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。 BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （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5月9日， 董事會薪酬委員會根據2016期權及激勵計劃的條款向一百九十二名承授人授出涉 及合共42,009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5月9日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百九 十二名承授人合共42,009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546,117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 1 授出日期： 2025年5月9日 承授人數目： 一百九十二名 已授出受限制股份單位 涉及的相關股份數目： 546,117 受限制股份單位總數 （美國存託股份）: ...

Group 1: Market Overview - The U.S. stock market is experiencing a downturn, particularly in the tech sector, leading to concerns about a potential crash, while the Hong Kong market shows resilience despite recent adjustments [1] - The Hong Kong market's recent performance indicates weakness in short positions, as it has not seen significant declines despite bearish sentiment [1] Group 2: Earnings Reports and Institutional Activity - Tencent and Alibaba reported stable earnings, but their capital expenditures have increased significantly for long-term AI strategies, leading to a misinterpretation of their financial results [2] - Institutional investors, including Bridgewater, have significantly increased their holdings in Chinese assets, with Bridgewater's stake in Alibaba rising by 5.4 million shares, a 21-fold increase, indicating a bullish outlook on Chinese stocks [2] - Major investment firms like Hillhouse and Highfields have also increased their investments in Chinese stocks, reflecting optimism about the Chinese market [5] Group 3: Sector-Specific Insights - Goldman Sachs has adjusted its ratings on Chinese gaming stocks, highlighting a divide in performance between major players like Tencent and NetEase versus smaller firms facing market consolidation [6] - The gaming industry is seeing a shift in consumer demand towards high-quality and casual games, with opportunities for significant revenue generation in differentiated game offerings [6][7] - The overseas market remains a significant opportunity for Chinese game developers, with increasing capabilities in development and innovation [7] Group 4: Index Adjustments - The Hang Seng Index is set to announce its quarterly review, with companies like Pop Mart and BeiGene being potential candidates for inclusion, reflecting their strong performance and low short positions [4] - The index aims to expand its constituent stocks to better represent market dynamics, although the total number of constituents has remained unchanged in recent reviews [4]

Group 1 - HHLR Advisors reported a total market value increase from $2.887 billion to $3.539 billion, a nearly 23% rise in Q1 2025 [1] - HHLR's top ten holdings include Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS Holdings, with 9 out of 10 being Chinese concept stocks [1][2] - HHLR made new investments in 10 companies including Atour Group, Huazhu Group, Baidu, and Li Auto, with significant increases in holdings for Yum China, Li Auto, and Baidu [2] Group 2 - Jinglin Asset Management's Hong Kong subsidiary reported a total market value of $3.228 billion, showing an increase from the previous year [3] - Jinglin's new investments include Alibaba and Hesai Technology, while it increased holdings in Meta, Beike, TSMC, and New Oriental, and reduced positions in Google, Microsoft, and Nvidia [3] - The market value increase for both HHLR and Jinglin is attributed to the revaluation of Chinese concept stocks, with the Nasdaq Golden Dragon China Index rising by 13.33% in Q1 2025 [4] Group 3 - The rapid development of AI models like DeepSeek is reshaping the valuation of Chinese tech companies, moving away from traditional pricing models that undervalued growth potential [5] - The shift in valuation logic is driven by the transition of Chinese AI companies from relying on foreign platforms to establishing their own technological capabilities [5]

Core Viewpoint - The article discusses the recent quarterly holdings of major investment firms, highlighting significant investments in Chinese stocks and the impact of the revaluation of Chinese tech stocks on their portfolios [2][8]. Group 1: HHLR Advisors Holdings - HHLR Advisors reported a total holding value increase from $2.887 billion to $3.539 billion, a nearly 23% rise in Q1 2025 [2]. - The top ten holdings of HHLR include Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS Holdings, with nine of these being Chinese stocks [2]. - HHLR made new investments in ten companies, including Atour Group, Huazhu Group, Baidu, Yuchai International, and Li Auto, with significant increases in holdings for Yum China, Li Auto, and Baidu [4]. Group 2: Performance of New Investments - New investments by HHLR in Yuchai International saw an 80% increase, while BOSS Zhipin and Li Auto rose by 34% and 20%, respectively, as of May 14 [4]. - HHLR increased its holdings in eight companies, including Futu Holdings and Pinduoduo, with Futu Holdings experiencing a 40% rise and Pinduoduo a 23% rise [4]. - HHLR reduced its positions in Alibaba and BeiGene, with Alibaba's stock rising by 56% and BeiGene by 47% during the same period [4]. Group 3: Jinglin Asset Management Holdings - Jinglin Asset Management reported a total holding value of $3.228 billion as of Q1 2025, showing an increase from the previous year [6]. - New investments included Alibaba and Hesai Technology, while they increased holdings in Meta, Beike, TSMC, and New Oriental, and reduced positions in Google, Microsoft, and others [6]. - The top ten holdings of Jinglin include Meta, Pinduoduo, NetEase, and others, with a total holding value of $2.784 billion, representing 86.24% of their total U.S. stock holdings [6]. Group 4: Market Trends and Revaluation - The increase in holdings for HHLR and Jinglin is attributed to the revaluation of Chinese tech stocks, with the Nasdaq Golden Dragon China Index rising by 13.33% in Q1 2025 [8]. - The rapid development of AI models like DeepSeek is reshaping market perceptions of Chinese tech companies, moving away from traditional valuation methods [8]. - The shift in valuation logic is driven by the emergence of independent technological capabilities in Chinese AI firms, leading to a reassessment of their long-term growth potential [9].

Core Viewpoint - BeiGene reported a significant revenue increase in Q1 2025, achieving 8.048 billion yuan, a year-on-year growth of 50.2%, with a notable reduction in net loss, indicating a positive trend in financial performance [1][2] Financial Performance - Q1 2025 revenue reached 8.048 billion yuan, up 50.2% year-on-year, with product revenue at 7.985 billion yuan, a 49.9% increase [1] - The net profit attributable to shareholders was -95 million yuan, a substantial improvement from -1.908 billion yuan in the same period last year [1] - According to GAAP, the company achieved its first quarterly profit, aligning with market expectations [1] Product Sales Growth - The growth in product revenue was primarily driven by self-developed product Zanubrutinib, along with sales increases of Tislelizumab and Amgen licensed products [1] - Zanubrutinib's global sales totaled 5.692 billion yuan, reflecting a 63.7% increase, with U.S. sales at 4.041 billion yuan, up 61.9% [1] - European sales of Zanubrutinib reached 836 million yuan, a 75.4% increase, while sales in China were 590 million yuan, up 43.1% [1] Future Outlook - Sales of Tislelizumab in Q1 2025 amounted to 1.245 billion yuan, marking a 19.3% increase [2] - The company maintains its full-year revenue guidance for 2025 at 4.9 to 5.3 billion USD, driven by the strong market position of Zanubrutinib in the U.S. and ongoing expansion in Europe and other key global markets [2]

Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to conduct on-site inspections or supervision of 87 companies intending to go public in 2024, focusing on key areas such as issuance, information disclosure, mergers and acquisitions, and delisting [1] - The CSRC aims to combat fraudulent issuance, financial fraud, and market manipulation, emphasizing the importance of maintaining market integrity and protecting investors' rights [1] - The CSRC has imposed fines totaling 3.27 million yuan and 1.15 million yuan on companies like Gaodexin and Huadao Biological for submitting false financial data, and a fine of 4.175 billion yuan on Evergrande for fraudulent bond issuance [1] Banking Sector - In April, new loans reached the lowest level since 2006, with personal loans decreasing by 520 billion yuan year-on-year, significantly impacting overall loan growth [2] - Retail loan approvals and disbursements have become more cautious since April, with reduced limits and approval rates for consumer and business loans [2] Company Financials - Alibaba reported Q4 revenue of 236.45 billion yuan, a year-on-year increase of 7%, with adjusted net profit rising by 22% to 29.85 billion yuan [2] - NetEase's Q1 revenue was 28.8 billion yuan, reflecting a 7.4% year-on-year increase, with net profit reaching 10.3 billion yuan [2] - Zeekr Technology reported a Q1 net loss of 763 million yuan, although this represents a significant narrowing of 60.2% year-on-year [3] Market Trends - The market for intelligent risk control solutions in China's retail credit sector is projected to reach 6.541 billion yuan in 2024, growing by 20.1% year-on-year, with Ant Group holding a 15.7% market share [3] - The demand for AI servers in China is expected to shift, with the proportion of locally sourced chips increasing from 37% in 2024 to 40% in 2025, as domestic suppliers gain support from national policies [3] Corporate Developments - Midea's home appliance division has experienced significant management changes, including the departure of its president, Xu Minfeng, amid reports of large-scale layoffs [6] - Wahaha has confirmed the temporary shutdown of its dairy production line due to structural adjustments in production and sales, and is undergoing a legal liquidation process [6] - Vanke has completed the redemption of its "20 Vanke 04" corporate bonds, totaling 1.5 billion yuan, with a redemption price of 103.45 yuan per bond [8] Industry Performance - China Shenhua reported a 4% year-on-year decline in coal sales volume for April, with total electricity generation down by 9.9% [9] - Air China saw an 8.6% year-on-year increase in passenger turnover for April, with capacity and cargo turnover also rising [10]

Group 1 - HHLR Fund, L.P. and its affiliates reduced their stake in BeiGene from 6.03% to 4.89%, no longer being a major shareholder [1] - The reduction in stake began in June 2023, with HHLR Fund having previously held 9.02% of shares [1] - The core reason for the reduction is attributed to the fund's typical investment period of around 10 years, with HHLR's investment in BeiGene exceeding 11 years [1] Group 2 - Hillhouse Capital led a $75 million Series A financing round for BeiGene in 2014 and participated in 8 financing rounds [2] - In Q1 2023, BeiGene reported revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significantly reduced net loss of 94.5 million yuan [2] - The revenue growth was driven by product sales, particularly from self-developed products, with a notable increase in sales for Zebrutinib and Tislelizumab [2] Group 3 - BeiGene's CEO indicated that the company expects to achieve positive operating profit for the full year of 2025 [3]

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 (於開曼群島註冊成立的有限公司) 呈交日期： 2025年5月14日 第 1 頁 共 6 頁 v 1.3.0 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | | 說明 | | 人民幣股份 （於上海證券交易所科創板上市，股份代號：688235) | | | | | 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（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | ...

Core Viewpoint - Hillhouse Capital, once the second-largest shareholder of BeiGene, is gradually exiting its investment in the company, having reduced its stake below 5% as of May 9, 2023 [1][2]. Shareholder Activity - Hillhouse Capital's HHLR Fund, L.P. and its affiliates sold 16 million shares of BeiGene, reducing their total holdings to 68.55 million shares, which is a decrease in ownership from 6.03% to 4.89% [1]. - Between June 8, 2023, and December 2, 2024, Hillhouse has sold a total of 21.9973 million shares through various trading methods [2]. - In early March 2024, Hillhouse reduced its holdings further by selling 32.24 million shares, bringing its ownership down to 6.66% [2]. Company Performance - BeiGene, a global innovator in cancer treatment, has shown improving financial performance despite Hillhouse's divestment [3]. - For the fiscal year 2024, BeiGene reported revenues of 27.21 billion yuan, a year-on-year increase of 56.2%, while the net loss was 4.98 billion yuan, indicating a reduction in losses for two consecutive years [3]. - In Q1 2025, BeiGene achieved revenues of 8.048 billion yuan, a 50.2% increase year-on-year, with a significantly reduced net loss of 94.5 million yuan compared to a loss of 1.908 billion yuan in the same period last year, marking a 95.05% reduction in losses [3]. - The global sales of BeiGene's flagship product, Baiyueze, reached 5.692 billion yuan in Q1 2025, representing a 63.7% increase and accounting for 70.73% of the company's total revenue [3].