本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 百利天恒近期披露的季度业绩看似呈现增长态势，但仔细研究后发现，这份成绩单的成色却值得推敲。 短暂的营收提振并非源于核心业务的改善，而是依赖一次性合作收益的支撑，这使得公司实际经营状况 与市场初步印象形成反差，也为其长期盈利能力蒙上阴影。 公司将发展重心押注于前沿疗法研发，然而这一领域正面临多重不确定性。核心管线的技术路径尚处于 探索阶段，全球范围内尚无成功先例，且同类产品的临床挫折已敲响警钟。 与此同时，公司传统主力业务正遭遇严峻挑战。行业政策调整与市场竞争加剧双重压力下，原有优势产 品的竞争力持续弱化，运营效率与渠道管理问题逐渐暴露。新旧业务的双重困境交织，百利天恒又将如 何破局？ 研发进入死循环？ 10月26日，百利天恒交出了一份表面看起来还不错的《2025年三季报》，公司第三季度单季营收18.95 亿元，同比大增1625.08%，归母净利润6.23亿元，同比上升203.74%。 然而，这份"亮眼"成绩单的背后，是公司前三季度累计营收20.66亿元，同比下降63.52%。归母净利润 为-4.95亿元，同比下降112.16%。 值得注意的 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - Baili Tianheng has successfully transformed from a traditional chemical generic and traditional Chinese medicine company to an innovative biopharmaceutical enterprise, with a focus on anti-tumor antibody drugs and a strong pipeline of innovative drugs [4][15]. - The company has entered into a significant global collaboration with BMS for its lead product BL-B01D1, which is expected to submit its NDA to the NMPA in 2025, marking the beginning of its commercialization phase [4][24]. - The financial projections indicate a substantial increase in revenue in 2024, primarily due to the upfront payment from BMS, despite a decline in sales from chemical and traditional Chinese medicine products [20][21]. Summary by Sections Company Overview - Baili Tianheng was established in 1996 and has evolved through three stages: development as a generic drug company, exploration of innovative transformation, and growth as an innovative biopharmaceutical enterprise [15][16]. - The company has built a comprehensive R&D capability across small molecule drugs, biologics, and ADCs, with R&D centers in both the U.S. and China [17][18]. Product Pipeline - BL-B01D1 is the world's first EGFRxHER3 ADC drug, currently undergoing nine Phase III clinical trials in China, targeting multiple cancers including lung, breast, and esophageal cancers [30][31]. - The drug has shown promising early clinical data and is expected to be a cornerstone treatment for various tumor types [27][30]. Financial Performance - The company forecasts a significant increase in revenue for 2024, driven by a large upfront payment from BMS, while traditional product lines are expected to see a decline [20][21]. - R&D investment has increased significantly, reaching 1.443 billion yuan in 2024, reflecting the company's commitment to innovation [21][22]. Market Position - Baili Tianheng's innovative platforms, including HIRE-ADC and GNC, position it as a leader in the ADC space, with multiple candidates in clinical development [6][30]. - The company aims to leverage its strong R&D capabilities and strategic partnerships to enhance its market presence and drive future growth [4][24].