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 ...

Core Viewpoint - Bidda Pharmaceutical is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, while also advancing its internationalization process [1] Group 1: Financial Performance - For the first half of 2025, Bidda Pharmaceutical reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but the net profit attributable to shareholders dropped by 37.53% to 140 million yuan, marking the first half-year profit decline since 2022 [2] - The company's second-quarter performance showed a revenue of 814 million yuan, a slight increase of 6.39%, while net profit fell significantly by 68.36% to 39.81 million yuan [2] Group 2: Debt and Financial Pressure - Bidda Pharmaceutical is facing financial pressure, with current assets of 1.359 billion yuan against current liabilities of 1.757 billion yuan as of mid-2023, resulting in a cash and cash equivalents balance of 527 million yuan [4] - The company has an outstanding payment of 180 million yuan to Yifang Bio for a milestone payment related to a lung cancer drug project, which has been overdue for nearly two years [3] - As of the first half of 2025, the total accounts payable amounted to 580 million yuan, with 180 million yuan being overdue payments to Yifang Bio [3] Group 3: Research and Development - Bidda Pharmaceutical's R&D investment has been declining, dropping from 700 million yuan in 2022 to 500 million yuan in 2024, with only 255 million yuan spent in the first half of 2025, a slight decrease of 0.63% year-on-year [3]

Core Insights - The article highlights the entrepreneurial journey of Ding Lieming, chairman of Betta Pharmaceuticals, over the past 20 years, emphasizing the company's growth and its role in the biopharmaceutical industry in China [1] Company Overview - Betta Pharmaceuticals was established in 2006 in Linping District, Hangzhou, which significantly accelerated its clinical research and development processes [1] - The company has emerged as a leader in the biopharmaceutical sector, notably contributing to the development of China's first chemical targeted anti-cancer drug, Kaimena, breaking the technological monopoly of foreign pharmaceutical giants [1] Industry Development - Linping District has developed a biopharmaceutical industry cluster led by Betta Pharmaceuticals, including companies like Deshi Bio, Zhonghan Bio, Hu Qingyu Tang, and Baicheng Pharma [1] - By 2024, Linping District is projected to have 802 industrial enterprises above designated size, achieving an industrial output value of 1,760.02 billion yuan and an industrial added value of 447.53 billion yuan [1] - High-tech industries are expected to account for 84.04% of the district's industrial added value, indicating a strong focus on innovation and technology [1] Innovation and Support Systems - Linping District aims to build a comprehensive support system for major scientific and technological innovation platforms, inspired by the entrepreneurial innovation of Betta Pharmaceuticals [1] - The district is implementing digital reforms, reconstructing approval processes, and optimizing resource allocation to stimulate entrepreneurship and innovation among enterprises and talents [1]

Core Viewpoint - Bidar Pharmaceuticals is making its third attempt to list on the Hong Kong Stock Exchange, facing significant financial pressures and reliance on its core product, Camrelizumab, for revenue generation [1][2][4]. Group 1: Company Background - Bidar Pharmaceuticals, listed on the Shenzhen Stock Exchange since 2016, has become a representative enterprise in the domestic innovative drug sector [2]. - The company has eight listed drugs, focusing on areas such as lung cancer, kidney cancer, and breast cancer [1]. Group 2: Financial Performance - In the first half of 2025, Bidar achieved revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but its net profit dropped by 37.53% to 140 million yuan [3]. - Historical revenue growth from 2021 to 2024 shows fluctuations in net profit, with figures of 383 million, 145 million, 348 million, and 403 million yuan respectively [3]. Group 3: Financial Challenges - As of June 30, 2025, the company had cash reserves of 527 million yuan, with current liabilities reaching 1.757 billion yuan, indicating significant short-term debt pressure [4]. - Bidar has overdue payments of 180 million yuan to its partner, Yifang Bio, which has led to the latter recognizing bad debt provisions of 18 million yuan [4]. Group 4: Research and Development - The company has maintained high R&D expenditures, with amounts of 861 million, 977 million, 1.002 billion, and 717 million yuan from 2021 to 2024, often exceeding 40% of revenue [5]. - In the first half of 2025, Bidar invested 299 million yuan in various ongoing projects, including Ensartinib and other candidates [5]. Group 5: Market Context - The push for H-share listing is part of a broader trend among innovative drug companies in China seeking to access international capital markets [5]. - Successful H-share listings can enhance a company's risk resilience and brand influence, as seen with other companies like Hengrui Medicine and Kexing Pharmaceutical [5].

Core Viewpoint - Beida Pharmaceutical (300558.SZ) is seeking a third attempt for an IPO in Hong Kong to enhance its capital strength and support its internationalization process, following two previous unsuccessful attempts in 2021. The primary motivation appears to be alleviating the company's increasing financial pressure rather than solely supporting long-term R&D [2][3][4]. Financial Performance - In 2025 H1, Beida reported revenue of 1.731 billion, a year-on-year increase of 15.37%, but the net profit attributable to shareholders was only 140 million, down 37.53% year-on-year. In Q2 2025, net profit was 40 million, a significant decline of 68.36% [6]. - The company's revenue heavily relies on its cornerstone product, Kaimena, which has annual sales exceeding 1 billion, accounting for more than half of its main business revenue [5][6]. - The company’s operating cash flow in H1 2025 was 445 million, reflecting a year-on-year decrease of 14.70%, indicating tightening liquidity [3][6]. Capital Structure and Liquidity - As of the end of 2023, Beida's cash balance was 527 million, a significant drop from 792 million at the end of 2021. The current assets were 1.359 billion, while current liabilities stood at 1.757 billion, highlighting short-term debt pressure [2][3]. - The company plans to allocate 40% of the IPO proceeds for R&D, 30% for potential acquisitions, and the remainder for marketing network construction and working capital [3]. R&D and Product Pipeline - Beida's R&D investment has decreased from 700 million in 2022 to 255 million in H1 2025, with the R&D team size halved from 647 in 2022 to 327 in 2024. This reduction may hinder new drug development and weaken the company's competitiveness in the innovative drug sector [7]. - The company has eight marketed products, but the performance of new products like Beifutini has been disappointing, with sales in H1 2025 not reaching 10% of main business revenue [5][6]. Market Position and Challenges - The competitive landscape for third-generation EGFR-TKIs is intense, with seven products already on the market, which may further squeeze Beida's market space if more competitors are included in the medical insurance [5][6]. - Beida's stock performance has been weak, with a year-to-date increase of about 30%, and the current stock price of 70.73 per share is significantly lower than its historical high of 160.66 [7][8].

Group 1 - Bidafarma plans to issue overseas listed shares (H-shares) and apply for listing on the main board of the Hong Kong Stock Exchange to enhance capital strength and competitiveness [2][5] - The company has previously submitted applications to the Hong Kong Stock Exchange twice in 2021, with the first submission on February 8 and the second on December [6] - The company is currently discussing the details of the issuance with relevant intermediaries, and the issuance is subject to approval from the shareholders' meeting and regulatory authorities [5][6] Group 2 - In the first half of 2025, Bidafarma achieved operating revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but the net profit attributable to shareholders decreased by 37.53% to 140 million yuan, indicating a "revenue increase without profit increase" phenomenon [7] - The company has eight drugs currently on the market, but faces competitive pressures in specific areas, including competition from first and third-generation drugs in the EGFR-TKI market and market challenges in the ALK inhibitor field [8]

Core Viewpoint - Beida Pharmaceutical reported a decline in net profit for the first half of the year, attributing the drop to increased depreciation and amortization expenses, alongside rising sales, management, and financial costs, while R&D investment decreased by over 20% [1][10][11] Financial Performance - The company achieved an operating revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell to 140 million yuan, down 37.53% [6][8] - EBITDA reached 497.81 million yuan, reflecting a 13.1% growth [7] R&D Investment - R&D expenditure for the first half of the year was 299 million yuan, a decrease of 21.8% compared to the previous year [10] - The decline in R&D investment raises concerns about the company's future product pipeline and competitive edge [12] Expense Trends - Sales expenses rose to approximately 594 million yuan, an increase of 13.34% year-on-year [11] - Management expenses were reported at 261 million yuan, up 23.47%, while financial expenses surged by 118.06% to 39.53 million yuan [11] Debt and Financial Pressure - The company has an overdue milestone payment of 180 million yuan to Yifang Biotechnology, which has raised concerns about its financial health and potential impact on future collaborations [13][14][16] - The overdue payment reflects internal financial management issues that could exacerbate the company's financial difficulties [16]

Core Viewpoint - The company has a total of eight products in its sales pipeline and aims to leverage its successful commercialization experience in oncology to enhance market coverage through differentiated clinical value and efficient promotion strategies [2]. Group 1: Product Information - The company currently has several products for sale, including 凯美纳, 贝美纳, 贝安汀, 赛美纳, 伏美纳, and 康美纳, which was approved for sale on June 30. Additionally, 安瑞泽 started sales in July, and a plant-derived recombinant human albumin injection (水稻) named 奥福民 was also approved in July [2]. Group 2: Sales Performance and Strategy - The company is addressing questions regarding its sales performance compared to industry peers, specifically mentioning that its revenue, gross profit, and net profit metrics are currently lower than those of艾力斯. The company emphasizes the importance of innovation and adaptability in response to new challenges in the industry [2].

Core Viewpoint - The overdue payment of 180 million yuan by Betta Pharmaceuticals to Yifang Biotech for the innovative lung cancer drug, Beifu Tian, has highlighted the survival pressures faced by both companies and raised concerns about the credit system in the innovative drug industry [1][9]. Group 1: Payment Dispute Details - Yifang Biotech disclosed that Betta Pharmaceuticals has owed 180 million yuan for nearly two years, despite multiple communications and a formal payment reminder sent at the end of 2024 [1][2]. - The cooperation agreement between Yifang Biotech and Betta Pharmaceuticals, established in December 2018, stipulated that Betta would pay a total of 230 million yuan in initial and milestone payments for the drug's development and commercialization [1][2]. - Betta Pharmaceuticals initially paid 55.3 million yuan in 2019, but subsequent milestone payments totaling 180 million yuan were delayed due to claims of "funding arrangements" [2][4]. Group 2: Financial Implications for Yifang Biotech - Yifang Biotech's revenue for 2024 was approximately 169 million yuan, entirely derived from technology licensing and cooperation, making the overdue payment critical for its funding [4][9]. - The company has recognized a bad debt provision of 18 million yuan, reflecting its expectation of non-receipt of the overdue payment [1][4]. Group 3: Financial Condition of Betta Pharmaceuticals - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan and a net profit of 403 million yuan for 2024, with a year-on-year increase of 17.74% and 15.67%, respectively [7][8]. - The company has faced significant cash flow pressures, with a 37.23% decrease in cash reserves to 472 million yuan by the end of 2024, and a current ratio below 1 for three consecutive years [7][8]. Group 4: Market Competition and Challenges - Beifu Tian, as a third-generation EGFR inhibitor, faces intense competition from established products like Osimertinib and Aumolertinib, which has impacted its market performance [5][6]. - The sales performance of Betta's other products has also been under pressure, with significant declines in sales growth and profit margins [5][6]. Group 5: Industry Credit System Concerns - The overdue payment issue has sparked discussions about the credit system in the innovative drug industry, emphasizing the need for transparency and trust in business collaborations [9][10]. - Experts have pointed out the risks associated with unclear contract terms and the importance of financial planning and trust in maintaining long-term partnerships [10].

Core Viewpoint - The delayed payment of 180 million yuan by Betta Pharmaceuticals to Yifang Biologics for milestone payments related to the drug Beifuzi has raised concerns about the financial health and operational integrity of both companies [1][2][5]. Company Overview - Yifang Biologics developed Beifuzi, a first-in-class innovative drug for lung cancer, and granted commercial rights to Betta Pharmaceuticals in December 2018 [2][3]. - Betta Pharmaceuticals was supposed to pay a total of 230 million yuan in milestone payments based on the drug's development progress, which includes regulatory approvals for various treatment indications [2][4]. Financial Performance - Yifang Biologics reported zero revenue from 2020 to 2022, but began generating income in 2023, totaling 186 million yuan, primarily from technical authorization and cooperation [4][8]. - As of the end of 2023, Yifang Biologics had accounts receivable of 186 million yuan, with a provision for bad debts of 9.29 million yuan, indicating reliance on Betta Pharmaceuticals for revenue [4][5]. Payment Delays - Betta Pharmaceuticals has delayed payments for two years, with the outstanding amount of 180 million yuan due to its own financial management considerations [5][10]. - The company has acknowledged the overdue payments and stated that it will fulfill its obligations according to the agreement [5][7]. Market Competition - Beifuzi's market entry is hindered by its later approval compared to competitors like Osimertinib and Alectinib, which have annual sales in the range of 3 to 4 billion yuan [8][9]. - Yifang Biologics has reported sales-related income from Beifuzi of approximately 5.53 million yuan in 2023 and 16.38 million yuan in 2024, indicating a significant gap in sales compared to established competitors [8][9]. Financial Health of Betta Pharmaceuticals - As of the end of 2024, Betta Pharmaceuticals had cash reserves of 472 million yuan, down from 752 million yuan at the beginning of the year, reflecting a decline in liquidity [10]. - The company's current ratio has been below 1 for three consecutive years, indicating a potential decline in short-term solvency [10].