21世纪经济报道记者 朱艺艺报道 A股创新药"老将"贝达药业（300558）（300558.SZ）第三次冲刺港股IPO。 近日，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。 公司称，将充分考虑现有股东的利益和境内外资本市场的情况，选择适当的时机和发行窗口完成本次发 行上市。 此外，公司拟聘请香港立信德豪会计师事务所有限公司为本次港股发行上市的审计机构。该事项尚需提 交公司股东大会审议。 需要指出的是，这已经是贝达药业第三次冲刺港股上市，早在2021年2月和12月，贝达药业先后两次向 港交所递交招股书，但最终并未成行，如今再度谋求港股上市，能否顺利闯关？ 值得一提的是，尽管贝达药业已手握8款上市药品，但撑起公司业绩半壁江山的，仍然是已经上市十多 年（2011年6月上市）的盐酸埃克替尼（凯美纳），其每年为公司贡献超十亿元营收。 此外，盐酸恩沙替尼（贝美纳）近年来逐渐放量贡献业绩，贝达药业在2024年年报中提到，凯美纳、贝 美纳在2023年及2024年的销售额占公司同期主营业务收入的10%以上。但另一方面，公司其余产品营收 规模尚未形成气候。 对于公司上市的主要考虑和进展，9月15 ...

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][3][5]. Financial Performance - The company achieved a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell to 140 million yuan, a decrease of 37.53% [3][4]. - This marks the first instance of a year-on-year decline in net profit since 2022 [3]. - EBITDA reached 497.81 million yuan, reflecting a growth of 13.1% [4]. R&D Investment - R&D expenditure for the first half of the year was 299 million yuan, down 21.8% year-on-year [6]. - The decline in R&D investment raises concerns about the company's future product pipeline and technological advantages [7]. Cost Structure - Sales expenses increased to approximately 594 million yuan, a rise of 13.34% [6]. - Management expenses were reported at 261 million yuan, up 23.47%, while financial expenses surged by 118.06% to 39.53 million yuan [6]. Debt Obligations - Beida Pharmaceutical has an overdue milestone payment of 180 million yuan to Yifang Biotechnology, which has not been settled [8][9]. - The payment is related to the approval of specific cancer treatment indications and has been delayed due to the company's financial arrangements [8][9].

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 [1][6][9] Financial Performance - The company achieved a revenue of 1.731 billion yuan, representing a year-on-year growth of 15.37%, while net profit fell to 140 million yuan, a decrease of 37.53% [6][7] - The EBITDA reached approximately 497.81 million yuan, showing a growth of 13.1% [7] R&D Investment - R&D investment decreased by over 20% year-on-year, totaling 299 million yuan, with a similar decline projected for the next year [8][9] - The reduction in R&D spending raises concerns about the company's future product pipeline and competitive edge [10] Expense Trends - Sales expenses increased to approximately 594 million yuan, up 13.34% year-on-year, while management and financial expenses also rose significantly [9] - Management expenses were reported at 261 million yuan, a 23.47% increase, and financial expenses reached 39.53 million yuan, up 118.06% [9] Debt Obligations - 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 [11][12][14] - The overdue payment reflects internal financial management issues and could harm the company's reputation and future business opportunities [14]