Ernst & Young AG Aeschengraben 27 P.O. Box CH-4002 Basel Phone: +41 58 286 86 86 www.ey.com/en_ch 致百济神州有限公司 股东大会，巴塞尔 巴塞尔，2026 年 2 月 26 日 法定审计师的报告 财务报表审计报告 审计意见 我们审计了百济神州有限公司（贵公司）的财务报表，包括截至 2025 年 12 月 31 日的资产负债表， 2025 年 5 月 27 日至 2025 年 12 月 31 日期间的利润表以及相关财务报表附注（包括重要会计政策摘 要）。 我们认为，后附的贵公司财务报表符合瑞士法律和贵公司章程的规定。 形成审计意见的基础 我们按照瑞士法律和瑞士审计准则（SA-CH）的规定执行了审计工作。审计报告的"审计师对财务 报表审计的责任"部分进一步阐述了我们在这些法条和准则下的责任。按照瑞士法律的规定和瑞士 审计行业对公共利益实体财务报表审计的要求，我们独立于贵公司，并履行了职业道德方面的其他 责任。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基础。 关键审计事项 关键审计事项是我们根据职 ...

Core Insights - BeiGene has become a focal point in China's innovative drug sector, achieving significant revenue and profit growth driven by its core products and strategic market positioning [1][11] - The company's total global revenue for 2025 reached $5.3 billion, marking a 40% year-on-year increase, primarily due to the strong performance of its flagship product, Brukinsa (Zebutinib) [1][11] - Brukinsa generated $3.9 billion in global sales, a 49% increase year-on-year, solidifying its role as the main driver of revenue growth [1][11] Revenue Growth - The two main self-developed products contributed over 90% of total revenue, with Brukinsa accounting for more than 70% [2][12] - The product matrix's synergy and the launch of new products, such as the BCL-2 inhibitor, have established a sustainable growth model for the company [2][12] Market Positioning - Brukinsa is recognized as the most widely approved BTK inhibitor globally, benefiting from its efficacy and safety, which has helped it secure a leading market position [3][13] - The BTK inhibitor market is experiencing a structural shift, with new-generation products gaining traction as first-generation products lose market share, providing a favorable environment for Brukinsa's growth [3][14] Product Development - The approval of the BCL-2 inhibitor, BeiGene's new product, in January 2026, fills a gap in the domestic treatment landscape and is expected to contribute to future revenue growth [5][15] - The steady growth of the other core product, Tislelizumab (Breztri), in the solid tumor space, further supports the company's dual-driven growth strategy [4][15] Industry Trends - The global demand for oncology drugs is expanding, driven by an aging population and increasing healthcare awareness, creating a broad market opportunity for innovative drug companies [6][16] - The competitive landscape in the innovative drug sector is intensifying, with both domestic and international companies vying for market share, leading to a phenomenon of "Matthew Effect" where established players gain more advantages [6][17] Future Outlook - The company projects total revenue for 2026 to be between $6.2 billion and $6.4 billion, indicating continued growth potential [9][20] - Future growth will rely on multiple product launches and expansions into new therapeutic areas, including autoimmune diseases, which could open new revenue streams [8][19]

Group 1: Company Performance - BeiGene reported a total revenue of 38.205 billion yuan for 2025, a 40.4% increase from 27.214 billion yuan in the previous year, with a net profit of 1.422 billion yuan compared to a loss of 4.978 billion yuan in the prior year [1] - United Imaging achieved a total revenue of 13.821 billion yuan in 2025, reflecting a year-on-year growth of 34.18%, with a net profit of 1.888 billion yuan, up 49.6% [2] - Innovent Biologics expects a profit increase of 80%-94% to between 1.3 billion and 1.4 billion yuan for 2025, with total revenue projected at approximately 7.7-7.8 billion yuan, a growth of 16.0%-17.6% [3] - Zai Lab reported a total revenue of $460 million for 2025, a 15% increase, with significant growth in product sales driven by the performance of its drugs [4] Group 2: Product and Market Developments - BeiGene's global sales of its product, Baiyueze®, reached 28.067 billion yuan, marking a 48.8% year-on-year increase, establishing its leadership in the BTK inhibitor market [1] - United Imaging's growth was attributed to the continuous launch of innovative products and enhanced market recognition of high-end products [2] - Zai Lab's revenue growth was primarily due to increased sales of its products, including significant gains in the fourth quarter [4] - Innovent Biologics noted that revenue growth was driven by increased income from innovative drugs and licensing agreements [3] Group 3: Strategic Moves and Collaborations - Hengrui Medicine signed an exclusive licensing and equity cooperation agreement with Solstice Oncology, with a total transaction value exceeding $1.2 billion [6] - Aibo Medical plans to acquire a 68.31% stake in Demei Medical for 683 million yuan, aiming to expand into the sports medicine sector [7] - The target company in the acquisition has 276 patented technologies and is recognized as a leading enterprise in the domestic sports medicine field [8]

Core Insights - The company reported a total revenue of 38.205 billion yuan for 2025, representing a 40.4% increase from 27.214 billion yuan in the previous year [1] - The net profit attributable to shareholders was 1.422 billion yuan, a significant improvement from a loss of 4.978 billion yuan in the same period last year [1] Revenue Growth - The global sales of Baiyueze® reached 28.067 billion yuan, marking a year-on-year growth of 48.8% [1] - The company has established a leading position in the BTK inhibitor market globally [1] Operational Efficiency - The company improved operational efficiency through revenue growth and cost management [1] - Successful profitability was achieved during the reporting period [1]

Core Viewpoint - BeiGene reported a total revenue of 38.205 billion yuan for the fiscal year 2025, representing a year-on-year growth of 40.4% driven by product revenue growth and improved operational efficiency through cost management [1] Group 1: Financial Performance - The net profit attributable to the parent company reached 1.422 billion yuan during the reporting period [1] - Product revenue amounted to 37.77 billion yuan, showing a year-on-year increase of 39.9% [1] Group 2: Product Sales - The global sales of the product Brukinsa® (Zebutinib) reached 28.067 billion yuan, with a year-on-year growth of 48.8% [1] - In the U.S. market, Brukinsa® sales were 20.206 billion yuan, reflecting a year-on-year increase of 45.5% [1] - In Europe, Brukinsa® sales reached 4.265 billion yuan, growing by 66.4% year-on-year [1] - In China, Brukinsa® sales were 2.472 billion yuan, with a year-on-year growth of 33.1% [1] - Another core product, Tislelizumab (百泽安®), achieved global sales of 5.297 billion yuan, marking an 18.6% increase year-on-year [1] Group 3: Future Prospects - BeiGene plans to submit a new indication application for Tislelizumab combined with Zanidatamab (Zanidatamab) for first-line treatment of HER2-positive gastric adenocarcinoma in adults in the U.S. and China in the first half of 2026 [1] - The company anticipates a regulatory decision in Japan for the same indication in the second half of 2026 [1]

Domestic Market Overview - The market showed a mixed performance on February 26, with the Shanghai Composite Index closing at 4146.63 points, down 0.01%, while the Shenzhen Component Index rose 0.19% to 14503.79 points. The STAR 50 Index increased by 0.85%, and the ChiNext Index fell by 0.29%. The total trading volume of the A-share market reached 25,566 billion yuan, continuing to rise from the previous day [1][5][10] - Among the 30 sectors tracked by CITIC, 11 sectors saw gains, with telecommunications, electronics, and defense industries leading the increases. Conversely, real estate, non-bank financials, and consumer services experienced significant declines. Notably, indices related to circuit boards, optical circuit switches, and copper-clad laminates performed actively [1][5][10] Overseas Market Overview - On February 26, the three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average up 0.03%, the S&P 500 down 0.54%, and the Nasdaq down 1.18%. The Wande American Technology Seven Giants Index fell by 1.87%, with Nvidia dropping over 5% and Tesla declining by more than 2%. The Nasdaq China Golden Dragon Index fell by 1.78%, with SMIC down over 16% and BeiGene down more than 8% [2][5] News Highlights - The Ministry of Commerce responded to the upcoming sixth round of China-U.S. economic and trade consultations, emphasizing the importance of maintaining communication and cooperation between the two countries [3][12] - The People's Bank of China issued a notice regarding the cross-border interbank financing business for banking financial institutions, supporting domestic banks in conducting such business in a compliant and risk-controlled manner [3][12] - The offshore RMB against the U.S. dollar broke through the 6.83 mark, rising approximately 260 basis points during the day [3][13] - Global debt has surged to a record 348 trillion U.S. dollars, marking the fastest growth since the onset of the COVID-19 pandemic [3][17]

Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for BeiGene (06160) and has adjusted its profit forecasts for 2026-2028, expecting net profits of 2.47 billion, 4.15 billion, and 5.56 billion RMB, with year-over-year growth rates of +73%, +68%, and +34% respectively [1] - The company reported total revenue of 38.21 billion RMB for 2025, a year-over-year increase of 40.4%, with product revenue at 37.77 billion RMB, showing a growth of 39.9% [1] - In Q4 alone, the company achieved revenue of 10.61 billion RMB, reflecting a year-over-year growth of 31.3%, and a net profit of 280 million RMB [1] Group 2 - The main driver of revenue growth is the self-developed product, Zebrutinib (百悦泽), which generated global sales of 28.1 billion USD, marking a year-over-year increase of 48.8%, with the largest market being the US at 20.2 billion RMB, a growth of 46% [2] - The sales of another product, Tislelizumab (百泽安), reached 5.3 billion RMB, with a year-over-year growth of 19%, primarily due to new approvals and increased hospital admissions in China [2] Group 3 - The company has provided guidance for 2026, expecting revenue to be between 43.6 billion and 45 billion RMB, representing a year-over-year growth of 14% to 18%, with a gross margin projected to remain high at 80% [3] - GAAP operating profit is expected to be between 4.6 billion and 5.3 billion RMB, while non-GAAP operating profit is projected to be between 9.8 billion and 10.5 billion RMB [3]

Group 1 - The core viewpoint of the report is that Guotai Junan Securities maintains a "Buy" rating for BeiGene (06160), adjusting profit forecasts based on the company's latest guidance, with expected net profits for 2026-2028 at 2.47 billion, 4.15 billion, and 5.56 billion RMB, representing year-over-year growth of 73%, 68%, and 34% respectively [1] - The company reported total revenue of 38.21 billion RMB for 2025, a year-over-year increase of 40.4%, with product revenue at 37.77 billion RMB, up 39.9% [1] - In Q4 alone, the company achieved revenue of 10.61 billion RMB, a year-over-year increase of 31.3%, and recorded a net profit of 280 million RMB [1] Group 2 - The main growth driver for the company is the self-developed product, Zebrutinib (百悦泽), which generated global sales of 28.1 billion USD, reflecting a year-over-year increase of 48.8%, with the largest market being the U.S. at 20.2 billion RMB, up 46% [2] - The sales of another product, Tislelizumab (百泽安), reached 5.3 billion RMB, a year-over-year increase of 19%, primarily due to new approvals and increased hospital admissions in China [2] Group 3 - The company has provided guidance for 2026, expecting revenue to be between 43.6 billion and 45 billion RMB, representing a year-over-year growth of 14% to 18%, with a gross margin expected to remain high at 80% [3] - GAAP operating profit is projected to be between 4.6 billion and 5.3 billion RMB, while non-GAAP operating profit is expected to be between 9.8 billion and 10.5 billion RMB [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][6]. Core Insights - The company achieved a revenue growth of 40% in 2025, marking its first year of profitability, with commercial success becoming evident [6][8]. - The primary revenue driver is the self-developed product, Zebutinib, which generated global sales of $28.1 billion, reflecting a year-over-year increase of 48.8% [8]. - The company provided guidance for 2026, expecting revenue between RMB 43.6 billion and RMB 45 billion, representing a year-over-year growth of 14% to 18% [8]. - Profit forecasts for 2026 to 2028 indicate net profits of RMB 2.47 billion, RMB 4.15 billion, and RMB 5.56 billion, with respective year-over-year growth rates of 73%, 68%, and 34% [8]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology sector, with a current H-share price of HKD 194.40 and a target price of HKD 229 [2][5]. Financial Performance - In 2025, the company reported total revenue of RMB 38.21 billion, a 40.4% increase year-over-year, with product revenue contributing RMB 37.77 billion [8]. - The net profit for 2025 was RMB 1.42 billion, a significant recovery from a net loss of RMB 4.98 billion in the previous year [8]. Earnings Forecast - The earnings per share (EPS) for 2026 is projected at RMB 2.4, with a price-to-earnings (P/E) ratio of 70 times [7][8]. - The company anticipates maintaining a high gross margin of around 80% in 2026 [8]. Market Position - The major shareholder is Amgen, holding 15.98% of the company [2]. - The stock has shown a year-over-year increase of 35.47% [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][6]. Core Insights - The company achieved a revenue growth of 40% in 2025, marking its first year of profitability, with commercial success becoming evident [6][8]. - The primary revenue driver is the self-developed product, Zebutini (BTK inhibitor), which generated global sales of $28.1 billion, reflecting a year-over-year increase of 48.8% [8]. - The company provided guidance for 2026, expecting revenue between RMB 43.6 billion and RMB 45 billion, representing a year-over-year growth of 14% to 18% [8]. - Profit forecasts for 2026 to 2028 are adjusted to RMB 2.47 billion, RMB 4.15 billion, and RMB 5.56 billion, with respective year-over-year growth rates of 73%, 68%, and 34% [8]. Financial Summary - The company reported total revenue of RMB 38.21 billion for 2025, with product revenue contributing RMB 37.77 billion, a year-over-year increase of 39.9% [8]. - The net profit for 2025 was RMB 1.42 billion, a significant recovery from a net loss of RMB 4.98 billion in the previous year [8]. - The earnings per share (EPS) for 2025 is projected at RMB 1.40, with a forecasted increase to RMB 2.43 in 2026 [7][8]. - The company’s market capitalization is approximately RMB 171.82 billion, with a price-to-earnings (P/E) ratio of 121.42 for H shares in 2025 [2][7]. Market Performance - The stock price as of February 26, 2026, was HKD 194.40, with a target price set at HKD 229, indicating a potential upside [2][5]. - The stock has experienced a year-to-date increase of 35.47% [2].