贝达药业（300558.SZ）10月13日在投资者互动平台表示，近期公司产品恩沙替尼术后辅助治疗临床研 究中期数据的分析显示阳性结果，达到预设的主要研究终点，公司正在努力准备，加紧推进NDA申请 工作。公司于2022年参与了禾元生物的战略投资，同时双方已就区域经销达成合作，这是公司发挥生态 圈协同作用的重要成果，将对公司经营带来积极影响，具体收益请关注业务发展情况。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司目前的管线预计哪些能于今年底上市？贵公司 参股禾元生物，预计能带来多少收益？贵公司目前很多药品都未能进入医院，贵公司有无计划采取措施 加快推广？ ...

10 月报电话会：持续看好创新主线，关注 Q3 业绩改善 20251009 摘要 创新药板块仍是主线，受益于 BD 交易和数据催化，尽管近期大额交易 未达预期，但恒瑞等公司持续推进，三四季度仍有投资机会。 CRO、CDMO 及上游产业链受益于美国降息预期和订单业绩回暖，医疗 器械（高耗材、设备）业绩困境反转趋势明显，Q3 业绩预计改善。 投资策略上，关注创新主线（ESMO 会议催化、BD 交易），Q3 业绩改 善，基药目录政策及院内中药公司调整带来的短期催化。 2025 年 10 月，投资组合微调，增加长春高新、仙琚药业、贝达药业、 腾科药业等创新药产业链公司，以及药明系公司和天玉股份等业绩拐点 公司。 创新药基本面良好，平台化（研发到商业化）、海外兑现（呋喹替尼、 则布替尼）、早期研发平台化是关键驱动因素。 金股筛选标准：产业链纵向延伸能力、兑现能力、早期研发平台体系化 能力。推荐长春高新、贝达药业、盟科医药、先声药业。 重点推荐亚美康德、药明生物和妙美和联，受益于太极业务强劲、单抗 业务恢复、ADC 项目高增，预计 2025 年业绩增长显著。 Q&A 今年（2025 年）医药板块的整体表现如何？未来的主要 ...

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].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.731 billion yuan for H1 2025, representing a year-on-year growth of 15.37%. However, the net profit attributable to shareholders decreased by 37.53% to 140 million yuan due to increased depreciation and amortization expenses [1] - The sales of drugs are stable, with a strong product portfolio reinforcing the company's competitive advantage in the lung cancer market. The drug Alectinib has shown significant improvements in disease-free survival (DFS) and overall survival (OS) rates in clinical trials [2] - The company is actively developing innovative products in the lung cancer field and has received approval for a plant-derived albumin product, which is expected to positively impact future revenues [5] Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be 3.520 billion, 4.295 billion, and 5.148 billion yuan, respectively. The net profit estimates have been revised down to 578 million, 745 million, and 854 million yuan for the same years [6] - The EBITDA for H1 2025 was reported at 498 million yuan, reflecting a year-on-year growth of 13.10% [1] Product Development - The company is focusing on a robust pipeline of innovative products, including multiple candidates for lung cancer treatment, which are currently in various stages of clinical trials [4] - Two KRAS-targeted drugs have shown promising results in preclinical studies, indicating potential for addressing current treatment challenges [3] Market Position - The company maintains a competitive edge in the lung cancer treatment market, with its products showing favorable clinical outcomes compared to competitors [2] - The strategic partnership with He Yuan Bio for the plant-derived albumin product is expected to enhance the company's market presence and revenue streams [5]

Group 1 - The Chinese government has established the world's largest disease control and medical service systems during the "14th Five-Year Plan" period, with a target of 1.09 million medical institutions by the end of 2024, ensuring over 90% of residents can reach a medical service point within 15 minutes [1] - The workforce in health services has expanded to 15.78 million by the end of last year, contributing to the overall improvement of the healthcare system [1] - China has achieved significant advancements in health technology, with over 20% of new drug research and development globally, ranking second in the world [1] Group 2 - The country has introduced HPV vaccination services for eligible girls and included the HPV vaccine in the national immunization program, reflecting a commitment to public health [2] - Recent fertility support policies include increasing the personal income tax deduction for childcare from 1,000 yuan to 2,000 yuan per child per month, and over 60% of regions have included fertility subsidies directly to individuals [2] - The implementation of a childcare subsidy system is underway, with over 24 million applications submitted, representing 80% of the target population, ensuring timely distribution of subsidies [2]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant advancements in China's healthcare system, with improvements in disease prevention, medical services, and public health outcomes, leading to a higher life expectancy and broader insurance coverage [1][3]. Group 1: Healthcare System Development - China has established the world's largest disease prevention and control system and medical service system, with a projected per capita life expectancy of 79 years by 2024 and over 1.3 billion people covered by basic health insurance [1][3]. - The healthcare service capacity and efficiency have been significantly enhanced, with a total of 1.09 million healthcare institutions expected by the end of 2024, and over 90% of residents able to reach a medical service point within 15 minutes [2][3]. Group 2: Public Health Initiatives - The health literacy of residents has improved from 23.2% in 2020 to 31.9% in 2024, reflecting the effectiveness of public health actions [2]. - The government has implemented 18 public health actions under the Healthy China initiative, mobilizing social forces to participate in health work [2]. Group 3: Medical Resource Allocation - The government aims to ensure that serious illnesses are treated within provinces, general illnesses are addressed at city and county levels, and routine health issues are managed at the grassroots level [3]. - A total of 82 national medical teams have been established to provide mobile medical services, optimizing resource allocation and supporting grassroots healthcare [3]. Group 4: Technological Advancements in Healthcare - China's pharmaceutical industry has made significant strides, with over 20% of new drugs in development globally, positioning the country as the second-largest in new drug research and development [4]. - Innovations in medical devices, such as photon-counting CT and surgical robots, have improved treatment precision and patient outcomes [4]. Group 5: Breakthroughs in Disease Treatment - New therapies for colorectal cancer have increased treatment effectiveness from 13% to 44%, significantly improving patient survival rates [5]. - The average time for stroke patients to receive thrombolytic treatment has been reduced from 60 minutes to under 30 minutes, enhancing treatment efficacy [5].

Core Insights - The National Health Commission (NHC) has reported significant advancements in China's healthcare system during the 14th Five-Year Plan, establishing the world's largest disease prevention and control system and medical service system [1][2] - By the end of 2024, the average life expectancy in China is projected to reach 79 years, an increase of 1.1 years compared to 2020, with improvements in infant and maternal mortality rates [3][4] Healthcare System Development - The NHC aims to strengthen the grassroots healthcare service system over the next five years, enhancing capacity and accessibility, and promoting collaboration between different levels of medical institutions [2] - By the end of 2024, the total number of healthcare institutions in China is expected to reach 1.09 million, with over 90% of residents able to access medical services within 15 minutes [2] - The healthcare workforce is projected to expand to 15.78 million by the end of 2024, improving the quality of health services available to the public [2] Chronic Disease and Public Health - The early mortality rate from major chronic diseases has been further controlled, with a decline in the incidence of infectious diseases such as tuberculosis, hepatitis B, and AIDS [2] - The basic medical insurance coverage remains stable at around 95%, covering over 1.3 billion residents, significantly reducing the financial burden of medical expenses [2] Childcare Support Initiatives - The NHC has implemented a childcare subsidy program for families with children under three years old, with over 24 million applications submitted, representing approximately 80% of the target population [3] - The initiative is part of a broader strategy to support childbirth and promote a family-friendly environment [3] Technological Innovation in Healthcare - Technological innovations have significantly enhanced healthcare service capabilities and treatment outcomes, contributing to the high-quality development of the health sector [4] - China ranks second globally in the number of new drugs under development, with over 20% of the global total, and several domestic innovative drugs have been approved for market [4][5] - The domestic HPV vaccine has become widely available, improving accessibility and affordability for women [4] Medical Equipment Advancements - Innovations in medical devices include the development of photon-counting CT, which offers improved spatial resolution and reduced radiation doses compared to traditional CT [5] - Successful development of domestic orthopedic surgical robots and endoscopic soft tissue surgical robots has enhanced surgical precision and reduced patient trauma [5] - High-end medical equipment such as ECMO machines, artificial hearts, and proton therapy devices have been developed and are now in clinical use, ensuring better access to advanced medical technology for patients [5]

Group 1 - The National Health Commission (NHC) has established the world's largest disease prevention and control system and medical service system during the 14th Five-Year Plan period, leading to continuous improvement in residents' health levels [1][2] - By the end of 2024, the total number of medical and health institutions in China is expected to reach 1.09 million, with over 90% of residents able to access medical services within 15 minutes [1] - The NHC aims to strengthen the grassroots-focused healthcare service system, enhancing capacity and accessibility while promoting collaboration between different levels of medical institutions [1] Group 2 - The NHC has implemented a childcare subsidy system for families with children under three years old, with over 24 million applications submitted, covering about 80% of the target population [2] - Basic medical insurance coverage remains stable at around 1.3 billion residents, significantly reducing the financial burden of medical expenses for the public [2] Group 3 - Technological innovation has significantly improved the capacity and technical level of healthcare services, with China ranking second globally in the number of new drugs under development, accounting for over 20% of the global total [3] - Several domestically developed innovative drugs have been approved, filling gaps in their respective fields, and the domestically produced HPV vaccine has improved accessibility and affordability [3][4] Group 4 - Innovations in medical devices include the development of photon-counting CT, which offers 2 to 3 times better spatial resolution than traditional CT, and various surgical robots that enhance precision and reduce patient trauma [4] - High-end medical equipment such as ECMO machines, artificial hearts, and proton heavy ion therapy devices have been successfully developed and are now in clinical use, making advanced medical technology more accessible to patients [4]

Core Viewpoint - The article highlights significant advancements in China's healthcare system, including the establishment of the largest disease prevention and control system globally, improvements in public health literacy, and the introduction of various supportive policies for childbirth and healthcare services [2][3][4][5]. Group 1: Healthcare System Development - China has built the world's largest disease prevention and control system, with a comprehensive structure covering all administrative levels [2]. - The health literacy of residents has improved from 23.2% in 2020 to 31.9% in 2024, indicating a growing awareness of health knowledge [2]. - By the end of 2024, the total number of medical and health institutions in China is expected to reach 1.09 million, with over 90% of residents able to access medical services within 15 minutes [3]. Group 2: Supportive Policies for Childbirth - The government has implemented a childcare subsidy system for children under three years old, with over 24 million applications submitted, representing about 80% of the target population [3][4]. - Economic support measures include increasing the personal income tax deduction for childcare from 1,000 yuan to 2,000 yuan per child per month and including assisted reproductive technology in health insurance coverage [4]. - Various provinces have extended maternity leave and established paternity leave, as well as expanded access to quality educational resources for children [4]. Group 3: Vaccine and Drug Development - China is set to include the HPV vaccine in its national immunization program, enhancing accessibility and affordability for women [5]. - The country ranks second globally in new drug research and development, with several innovative drugs approved for market, including domestic anti-tumor medications [5]. - The domestic nine-valent HPV vaccine has been widely used, providing comprehensive immunization options for women [5].

Core Viewpoint - During the "14th Five-Year Plan" period, China has established the world's largest healthcare service system, significantly improving the quality and efficiency of medical services [3][4]. Summary by Sections Healthcare System Development - China has built the largest healthcare service system globally, with enhanced service quality and efficiency [3]. - The National Health Commission has set up 13 categories of 26 national medical centers and 125 regional medical centers, with 114 provincial medical centers under construction or completed [6]. Medical Technology and Innovation - China ranks second globally in new drug research and development, with over 20% of the world's new drugs in development. Several innovative domestic drugs have been approved, filling gaps in the market [4]. - The domestic HPV vaccine has improved accessibility and affordability, with the nine-valent HPV vaccine now in use [4]. - Innovations in medical devices include the photon-counting CT, which offers 2-3 times better spatial resolution and faster scanning speeds, along with reduced radiation doses [4]. Disease Treatment and Management - A new colorectal cancer immunotherapy has increased the treatment effectiveness from 13% to 44%, with a 61% extension in progression-free survival [4]. - The average time for stroke patients to receive thrombolytic treatment has been reduced from 60 minutes to under 30 minutes, significantly improving outcomes [5]. - A personalized treatment model for systemic lupus erythematosus has been developed, achieving international leading levels in disease progression prediction and organ damage assessment [5]. Accessibility of Medical Resources - Starting this year, all tertiary public hospitals in China are mandated to provide mobile medical services, with 82 national mobile medical teams established [6]. - The "15th Five-Year Plan" aims to establish a comprehensive mobile medical system across five levels of governance, ensuring coverage in resource-poor counties [6].