Financial Association News October 15th (Reporter He Fan) At the semi-annual earnings briefing held by cspc innovation pharmaceutical (300765.SZ) today, only a few questions were answered, and the lack of sincerity in communicating with investors was slightly inadequate. From the questions asked backstage, it can be seen that due to the slow progress of the acquisition of cspc pharma Baike Bio, many investors have expressed their dissatisfaction. In addition, the company's secretary to the board and CFO Dai Long told the Financial Association News reporter that the Enbrel Subei Monoclonal Antibody Injection, which was approved for listing in June, has been successfully launched for sale.

"Ten months have passed with no significant progress. When will the acquisition be completed?" "Why is the progress so slow? Where is the bottleneck?" "Such slow progress inevitably raises questions among investors about the company's efficiency and the acquisition process." During the earnings conference, many investors expressed their dissatisfaction with the slow progress of cspc innovation pharmaceutical's acquisition of cspc pharma Baike Bio.

In response, Dai Long did not directly address the issue, only stating, "If there are any developments in the acquisition, the company will promptly fulfill its disclosure obligations."

On January 10th this year, cspc innovation pharmaceutical announced that it is planning to issue shares and pay cash to acquire 100% equity of cspc pharma Baike (Shandong) Biopharmaceutical Co., Ltd., and raise supporting funds. This transaction is expected to constitute a major asset restructuring, but not a reorganization for listing.

According to the Baike Bio official website, the company's representative product is "Jin Youli", which is a "Polyethylene Glycolated Recombinant Human Granulocyte Colony Stimulating Factor Injection", reportedly the first long-acting recombinant human granulocyte colony stimulating factor injection in China with independent intellectual property rights. It is a Class 1 new drug designated by the National Medical Products Administration for the treatment of non-myeloid malignant tumors.

Furthermore, the company's financial report shows that in January of this year, the transfer of equity related to the acquisition of Jushi Bio, which was acquired in August last year, has been completed. By increasing capital to control Jushi Bio, cspc innovation pharmaceutical will extend its business chain to the field of innovative drugs. Enbrel Subei Monoclonal Antibody (trade name: Enshuxing) was conditionally approved for listing in June. Dai Long told the Financial Association News reporter that the Enbrel Subei Monoclonal Antibody Injection has been successfully launched for sale, but he did not disclose the specific revenue amount.

In terms of performance, in the first half of this year, cspc innovation pharmaceutical's revenue decreased by 27.71% year-on-year, and the net income attributable to shareholders of the listed company decreased by 48.27% year-on-year. The company stated that this was due to the decline in caffeine prices, with caffeine products being cspc innovation pharmaceutical's largest source of revenue. As for the price trend of caffeine in the second half of the year, the company's chairman and general manager Yao Bing told the Financial Association News reporter that currently the company's caffeine products are relatively stable.

It is worth noting that in this earnings conference, a total of 28 questions were raised, but as of the end of the event, CSPC Innovation Pharmaceutical has only responded to 6 of them. Among the unanswered questions are the reasons for the high employee turnover rate, the revenue amount of 'Jinyouli' in the first half of the year, whether Enbrel and Humira have dedicated sales teams, and the company's BD plan.