Analysis of the Strong Performance of BiBetter-U (688759): Valuation Re-Rating Driven by Core Product Commercialization

BiBetter-U (688759) was added to the strong stock pool on January 12, 2026, and its robust performance stems from a combination of multiple factors. Its core product BEBT-908 (Betelin®) was conditionally approved for marketing by the National Medical Products Administration (NMPA) in June 2025, becoming the world’s first HDAC/PI3Kα dual-target small molecule inhibitor for the treatment of relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL). This product fills the gap in the domestic field of second-line lymphoma treatment, and Phase IIb clinical trials show that the objective response rate (ORR) reaches 54.6% with a median overall survival of 8.8 months, which is significantly better than traditional chemotherapy regimens[1][2].

From a trading perspective, the stock surged a cumulative 42.46% from January 5 to 7, 2026, triggering an abnormal fluctuation warning. The transaction volume during this period reached 1.069 billion yuan, with the turnover rate remaining at a high level. Data from the Dragon and Tiger List shows that well-known institutional seats such as Huatai Securities Shanghai Plaza Securities Business Department and Galaxy Securities Shanghai Jing’an District Chouzhou Securities Business Department were actively net buying, with a cumulative purchase amount exceeding 135 million yuan[5]. As one of the first unprofitable biopharmaceutical companies after the resumption of the fifth set of listing standards on the STAR Market, BiBetter’s IPO opened with a 174% surge on October 28, 2025, with significant new stock effect and scarcity premium.

Fundamentally, the company has a rich pipeline echelon with 11 Class 1 new drugs, 19 indications, and a total of 33 clinical approvals. Among them, BEBT-209 (a CDK4/6 inhibitor) and BEBT-109 (a pan-EGFR inhibitor) have both entered Phase III clinical trials, and are expected to be approved for marketing in 2027[1][3]. However, it should be noted that the company has not yet achieved profitability; its net profit attributable to parent shareholders was -107 million yuan from January to September 2025, and its core product still needs to complete confirmatory clinical trials to obtain full approval[6].

. BiBetter’s BEBT-908, as the world’s first approved HDAC/PI3Kα dual-target inhibitor, occupies a unique position in the second-line treatment of r/r DLBCL. With the widespread application of CAR-T therapy in first-line treatment, the clinical data of BEBT-908 (ORR over 67%) for patients who failed CAR-T treatment or bispecific antibody treatment has great medical value and market potential[2][3]. This differentiated competitive advantage has established high technical barriers and first-mover advantages for the company in the hematological oncology field.

. The resumption of the fifth set of listing standards on the STAR Market has opened a capital channel for unprofitable biopharmaceutical companies, and policies such as the “Eight Measures for the STAR Market” have further strengthened support for cutting-edge innovative enterprises. As a successful case under this policy framework, BiBetter’s IPO performance and subsequent market performance are of indicative significance[4]. From the perspective of capital flow, the active participation of institutional seats reflects the willingness of professional investors to strategically lay out in the innovative drug track.

. In addition to the core product, the company has made forward-looking layouts in the fields of solid tumors and metabolic diseases. As a GPR75 inhibitor, BEBT-809’s “fat loss while preserving muscle” mechanism is expected to solve the side effect of muscle loss caused by GLP-1 drugs, with First-in-Class potential[3]. This diversified pipeline portfolio reduces the risk of single-product dependence and provides sustainable growth momentum for the company.

. The stock has surged 42.46% in three trading days, accumulating a large number of profit-making positions, which brings technical retracement pressure[5]. The company has issued an abnormal fluctuation announcement, clearly reminding investors of the risk of stock price fluctuations. Historical experience shows that short-term sharp rises in the innovative drug sector driven by concept speculation are often accompanied by drastic adjustments.

. BEBT-908 is currently conditionally approved, and needs to complete confirmatory Phase III clinical trials to obtain full approval, which brings uncertainties[6]. In addition, the company has not yet achieved sales revenue, and still needs large-scale R&D investment in the future, and the accumulated deficit may further expand. The industry characteristics of biopharmaceutical R&D, such as long cycle, high investment, and high failure rate, cannot be ignored.

. As an unprofitable company, the applicability of traditional valuation methods is limited, and the current stock price may already reflect high market expectations. If subsequent commercial sales data fall short of expectations or clinical trials encounter setbacks, the company may face pressure for valuation re-rating.

. The company plans to cover 200 key hospitals across the country within the year, and the progress of commercial team building and the first batch of sales data will be key indicators to verify the product’s competitiveness. If it can successfully enter the medical insurance catalog, it is expected to achieve rapid volume expansion and significantly improve the company’s revenue structure.

. Events such as the Phase III clinical progress of BEBT-209 and BEBT-109, and the data readout of BEBT-908’s confirmatory trial may all become stock price catalysts[1][3]. The expected approval timeline in 2027 provides a clear value realization node for medium-term investment.

The strong performance of BiBetter-U is driven by three factors: the commercial launch of its core product, policy dividends from the STAR Market, and the popularity of the innovative drug sector. The clinical data of BEBT-908 shows that it has significant efficacy advantages over existing therapies, especially irreplaceable clinical value in second-line lymphoma treatment and for patients who failed CAR-T treatment[2][3]. At the trading level, the active participation of institutional capital and the continuously expanding trading volume reflect the high market attention on this stock.

In the short term, the cumulative increase of 42% has accumulated relatively large risks, and it is recommended that investors wait for a technical pullback before considering participation. In the medium term, focus should be on commercial sales data and the progress of medical insurance negotiations, as these two indicators will determine whether the product can achieve rapid volume expansion. In the long term, the rich pipeline echelon provides support for sustainable growth, but it is necessary to continuously track the clinical trial progress of each product and changes in the competitive landscape.

From an investment strategy perspective, this stock is suitable for investors with high risk tolerance and in-depth understanding of the innovative drug track. Aggressive investors may consider participating with a small position and setting a stop-loss level around the 30-day moving average; conservative investors are advised to wait for a pullback to the support level of 35-38 yuan before deploying. Regardless of the strategy, the position should be controlled within the range of bearable losses, and the company’s subsequent announcements and industry dynamics should be continuously tracked.