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].

据禾元生物方面介绍，该重组人白蛋白注射液（水稻）是利用水稻胚乳细胞表达，经提取、纯化的重组 人血清白蛋白产品。2024年9月，该产品获得国家药监局NDA受理，被纳入优先审评审批程序。2025年 7月18日，获得国家药监局批准上市，是全球首个获批上市的植物源重组人白蛋白注射液。 禾元生物董事长杨代常在论坛致辞中表示，奥福民获批上市并已完成首批患者临床应用，是我国生物医 药领域的一项重大突破，更是解决临床"救命药"供应安全问题的里程碑事件。禾元生物将加产业化基地 建设，早日投产实现自主研发的国产替代，保障国家药品供应安全。同时启动在FDA法规下的国际多中 心三期临床试验，拓展适应症研究，让全世界患者用上安全、可及的"中国造"重组人白蛋白。 据禾元生物官网介绍，人血清白蛋白广泛用于肝硬化腹水、脑水肿，失血性休克、严重烫伤烧伤、术后 扩充血容量和癌症的放化疗等治疗，还在药物辅料、干细胞、细胞治疗、培养基添加剂、细胞冻存保护 剂与疫苗赋形剂等具有广泛用途，在我国市场需求约为1000吨/年，据2024年中检院批签发数据，进口 占比达到69%。传统人血白蛋白依赖血浆提取，潜藏血源安全风险，同时在人口老龄化加剧、献血率走 低 ...

Group 1 - The "Rice Blood" industrialization base project of He Yuan Bio has completed the main structure and is now entering the equipment installation and debugging phase, aiming for production by 2026, with an expected annual output of 12 million recombinant human serum albumin injection [1] - The completion of the project is strategically significant for meeting national health needs, reducing reliance on imports, and ensuring supply chain security [1] - The innovative drug sector is described as a challenging field, often referred to as "nine deaths and one life" due to the difficulties from research to market application [1] Group 2 - Several innovative drug companies are accelerating their presence in Optics Valley, with a reported signing amount of nearly 4.5 billion yuan for new projects in the first quarter of this year [1] - Shanghai Fukang Pharmaceutical plans to focus on commercializing innovative drugs and expanding overseas from Optics Valley, citing the area's vibrant and opportunity-rich environment [2] - The first eye gene therapy drug from Nufos Bio is currently in phase three clinical trials, with plans to strengthen its headquarters in Wuhan [2] Group 3 - The recombinant human serum albumin injection has completed phase three clinical trials, demonstrating efficacy comparable to human blood albumin, and is expected to be approved for market this year [3] - The process of innovation is described as a long-term effort, with recent breakthroughs attributed to years of persistence and support from the local ecosystem [3] Group 4 - The successful launch of new drugs is expected to generate revenue that can support the development of other local biopharmaceutical companies, creating a positive cycle within the industry [4] - Optics Valley has cultivated over 500 high-tech enterprises, 7 local listed companies, and 3 billion-level leading enterprises, maintaining a competitive edge in central China and nationally [4]