格隆汇1月9日丨贝达药业(300558.SZ)公布，为进一步发挥贝达药业股份有限公司在生物医药领域的产 业优势，围绕高壁垒技术领域持续完善生态圈布局，近日，公司已与花园集团有限公司（简称"花园集 团"）完成股权转让交割，公司出资5,000万元人民币受让花园集团持有的杭州知兴制药有限公司（简 称"知兴制药"或"标的公司"）注册资本人民币200万元，投后总占比为20%。知兴制药专注于高端吸入 制剂开发，核心技术人员行业背景深厚，已搭建完善的研发与生产体系，具备将产品从实验室到产业化 落地的能力。 知兴制药聚焦关键技术攻坚，已成功搭建国内一流的粉雾剂研发平台，精准突破1-5微米粒径控制、工 艺稳定性及装置协同等核心技术瓶颈。目前，其在研产品管线中适用于哮喘、COPD等适应症的三款产 品：丙酸氟替卡松雾化吸入用混悬液、吸入用丙酸倍氯米松混悬液及沙美特罗普卡松吸入粉雾剂均已完 成生物等效性（BE）试验，其中丙酸氟替卡松雾化吸入用混悬液申报上市在即。依托成熟的技术研发 平台与扎实的技术积累，知兴制药将聚焦跨国药企垄断的高壁垒品种、同步拓展改良型新药及创新药研 发，结合市场发展趋势梯度化布局多元化产品管线。 ...

人民财讯1月9日电，贝达药业(300558)1月9日公告，近日，公司已与花园集团完成股权转让交割，公司 出资5000万元受让花园集团持有的杭州知兴制药有限公司（简称"知兴制药"）注册资本200万元，投后 总占比为20%。知兴制药专注于高端吸入制剂开发，核心技术人员行业背景深厚，已搭建完善的研发与 生产体系，具备将产品从实验室到产业化落地的能力。目前，其在研产品管线中适用于哮喘、COPD等 适应症的三款产品：丙酸氟替卡松雾化吸入用混悬液、吸入用丙酸倍氯米松混悬液及沙美特罗普卡松吸 入粉雾剂均已完成生物等效性（BE）试验，其中丙酸氟替卡松雾化吸入用混悬液申报上市在即。 转自：证券时报 ...

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but net profit showed a modest increase, indicating resilience amid market challenges [1][2]. Financial Performance - Revenue for the first half of 2025 was 7.898 billion yuan, a year-on-year decrease of 4.08% - Net profit attributable to shareholders was 785 million yuan, a year-on-year increase of 1.10% - Non-recurring net profit was 770 million yuan, a year-on-year increase of 1.04% - Basic EPS was 0.43 yuan, in line with market expectations [1][2]. Business Segment Analysis - Chemical preparations revenue was 3.768 billion yuan, down 7.51% year-on-year - Chemical raw materials and intermediates revenue was 2.525 billion yuan, down 4.48% year-on-year - Traditional Chinese medicine preparations revenue was 812 million yuan, up 4.29% year-on-year - Diagnostic reagents and equipment revenue was 374 million yuan, down 5.13% year-on-year - Health food revenue was 244 million yuan, up 35.24% year-on-year, driven by brand digital marketing - Bioproducts revenue was 95 million yuan, up 8.31% year-on-year [2]. Cost Management - Gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year - Selling expense ratio was 25.54%, an increase of 0.07 percentage points year-on-year - Management expense ratio was 5.34%, a decrease of 0.06 percentage points year-on-year - R&D expense ratio was 7.74%, a decrease of 0.94 percentage points year-on-year [2]. Innovation and Pipeline Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from procurement policies - Sales of tobramycin inhalation solution increased by 112% year-on-year - The company is advancing its innovation transformation with a rich pipeline, including: - Antiviral drug TG-1000 expected to be approved in the second half of 2025 - Complex formulations such as salmeterol/fluticasone inhalation powder and fluticasone propionate nebulized suspension received registration - TSLP monoclonal antibody and IL-4R monoclonal antibody are in Phase II clinical trials - The company is also diversifying into innovative fields, with Nav1.8 targeting peripheral nerve pain signaling [3]. Profit Forecast and Valuation - The company is in a transitional phase due to procurement factors, but innovation transformation is progressing steadily - Net profit forecasts for 2025-2027 are 1.32 billion, 1.51 billion, and 1.67 billion yuan, respectively - Corresponding P/E ratios are 18, 16, and 14 times - The company maintains a leading position in inhalation formulations, with core products expected to grow significantly [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Views - The company is undergoing a transitional phase in its traditional business due to factors such as centralized procurement, while its innovative transformation is progressing in an orderly manner [4]. - The company reported a revenue of 7.898 billion yuan for the first half of 2025, a year-on-year decrease of 4.08%, but the net profit attributable to shareholders increased by 1.10% to 785 million yuan, aligning with market expectations [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the revenue from the chemical preparation segment was 3.768 billion yuan (down 7.51% year-on-year), while the revenue from chemical raw materials and intermediates was 2.525 billion yuan (down 4.48% year-on-year). The traditional Chinese medicine segment saw a revenue increase of 4.29% to 812 million yuan, and health food revenue surged by 35.24% to 244 million yuan [2]. - The gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year [2]. Business Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from centralized procurement policies. Sales of the core product, Tobramycin inhalation solution, increased by 112% year-on-year [3]. - The company is advancing its innovative transformation with a rich pipeline, including an anti-influenza drug expected to be approved in the second half of 2025 and several complex formulations that have received registration [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 1.32 billion yuan for 2025, with projected earnings per share (EPS) of 0.72 yuan. The price-to-earnings (P/E) ratio is expected to be 18 for 2025, decreasing to 14 by 2027 [4][5]. - The report anticipates a gradual recovery in revenue growth, with a projected increase of 0.90% in 2025, followed by higher growth rates in subsequent years [5].

Core Viewpoint - The article discusses the financial performance and strategic developments of a pharmaceutical company, highlighting fluctuations in revenue from inhalation products, rapid growth in health supplements and OTC products, and ongoing innovation in drug development [4][5][6]. Group 1: Inhalation Products - In 2024, the company's sales revenue from respiratory products was 1.097 billion yuan, a year-on-year decrease of 36.98% [4] - The decline in inhalation product revenue is attributed to slow sales growth of Tobramycin primarily from ICU departments, the impact of centralized procurement policies on Salbutamol, and a high base from respiratory disease prevalence in 2023 [4] - It is expected that as negative factors like centralized procurement fade, revenue from inhalation products will grow in 2025, driven by the gradual increase in sales of Tobramycin, Shulide, and TG-1000 [4] Group 2: Health Supplements and OTC Products - In 2024, the health supplement and OTC segment (excluding subsidiaries) achieved revenue of 0.697 billion yuan, representing a year-on-year growth of approximately 53.91% [5] - The growth in this segment is driven by effective use of new media channels such as Xiaohongshu, Douyin, and WeChat, leveraging influencer recommendations and health education to enhance brand visibility and sales [5] - The segment is expected to maintain a strong growth momentum in 2025-2026 [5] Group 3: R&D and Innovation - The company is advancing its strategy of "mechanism innovation + multi-indication coverage" in the innovative drug sector, focusing on areas like "anti-infection + respiratory + analgesia" [6] - The anti-influenza drug TG-1000 has been submitted for production and is expected to be approved for market launch in the second half of 2025, featuring a longer effective treatment period [6] - The company has received registration approvals for complex formulations, including the first domestic generics of Salmeterol/Fluticasone inhalation powder and Fluticasone propionate nebulized suspension [6] - The company is also progressing in clinical research for TSLP monoclonal antibodies and IL-4R monoclonal antibodies, which are in Phase II trials [6] - The diversification into innovative fields, such as the Nav1.8 sodium channel targeting peripheral nerve pain, is expected to enhance the company's value in chronic disease management [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [7]. Core Views - The company is experiencing fluctuations in inhalation formulation revenues, but there is optimism for growth driven by the gradual increase in sales of key products such as Tobramycin and others [3][4]. - The company is advancing its innovation strategy, focusing on "mechanism innovation + multi-indication coverage," with developments in anti-infection, respiratory, and analgesic areas [4]. - The approval of new products, such as the progesterone injection for assisted reproductive technology, is expected to contribute significantly to revenue growth [2]. Summary by Sections Revenue and Sales Performance - In the first three quarters of 2024, the sales revenue from respiratory formulations was 799 million yuan, a year-on-year decrease of 28.18% [3]. - The decline in inhalation product revenue is attributed to slow sales growth in ICU departments and the impact of centralized procurement policies on other products [3]. Research and Development - The company is actively investing in R&D, with a focus on innovative drugs and complex formulations, including the anti-influenza drug TG-1000, which is expected to be approved in the second half of 2025 [4]. - The company is also developing a Nav1.8 sodium channel inhibitor for pain management, currently in clinical phase I, emphasizing safety research [2][4]. Profit Forecast and Valuation - The projected net profits for the company from 2024 to 2026 are 1.443 billion, 1.599 billion, and 1.764 billion yuan, respectively, with corresponding EPS of 0.77, 0.87, and 0.96 yuan [4][6]. - The P/E ratios for the same period are forecasted to be 14, 13, and 12 times, reflecting the company's leading position in the inhalation formulation sector and the expected growth of its core products [4][6].