Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, marking the third attempt since planning for the IPO began last year [2] Company Summary - Baili Tianheng recently completed a private placement in the A-share market, raising a total of 3.764 billion yuan at an issue price of 317 yuan per share, with all funds allocated for innovative drug research and development [4] - The company was listed on January 6, 2023, focusing on innovative biopharmaceuticals, chemical preparations, and traditional Chinese medicine, with key products including propofol emulsion injection [5] - As of September 30, 2023, the company's market capitalization reached 155 billion yuan, with its chairman, Zhu Yi, holding 72.22% of the shares valued at approximately 112.853 billion yuan [5] Financial Performance - Baili Tianheng experienced significant financial fluctuations, reporting revenues of 703 million yuan in 2022, 562 million yuan in 2023, and a projected 5.823 billion yuan in 2024, with net profits of -282 million yuan, -780 million yuan, and 3.708 billion yuan respectively [5] - In the first half of 2025, the company reported revenues of 171 million yuan, a 96.9% year-on-year decline, and a net loss of 1.12 billion yuan, a 124% decrease compared to the previous year [5][6] - The company's R&D expenses for the first half of 2025 amounted to 1.039 billion yuan, representing 606.69% of its revenue, indicating a significant increase in R&D investment [7] Industry Context - There has been a surge in A-share pharmaceutical companies pursuing dual listings in Hong Kong, with at least 10 companies announcing "A+H" plans this year, including Baili Tianheng [8][9] - The Hong Kong market has seen a favorable environment for biotech companies, with 10 biotech firms listed under Chapter 18A of the Hong Kong Stock Exchange rules, raising approximately 8.05 billion HKD this year [9] - The overall sentiment in the innovative drug sector has improved, with the Wind Innovation Drug Index rising by 51.22% year-to-date as of September 30, 2023 [10]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, marking the third attempt since last year [1]. Company Overview - Baili Tianheng completed a private placement in A-shares, raising a total of 3.764 billion yuan, with funds allocated entirely for innovative drug research and development [3]. - The company primarily operates in the innovative biopharmaceutical sector and traditional Chinese medicine, with key products including Propofol emulsion injection [5]. - As of September 30, the company's market capitalization reached 155 billion yuan, with its chairman, Zhu Yi, holding 72.22% of the shares, valued at approximately 112.853 billion yuan [6]. Financial Performance - The company reported significant financial fluctuations, with revenues of 703 million yuan in 2022, declining to 562 million yuan in 2023, and projected to rise to 5.823 billion yuan in 2024. However, net profits showed a loss of 282 million yuan in 2022, escalating to a loss of 1.12 billion yuan in the first half of 2025 [6]. - For the first half of 2025, the company recorded revenues of 171 million yuan, a 96.9% decrease year-on-year, and a net loss of 1.12 billion yuan, a 124% decline compared to the previous year [7]. - R&D expenses accounted for 606.69% of revenue in the first half of 2025, reflecting a significant increase in investment in innovation [8]. Industry Context - There is a growing trend among A-share pharmaceutical companies to pursue dual listings in Hong Kong, with at least 10 companies announcing progress on "A+H" plans this year [10]. - The Hong Kong market has seen a resurgence in biotech listings, with 10 biotech companies listed under Chapter 18A of the Main Board Listing Rules, raising approximately 8.05 billion HKD [11]. - The innovative drug sector has gained traction, with the Wind Innovation Drug Index rising by 51.22% year-to-date, indicating a robust market environment for pharmaceutical investments [12].

四川百利天恒药业股份有限公司 上市公告书 股票简称：百利天恒 股票代码：688506 四川百利天恒药业股份有限公司 上市公告书 特别提示 四川百利天恒药业股份有限公司（以下简称"百利天恒"、"发行人"、"公 司"或"本公司"）股票将于 2023 年 1 月 6 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 四川百利天恒药业股份有限公司 （成都市温江区成都海峡两岸科技产业园百利路 161 号一幢一号） 首次公开发行股票科创板上市公告书 保荐机构（主承销商） （广东省深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二三年一月五日 1 四川百利天恒药业股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所（以下简称"上交所"）、有关政府机关对本公司股票上市 及有关事项的意见，均不表明对本公司的任何保证。 本 公 司 ...