Summary of the Conference Call for BeiGene Company Overview - **Company**: BeiGene - **Date**: October 20, 2025 - **Industry**: Biotechnology, specifically focusing on hematology and oncology Key Points and Arguments Financial Performance - **Revenue Guidance**: For 2025, BeiGene's revenue is projected to be between $4.9 billion and $5.3 billion, with an upward adjustment from the initial guidance of $4.9 billion to $5.3 billion made during the mid-year report [3][4] - **Gross Margin**: Expected gross margin is between 80% and 90%, with operating profit remaining positive throughout the year [3][4] Product Performance - **Zebutinib**: - Global sales reached $1.3 billion in 2023, expected to double to $2.6 billion in 2024, and exceed $3.5 billion in 2025, particularly strong growth in the U.S. market [2][6] - Sales in the first half of 2025 reached $1.74 billion, with $1.25 billion from the U.S. alone [6][9] - **PD-1**: - Projected domestic sales of $621 million (approximately 4.5 billion RMB) in 2024, with commercialization in the U.S. starting in October 2025, expected to enhance overseas contributions [2][6] Research and Development Achievements - **R&D Capabilities**: BeiGene has a robust R&D framework, rapidly advancing molecular drugs through global clinical trials, particularly in hematology [4][12] - **Combination Therapies**: The combination of BTK inhibitors with BCL-2 inhibitors and BDKC degraders has shown an overall response rate (ORR) exceeding 90% and a complete response (CR) rate of 70% to 80% [10][11] Strategic Initiatives - **Global Expansion**: Plans to strengthen the global team and optimize sales efficiency through a combination of self-developed products and agency models [5][7] - **Market Listings**: Intent to list on U.S., Hong Kong, and STAR Market to secure funding for ongoing R&D [8][12] Future Development Strategies - **Hematology Focus**: Continued emphasis on blood cancers, with plans for head-to-head clinical trials for new therapies [9][11] - **Solid Tumors**: Initiating Phase III clinical trials for CDK4/6 inhibitors in breast cancer and advancing ADC development to address drug resistance and efficacy issues [12][13] Additional Insights - **Market Dynamics**: The decline in ibrutinib market share due to patent expiration is noted, highlighting the competitive landscape [2][6] - **Patient-Centric Approach**: The company aims to address diverse patient needs through innovative drug development across multiple therapeutic areas [2][4] This summary encapsulates the critical insights from the conference call, focusing on BeiGene's financial outlook, product performance, R&D achievements, strategic initiatives, and future development plans.

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 0.46% on October 20, with a trading volume of 907 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 October 17, 2024, the fund's shares totaled 8.134 billion, with a total size of 6.968 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund has seen a remarkable increase of 1957.27% in shares and 1744.35% in size since December 31, 2023 [1] - The fund's cumulative trading amount over the last 20 trading days reached 27.487 billion yuan, with an average daily trading amount of 1.374 billion yuan [1] - Year-to-date, the cumulative trading amount is 224.063 billion yuan, averaging 1.173 billion yuan per day over 191 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 71.34% during the management period [2] - The fund's top holdings include companies such as Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant percentages of the portfolio allocated to these stocks [2]

Core Viewpoint - BeiGene's stock price has shown significant volatility, with a year-to-date increase of 73.42%, but a recent decline in the short term, indicating potential market fluctuations and investor sentiment changes [1][2]. Group 1: Stock Performance - As of October 20, BeiGene's stock price was 279.24 CNY per share, with a market capitalization of 430.22 billion CNY [1]. - The stock has experienced a 1.73% decline over the last five trading days and an 11.51% decline over the last 20 days, despite a 11.80% increase over the last 60 days [1]. - Year-to-date, the stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once, with the last appearance on September 2 [1]. Group 2: Financial Performance - For the first half of 2025, BeiGene reported a revenue of 17.518 billion CNY, representing a year-on-year growth of 46.03%, and a net profit of 450 million CNY, which is a 115.63% increase compared to the previous period [2]. - The number of shareholders decreased by 3.90% to 23,300, while the average number of circulating shares per person increased by 4.11% to 4,976 shares [2]. Group 3: Shareholder Composition - As of June 30, 2025, the fourth largest shareholder is 中欧医疗健康混合A, holding 4.8254 million shares, an increase of 1.2436 million shares from the previous period [2]. - 万家优选, the sixth largest shareholder, reduced its holdings by 50% to 3 million shares [2]. - 新进股东, 南方中证500ETF, holds 1.7259 million shares, while 香港中央结算有限公司 has exited the top ten shareholders list [2].

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 （前稱BeiGene, Ltd. 百濟神州有限公司） （先前於開曼群島註冊成立的有限公司，並已在瑞士存續註冊） （股份代號：06160） 變更英文公司名稱及英文股份簡稱 本公司於香港聯交所的股份代碼維持不變，仍為「06160」。 承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2025年10月17日 變更英文公司名稱 如該公告所披露，公司的英文名稱已由BeiGene, Ltd. 變更為BeOne Medicines Ltd.，自2025年5月27日生效（瑞士時間）。 本公司欣然宣佈，香港公司註冊處處長已於2025年10月2日發出註冊非香港公司 變更名稱註冊證明書，證明BeOne Medicines Ltd.已根據香港法例第622章《公司 條例》第16部在香港註冊為本公司英文名稱。 變更英文股份簡稱 公司英文名稱變更完成後，於香港聯交所進行股 ...

公司英文名称变更完成后，于香港联交所进行股份交易的英文股份简称将由「BEIGENE」变更为 「BEONE MEDICINES」，自2025年10月22日星期三上午九时正(香港时间)起生效。于香港联交所进行 股份交易的中文股份简称将维持不变，仍为「百济神州」。 格隆汇10月17日丨百济神州(06160.HK)公告，公司的英文名称已由BeiGene, Ltd. 变更为BeOne MedicinesLtd.，自2025年5月27日生效(瑞士时间)。 ...

Core Viewpoint - The company Beigene has completed its name change, and its English stock trading abbreviation on the Hong Kong Stock Exchange will change from "BEIGENE" to "BEONE MEDICINES" effective from October 22, 2025 [1] Group 1 - The English stock trading abbreviation will be updated to reflect the new company name [1] - The Chinese stock trading abbreviation will remain unchanged as "百济神州" [1]

Core Viewpoint - The company Beigene has completed its name change, and its stock trading name on the Hong Kong Stock Exchange will change from "BEIGENE" to "BEONE MEDICINES" effective from October 22, 2025 [1] Company Summary - The English stock trading name change will take effect at 9:00 AM Hong Kong time on October 22, 2025 [1] - The Chinese stock trading name will remain unchanged as "百济神州" [1]

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 （前稱BeiGene, Ltd. 百濟神州有限公司） （先前於開曼群島註冊成立的有限公司，並已在瑞士存續註冊） （股份代號：06160） 變更英文公司名稱及英文股份簡稱 茲提述BeOne Medicines Ltd.百濟神州有限公司（「本公司」）日期為2025年5月27日 的公告，內容有關（其中包括）完成遷址及存續及公司英文名稱變更（「該公告」）。 本公司欣然宣佈，香港公司註冊處處長已於2025年10月2日發出註冊非香港公司 變更名稱註冊證明書，證明BeOne Medicines Ltd.已根據香港法例第622章《公司 條例》第16部在香港註冊為本公司英文名稱。 變更英文股份簡稱 公司英文名稱變更完成後，於香港聯交所進行股份交易的英文股份簡稱將由 「BEIGENE」變更為「BEONE MEDICINES」，自2025年10月22日星期三上午九時 ...

Core Insights - The 2025 Sustainable Global Leaders Conference is being held in Shanghai from October 16 to 18, highlighting the importance of sustainable development and innovation in the financial sector [1] - Guo Chuan Zhou, Chairman of Yuekai Securities, emphasized the need for "patient capital" to support transformation and long-term development in technology finance [2] Company Focus - Yuekai Securities is strategically positioned in the Guangzhou Economic and Technological Development Zone, a key area in the Guangdong-Hong Kong-Macao Greater Bay Area known for its economic scale and technological innovation [2] - The company is focusing on three main levels of service in technology finance, with "transformation" being the primary task [2] Investment Strategy - The core approach of Yuekai Securities in serving the technology industry is "investment-led," aiming to drive growth through strategic investments [2] - The investment segment has been concentrating on "high-end" fields, with notable projects including investments in leading biopharmaceutical companies listed on the Sci-Tech Innovation Board [2]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.42% on October 16, with a trading volume of 1.486 billion 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 October 15, 2024, the fund's shares reached 8.213 billion, with a total size of 7.102 billion yuan, reflecting a significant increase of 1977.25% in shares and 1779.88% in size compared to December 31, 2023 [1] Fund Performance - The current fund manager, Ma Jun, has achieved a return of 68.94% since taking over the fund on January 3, 2024 [2] - The ETF's top holdings include companies such as Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant percentages of the portfolio allocated to these stocks [2] Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 30.962 billion yuan, averaging 1.548 billion yuan per day [1] - Since the beginning of the year, the ETF has seen a total trading amount of 222.219 billion yuan over 189 trading days, averaging 1.176 billion yuan per day [1]