近日，贝达药业发布公告称，公司拟发行H股并在香港联交所主板上市。这已是公司四年内第三次向港股发起冲击。与前两次不同的是，此次IPO计划公布之际，公司正面临业绩下滑、资金紧张 产品管线青黄不接 1.8亿元欠款纠纷仍悬而未决 面对资金压力和产品挑战的双重夹击，贝达药业提出市场销售、新药研发、战略合作、创新生态圈"四驾马车"协同发展战略，但从结果来看，目前成效仍不显著。 贝达药业此次重启H股上市计划，最直接的原因是资金链压力正日益加剧。2025年三季报显示，公司营业收入27.17亿元，同比增长15.9%，但归母净利润却同比下滑23.86%至3.17亿元。从经 截至2025年9月，公司流动资产14.84亿元，而流动负债高达19.27亿元，流动比率、速动比率分别仅0.77和0.59，远低于行业健康水平。在现金储备方面，期末公司货币资金4.14亿元，可交 值得关注的是，流动性紧张状况并非短期现象。此前据报道，贝达药业与合作伙伴益方生物之间存在1.8亿元欠款纠纷，且部分款项逾期已超两年。这笔欠款源于2018年双方签订的《合作协议》 益方生物在回复上交所年报问询函时透露，虽经多次沟通并发送正式催款函，仍未能收回该笔款项，因此 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，贝达药业发布公告称，公司拟发行H股并在香港联交所主板上市。这已是公司四年内第三次向港 股发起冲击。与前两次不同的是，此次IPO计划公布之际，公司正面临业绩下滑、资金紧张、产品青黄 不接等多重挑战。 产品管线青黄不接 1.8亿元欠款纠纷仍悬而未决 研发人员减半费用连年缩水 "四驾马车"成效有限 面对资金压力和产品挑战的双重夹击，贝达药业提出市场销售、新药研发、战略合作、创新生态圈"四 驾马车"协同发展战略，但从结果来看，目前成效仍不显著。 贝达药业此次重启H股上市计划，最直接的原因是资金链压力正日益加剧。2025年三季报显示，公司营 业收入27.17亿元，同比增长15.9%，但归母净利润却同比下滑23.86%至3.17亿元。从经营活动现金流来 看，公司2025年前三季度经营活动产生的现金流量净额为6.68亿元，同比下滑19.6%，主营业务造血能 力正在减弱。 截至2025年9月，公司流动资产14.84亿元，而流动负债高达19.27亿元，流动比率、速动比率分别仅0.77 和0.59，远低于行业健康水平。在现金储备方面，期末公司货币资金 ...

Core Viewpoint - Betta Pharmaceuticals is making a third attempt to list on the Hong Kong Stock Exchange (HKEX) after two previous unsuccessful attempts in 2021, raising questions about its ability to pass HKEX scrutiny and achieve its listing goals [1][2]. Group 1: Company Overview - Betta Pharmaceuticals focuses on innovative drug research and development, integrating R&D, production, and marketing [2]. - The company has eight marketed products targeting various cancers, including lung, kidney, and breast cancer [2]. - Betta Pharmaceuticals was listed on the Shenzhen Stock Exchange in 2016 [2]. Group 2: Financial Performance - In the first half of 2025, Betta Pharmaceuticals reported a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell by 37.53% to 140 million yuan [2][3]. - The second quarter of 2025 saw a significant net profit decline of 68.36%, marking the first instance of a year-on-year decrease in net profit since 2023 [2]. Group 3: Cost Structure - The decline in net profit is attributed to increased depreciation and amortization expenses [3]. - R&D expenses decreased by 10.40% to 226 million yuan, while sales expenses rose by 13.34% to 594 million yuan [3]. Group 4: Financial Pressure - As of June 30, 2025, Betta Pharmaceuticals had current assets of 1.359 billion yuan, which is lower than current liabilities of 1.757 billion yuan, indicating short-term solvency issues [4]. - The net cash flow from operating activities was 445 million yuan, a decrease of 14.70% year-on-year, highlighting liquidity challenges [4]. Group 5: Debt Issues - Betta Pharmaceuticals has an outstanding payment of 180 million yuan to Yifang Bio for a collaboration agreement, with some payments overdue for over two years [4][5]. - The company has marked the reason for the unpaid amount as "not yet settled," indicating ongoing disputes [5]. Group 6: Product Dependency - The company's net profit margin dropped to 7.55%, down from 14.40% in the previous year, largely due to high dependency on core products and a lack of new product support [6]. - The main revenue drivers are two products, Kai Mei Na and Bei Mei Na, which have historically contributed significantly to revenue [6]. Group 7: Market Competition - The third-generation EGFR inhibitor, Sai Mei Na, has not performed as expected in the market, with sales failing to meet the threshold of 10% of total revenue [7]. - New products like Kang Mei Na and Ao Fu Min face stiff competition from established players, limiting their potential revenue contributions [8]. Group 8: Future Outlook - The company aims to use the funds raised from the IPO for R&D, potential acquisitions, and expanding its marketing network [5]. - The ability of Betta Pharmaceuticals to navigate current challenges and achieve its IPO goals remains a focal point for market observers [8].

Core Viewpoint - Beida Pharmaceutical plans to issue H-shares for listing in Hong Kong to enhance its capital strength and support its internationalization process, amid concerns over its financial performance and liquidity pressures [1][2][3]. Financial Performance - In the first half of 2025, Beida Pharmaceutical reported a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, while its net profit attributable to shareholders decreased by 37.53% to 140 million yuan, marking the first half-year profit decline since 2022 [3][4]. - The company's second-quarter performance showed a significant decline, with revenue of 814 million yuan, a slight increase of 6.39% year-on-year, and a net profit of 39.81 million yuan, down 68.36% year-on-year [5][6]. Debt and Liquidity Issues - As of June 30, 2025, Beida Pharmaceutical's current assets were 1.359 billion yuan, lower than its current liabilities of 1.757 billion yuan, indicating short-term debt pressure [3][4]. - The company has faced liquidity challenges, highlighted by a 1.8 billion yuan overdue payment to a partner, which has been outstanding for nearly two years [3][4]. Product Dependency and Market Competition - Beida Pharmaceutical's revenue is heavily reliant on early products, namely Kaimena and Beimeina, which together account for over 10% of the company's main business income [6][7]. - The newly approved product, Beifutini, has not met sales expectations, failing to reach the disclosure threshold of 246 million yuan in revenue for the first half of 2025, amidst fierce competition from other third-generation EGFR inhibitors [7][8]. R&D and Cost Management - The company has been reducing its R&D investment, with expenditures dropping from 700 million yuan in 2022 to 255 million yuan in the first half of 2025, raising concerns about its long-term innovation capabilities [11][12]. - Despite increasing sales and management expenses, the company's revenue growth has not kept pace, indicating a decline in cost control efficiency [11][12].

Core Viewpoint - The company, Betta Pharmaceuticals, has announced plans to issue H-shares for listing in Hong Kong, raising concerns about its financial health and motivations for fundraising amid a significant decline in net profit [1][2][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, while net profit attributable to shareholders fell by 37.53% to 140 million yuan, marking the first half-year profit decline since 2022 [3][5]. - The second quarter of 2025 saw a revenue of 814 million yuan, a slight increase of 6.39% year-on-year, but net profit dropped dramatically by 68.36% to 39.81 million yuan [3][6]. Debt and Cash Flow - As of June 30, 2025, the company's current assets were 1.359 billion yuan, which is lower than its current liabilities of 1.757 billion yuan, indicating short-term liquidity pressure [5]. - The net cash flow from operating activities for the first half of 2025 was 445 million yuan, a decrease of 14.70% year-on-year [5]. Product Portfolio and Market Competition - The company heavily relies on its early products, Kaimena and Bemena, for revenue, while newly approved product, Beifu, has not yet reached the revenue disclosure threshold and faces intense competition from other third-generation EGFR inhibitors [1][8][9]. - Kaimena has historically generated over 1 billion yuan in annual sales but has struggled with growth due to price reductions in the healthcare system [8][9]. R&D and Cost Management - The company has seen a reduction in R&D investment, dropping from 700 million yuan in 2022 to 255 million yuan in the first half of 2025, raising questions about its long-term innovation capabilities [12][13]. - Despite increasing sales, management and financial expenses have surged, with management costs rising by 23.47% and financial costs doubling by 118.06%, indicating deteriorating cost control [12][13]. IPO Motivation - The planned H-share issuance is seen as a potential solution to alleviate liquidity pressures, with funds intended for R&D, marketing network expansion, and operational costs [2][14]. - The company's ongoing debt issues, including a 180 million yuan overdue payment to a partner, further highlight its financial challenges [5][13].