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][10][11] Financial Performance - The company achieved an operating revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell to 140 million yuan, down 37.53% [6][8] - EBITDA reached 497.81 million yuan, reflecting a 13.1% growth [7] R&D Investment - R&D expenditure for the first half of the year was 299 million yuan, a decrease of 21.8% compared to the previous year [10] - The decline in R&D investment raises concerns about the company's future product pipeline and competitive edge [12] Expense Trends - Sales expenses rose to approximately 594 million yuan, an increase of 13.34% year-on-year [11] - Management expenses were reported at 261 million yuan, up 23.47%, while financial expenses surged by 118.06% to 39.53 million yuan [11] Debt and Financial Pressure - 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 [13][14][16] - The overdue payment reflects internal financial management issues that could exacerbate the company's financial difficulties [16]

每经AI快讯，有投资者在投资者互动平台提问：请问董秘，公司目前在售有几款产品？今年以来销售 情况怎样？从一季度数据来看，为什么营收和毛利润净利润等指标都不如同行业艾力斯？ 贝达药业（300558.SZ）8月6日在投资者互动平台表示，您好！公司在售产品有凯美纳、贝美纳、贝安 汀、赛美纳、伏美纳，康美纳已于6月30日获批上市；经销品种安瑞泽已于7月启动销售，以及植物源重 组人白蛋白注射液（水稻）奥福民已于7月获批上市。综上，公司销售管线将达到八款产品。公司将发 挥肿瘤产品商业化的成功经验，通过差异化的临床价值挖掘和高效的推广策略，加快产品市场覆盖。医 药行业上市公司各有其实际情况，在发展阶段、管线结构、研发投入、资产结构等方面都存在差异，面 对经营当中的新变化、新挑战，团队始终保持创新创业初心，拥抱变化、积极应对，推动企业长期稳定 发展。 （文章来源：每日经济新闻） ...

Industry Overview - The pharmaceutical industry is a crucial sector related to national economy and people's livelihood, and it is a key area for developing strategic emerging industries [1] - A joint implementation plan for the digital transformation of the pharmaceutical industry (2025-2030) has been released by multiple government departments, signaling a push for deep integration of new information technologies with the pharmaceutical industry [1] Policy Support and Market Trends - In 2024, several key industry support policies were released, emphasizing the importance of innovative drugs as a critical component of emerging industries and new productivity [2] - The focus is on the collaborative development of pharmaceuticals, healthcare, and medical insurance, promoting the standardization and efficiency of the industry [2] Company Innovations and Developments - Betta Pharmaceutical has over 20 years of experience in innovative drug research and development, particularly in targeted therapies for lung cancer, and is expanding into other areas such as kidney cancer and breast cancer [2] - The company is building an innovation ecosystem centered around collaboration and resource sharing, aiming to enhance breakthroughs in research, clinical trials, and commercialization [3] Investment and R&D Focus - Yuyue Medical is a leading supplier of medical devices in China, focusing on product innovation and rapid iteration through increased R&D investment and the integration of AI and digital technologies [4] - Jianfan Bio is enhancing its R&D capabilities in blood purification products, establishing innovation centers, and addressing critical issues in medical materials [4][5] Financial Performance and Growth - Jianfan Bio has achieved a compound annual growth rate (CAGR) of over 22% in revenue and over 19% in net profit since its IPO in 2016, with a strong cash flow position [6][7] - Betta Pharmaceutical has seen its revenue grow from 1.035 billion to 2.892 billion by 2024, with a CAGR of 13.4%, and has consistently paid dividends to shareholders [7] - Yuyue Medical's R&D investment reached 547 million in 2024, a year-on-year increase of 8.39%, with a five-year CAGR of 18.39% [8] Industry Performance Metrics - As of April 29, 2025, 256 pharmaceutical companies in the Shenzhen market reported a total revenue of 1.13 trillion, with a net profit of 67.63 billion, and 37 companies reported a net profit growth of over 50% [8]

Core Viewpoint - Beida Pharmaceutical reported a revenue growth of 17.74% year-on-year to 2.892 billion yuan in 2024, with a net profit of 403 million yuan, marking a 15.67% increase, and a significant turnaround in profitability with a 55.92% rise in non-net profit [1][2] Financial Performance - The company achieved a revenue of 2.892 billion yuan in 2024, approaching the 3 billion yuan mark, with a net profit of 403 million yuan [1] - The non-net profit reached 410 million yuan, indicating a strong recovery from previous years where revenue growth did not translate into profit [1] - Historical revenue figures from 2021 to 2023 were 2.246 billion yuan, 2.377 billion yuan, and 2.456 billion yuan, with net profits fluctuating significantly [1] Product Portfolio - Beida Pharmaceutical currently has five new drugs in the oncology treatment field, including the first-generation EGFR inhibitor, Alectinib (Kaimena®), and the ALK inhibitor, Ensartinib (Beimina®) [1][2] - The company has expanded its product lineup from a single product to five through independent research and strategic partnerships [2] - Alectinib has generated over 1 billion yuan in annual revenue since its inclusion in the national medical insurance directory in 2017 [2] Market Expansion and Pipeline - The company has one innovative drug under review for market approval and over 20 projects in development, indicating potential for future growth [2][6] - The sales forecast for Beimina in 2024 is expected to approach 800 million yuan, while Kaimena's sales are projected to be between 1.2 billion and 1.4 billion yuan [4][5] - Beida's research and development investment has consistently been high, with R&D expenditures from 2020 to 2024 being 742 million yuan, 861 million yuan, 977 million yuan, 1 billion yuan, and 717 million yuan, respectively [7] Leadership and Strategic Moves - The return of Professor Mao Li as the Chief R&D Officer is a significant development for the company, as he previously held key positions within Beida and has extensive experience in the industry [8][9]