格隆汇11月16日丨百济神州(688235.SH)发布公告，2025年11月10日，董事会薪酬委员会根据2016期权 及激励计划的条款授予一百四十三名承授人合共1.65万股美国存托股份受限制股份单位。该等受限制股 份单位相当于21.40万股股份，约占本公告之日公司发行股份总数的0.01%。 ...

Core Insights - Insurance capital remains active in the market, conducting 348 company surveys in November, with over 126 stocks receiving attention, despite a year-on-year decline in total survey frequency [1][3] - The focus of insurance capital is on high-dividend stocks and sectors aligned with national strategic goals, such as new productive forces, high-end manufacturing, and biomedicine, with companies like BeiGene, Inovance Technology, and Luxshare Precision being particularly favored [1][3] Group 1: Survey Trends - Leading insurance asset management companies are the main players in conducting surveys, with Taikang Asset leading with 21 surveys, followed by Sunshine Asset, Taiping Asset, and others, each exceeding 10 surveys [1] - The Shenzhen Main Board and ChiNext are the primary targets for insurance capital, especially in technology growth sectors like integrated circuits and electronic components [1][3] Group 2: Investment Strategy - Insurance capital is adopting a dual strategy of "stable base + growth elasticity," focusing on high-dividend stocks while enhancing research in new productive forces [3][4] - The emphasis on high ROE and high-dividend companies aligns with the new accounting standards and long-term performance assessments, making them attractive to insurance capital [4] Group 3: Key Companies - BeiGene, Inovance Technology, and Luxshare Precision are highlighted as top targets for insurance capital, each receiving interest from over 20 insurance firms due to their strong competitive advantages and growth potential [3] - Other notable companies in the renewable energy and communication equipment sectors, such as Trina Solar and Dekor, have also attracted attention from more than 10 insurance firms [3]

格隆汇11月14日丨百济神州(06160.HK)公告，于2025年11月10日，董事会薪酬委员会根据2016期权及激 励计划的条款向一百四十三名承授人授出涉及合共1.6万股美国存托股份的受限制股份单位。 ...

Group 1 - The company BeiGene (06160) announced that on November 10, 2025, the Board's Compensation Committee granted a total of 16,500 restricted stock units to 143 grantees under the 2016 Option and Incentive Plan [1] - The restricted stock units correspond to 214,000 shares, which represents approximately 0.01% of the total issued shares of the company as of the date of the announcement [1]

Core Viewpoint - BeiGene (06160) announced the grant of 16,500 restricted stock units to 143 recipients under the 2016 option and incentive plan, equivalent to 214,000 shares, representing approximately 0.01% of the company's total issued shares as of the announcement date [1] Summary by Categories - **Company Actions** - The board's compensation committee granted a total of 16,500 restricted stock units to 143 recipients [1] - The restricted stock units correspond to 214,000 shares [1] - **Shareholder Impact** - The granted shares represent about 0.01% of the total issued shares of the company as of the announcement date [1]

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11月10 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向一百四十三名承授人授 出涉及合共16,463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 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 於2025年11月10日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百 四十三名承授人合共16,463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214,019股股份，約佔本公告之日公司發行股份總數的0.01%。 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11月10日 承授人數目： 一百四十三名 已授出受限制股份單位涉及的 相關股份數目： 214 ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 1.12% with a trading volume of 2.214 billion yuan on November 14, 2024 [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 13, 2024, the fund's latest share count was 9.665 billion shares, with a total size of 8.579 billion yuan, reflecting a year-to-date increase of 2344.51% in shares and 2170.81% in size [1] Fund Performance - The current fund manager, Ma Jun, has achieved a return of 69.74% since taking over on January 3, 2024 [2] - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant weightings in the portfolio [2] Trading Activity - Over the past 20 trading days, the ETF has accumulated a trading volume of 28.057 billion yuan, averaging 1.403 billion yuan per day [1] - Year-to-date, the ETF has recorded a total trading volume of 251.214 billion yuan, with an average daily trading volume of 1.196 billion yuan [1]

Core Insights - The overall performance of companies listed on the Sci-Tech Innovation Board (STAR Market) has shown a strong rebound in the first three quarters, with a significant year-on-year net profit growth of 75% in Q3 [2] - The focus on "hard technology" has led to increased R&D investments, particularly in key industries such as integrated circuits, artificial intelligence, and biomedicine, contributing to the foundation for high-level technological self-reliance [2] Performance Overview - In the first three quarters, STAR Market companies achieved a total revenue of 1.11 trillion yuan, a year-on-year increase of 7.9%, and a net profit of 49.268 billion yuan, up 8.9% [2] - Excluding four leading photovoltaic companies, overall revenue and net profit growth rates were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [2] Industry Highlights - The STAR Market's top enterprises and growth-oriented companies complement each other well, with the Sci-Tech 50 Index companies accounting for 46% of revenue and 50% of net profit [3] - The Sci-Tech 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively, becoming the "vanguard" of performance growth [3] R&D Investment - Total R&D investment by STAR Market companies reached 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-share sectors [4] - The biomedicine sector saw revenue growth of 11% and net profit growth of 48%, driven by the rapid commercialization of innovative drugs [4] - Nine first-class new drugs were approved for market entry during the reporting period, with significant international business development transactions totaling over 13 billion USD [4] Growth of Emerging Companies - 35 unprofitable companies in the Sci-Tech Growth Layer reported a revenue increase of 39% and a significant reduction in net losses by 65% [5] - These companies are focusing on R&D with a median R&D intensity of 44.3%, indicating a promising development trend [5] Competitive Advantages in Key Industries - The integrated circuit industry, crucial for technological self-reliance, saw 121 related companies achieve a revenue growth of 25% and a net profit growth of 67% [6] - Major players like SMIC and Huahong Semiconductor maintained high capacity utilization rates, with record sales revenue [6] - The AI industry has emerged as a new growth pillar, with significant revenue increases across the supply chain, particularly in computing and data transmission sectors [7] Renewable Energy Sector - In the photovoltaic sector, 17 related companies significantly reduced their net losses by 28% [7] - The lithium battery industry experienced a revenue growth of 7% and a net profit of 1.02 billion yuan, marking a return to profitability [7]

Core Insights - Chinese innovative pharmaceutical companies are gaining global competitiveness, with BeiGene and Innovent Biologics as representative examples, each following distinct paths to success [1][3][5] Company Paths - BeiGene has pursued a strategy of immediate globalization, facing significant risks and challenges, while Innovent Biologics initially focused on the domestic market before expanding internationally [1][4] - Innovent Biologics has established partnerships with major international pharmaceutical companies, such as a recent $11.4 billion strategic collaboration with Takeda Pharmaceutical [1][2] Financial Performance - In the first three quarters of 2025, Innovent Biologics reported product revenues of 8.63 billion yuan, with 21 product lines in development and 16 commercialized drugs [3] - BeiGene's revenue for the same period reached approximately 27 billion yuan, with over 40 drugs in clinical and commercial stages [3] Market Strategy - Innovent Biologics aims to achieve 20 billion yuan in revenue within three years, focusing on oncology-related drugs and diversifying its product lines [6] - BeiGene aspires to become a multinational enterprise from China, aiming to shorten the time for innovative drugs to reach markets in Southeast Asia [5][6] Industry Challenges - Both companies face common challenges in market access, pricing, and intellectual property protection, necessitating a problem-oriented approach to navigate the evolving landscape [7]

Core Insights - Chinese innovative pharmaceutical companies are gaining global competitiveness, with different paths taken by companies like BeiGene and Innovent Biologics [1][4][5] - Innovent's approach is seen as more replicable compared to BeiGene's aggressive global strategy, which is viewed as a product of a specific window of opportunity [6][11] Company Strategies - Innovent Biologics has established a strong domestic foundation before expanding internationally, recently securing a $11.4 billion strategic partnership with Takeda Pharmaceuticals [3][4] - BeiGene, on the other hand, has pursued a global strategy from its inception, with significant investments in local talent and operations across various regions [5][9] Financial Performance - In the first three quarters of 2025, Innovent reported product revenues of approximately 8.63 billion yuan, while BeiGene's revenues were around 27 billion yuan [4][5] - Both companies have a significant number of products in various stages of development, with Innovent having 21 product lines and BeiGene over 40 [4][5] Market Challenges - Both companies face common challenges in market access, commercialization pricing, and intellectual property protection, which are evolving in the industry [11] - The traditional path for innovative drugs involves initial development in Western markets, followed by generic competition in developing countries, which can take over a decade [8][9] Future Outlook - Innovent aims to achieve 20 billion yuan in revenue within three years, focusing on a diversified product line, particularly in oncology [9] - The Chinese innovative drug sector is expected to play a more significant role globally in the next 5 to 10 years, with advantages in engineering talent and patient recruitment speed [10][11]