [9].