R&D Strategy and Pipeline - BeiGene's R&D strategy focuses on developing a deep and impactful portfolio, executing fast-to-PoC for value maximization, initiating combination therapies early, and advancing only transformative medicines to late-stage development[18] - BeiGene has an extensive investment in innovative platforms, supporting a robust preclinical pipeline of 69 programs, with 51% biologics and 43% small molecules[19, 20] - BeiGene is transforming its pipeline with a focus on heme leadership and solid tumor diversification, expecting POC data readouts for many NMEs in the next 1-2 years[21] Solid Tumor Programs - BGB-43395 (CDK4i) is undergoing dose escalation in monotherapy and in combination with endocrine therapy (ET) in breast cancer patients[34] - Preliminary data from the BGB-43395-101 study shows a manageable safety profile, with diarrhea and nausea being the most commonly reported AEs[28] - BGB-43395 exhibits rapid absorption with a median Tmax of approximately 2 hours, and exposures increased approximately dose proportionately[42] Hematology Programs - Brukinsa (Zanubrutinib) - Brukinsa has demonstrated sustained PFS superiority over Ibrutinib in the ALPINE H2H study with 42.5 months follow-up, with a HR of 0.68 (95% CI: 0.54, 0.84)[74] - In the ALPINE study, Zanubrutinib showed sustained superiority and risk reduction in the TP53/Del17p population, with a HR of 0.51 (95% CI: 0.33, 0.78)[78, 80] - In the SEQUOIA study, Zanubrutinib demonstrated a sustained PFS benefit in treatment-naive unfit CLL/SLL patients, with a 71% reduction in risk of progression or death[88, 96] Hematology Programs - Sonrotoclax - In a Phase 1/1b study, Sonrotoclax combined with Zanubrutinib as frontline treatment for CLL demonstrated high MRD clearance rates, with 90% achieving uMRD by week 48 in the 320mg cohort[68, 122] - The CELESTIAL-TNCLL trial is an ongoing Phase 3 study assessing Sonrotoclax + Zanubrutinib vs Venetoclax + Obinutuzumab for treatment-naive CLL[68, 142] Hematology Programs - BTK CDAC (BGB-16673) - In a Phase 1 study, the BTK degrader BGB-16673 showed an ORR of 77.6% in heavily pre-treated R/R CLL/SLL patients, with an ORR of 93.8% at 200 mg[169, 181] - BGB-16673 demonstrated promising activity in patients with Richter Transformation, with an ORR of 58.3%[175, 180] - BGB-16673 also showed high overall response rates and VGPRs in R/R WM patients, with an ORR of 81.5%[190, 193]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 授出受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年6月30 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向二百一十六名承授人授 出涉及合共43,839股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年6月30日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予二百 一十六名承授人合共43,839股美國存託股份受限制股份單位。該等受限制股份單 位相當於569,907股股份，約佔本公告之日公司發行股份總數的0.04%。 授出受限制股份單位詳情 受限制股份單位詳情如下： 1 授出日期： 2025年6月30日 承授人數目： 二百一十六名 已授出受限制股份單位涉及 的相關股份數目： 569,90 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期： 2025年7月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股 ...

Core Viewpoint - The former president of Takeda China, Dan Guohong, will join BeiGene on August 18, taking the role of General Manager for Greater China, Central Asia, and South Asia, reporting to BeiGene's President and COO, Wu Xiaobin [1] Group 1 - Dan Guohong's appointment is expected to strengthen BeiGene's leadership in the specified regions [1] - The transition reflects BeiGene's strategy to enhance its operational capabilities in Greater China and surrounding areas [1]

Core Viewpoint - The innovative drug sector in China has experienced significant growth in 2023, exemplifying a narrative of China's rise in the capital market, with the Huatai-PB Hong Kong Innovative Drug ETF increasing by 57.87% year-to-date and numerous stocks doubling in value [1]. Group 1: Market Performance and Trends - Chinese innovative drug companies are entering a "Deepseek" moment, a culmination of two decades of development, as stated by industry analysts [2][10]. - The recent surge in the innovative drug sector is attributed to the performance of leading pharmaceutical companies, driven by increased sales of commercialized innovative drugs and a surge in licensing deals for clinical trial assets [4][10]. - The total amount of licensing deals by Chinese innovative drug companies reached $45.5 billion in the first five months of 2025, surpassing the total for the first half of 2024, indicating a robust growth in international licensing transactions [8]. Group 2: Company Highlights - A notable example is BeiGene, which created China's first billion-dollar blockbuster drug, Zebrutinib, achieving global sales of $1.3 billion in 2023 [6]. - BeiGene is projected to generate $3.8 billion in revenue in 2024, with Zebrutinib contributing $2.6 billion, leading to a reduction in the company's losses [7]. Group 3: Future Outlook - Analysts believe that the innovative drug sector in China is on a long-term upward trajectory, with the industry poised for a growth phase characterized by the approval of new drugs and increased licensing revenue [11][12]. - The next 3-5 years are expected to see accelerated globalization and a shift towards original innovation in the Chinese innovative drug sector, with companies that have strong pipelines and clinical advantages likely to lead the next growth wave [13]. - Despite recent market volatility, the long-term outlook remains positive, with expectations of a return to reasonable valuations as innovative results continue to materialize [16].

Core Viewpoint - The innovative drug sector has shown a sharp upward trend, attracting funds that previously focused on other pharmaceutical segments to increase their positions in innovative drugs [1][3][10]. Group 1: Fund Movements - Several funds have shifted their focus towards innovative drugs, with notable examples including Huafu Health Entertainment, which initially held positions in various pharmaceutical stocks but has now significantly adjusted its portfolio towards innovative drugs [3][4]. - Funds like Yongying Pharmaceutical Health and Shenyin Wanguo Pharmaceutical Pioneer have also shown similar trends, indicating a broader movement within the fund management community towards innovative drugs [4][5]. Group 2: Market Dynamics - There is a notable influx of new innovative drug-themed funds entering the market, alongside existing funds reallocating their investments [2][8]. - Despite the positive sentiment, some institutions have warned of potential overvaluation and market overheating in certain stocks within the innovative drug sector [2][11]. Group 3: Performance Metrics - Data from Wind indicates that on June 17, a fund's estimated net value dropped by 0.75%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 4.77%, highlighting the correlation between fund performance and the innovative drug index [4]. - A significant increase in ETF shares related to innovative drugs has been observed, with 17 out of 20 ETFs showing positive growth during a recent market correction [7]. Group 4: Future Outlook - Industry experts believe that the current market dynamics reflect a rational correction of previously overly pessimistic expectations regarding the innovative drug sector, with strong long-term growth potential anticipated [10][11]. - However, challenges remain, including high research and development costs, long timelines, and a low success rate for drug development, which necessitate careful investment strategies [11].

Core Insights - The Hong Kong Innovation Drug Index (931787) has shown a positive performance, with significant increases in constituent stocks such as Zai Lab (11.01%) and Cloudmed (9.27%) [1] - The Hong Kong Innovation Drug ETF (513120) has experienced active trading, with a turnover of 33.61% and a total transaction volume of 4.472 billion [1] - The ETF has seen a continuous net inflow of funds over the past 14 days, totaling 3.159 billion [1][2] Market Performance - As of June 27, the Hong Kong Innovation Drug ETF has achieved a net value increase of 86.07% over the past year, ranking 1st out of 120 in QDII equity funds [2] - The ETF's highest monthly return since inception was 23.82%, with the longest consecutive monthly gain being 4 months and a maximum cumulative increase of 44.08% [2] - The average monthly return during the rising months is 7.59% [2] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Hong Kong Innovation Drug ETF is 32.62, which is below the 83.82% historical level over the past five years, indicating a low valuation [2] - The ETF closely tracks the Hong Kong Innovation Drug Index, which includes up to 50 listed companies primarily engaged in innovative drug research and development [2] Industry Developments - The top ten weighted stocks in the Hong Kong Innovation Drug Index account for 71.99% of the index, with notable companies including Innovent Biologics and BeiGene [3] - The approval of a new drug by the National Medical Products Administration (NMPA) for long-term weight control in adults marks a significant development in the industry [3] - Recent reports suggest that China's innovative drug sector is becoming a global supplier of innovative therapies, driven by high efficiency and low-cost development advantages [4] Investment Opportunities - The Hong Kong Innovation Drug ETF provides exposure to leading companies in the innovative drug sector, such as Innovent Biologics and CanSino Biologics [4] - The ETF supports T+0 trading, enhancing liquidity and allowing investors to conduct multiple transactions within a trading day [4]

Core Insights - BeiGene is advancing its global leadership in hematology through strong drug development and commercialization capabilities, with over 40 products in clinical development and commercialization stages, expecting 20 milestone advancements in the next 18 months [1][10]. Hematology Leadership - The company has established itself as a leader in hematology, particularly with its BTK inhibitor, Brukinsa (Zebutinib), which has gained significant market share in the U.S. and is approved in 75 global markets, benefiting over 200,000 patients [2][4]. - BeiGene is focusing on the development of next-generation therapies, including the BCL-2 inhibitor Sotorasib and the BTK CDAC BGB-16673, which shows promise in overcoming patient resistance [4][7]. - BGB-16673 has demonstrated an overall response rate (ORR) of 84.8% in R/R CLL indications, and a head-to-head trial against a non-covalent BTK inhibitor has been initiated [4][6]. Innovative Pipeline - Sotorasib is positioned as a next-generation BCL-2 inhibitor with superior efficacy and safety compared to existing treatments, and it is currently undergoing pivotal trials for various indications [7][10]. - The company is also developing a diverse pipeline for solid tumors, focusing on breast, gynecological, lung, and gastrointestinal cancers, with several innovative candidates like the CDK4 inhibitor BGB-43395 and the B7-H4 ADC [11][13][19]. Future Growth Potential - BeiGene plans to submit regulatory applications for Sotorasib globally by the second half of 2025, aiming to solidify its position in the B-cell malignancy treatment landscape [10][19]. - The company is expected to report clinical proof of concept data for over 10 new molecules in the next 6-18 months, including promising candidates in the solid tumor space [25][26]. - Recent analyst reports have given BeiGene a "buy" rating, highlighting its potential for significant growth driven by its innovative pipeline and global market expansion [27].

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the chemical pharmaceutical industry [1]. Core Viewpoints - The report highlights the promising clinical efficacy and safety profile of BGB-43395, a CDK4 inhibitor developed by BeiGene, which shows potential as a best-in-class treatment for HR+/HER2- metastatic breast cancer [3][5]. - The global market for CDK4/6 inhibitors is substantial, projected to reach approximately $13 billion by 2024, indicating significant growth potential in this therapeutic area [5]. Summary by Sections Industry Performance - The chemical pharmaceutical industry has shown strong market performance over the past year, with a focus on innovative drug developments [1]. Drug Development Insights - BGB-43395 demonstrates high selectivity and inhibition of CDK4, with a favorable safety profile compared to existing CDK4/6 inhibitors [3][4]. - The drug is set to enter Phase III trials for HR+/HER2- metastatic breast cancer, with the second-line study expected to start in Q4 2025 [3]. Clinical Trial Results - Initial results from clinical trials indicate that BGB-43395, when combined with fulvestrant, shows preliminary anti-tumor activity in patients with solid tumors, particularly breast cancer [5][6]. - The overall response rate (ORR) for evaluable breast cancer patients was reported at 11% [5]. Market Context - The report emphasizes the challenges faced by current CDK4/6 inhibitors, including hematological toxicity and off-target effects, which BGB-43395 aims to address [5].

Group 1: Market Activity - Significant net purchases were made in China Construction Bank (1.338 billion), SMIC (0.629 billion), BeiGene (0.209 billion), and others, while notable net sales were recorded for Xiaomi (3.252 billion), Alibaba (0.797 billion), and Tencent (0.770 billion) [1][4] - Southbound funds have continuously sold Tencent for 21 days, totaling 21.56904 billion HKD, while they have bought China Construction Bank for 13 consecutive days, totaling 9.35939 billion HKD [4] Group 2: Company Developments - Citigroup noted multiple catalysts that will accelerate investments from mutual funds and insurance companies into the stock market, benefiting large-cap ETFs and high-yield stocks, particularly Chinese financial institutions [5] - China National Medical Products Administration approved Innovent Biologics' application for the dual receptor agonist injection for long-term weight control in adults with obesity or overweight [5] - XPeng Motors is set to launch its new mid-size electric SUV, the XPeng G7, next week, with a pre-sale price starting at 235,800 CNY and over 10,000 orders within 46 minutes of pre-sale [5] - Xiaomi officially launched its high-performance SUV, the Xiaomi YU7, with three versions priced between 253,500 CNY and 329,900 CNY, achieving over 200,000 orders within three minutes of launch [5] - Alibaba reported a revenue of 996.347 billion CNY for the fiscal year 2025, with a net profit increase of 77% to 125.976 billion CNY, focusing on e-commerce and "AI + Cloud" as core growth areas [5]