Core Viewpoint - Beida Pharmaceutical is making its third attempt to list on the Hong Kong Stock Exchange (HKEX) after two previous unsuccessful attempts in 2021, indicating ongoing efforts to secure funding and enhance its market position [2][4]. Group 1: Company Background - Beida Pharmaceutical has been focused on innovative oncology drugs for over 20 years and was listed on the Shenzhen Stock Exchange in 2016 [3]. - The company has developed eight marketed drugs, including its first small molecule targeted anti-cancer drug, Erlotinib (brand name: Kaimena®), and other products targeting various cancers and conditions [3]. Group 2: Previous IPO Attempts - The company submitted its first prospectus to HKEX in February 2021, followed by a second attempt in December 2021, but both attempts did not lead to a successful listing [4]. Group 3: Financial Performance - For the first half of 2025, Beida Pharmaceutical reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but its net profit decreased by 37.53% to 140 million yuan due to rising depreciation and amortization costs [4]. - From 2021 to 2024, the company’s revenue showed consistent growth, reaching 2.892 billion yuan in 2024, while net profit fluctuated significantly during the same period [5]. Group 4: Funding Pressure - As of the first half of 2025, Beida Pharmaceutical had current assets of approximately 1.359 billion yuan and current liabilities of 1.757 billion yuan, indicating significant short-term debt pressure [6]. - The company reported a cash balance of 527 million yuan, which has decreased over the years, highlighting ongoing liquidity challenges [7]. Group 5: R&D Investment - Beida Pharmaceutical has made substantial investments in research and development, with expenditures of 861 million yuan to 1.002 billion yuan from 2021 to 2024, representing a significant percentage of total revenue [8]. - In the first half of 2025, R&D spending reached 299 million yuan, focusing on several key projects [9]. Group 6: Industry Context - Beida Pharmaceutical's pursuit of a Hong Kong listing reflects a broader trend among innovative pharmaceutical companies in A-shares seeking to access additional capital for R&D and market expansion [10].

Core Viewpoint - Beida Pharmaceutical is making its third attempt to list on the Hong Kong Stock Exchange (HKEX) after two previous unsuccessful attempts in 2021, indicating a strategic move to enhance its capital base and support ongoing operations and R&D efforts [1][3]. Group 1: Company Background - Beida Pharmaceutical has been focused on innovative oncology drugs for over 20 years and was listed on the Shenzhen Stock Exchange in 2016 [2]. - The company has developed eight marketed drugs, including its first small molecule targeted anti-cancer drug, Erlotinib (brand name: Kaimena), and other products targeting various cancers [2]. Group 2: Previous IPO Attempts - The company submitted its first prospectus to HKEX in February 2021, followed by a second attempt in December 2021, both of which did not lead to a successful listing [3]. Group 3: Financial Performance - For the first half of 2025, Beida Pharmaceutical reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit decreased by 37.53% to 140 million yuan due to rising depreciation and amortization costs [3]. - From 2021 to 2024, the company's revenue showed consistent growth, reaching 2.892 billion yuan in 2024, while net profit fluctuated significantly during the same period [3][4]. Group 4: Funding Pressure - The company is facing financial pressure, with current assets totaling approximately 1.359 billion yuan and current liabilities of 1.757 billion yuan as of mid-2025, indicating a significant short-term debt burden [5][6]. - As of mid-2025, Beida Pharmaceutical had cash reserves of 527 million yuan, down from previous years, highlighting a trend of decreasing liquidity [6]. Group 5: R&D Investment - Beida Pharmaceutical's R&D expenditures from 2021 to 2024 were substantial, amounting to 861 million yuan, 977 million yuan, 1.002 billion yuan, and 717 million yuan, representing a significant percentage of total revenue [7]. - In the first half of 2025, R&D investment reached 299 million yuan, focusing on several key projects [8]. Group 6: Industry Context - Beida Pharmaceutical's pursuit of a Hong Kong listing reflects a broader trend among innovative pharmaceutical companies in A-shares seeking to access additional capital markets for funding R&D and operational needs [9].