人民财讯11月12日电，百济神州(688235)11月12日发布2025年三季报，公司第三季度实现营业收入 100.77亿元，同比增长41.1%；归母净利润6.89亿元；前三季度营业收入275.95亿元，同比增长44.2%。 转自：证券时报 ...

中国国际金融股份有限公司、高盛（中国）证券有限责任公司 关于百济神州有限公司 使用超募资金对募投项目增加募集资金投入 并延长项目实施期限的核查意见 中国国际金融股份有限公司与高盛（中国）证券有限责任公司（以下合称"联 席保荐机构"）作为百济神州有限公司（以下简称"百济神州"或"公司"）首次公开 发行人民币普通股（A股）股票并在科创板上市的联席保荐机构，根据《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第1号——规范运作》《上市公司募集资金监管规则》等有关规定，就百济神州 使用超募资金对募投项目增加募集资金投入并延长项目实施期限进行了审慎核 查，具体情况如下： 公司拟对首次公开发行人民币普通股（A 股）股票募集资金投资项目"药物 临床试验研发项目"增加募集资金投入，该项目的主要内容为公司产品管线中临 床前及临床阶段药物研发，包含基础医学研发、临床医学研发、药学研发、新型 抗肿瘤药物临床前与临床研发、小分子药物合成研发、临床生物标记研发、基因 测序用于药物评价的研发、基础药物研究与临床医学研究结合的研发等创新药物 开发内容。该项目项下的子项目共四项，包括：临床阶段研发项目外部费 ...

Financial Performance - Total revenue for Q3 2025 reached CNY 10,076,964 thousand, representing a 41.1% increase compared to the same period last year[4] - Net profit attributable to shareholders for the year-to-date period was CNY 1,138,596 thousand, with a significant increase driven by product revenue growth and improved operational efficiency[12] - Adjusted operating profit for the first three quarters of 2025 was CNY 5,543 million, a substantial increase from CNY 520 million in the same period last year[14] - Total revenue for the first three quarters of 2025 reached RMB 27,595,233 thousand, a 44.2% increase from RMB 19,135,857 thousand in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was RMB 1,544,645 thousand, compared to a loss of RMB 3,410,742 thousand in the first three quarters of 2024[24] - Net profit for the first three quarters of 2025 was RMB 1,138,596 thousand, a significant recovery from a net loss of RMB 3,686,694 thousand in the same period of 2024[24] Earnings Per Share - The company reported a basic earnings per share of CNY 0.48 for Q3 2025, with a year-to-date basic earnings per share of CNY 0.81[4] - The diluted earnings per share for Q3 2025 was CNY 0.46, with a year-to-date diluted earnings per share of CNY 0.77[5] - The company reported a basic earnings per share of RMB 0.81 for the first three quarters of 2025, recovering from a loss of RMB 2.71 in the same period of 2024[24] Research and Development - Research and development expenses totaled CNY 3,881,607 thousand for the quarter, accounting for 38.5% of total revenue, a decrease of 1.9 percentage points from the previous year[5] - Research and development expenses for the first three quarters of 2025 were RMB 11,159,244 thousand, compared to RMB 10,165,926 thousand in the same period of 2024[23] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 4,281,906 thousand, reflecting increased cash inflow due to higher product revenue[12] - In the first three quarters of 2025, the cash inflow from operating activities reached CNY 29,314,279 thousand, a 48.5% increase compared to CNY 19,749,714 thousand in the same period of 2024[26] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 4,281,906 thousand, a significant recovery from a net outflow of CNY -1,841,136 thousand in 2024[26] - Cash received from sales of goods and services was CNY 28,964,747 thousand in 2025, compared to CNY 19,425,796 thousand in 2024, marking a 49.2% increase[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 54,075,712 thousand, a 26.2% increase from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 54,075,712 thousand, up from RMB 42,834,708 thousand at the end of 2024[22] - Total liabilities increased to RMB 24,740,766 thousand as of September 30, 2025, compared to RMB 18,659,486 thousand at the end of 2024[22] - The company’s total current assets reached RMB 40,103,859 thousand, up from RMB 28,906,961 thousand at the end of 2024[22] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 36,172, with no preferred shareholders having restored voting rights[16] - The total number of circulating shares was 1,438,083,590, with 92% (1,323,028,330 shares) being foreign circulating shares and 8% (115,055,260 shares) being domestic RMB shares[15] - The largest shareholder, Amgen, held 246,269,426 shares, representing 17.12% of total shares[16] - Baker Brothers Life Sciences, L.P. and its affiliates held 115,666,055 shares, accounting for 8.04% of total shares[16] - Capital Research and Management Company and its affiliates owned 77,379,268 shares, which is 5.38% of total shares[16] - The top ten shareholders did not participate in margin financing or securities lending activities[20] - The company has not disclosed any related party relationships among the top shareholders[18] Risks and Challenges - The company emphasizes the high risks associated with the biopharmaceutical industry, including long R&D cycles and regulatory uncertainties[20] - The company’s ability to achieve commercial success for its drug candidates is contingent on various factors, including regulatory approvals and clinical trial outcomes[20] - The company warns investors about potential risks that could significantly impact its future business plans and financial performance[20] Investment Activities - Cash outflow for investment activities totaled CNY 10,625,977 thousand in 2025, compared to CNY 2,975,746 thousand in 2024, indicating a substantial increase in investment expenditures[26] - The company received CNY 1,310,443 thousand from investment in 2025, a significant increase from CNY 303,069 thousand in 2024[26] Financing Activities - The net cash flow from financing activities was CNY 6,400,313 thousand in 2025, up from CNY 1,192,649 thousand in 2024, reflecting increased financing efforts[26] - The company reported a cash inflow of CNY 6,288,368 thousand from other financing activities in 2025, indicating new financing sources[26] Cash and Cash Equivalents - Cash and cash equivalents rose to RMB 13,933,606 thousand from RMB 12,279,419 thousand year-over-year[22] - The total cash and cash equivalents at the end of Q3 2025 amounted to CNY 13,557,097 thousand, an increase from CNY 12,179,613 thousand at the end of Q3 2024[26] - The impact of exchange rate changes on cash and cash equivalents was CNY 95,540 thousand in 2025, compared to a negative impact of CNY -12,502 thousand in 2024[26]

智通财经APP讯，百济神州(688235.SH)披露2025年第三季度报告，公司前三季度实现营收275.95亿元， 同比增长44.2%;归属于上市公司股东的净利润11.39亿元，同比扭亏为盈;扣非净利润9.69亿元，同比扭 亏为盈;基本每股收益0.81元。 业绩增长主要系由于产品收入增长和费用管理推动了经营效率的提升。 ...

业绩增长主要系由于产品收入增长和费用管理推动了经营效率的提升。 智通财经APP讯，百济神州(688235.SH)披露2025年第三季度报告，公司前三季度实现营收275.95亿元， 同比增长44.2%;归属于上市公司股东的净利润11.39亿元，同比扭亏为盈;扣非净利润9.69亿元，同比扭 亏为盈;基本每股收益0.81元。 ...

百济神州公告，第三季度营收为100.77亿元，同比增长41.1%；净利润为6.89亿元。前三季度营收为 275.95亿元，同比增长44.2%；净利润为11.39亿元。 ...

中金公司研报指出，百济神州3Q25业绩略超预期，CDK41L临床1H26启动。泽布替尼拉动产品收入稳 步增长。3Q25年泽布替尼销售10.4 亿美元，同比增长51%，环比增长7%；其中美国地区销售额7.39亿 美元，同比增长47%，环比增长8%，继续保持领先地位。得益于泽布替尼全球销售扩张，毛利率提 升，以及费用控制，该行对今年公司顺利完成全年指引持乐观态度。由于公司泽布替尼快速放量以及费 用控制效果明显，我们上调2025 年盈利预测56%至3.31 亿美元，维持2026 年盈利预测不变。维持"跑赢 行业"评级，由于上调盈利预测，基于DCF模型，切换估值至2026 年，上调A/H/US股目标价 3.2%/3.3%/3.7%至320元/250港币/420美元（15.1%/26.6%/27.6%上行空间）。 来源：格隆汇APP ...

中金公司研报指出，百济神州3Q25业绩略超预期，CDK41L临床1H26启动。泽布替尼拉动产品收入稳 步增长。3Q25年泽布替尼销售10.4 亿美元，同比增长51%，环比增长7%；其中美国地区销售额7.39亿 美元，同比增长47%，环比增长8%，继续保持领先地位。得益于泽布替尼全球销售扩张，毛利率提 升，以及费用控制，该行对今年公司顺利完成全年指引持乐观态度。由于公司泽布替尼快速放量以及费 用控制效果明显，我们上调2025 年盈利预测56%至3.31 亿美元，维持2026 年盈利预测不变。维持"跑赢 行业"评级，由于上调盈利预测，基于DCF模型，切换估值至2026 年，上调A/H/US股目标价 3.2%/3.3%/3.7%至320元/250港币/420美元（15.1%/26.6%/27.6%上行空间）。 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 362.59 RMB [4][14][15]. Core Insights - The company is experiencing continuous sales growth of Zebutinib, with significant advancements in its pipeline for solid tumors and hematological cancers, indicating a strong potential for sustained revenue growth [1][4][17]. - The company has raised its full-year guidance, projecting total revenue between 5.1 to 5.3 billion USD for the year, reflecting a positive shift in operational profitability [15][16]. - The report highlights the promising clinical progress of the company's CDK4 inhibitor and other solid tumor pipelines, which are expected to contribute to future revenue streams [16][17]. Financial Summary - Projected revenues for 2025-2027 are 37.26 billion, 45.31 billion, and 51.15 billion RMB, with year-on-year growth rates of 36.9%, 21.6%, and 12.9% respectively [3][4]. - Net profit attributable to shareholders is expected to be 2.05 billion, 4.26 billion, and 5.30 billion RMB for the years 2025-2027 [4][14]. - The company reported a total revenue of 1.41 billion USD in Q3 2025, with a quarter-on-quarter growth of 7.37% [15].

Core Viewpoint - The innovative drug sector has regained market attention after a two-month adjustment period, driven by macroeconomic liquidity easing and strong Q3 earnings reports from key companies [1][3]. Group 1: Performance and Financials - The Hang Seng Innovative Drug ETF (159316) rose by 2.52%, while the low-fee Innovative Drug ETF from E Fund (516080) increased by 31% year-to-date [2]. - BeiGene reported Q3 revenue of 27.595 billion yuan, a 44.21% year-on-year increase, with a net profit of 1.562 billion yuan, reversing previous losses [3]. - Innovent Biologics announced over 3.3 billion yuan in product revenue for Q3 2025, maintaining approximately 40% growth [3]. - Other leading companies like WuXi AppTec, Hengrui Medicine, Shanghai Pharmaceuticals, and Fosun Pharma reported revenues of 32.857 billion yuan, 23.188 billion yuan, 21.507 billion yuan, and 2.939 billion yuan respectively, with net profits of 12.076 billion yuan, 5.751 billion yuan, 5.147 billion yuan, and 2.523 billion yuan [3]. Group 2: Industry Trends - A total of 81 innovative drug companies reported a 13.84% year-on-year increase in net profit, with 9 companies turning losses into profits, indicating a shift towards commercialization in the sector [4]. - The total value of outbound licensing transactions for Chinese innovative drugs exceeded 101.24 billion USD, significantly surpassing the projected 51.9 billion USD for 2024 [5]. - Notable licensing deals include Hengrui's collaboration with GSK valued at up to 12 billion USD and a deal between 3SBio and Pfizer worth over 1 billion USD [6]. Group 3: Market Dynamics - The innovative drug sector has experienced a 17% correction since early September, suggesting it may be nearing a bottom [8]. - Historical data indicates that corrections of 15%-20% often signify deep pullbacks, but current macroeconomic conditions are not as extreme as in previous downturns [11]. - The likelihood of a significant market drop exceeding 20-30% is low, given the improving macroeconomic environment and corporate earnings recovery [12]. Group 4: Future Growth Drivers - The domestic policy environment has shifted to a more stable and supportive framework for innovative drug development, with recent healthcare negotiations enhancing commercial prospects [18]. - China's biotech sector ranks second globally in clinical pipelines, with over 20% of global clinical projects, indicating strong future product launches [20]. - Chinese companies are transitioning from "me-too" drugs to "First-in-Class" and "Best-in-Class" innovations, leveraging lower costs and faster clinical trial processes [23]. Group 5: Conclusion - The innovative drug sector is entering a favorable phase characterized by policy improvements, international expansion, and strong earnings, suggesting a potential market rebound [25]. - The increasing interest in innovative drug ETFs reflects the challenges of direct stock investment in this complex sector, with products like the Hang Seng Innovative Drug ETF providing a focused investment vehicle [25].