Core Viewpoint - Beida Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt to go public in Hong Kong after two unsuccessful attempts in 2021 [1][4]. Group 1: Company Overview - Beida Pharmaceutical is a pioneer in China's innovative drug research and development industry, successfully transforming from a biotech company focused on innovative drug discovery to a leading and profitable biopharmaceutical company [4]. - The company has established an integrated platform driven by four core pillars: mature commercialization capabilities, comprehensive drug discovery and development capabilities, forward-looking business development layout, and a competitive innovation ecosystem [4]. Group 2: Product Pipeline and Market Position - Beida Pharmaceutical has launched eight commercialized products, including five innovative drugs and one biosimilar, achieving several "firsts" in China [5]. - The company has built a comprehensive drug pipeline targeting key lung cancer pathways, including EGFR and ALK, and is expanding into high-potential treatment areas such as breast cancer, kidney cancer, hematology, and ophthalmology [4][5]. Group 3: Financial Performance - For the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, Beida Pharmaceutical reported revenues of approximately RMB 2.377 billion, RMB 2.456 billion, RMB 2.892 billion, and RMB 1.731 billion respectively [5][7]. - The annual profits for the same periods were approximately RMB 125 million, RMB 334 million, RMB 387 million, and RMB 131 million respectively [5][7].

据港交所9月29日披露，贝达药业股份有限公司(简称：贝达药业(300558.SZ))向港交所主板提交上市申请书，联席保荐人为摩根士丹利、中信证 券。值得注意的是，这已是贝达药业第三次启动港股上市计划。回溯2021年，公司曾于2月、12月两度向香港联合交易所递交招股书，但两次上 市尝试均未成功。 招股书显示，贝达药业是中国创新药研发行业的先行者与引领者，从专注创新药发现与研发的生物科技公司成功转型为行业领先、盈利良好的 生物制药公司。公司已打造自主研发、市场拓展、战略合作与生态圈建设"四驾马车"协同驱动的一体化平台，公司至今已成功推出八款商业化 产品，其中多项产品实现"中国首个"突破。自2011年首款产品上市当年起，公司连续多年实现盈利，稳居中国创新药企前列。 自2003年成立以来，公司始终致力于研发用于治疗肿瘤的新型药物，以应对肺癌及其他主要癌症领域中亟待解决的临床需求。一方面，通过自 主研发与战略合作相结合的模式，公司构建了涵盖关键肺癌靶点（包括表皮生长因子受体（EGFR）和间变性淋巴瘤激酶（ALK））的全面药 物管线，这有助于公司在创新靶向肺癌治疗领域确立领先地位。另一方面，公司不断拓展至高潜力治疗领域， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Viewpoints - The company reported a revenue of 19.16 million yuan for the first half of 2025, an increase of 28.85% compared to the same period in 2024, with a net profit attributable to shareholders of -119 million yuan, improving from -214 million yuan in 2024 [2][5][13] - The company is actively expanding its authorized products, including commercial cooperation for Beifutini and the approval of Gexuolei [7] - The ongoing clinical pipelines are progressing well, targeting high-barrier therapeutic areas, which enhances competitiveness [8][13] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 19.16 million yuan, up 28.85% year-on-year, primarily due to increased income from technology licensing and cooperation [2][13] - The operating cost for the same period was 2.49 million yuan, a decrease of 60.63% compared to 2024, leading to an improved net profit of -119 million yuan, compared to -214 million yuan in 2024 [13] Product Pipeline - Beifutini (Simena®) has received NMPA approval for both first and second-line treatment of NSCLC and has entered the National Medical Insurance Directory [7] - Gexuolei (Anfangning®) was transferred to Zhengda Tianqing in August 2023 and was approved for market in November 2024, with positive clinical results reported at the 2025 ASCO conference [7] Research and Development - The registration phase III clinical trial for Taragarestrant (D-0502) is actively progressing for ER-positive, HER2-negative breast cancer [8] - The company has completed a phase II clinical trial for D-0120 in China and initiated a phase II trial in the US [8] - The phase III clinical trial plan for D-2570 has been completed, with the first patient dosed in a phase II trial for ulcerative colitis [8] Financial Forecast - The company forecasts net profits attributable to shareholders of -246 million yuan, -253 million yuan, and -227 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of -0.42 yuan, -0.44 yuan, and -0.39 yuan [8]