生物科技板块的强劲表现带动相关主题基金收益飙升。据Wind数据，截至4月30日，在今年来收益率排名前20的权益基金中，9只为医药主题基金，收益率 均在40%以上。其中，长城医药产业精选在一季度大幅加仓医药股，对第一大重仓股泽璟制药增持约1.84万股，对第二大重仓股信达生物增持约4.85万股， 对诺诚健华增持16.2万股，对益方生物、康弘药业等亦有大幅增持。 平安核心优势混合同样在一季度积极调仓，康方生物升为第一大重仓股，增持约4.5万股；诺诚健华新进为前十大重仓股，持有28.08万股。其对百济神州、 百利天恒、艾力斯也有不同程度加仓。知名基金经理葛兰管理的中欧医疗健康混合一季度净值大幅反弹，科伦药业新进入前十大重仓股，迈瑞医疗、东阿阿 胶、华润三九等个股被减持。 【环球网财经综合报道】Wind数据显示，今年以来，港股生物科技板块强势崛起，恒生香港上市生物科技指数（HSHKBIO）累计上涨32.83%，跑赢同期恒 生科技指数。多只细分领域龙头股股价创新高，荣昌生物年内涨幅达到187.5%，三生制药、康宁杰瑞制药-B等涨幅超过120%，信达生物、百济神州、诺诚 健华等涨幅超过40%。 有业内人士表示，2025年或 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive growth in recent months and has a diversified portfolio in the healthcare sector [1][3]. - As of April 30, 2025, the latest net value of the fund is 2.5180 yuan, reflecting a growth of 1.82%. The fund's return over the past month is 2.07%, ranking 41 out of 469 in its category. Over the past three months, the return is 11.71%, ranking 45 out of 467, and since the beginning of the year, the return is 10.49%, ranking 44 out of 465 [1]. - The fund's total assets amount to 2.724 billion yuan as of March 31, 2025, and it was established on November 18, 2014. The fund managers are Zhao Bei and Ding Yang [1]. Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant investments in companies such as Heng Rui Pharmaceutical (8.90%), WuXi AppTec (5.12%), and Aier Eye Hospital (4.94%) [1]. - Zhao Bei, the fund manager, has extensive experience in the healthcare sector, having been with ICBC Credit Suisse Asset Management since 2010 and managing the healthcare fund since its inception in 2014. Ding Yang, the co-manager, has a strong academic background and joined the firm in 2017 [2].

Group 1 - The core viewpoint of the news is that BeiGene has shown significant stock performance and institutional interest, with a closing price of 261.18 yuan, up 5.78%, and a total market capitalization of 365.976 billion yuan [1] - As of the 2024 annual report, a total of 219 institutions hold shares in BeiGene, including 218 funds and 1 brokerage, with a combined holding of 37.9477 million shares valued at 9.063 billion yuan [1] - BeiGene is a global, commercial-stage biotechnology company focused on the research, development, production, and commercialization of innovative drugs, with key products including BRUKINSA (a BTK inhibitor), anti-PD-1 monoclonal antibody, and Pamiparib [1] Group 2 - The latest financial results for BeiGene indicate that the company achieved an operating revenue of 27.214 billion yuan, representing a year-on-year increase of 56.19%, while the net profit was -4.978287 million yuan, a year-on-year decrease of 25.87%, with a gross margin of 84.44% [1] - In comparison to industry averages, BeiGene's price-to-earnings (P/E) ratio (TTM) is -73.51, while the industry average is 56.46, indicating a significant divergence in valuation metrics [2] - The industry median P/E ratio is 37.48, suggesting that BeiGene's valuation is considerably lower than its peers, which may reflect market sentiment or company-specific challenges [2]

Core Viewpoint - The patent dispute between BeiGene and AbbVie regarding BTK inhibitors has reached a significant milestone, with the U.S. Patent and Trademark Office declaring AbbVie's Pharmacyclics' patent invalid, although an appeal is possible [1][3]. Group 1: Patent Dispute Details - The dispute began on June 13, 2023, when Pharmacyclics claimed that BeiGene's drug, Zebutinib, infringed on its patent for Ibrutinib [3]. - The U.S. Patent and Trademark Office's final decision on April 30, 2024, invalidated the entire rights of the '803 patent, which was under scrutiny [1][3]. - AbbVie has not yet responded regarding whether it will appeal the decision [1]. Group 2: Market Context - The global market for BTK inhibitors is projected to exceed 10 billion by 2024, with the U.S. being the largest market [7]. - As of 2024, Ibrutinib remains the top-selling BTK inhibitor, but its market share is being eroded by Zebutinib, which has shown significant growth [7]. - Ibrutinib's revenue is expected to decline by 6.9% in 2024, with U.S. sales dropping by 8.1% [7]. Group 3: Company Performance - BeiGene's Zebutinib is projected to achieve global sales of 2.6 billion in 2024, with U.S. sales reaching 2 billion, a 106.3% increase from the previous year [10]. - AstraZeneca's Acalabrutinib generated 3.129 billion in revenue in 2024, marking a 24% increase [13]. - The competitive landscape is intensifying, with multiple companies, including AbbVie, BeiGene, and Eli Lilly, having launched BTK inhibitors in the U.S. market [7]. Group 4: Ongoing Legal Issues - AbbVie has also filed a lawsuit against BeiGene for alleged theft of trade secrets related to BTK degraders, involving the compounds ABBV-101 and BGB-16673 [13]. - BeiGene asserts that its development of BGB-16673 predates AbbVie's patent application and is confident in its compliance with ethical standards [13].

Core Viewpoint - BeiGene's victory in the patent dispute with Pharmacyclics LLC marks a significant milestone for the internationalization of Chinese innovative drugs, indicating progress towards becoming a competitive multinational corporation [1] Group 1: Company Developments - On April 30, 2025, BeiGene announced that the USPTO invalidated the full rights of U.S. Patent No. 11,672,803, which was challenged by the company [1] - Following this announcement, the innovative drug sector saw an initial surge, with the related ETF, the Innovative Drug Shanghai-Hong Kong ETF (517110), rising over 1% and nearly 14% year-to-date [1] Group 2: Industry Trends - The pharmaceutical sector has experienced a prolonged adjustment period, with overall valuations currently at low levels and public fund holdings underweight [1] - As of Q1 2025, the heavy holding ratio of public pharmaceutical and biological funds was 9.05%, an increase of 0.47 percentage points quarter-on-quarter, yet still at a historically low level [1] - The boundaries of the pharmaceutical industry are expanding, with new technologies like "AI+" driving advancements in brain-computer interfaces and smart wearable devices in medical applications [1] - The commercialization of AI in drug development and auxiliary diagnostics is accelerating, alongside the emergence of new business models in "Internet + healthcare" such as remote diagnosis and health monitoring [1]

Group 1 - The Hong Kong innovative drug sector showed strength with the Hong Kong Innovative Drug ETF (159567) rising over 1.20% and trading volume exceeding 1 billion yuan, with a turnover rate above 8% [1] - Key stocks such as BeiGene rose over 6%, along with other companies like Rongchang Bio, CanSino Biologics, and CSPC Pharmaceutical [1] - The Hong Kong Innovative Drug ETF closely tracks the Hong Kong Stock Connect Innovative Drug Index (987018), reflecting the operational characteristics of listed biotech companies in Hong Kong [1] Group 2 - China Galaxy Securities reported that the pharmaceutical sector has undergone a prolonged adjustment, with overall valuations at low levels and public fund holdings underweight, indicating potential marginal improvement in payment under supportive policies for commercial insurance by 2025 [2] - The report suggests that the innovative drug and device sectors are likely to benefit, with a continuous recovery in the pharmaceutical market and structural opportunities remaining [2] - Huafu Securities noted that the first quarter revealed a consensus on increasing positions in innovative drugs, highlighting a significant bottom reversal trend in the pharmaceutical sector after four years of adjustment [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 27.214 billion yuan for 2024, an increase of 56.19% year-on-year, and a net loss of 4.978 billion yuan, which is a reduction of 1.738 billion yuan compared to the previous year [1] - The growth in product revenue is primarily attributed to the sales of self-developed products Baiyueze® (Zebutinib capsules) and Baizean® (Tislelizumab injection), as well as sales growth from Amgen authorized products [2] - The company is actively expanding in overseas markets, with Baiyueze® having been approved in over 70 markets globally, treating more than 180,000 patients [3] - The company has a robust pipeline with several innovative products, including Sonrotoclax, which is undergoing multiple potential registration trials, and BGB-16673, a BTK degrader that has received FDA fast track designation [4][5] Financial Summary - The company forecasts revenues of 34.938 billion yuan, 42.048 billion yuan, and 48.165 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 28%, 20%, and 15% [9] - The projected net profit for 2025 is 410 million yuan, with significant growth expected in subsequent years, reaching 3.567 billion yuan in 2026 and 6.291 billion yuan in 2027 [11] - The earnings per share (EPS) are expected to be 0.29 yuan for 2025, 2.55 yuan for 2026, and 4.49 yuan for 2027, indicating a strong recovery and growth trajectory [11] Market Performance - The company's stock closed at 246.91 yuan, with a 52-week high of 258.0 yuan and a low of 111.22 yuan [6] - The total market capitalization is approximately 345.788 billion yuan [6]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, focusing on innovation and growth opportunities in various segments [4]. Core Insights - The pharmaceutical sector is experiencing a comprehensive recovery, with a focus on innovative drug development, particularly in oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report highlights the importance of domestic innovation in pharmaceuticals, with significant attention on the upcoming AACR and ASCO conferences, where numerous Chinese companies are expected to present their research [2][13]. - The report emphasizes the potential for growth in the CXO sector due to recovering domestic demand and stable overseas demand, suggesting a valuation recovery for leading companies [8]. - The report identifies key companies to watch, including 恒瑞医药, 百济神州, and others across various segments such as innovative drugs, medical devices, and IVD [3]. Summary by Sections Innovative Drugs - The report notes the approval of 康方依沃西单抗 for first-line treatment of PD-L1 positive NSCLC, showing a 22.3% reduction in mortality risk [2]. - It highlights the upcoming AACR conference with over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [13]. CXO Sector - The CXO sector is expected to benefit from supportive policies and a reduction in geopolitical risks, leading to a potential valuation uplift [8]. Traditional Chinese Medicine - The report suggests monitoring companies related to pediatric medications, such as 济川药业 and 葵花药业, due to their relevance to fertility subsidies [2]. Blood Products - The report emphasizes the growth potential in the immunoglobulin market over the next 3-5 years, driven by increased demand and pricing improvements [2][25]. Vaccines - The vaccine sector is under pressure, but there are opportunities in HPV vaccines and other high-value products [27]. Upstream Supply Chain - The report recommends focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [30]. IVD Sector - The report indicates that the IVD industry is poised for growth due to the implementation of centralized procurement policies and increasing domestic demand [33]. Medical Devices - The report highlights the potential for growth in the CGM market, particularly with the FDA approval of related products [38]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [44]. Offline Pharmacies - The report notes that the pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [46]. Raw Materials - The report discusses the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [50]. Innovative Devices - The report emphasizes the potential for AI applications in medical devices, particularly in surgical navigation and pathology screening [53]. Instrumentation - The report anticipates a recovery in the scientific instrumentation sector, driven by increased domestic demand and new product launches [57].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, highlighting a recovery and focus on innovation [4]. Core Views - The pharmaceutical sector is experiencing a sustained recovery in fundamentals, supported by favorable policies, with a focus on innovative drug growth, particularly in areas such as oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report emphasizes the importance of domestic pharmaceutical substitution and the growth of medical consumption, especially in aesthetic medicine [1]. Summary by Sections Innovative Drugs - The AACR conference is ongoing, with significant participation from over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [11]. - Key approvals include the domestic approval of 康方依沃西单抗 for PD-L1 positive NSCLC and the FDA approval of 派安普利单抗 for nasopharyngeal carcinoma [2][72]. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive policies for innovative drug development and a reduction in geopolitical risks [6]. Traditional Chinese Medicine - The SW secondary index for traditional Chinese medicine has underperformed compared to the broader market, indicating challenges in this segment [19]. Blood Products - The report highlights the increasing demand for immunoglobulin products and the potential for price improvements in the blood products sector, particularly for companies like 天坛生物 and 派林生物 [23]. Vaccines - The vaccine sector is facing challenges due to low birth rates, but there is potential for growth in HPV vaccines and other areas [25]. Upstream Supply Chain - The report suggests focusing on companies with strong brand and operational capabilities in the chemical and biological reagent sectors [28]. IVD (In Vitro Diagnostics) - The IVD industry is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic substitution [31]. Medical Devices - The report recommends attention to the CGM market, particularly products from 三诺生物, as they align with the growth of GLP-1 drugs [36]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [43]. Offline Pharmacies - The offline pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies like 华海药业 and 海正药业 [49]. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [52]. Instrument Equipment - The scientific instrument sector is expected to recover as demand improves, with a focus on companies enhancing their market presence through new product launches [57]. Low-value Consumables - The report notes a potential recovery in the low-value consumables sector, particularly for companies like 采纳股份 and 美好医疗 [60].

百济神州有限公司 2024年度 营业收入扣除情况专项说明 | | | 页 次 | | --- | --- | --- | | 一、 | 2024年度营业收入扣除情况专项说明 | 1 - 2 | 目录 二、 2024年度营业收入扣除情况的说明 3 - 4 关于百济神州有限公司 2024年度营业收入扣除情况专项说明 安永华明（2025）专字第70033281_A03号 百济神州有限公司 百济神州有限公司董事会： 安永华明（2025）专字第70033281_A03号 百济神州有限公司 （本页无正文） 安永华明会计师事务所（特殊普通合伙） 中国注册会计师：阳开华 我们接受委托，审计了百济神州有限公司的财务报表，包括2024年12月31日的合 并资产负债表、2024年度的合并利润表、合并股东权益变动表和合并现金流量表以及 相关财务报表附注，并于2025年4月27日出具了编号为安永华明（2025）审字第 70033281_A01号的无保留意见审计报告。 根据《上海证券交易所上市公司自律监管指南第2号——业务办理》、《上海证券 交易所科创板上市公司自律监管指南第9号——财务类退市指标：营业收入扣除》的规 定，百济神州有限公 ...