股民疑惑： "目前持有3万股。对于港股上市投了反对，为什么没有公告"——面对贝达药业筹划港股再上市，投资者们不禁连连"叩问"：钱往哪儿花？八大在售品种 为何卖不过伏美替尼单药？10月1日凌晨，贝达药业在投资者互动平台进行回复。 9月10日，贝达药业披露公告称，拟发行境外上市股份（H股）并申请在香港联交所主板挂牌上市，这已是其第三次启动港股上市计划，2021年2月、12 月，公司曾两度向香港联合交易所递交招股书，但两次"闯关"均以失败告终。 贝达药业三冲港股的疑问中，员工持股计划成为另一敏感按钮。投资者以恒瑞医药为例，提出"完成H股后立刻公告10亿元~20亿元回购用于员工持股"。 公司方面未给出任何量化指引，仅称具体进展情况可以关注公司的公开信息披露。 资金主要用途和投向方面，贝达药业进行了详细的回复：发行所募集资金在扣除发行费用后全部用于公司，可能包括（但不限于）用于在研管线的研发活 动提供支持、为开拓管线而进行的潜在的收购以及进一步开拓创新生态圈、营销网络建设及重点治疗领域市场拓展、营运资金及其他一般公司用途。 值得一提的是，部分投资者对公司谋划港股上市并不看好，有人直言，"公司在售8个药，却卖不过伏美替尼 ...

Group 1: Biopharmaceutical Industry - Shanghai is nurturing "global new" blockbuster drugs, with a focus on developing innovative medicines that exceed $1 billion in annual sales, termed "blockbuster drugs" [3] - The biopharmaceutical sector in Shanghai is expected to surpass 200 billion yuan in output value by 2024, with 7 first-class innovative drugs and 15 third-class innovative medical devices approved for market, accounting for 17.5% and 32.6% of the national share respectively [3] - Shanghai has a strong resource advantage in biopharmaceuticals, with 64 academicians in the field, 280,000 professionals, and significant scientific facilities supporting life sciences research [3] Group 2: Artificial Intelligence Industry - The artificial intelligence industry in Shanghai is rapidly forming, with significant developments in innovation hubs like "Mosu Space" and "Moli Community," which have attracted numerous AI enterprises [5][6] - By the end of 2024, the scale of Shanghai's artificial intelligence industry is projected to exceed 400 billion yuan, with a year-on-year growth of over 7%, achieving the goals set in the 14th Five-Year Plan ahead of schedule [6] - Shanghai has registered 60 generative AI service models, ranking second nationally, showcasing its commitment to integrating AI with various sectors [6] Group 3: Shipbuilding Industry - The successful construction of China's first large cruise ship, "Aida Magic City," marks a significant milestone in the domestic shipbuilding industry, completing a crucial part of China's shipbuilding capabilities [7][8] - The shipbuilding base in Shanghai has developed a comprehensive supply chain and value chain, with advanced techniques to address key challenges in cruise ship construction [8] - The domestic cruise ship industry is expected to grow, with the "Aida Magic City" and other vessels having served nearly 800,000 guests, indicating a strong market demand [8] Group 4: Technology Innovation Hubs - "Shanghai Silicon Alley" has revitalized 100,000 square meters of space, attracting over 500 tech innovation companies, including 42 specialized enterprises [9][10] - "D Zero Bay," a tech innovation zone near Shanghai Jiao Tong University, has gathered 13,000 companies, including over 4,300 hard tech firms, with a total financing exceeding 30 billion yuan [12] - The establishment of major scientific infrastructures like the Shanghai Synchrotron Radiation Facility has significantly contributed to the development of various scientific fields, supporting over 800 research institutions [13]

Core Insights - The innovation drug industry in China is experiencing significant advancements in product research and development, with companies actively discussing their progress and strategies during the recent performance briefing session [1][2][3]. Group 1: Product Innovation and R&D Progress - Companies like Fudan Zhangjiang and Olin Bio are making notable advancements in their product pipelines, focusing on photodynamic therapy and vaccines for "super bacteria" [1][2]. - Fudan Zhangjiang is developing several drugs targeting conditions such as severe acne and bladder cancer, with ongoing clinical studies [2]. - Olin Bio is researching multiple vaccines for "super bacteria," aiming to initiate clinical trials for flu vaccines by mid-2025 [2]. Group 2: Business Expansion and Market Strategy - Companies are planning to expand their production capacity to support product commercialization, with Baiyao Tai focusing on launching several products that have completed Phase III clinical trials [3][4]. - Shian Bio is set to contribute significant revenue from its various vaccine products, including those for swine fever and other diseases [4]. Group 3: Internationalization and Market Entry - The trend of "going global" is a major focus for the domestic biopharmaceutical industry, with companies exploring diverse international pathways [5]. - Yuantong Bio is awaiting FDA approval for its naloxone nasal spray, marking a step towards international market entry [5]. - Aidi Pharmaceutical has received regulatory approval for its HIV treatment in Zanzibar, highlighting its international expansion efforts [6]. - Companies like Ailis and Haichuang Pharmaceutical are actively pursuing overseas partnerships and clinical trials to enhance their global presence [6][7].

Core Viewpoint - The Chinese innovative drug sector is experiencing a market recovery after seven years of listing and financing, with 15 companies achieving profitability in the first half of 2025, although only three are profitable primarily from innovative drug sales [1][2][3]. Group 1: Profitability Status - Out of 70 innovative drug companies listed on the Hong Kong Stock Exchange and the STAR Market, 55 remain unprofitable, accounting for approximately 79% [2][3]. - In the first half of 2025, 15 companies reported profitability, with six achieving their first profit, including leading firms like BeiGene and Innovent Biologics [1][2][3]. - Among the 55 unprofitable companies, 28 have commercialized innovative drug products, indicating that profitability may be achievable for some in the future [3][4]. Group 2: Revenue Sources - The majority of profitable companies rely on innovative drug sales, with only three companies, including BeiGene and Innovent Biologics, achieving profitability primarily through this channel [8][9]. - Other profitable companies derive revenue from biosimilars, licensing agreements, and non-innovative drug sales, as seen with firms like WuXi Biologics and Hengrui Medicine [9][10][11]. - For instance, in the first half of 2025, BeiGene's revenue reached 17.518 billion yuan, with significant contributions from its innovative drugs [14][15]. Group 3: Market Dynamics - The innovative drug market is characterized by long R&D cycles and high risks, leading to widespread losses among companies, making profitability a critical milestone [2][3]. - Companies are actively seeking to enter national medical insurance directories to enhance market access and revenue potential [5][6]. - The competitive landscape is shifting, with companies like Innovent Biologics and BeiGene demonstrating that both domestic and international markets can be leveraged for profitability [13][15].

Core Viewpoint - The innovative drug sector in China is experiencing a recovery, with over half of the companies having commercialized innovative drugs, despite many still not being profitable [1][2][12]. Group 1: Market Overview - As of the first half of 2025, 70 innovative drug companies have been listed on the Hong Kong Stock Exchange and the STAR Market, with 15 companies achieving profitability, including notable firms like BeiGene and Innovent Biologics [2][19]. - Among the 70 companies, 55 are still operating at a loss, representing approximately 79% of the total [6][19]. - Of the 55 unprofitable companies, 28 have commercialized innovative drug products, indicating that profitability may be achievable for some in the near future [4][12]. Group 2: Profitability Analysis - Only 3 companies are generating profits primarily from innovative drug sales, namely BeiGene, Innovent Biologics, and Elysium [23][22]. - The majority of profitable companies rely on other revenue streams, such as biosimilars or licensing agreements, rather than solely on innovative drug sales [23][25]. - For instance, Elysium achieved significant revenue from its lung cancer drug, while companies like WuXi Biologics and Hengrui Medicine have seen profitability through biosimilars and licensing deals [24][25]. Group 3: Company Performance - BeiGene reported a total revenue of 175.18 billion yuan in the first half of 2025, with a net profit of 4.5 billion yuan, largely driven by its innovative drugs [28]. - Innovent Biologics achieved revenue of 59.53 billion yuan, with 88.76% coming from product sales, reflecting strong performance in the oncology sector [29]. - Elysium's revenue for the first half of 2025 was 23.73 billion yuan, with over 99% derived from innovative drug sales, showcasing its successful product launch [23][20].

Core Viewpoint - The Chinese innovative drug sector is experiencing a stock market recovery in 2025, with 15 companies achieving profitability, although only 3 are profitable through innovative drug sales [2][3][4]. Group 1: Profitability and Performance - In the first half of 2025, 15 companies reported profitability, with 6 achieving their first profit [2][4]. - Among the 70 innovative drug companies listed, 55 remain unprofitable, accounting for approximately 79% [3][4]. - Of the 55 unprofitable companies, 28 have commercialized innovative drug products, indicating potential for future profitability [7][8]. Group 2: Revenue Sources - Only 3 companies, including Baijie Shenzhou and Xinda Biopharmaceuticals, achieved profitability primarily through innovative drug sales [12][15]. - Other profitable companies rely on alternative revenue sources, such as biosimilars or business development (BD) transactions [12][14]. - For instance, Ailisi's revenue in the first half of 2025 was largely driven by its self-developed lung cancer drug, achieving significant sales [12][13]. Group 3: Market Dynamics - Baijie Shenzhou's total revenue reached 17.518 billion yuan, with a significant portion derived from overseas markets [16]. - Xinda Biopharmaceuticals reported revenue of 5.953 billion yuan, primarily from its oncology products, benefiting from strong market demand [17]. - The innovative drug market is characterized by long R&D cycles and high risks, making profitability a critical milestone for listed companies [4][8].

Investment Rating - The report rates the company as "Outperform" with a target price of 128.60 RMB, representing a potential upside of 26% from the current price of 116.98 RMB [1][9]. Core Insights - The company is expected to achieve net profits attributable to shareholders of 1.93 billion RMB, 2.20 billion RMB, and 2.55 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.9%, 13.9%, and 16.0% [1][9]. - Earnings per share (EPS) for 2025 and 2026 are projected at 4.29 RMB and 4.88 RMB, respectively [1][9]. - The company achieved a revenue of 2.37 billion RMB in the first half of 2025, reflecting a year-on-year increase of 50.57%, and a net profit of 1.05 billion RMB, which is a 60.22% increase year-on-year [4][9]. Financial Summary - Total revenue is projected to grow from 2,018 million RMB in 2023 to 5,108 million RMB in 2025, representing a growth rate of 155.1% in 2023 and 43.6% in 2025 [2][6]. - Net profit attributable to shareholders is expected to rise from 644 million RMB in 2023 to 1,929 million RMB in 2025, with a growth rate of 393.5% in 2023 and 34.9% in 2025 [2][6]. - The company’s net asset return rate (ROE) is projected to be 27.6% in 2025, down from 16.2% in 2023 [2][6]. Clinical Development and Market Potential - The company’s drug, Furmonertinib, is expanding its indications domestically and is showing positive results in overseas trials, particularly for 1L PACC mutation NSCLC [4][9]. - The second Phase III clinical trial for Furmonertinib is set to commence, with the first patient enrollment expected in the second half of 2025 [4][9]. - The approval of Golireser for 2L KRAS G12C mutation NSCLC patients in May 2025 indicates the company’s successful progression in clinical trials [4][9].

Group 1 - The A-share innovative drug sector experienced a strong rebound, with the Biopharmaceutical ETF (159839) rising by 4.17% and a trading volume exceeding 44 million yuan [1] - The Biopharmaceutical ETF (159839) has seen a net inflow of over 15 million yuan for two consecutive days [1] - Several innovative drug companies reported significant stock price increases, with notable gains including 9.99% for Zhaoyan New Drug and 7.53% for Changchun High-tech [2] Group 2 - The pharmaceutical industry is experiencing structural differentiation, with a 0.7% decline in revenue and a 1.5% increase in net profit for listed companies in the first half of 2025 [3] - Leading innovative drug companies are achieving profitability, driven by strong sales of key products such as Zebutinib and Furmetinib [3] - The innovative drug sector is expected to benefit from improved policies and a downward trend in global central bank interest rates, which may enhance long-term valuations [4] Group 3 - The CXO industry is entering a recovery phase, with a resurgence in overseas demand expected by the end of 2023, leading to a recovery in domestic head companies' orders in 2024 [5] - The domestic innovative drug assets are progressing into late clinical stages, with increasing validation of clinical data and a clear trend towards internationalization [5]

Core Viewpoint - The pharmaceutical sector is experiencing a significant structural recovery after a prolonged valuation adjustment, with public fund holdings still below historical averages, and the policy environment in 2025 expected to support commercial insurance development, leading to marginal improvements in payment systems and benefits for innovative drugs and devices [1] Group 1: Industry Performance - In the first half of 2025, the pharmaceutical industry's revenue decreased by 0.7%, while net profit attributable to shareholders grew by 1.5%, indicating a mixed performance influenced by macroeconomic changes and healthcare cost control pressures [1] - The pharmaceutical industry is facing structural differentiation, with the chemical preparation sector undergoing innovation transformation and the R&D outsourcing services showing strong performance [1][2] - The average gross margin for the pharmaceutical industry in the first half of 2025 was 48.7%, and the average net profit margin was 15.1%, both reflecting a decline compared to the previous year [2] Group 2: Investment Opportunities - The innovative drug sector is expected to continue its growth, with major products like Zebutinib and Furmonertinib exceeding sales expectations, leading to profitability for leading companies such as BeiGene and Innovent Biologics [3] - The recovery in the secondary market is anticipated to drive an increase in investment in the primary market, particularly benefiting CXO and upstream sectors [1] - The medical device sector is showing signs of recovery, with improved bidding data and the gradual release of pent-up demand [1] Group 3: Market Valuation - As of September 3, 2025, the rolling P/E ratio for the pharmaceutical industry was 40.74, significantly higher than the 14.14 for the CSI 300, indicating a premium of 188.09% over the CSI 300 [4] - The SW pharmaceutical and biotechnology index increased by 1.63% from early 2023 to September 3, 2025, underperforming the CSI 300, which rose by 15.98%, resulting in a relative underperformance of 14.35% [4]

Group 1 - The company maintains its net profit forecast for 2025 and 2026 at 48 million and 320 million respectively, while upgrading the target price by 33.3% to 20.0 HKD, indicating an upside potential of 18.3% from the current stock price [1] - The company announced the approval of its IND application for the oral PD-L1 inhibitor ABSK043 in combination with the KRAS G12C inhibitor for treating KRAS G12C mutated NSCLC in China, and it has been included in the MSCI global small-cap index [2][4] - ABSK043 is a promising oral small molecule PD-L1 inhibitor with good bioavailability and selectivity, showing good safety and anti-tumor activity in phase I studies, and is currently entering phase II clinical trials in combination with the KRAS G12C inhibitor [3] Group 2 - Being included in the MSCI global small-cap index is expected to enhance the company's visibility and liquidity, positively impacting global fund attention [4]