Core Viewpoint - BeiGene's stock rose over 4%, reaching HKD 205.6, following the announcement of its third-quarter earnings, which showed significant revenue growth and profitability [1] Financial Performance - Third-quarter revenue surpassed RMB 10 billion for the first time, reaching RMB 10.077 billion, a year-on-year increase of 41.1% [1] - Operating profit for the quarter was RMB 746 million, with net profit attributable to shareholders at RMB 689 million and adjusted net profit at RMB 708 million [1] Product Performance - The revenue growth was primarily driven by the strong sales of BTK inhibitor Brukinsa (Zebutinib) and PD-1 inhibitor Tislelizumab, alongside increased sales from Amgen's licensed products [1] - According to CMB International, product revenue for the third quarter was USD 1.41 billion, reflecting a 41% year-on-year increase [1] Future Outlook - CMB International raised its net profit forecast for the company by 3% to 52%, based on more optimistic expectations regarding operating expense ratios [1] - Haitong International adjusted its revenue forecasts for Zebutinib in the U.S. and European markets, projecting revenues of USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion for 2025-2027, corresponding to a compound annual growth rate of 23% [1]

Group 1 - On November 11, BeiGene's stock fell by 0.77%, with a trading volume of 734 million yuan [1] - The financing data for BeiGene on that day showed a financing purchase amount of 75.14 million yuan and a financing repayment of 80.40 million yuan, resulting in a net financing outflow of 5.25 million yuan [1] - As of November 11, the total margin balance for BeiGene was 1.36 billion yuan, with a financing balance of 1.34 billion yuan, accounting for 4.20% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of BeiGene shareholders was 23,300, a decrease of 3.90% from the previous period, while the average circulating shares per person increased by 4.11% to 4,976 shares [2] - For the first half of 2025, BeiGene reported a revenue of 17.52 billion yuan, representing a year-on-year growth of 46.03%, and a net profit attributable to shareholders of 450 million yuan, up 115.63% year-on-year [2] - Among the top ten circulating shareholders as of June 30, 2025, China Europe Medical Health Mixed A ranked fourth with 4.83 million shares, an increase of 1.24 million shares from the previous period [2]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27 due to stronger-than-expected sales of Zebrutinib in the US and European markets, projecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, with a CAGR of 23% over three years [2][3] Financial Performance - In Q3 2025, BeiGene reported revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [3] - The company achieved a gross margin of 86.1%, up 3.1 percentage points year-on-year [3] - R&D expenses were $520 million (up 5.5% YoY), while sales expenses were $530 million (up 16.2% YoY), resulting in an operating profit of $160 million [3] - Net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [3] Product Performance - Zebrutinib's global revenue is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, reflecting a 50.8% YoY increase and a 9.6% QoQ increase [4] - In the US, Zebrutinib generated $740 million (up 46.7% YoY), while in Europe, it reached $160 million (up 67.7% YoY) [4] - The global revenue for Tislelizumab (PD-1) was $190 million, marking a 16.7% increase YoY [4] Pipeline Developments - In the hematological malignancies segment, the company is focusing on BCL-2 inhibitors and BTK CDAC, with plans for various clinical trials and regulatory submissions in the coming years [5] - In the solid tumors segment, the company is advancing CDK4 inhibitors and B7-H4 ADC, with plans to initiate Phase III trials for HR+/HER2- breast cancer in 1H26 [6][7] - Management noted the competitive landscape in the second-line treatment market due to the emergence of multiple new drugs [7]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27, expecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, reflecting a CAGR of 23% over three years, due to better-than-expected sales and R&D expenses [1] Group 1: Financial Performance - In Q3 2025, BeiGene achieved revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [2] - The company reported a gross margin of 86.1%, up 3.1 percentage points year-on-year [2] - R&D expenses were $520 million, up 5.5% year-on-year, while sales expenses were $530 million, up 16.2% year-on-year, resulting in an operating profit of $160 million [2] - The net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [2] Group 2: Product Performance - The global revenue for Zebrutinib is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [3] - In the U.S., Zebrutinib generated $740 million, a year-on-year increase of 46.7%, while in Europe, it reached $160 million, a year-on-year increase of 67.7% [3] - The global revenue for Tislelizumab (PD-1) was $190 million, reflecting a year-on-year increase of 16.7% [3] Group 3: Clinical Development - In the hematological malignancies area, the company is focusing on the BCL-2 inhibitor and BTK CDAC, with plans to submit a U.S. market application for Zebrutinib in R/R MCL [4] - The management plans to initiate a Phase III clinical trial for multiple myeloma in 2026, using a regimen based on the BCL-2 inhibitor [4] - For the solid tumor area, the company is advancing the CDK4 inhibitor and B7-H4 ADC, with plans to start a Phase III trial for HR+/HER2- breast cancer in 1H26 [5]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 0.48% on November 11, with a trading volume of 854 million yuan [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 10, 2024, the fund's latest share count was 9.675 billion, with a total size of 8.015 billion yuan, reflecting a significant increase in both share count and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2347.04% and its size increased by 2021.31% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the past 20 trading days, the cumulative trading amount reached 24.964 billion yuan, with an average daily trading amount of 1.248 billion yuan [1] - Year-to-date, the cumulative trading amount for 207 trading days was 244.556 billion yuan, with an average daily trading amount of 1.181 billion yuan [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 65.68% during the management period [2] - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant percentages of the portfolio allocated to these stocks [2] - The largest holdings by percentage include BeiGene at 10.62%, CanSino Biologics at 10.55%, and Innovent Biologics at 10.21% [2]

Core Insights - The report from Ping An Securities indicates that BeiGene achieved a profit of $125 million in Q3 2025, with a total profit of $220 million for the first three quarters of 2025, compared to a loss of $493 million in the same period last year [1] - The global sales of the BTK inhibitor, Zebrutinib, reached $1 billion in Q3 2025, with total revenue of $2.78 billion for the first three quarters [1] - The company is making comprehensive advancements in the hematological oncology field, with rapid global rollout of Zebrutinib and steady progress in the development of BCL2 inhibitors and BTK CDAC [1] - BeiGene is continuously enriching its R&D pipeline through rapid concept validation, achieving progress in solid tumors and immune-inflammatory areas [1] - The revenue forecasts for 2025-2027 have been adjusted to 37.068 billion, 44.536 billion, and 52.231 billion yuan, respectively, from the previous forecasts of 36.407 billion and 43.954 billion yuan for 2025-2026 [1] - The company maintains a "recommended" rating [1]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) due to the stronger-than-expected market uptake of Zebrutinib in the US and European markets [1] Revenue Forecast - The revenue projections for BeiGene for the years 2025, 2026, and 2027 have been adjusted to $5.3 billion, $6.4 billion, and $7.1 billion respectively, reflecting a compound annual growth rate (CAGR) of 23% [1] Net Profit Adjustment - The net profit estimates for BeiGene have been revised to $360 million, $660 million, and $1.05 billion for the same years, indicating that the growth in sales and R&D expenses is better than anticipated [1] Target Price and Rating - Based on a weighted average cost of capital of 9% and a perpetual growth rate of 4%, the target price for BeiGene is set at HKD 213.1, maintaining an "Outperform" rating [1]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for 2025-2027 due to better-than-expected market performance of Zebrutinib in the US and European markets [1] Revenue Forecast - The revenue projections for BeiGene are now set at $5.3 billion, $6.4 billion, and $7.1 billion for 2025, 2026, and 2027 respectively, reflecting a compound annual growth rate (CAGR) of 23% [1] Net Profit Forecast - The net profit estimates for BeiGene have been adjusted to $360 million, $660 million, and $1.05 billion for the same years, indicating that the growth in sales and R&D expenses is better than anticipated [1] Target Price and Rating - Based on a weighted average cost of capital of 9% and a perpetual growth rate of 4%, the target price for BeiGene is set at HKD 213.1, maintaining an "Outperform" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company and recommends it as a top pick in the biotechnology sub-sector [1][12]. Core Insights - The company reported strong performance in Q3 2025, with revenues exceeding expectations due to robust sales of Zepzelca, leading to a slight upward revision of the 2025 revenue guidance and a downward adjustment of operating expenses [1][2]. - Zepzelca achieved over $1 billion in sales for the first time in a single quarter, demonstrating strong growth resilience [3]. - The company has a rich pipeline of catalysts expected in the next 12 months, particularly focusing on two hematology products with data readouts anticipated at the ASH conference [4][11]. Financial Performance - Q3 2025 total revenue reached $1.412 billion, representing a 41.0% year-over-year increase and a 7.4% quarter-over-quarter increase, with product revenue at $1.395 billion [2]. - GAAP operating profit was $163 million, up 85.6% quarter-over-quarter, while adjusted operating profit was $341 million [2]. - The gross margin for products improved to 85.9%, reflecting a 3.7 percentage point year-over-year increase [2]. Revenue Guidance - The company slightly raised its 2025 total revenue guidance from $5.0-5.3 billion to $5.1-5.3 billion, while lowering the GAAP operating expense guidance from $4.1-4.4 billion to $4.1-4.3 billion [4][12]. Target Prices - The target price for the US stock is set at $390, representing a potential upside of 17% from the current price of $332.4 [5]. - The target price for the Hong Kong stock is set at HKD 236, indicating a potential upside of 24% from the current price of HKD 190.4 [6]. - The target price for the A-share is set at RMB 326, reflecting a potential upside of 17% from the current price of RMB 279.0 [7].

Core Viewpoint - The report from CMB International indicates a strong performance by BeiGene (06160) in Q3, leading to an upward revision of the group's net profit forecast by 3% to 52% [1] Financial Performance - The company has raised its revenue guidance for 2025 to between $5.1 billion and $5.3 billion [1] - GAAP operating expenses guidance has been lowered to between $4.1 billion and $4.3 billion [1] Investment Outlook - The target price for BeiGene has been increased to HKD 231, suggesting an upside potential of 18.2% [1] - The rating has been maintained at "Buy" [1]