Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [4][9] Core Views - The company achieved a revenue of 2.892 billion yuan in 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [4][11] - The company is expanding the clinical value and evidence of its products, particularly focusing on the domestic market for EGFR-TKI. Both Kai Mei Na and Sai Mei Na have been included in the national medical insurance directory, enhancing patient accessibility [5][6] - The successful overseas launch of Bei Mei Na, which received FDA approval for first-line treatment indications, is expected to further open up market opportunities for the product [5][6] - The company is continuously enriching its pipeline with ongoing research and development, including the acceptance of NDA for its self-developed CDK4/6 inhibitor BPI-16350 [6][7] - The company is actively expanding its innovation ecosystem and strategic partnerships, achieving significant progress in projects such as plant-derived recombinant human serum albumin and stem cell therapy for diabetes [7] Financial Data and Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 534 million, 604 million, and 739 million yuan respectively, with corresponding EPS of 1.28, 1.44, and 1.77 yuan [8][11] - The projected revenue growth rates for 2025, 2026, and 2027 are 20.61%, 17.06%, and 18.22% respectively, indicating a robust growth trajectory [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 66.1 CNY [2][9]. Core Insights - The company achieved a revenue of 2.892 billion CNY in 2024, representing a year-on-year growth of 17.74%. The net profit attributable to shareholders was 403 million CNY, up 15.67%, while the net profit excluding non-recurring items reached 410 million CNY, marking a significant increase of 55.92% [2][5]. - The company has multiple new products set to launch, which are expected to drive future growth. The R&D investment for 2024 was 717 million CNY, accounting for 24.80% of total revenue [2][5]. - The company is expanding its product pipeline with promising candidates in various clinical stages, including a CDK4/6 inhibitor and a plant-derived recombinant human serum albumin [9]. Financial Performance Summary - **2024 Actuals and Future Estimates**: - Total revenue for 2024 was 2.892 billion CNY, with projections of 3.562 billion CNY for 2025, 4.198 billion CNY for 2026, and 5.345 billion CNY for 2027, reflecting growth rates of 23.2%, 17.9%, and 27.3% respectively [5][10]. - Net profit attributable to shareholders for 2024 was 403 million CNY, with estimates of 496 million CNY for 2025, 689 million CNY for 2026, and 945 million CNY for 2027, indicating growth rates of 23.2% and 38.9% for the following years [5][10]. - **Valuation Metrics**: - The company’s price-to-earnings (P/E) ratio is projected to decrease from 52 in 2024 to 22 by 2027, while the price-to-book (P/B) ratio is expected to decline from 3.7 to 2.8 over the same period [5][10]. Product Pipeline and Market Expansion - The company is set to launch several innovative products, including a third-generation EGFR-TKI and a long-acting ophthalmic formulation, which have shown promising results in clinical trials [9]. - The company is also focusing on expanding its early-stage pipeline with multiple new molecular entities that are currently in Phase I clinical trials [9].

Group 1: Participants Overview - The report lists a total of 148 participants from various investment and asset management firms [1][2][3][4] - Participants include representatives from well-known firms such as Goldman Sachs, Manulife, and Temasek Holdings [1][2][3][4] Group 2: Company Representation - The participants represent a diverse range of companies, including domestic and international firms [1][2][3][4] - Notable companies include Huatai Asset Management, China Life Asset Management, and CICC [1][2][3][4] Group 3: Investment Focus - The report indicates a strong interest in pharmaceutical and healthcare investments, as evidenced by the presence of multiple healthcare-focused firms [1][2][3][4] - Several participants are from firms specializing in medical and pharmaceutical investments, highlighting the sector's significance [1][2][3][4] Group 4: Event Context - The event serves as a platform for investor communication and networking among key industry players [1][2][3][4] - The diverse representation suggests a broad interest in collaboration and investment opportunities within the sector [1][2][3][4]

Group 1: Financial Performance - The company achieved a revenue of 289,195.01 million yuan in 2024, representing a year-on-year growth of 17.74% [2] - The net profit attributable to shareholders was 40,256.93 million yuan, a year-on-year increase of 15.67% [2] - The net profit excluding non-recurring items reached 40,983.41 million yuan, showing a significant growth of 55.92% [2] - Accounts receivable balance decreased by 65.62% year-on-year, with accounts receivable turnover days reduced by 29 days [2] - The net cash flow from operating activities was 91,117.22 million yuan [2] Group 2: Product Development and Market Position - Five new drugs have been launched, including innovative treatments for lung cancer and kidney cancer [3][4] - The drug Beimenna received FDA approval in December 2024 and was recommended by the NCCN guidelines, marking it as the first Chinese original innovative drug in this category [4] - The company is actively promoting the commercialization of Beidan, leveraging its clinical research and market promotion teams [4] - The drug Fumina has shown promising clinical potential in ophthalmology, with ongoing II phase clinical studies [5] Group 3: Research and Development - R&D investment for 2024 was 71,717.78 million yuan, accounting for 24.80% of total revenue [6] - The company is focusing on key R&D projects, with several innovative drug applications under review by the NMPA [6] - Collaboration with clinical oncology experts is ongoing to support investigator-initiated clinical research projects [6] Group 4: Strategic Partnerships - The company has established strategic collaborations with various organizations to enhance its R&D pipeline [7][8] - A partnership with EyePoint for the development of an ophthalmic drug has shown positive results in clinical trials [8] - The company is pursuing a dual strategy of project introduction and self-innovation to expand its treatment options [8] Group 5: Innovation Ecosystem - The company is building an innovation ecosystem to promote collaboration and resource sharing among various stakeholders [9] - A partnership with He Yuan Bio for the commercialization of a plant-derived human serum albumin injection has been established [9] - Investment in Repu Morning Creation for stem cell therapy development is underway, with clinical trials for core products already initiated [10]

Group 1 - The company has launched five new drugs by 2024, including its first innovative drug, EGFR-TKI Alectinib (brand name: Kaimena®), ALK inhibitor Ensartinib (brand name: Beimana®), third-generation EGFR inhibitor BPI-D0316 (brand name: Saimena®), and targeted drug Vorolanib (brand name: Fumeina®) [1] - The company is currently reviewing the market application for its new breast cancer drug BPI-16350 (brand name: Kangmeina®) and a strategic collaboration product, which is expected to contribute to new revenue growth in the future [1] - The company has established a robust revenue growth and cash flow through academic promotion, commercial operation, and lifecycle cost control, ensuring a positive cycle of "R&D - commercialization - reinvestment" for orderly advancement of its subsequent R&D pipeline [1] Group 2 - The company's internationalization strategy is accelerating, with the application for Beimana's first-line indication approved by the FDA in December 2024, and the EMA's application process officially initiated [2] - The company invested 717 million yuan in R&D in 2024, accounting for 24.80% of its operating revenue, focusing resources on key R&D projects [2] - Multiple innovative drug INDs have been approved during the reporting period, including BPI-520105 tablets, BPI-221351 tablets, EYP-1901 intravitreal implant, CFT8919 capsules, and BPI-452080 tablets [2]

贝达药业股份有限公司 审计报告及财务报表 二○二四年度 贝达药业股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-110 | 审 计 报 告 信会师报字[2025]第 ZF10183 号 贝达药业股份有限公司全体股东： 一、 审计意见 我们审计了贝达药业股份有限公司（以下简称贝达药业）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了 ...

贝达药业股份有限公司 内部控制审计报告 2024 年度 内部控制审计报告 信会师报字[2025]第 ZF10184 号 贝达药业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了贝达药业股份有限公司（以下简称"贝达药业"） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是贝达药业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 内控审计报告 第 1 页 四、财务报告内部控制审计意见 我们认为，贝达药业于 2024 年 12 月 31 日按照《企 ...

贝达药业股份有限公司 2024 年度独立董事述职报告 （JIANGNAN CAI） 作为贝达药业股份有限公司（以下简称"公司"）的独立董事，2024 年度本 人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独 立董事管理办法》《独立董事和审计委员会履职手册》《上市公司独立董事履职 指引》等法律法规、规范性文件及《贝达药业股份有限公司章程》的规定，本着 客观、公正、独立的原则勤勉尽责、独立履职，在董事会中发挥参与决策、监督 制衡、专业咨询作用，切实维护公司整体利益和全体股东的合法权益。现将本人 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 本人 JIANGNAN CAI，1957 年 6 月生，复旦大学经济学硕士，美国布兰戴 斯大学社会卫生政策博士。1996 年 10 月至 1999 年 3 月，在美国凯罗药品经济 咨询公司任高级研究员；1999 年 4 月至 2012 年 4 月，任美国麻省卫生厅卫生政 策高级研究员；2012 年 5 月至 2019 年 12 月，任中欧国际商学院卫生管理与政 策研究中心主任、经济学兼职教授。2020 年 1 月至今，任上海创奇健 ...

（肖佳佳） 作为贝达药业股份有限公司（以下简称"公司"）的独立董事，2024 年度本 人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独 立董事管理办法》《独立董事和审计委员会履职手册》《上市公司独立董事履职 指引》等法律法规、规范性文件及《贝达药业股份有限公司章程》的规定，本着 客观、公正、独立的原则勤勉尽责、独立履职，在董事会中发挥参与决策、监督 制衡、专业咨询作用，切实维护公司整体利益和全体股东的合法权益。现将本人 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 本人肖佳佳，1983 年 10 月生，英国谢菲尔德大学法学硕士。2019 年 3 月至 2024 年 2 月，本人任北京观韬中茂（杭州）律师事务所合伙人；2024 年 3 月至 今，本人任北京竞天公诚（杭州）律师事务所合伙人。本人曾任浙江凯麦律师事 务所主办律师、北京观韬中茂（杭州）律师事务所主办律师、杭州市律师协会公 司与证券专业委员会委员、浙江省律师协会第二届环境与资源保护专业委员会秘 书长，擅长境内外上市、重组及再融资、私募融资、跨境并购、外商直接投资、 私募基金、股权激励等公司证券业务。目前， ...

市值管理制度 贝达药业股份有限公司 市值管理制度 第一章 总 则 第一条 为加强贝达药业股份有限公司（以下简称"公司"）市值管理工作， 进一步规范公司市值管理行为，切实维护公司、投资者及其他利益相关者的合法 权益，推动公司投资价值提升，根据《中华人民共和国公司法》《中华人民共和 国证券法》《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司监管指引第 10 号——市值管理》等 法律法规、规范性文件及《贝达药业股份有限公司章程》（以下简称 " 《公司 章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是公司通过制定科学发展战略、完善公司治理、 规范经营管理、培育核心竞争力等方式持续提升公司质量与投资价值，达到公司 整体利益最大化和股东财富增长并举的目标，实现公司市值与内在价值的动态均 衡。 第四条 市值管理的基本原 ...