Core Viewpoint - BeiGene has decided to terminate the clinical development of its TIGIT inhibitor, ociperlimab, after an independent data monitoring committee recommended stopping the ongoing Phase III AdvanTIG-302 trial due to the likelihood of not meeting the primary endpoint of overall survival [1][2]. Group 1: Company Actions - BeiGene has invested a total of 2.09 billion RMB (approximately 20.9 million) in the ociperlimab project as of the first half of 2024 [1][2]. - The decision to terminate the trial was made after careful consideration of the efficacy and safety data, with no new safety signals identified [2]. - Following the termination of the trial, BeiGene will focus its resources on more promising candidates with clinical differentiation [2]. Group 2: Collaboration and Financials - In December 2021, BeiGene entered into an option agreement with Novartis, granting Novartis exclusive rights to develop, manufacture, and commercialize ociperlimab, for which BeiGene received a $300 million upfront payment [3]. - In July 2024, BeiGene and Novartis signed a termination agreement, allowing BeiGene to regain all global rights to ociperlimab [3]. - As of the end of 2023, BeiGene reported collaboration revenue related to the ociperlimab agreement of $192 million (approximately 1.41 billion RMB), which is expected to decrease to $18.26 million (approximately 134 million RMB) by the end of 2024 [4]. Group 3: Industry Context - The TIGIT pathway has been a popular target in cancer treatment development, with multiple pharmaceutical companies, including Roche, Bristol-Myers Squibb, and Merck, also halting their TIGIT antibody research due to unsatisfactory results [5][6]. - Despite the setbacks, some companies, such as AstraZeneca and GSK, continue to pursue TIGIT-related therapies, with ongoing clinical trials for their respective candidates [6].

相关ETF方面，恒生医疗ETF（513060）高开高走，盘中大涨超5%，成交额放量突破6亿元，换手率超 5%，交投活跃。成分股中多数上涨，药明合联大涨超15%；三生制药涨超10%；科伦博泰生物涨超 9%；药明生物、方舟健客、药明康德跟涨，涨幅均超8%。 湘财证券指出，近期中美互加关税对医药行业扰动较大，但中国医药行业出口额相对较小且主要集中于 原料药、医疗设备、低值耗材等领域。而与医疗服务领域实验室研发外包相关公司有较多涉及到美国市 场业务，因此医药外包产业短期受互加关税影响情绪面或有扰动。但从产业链来看，国内医药外包服务 公司已成为全球医药产业链重要一环，对美国大药企提升研发效率将更多精力聚焦于后端药品研发制 造，实现医药工业生产及价值创造提供了支撑。因此，我们认为关税对CXO行业的基本面的影响预计 将可控，建议把握板块下跌带来的配置机会。 近期在国家鼓励创新大背景下创新药产业链表现活跃，虽然医药工业复苏仍有待验证，行业受医保控费 压力仍在，但多层次的支付体系正在建立，医疗需求的刚性将共同推动行业企稳回升，建议关注高成长 及预期改善两大方向，具体而言：（1）高成长：医药外包服务中的ADCCDMO、减肥药产业 ...

规模方面，科创100指数ETF近1年规模增长3.71亿元，实现显著增长，新增规模位居可比基金2/10。 份额方面，科创100指数ETF近2周份额增长1.14亿份，实现显著增长，新增份额位居可比基金2/10。 资金流入方面，科创100指数ETF近4个交易日内有3日资金净流入，合计"吸金"6572.26万元，日均净流入达1643.06万元。 数据显示，杠杆资金持续布局中。科创100指数ETF前一交易日融资净买额达403.64万元，最新融资余额达3.32亿元。 截至2025年4月10日 10:10，上证科创板100指数(000698)强势上涨4.56%，成分股生益电子(688183)上涨13.18%，华曙高科(688433)上涨12.94%，道通科技 (688208)上涨12.70%，铂力特(688333)，奥普特(688686)等个股跟涨。科创100指数ETF(588030)上涨4.37%， 冲击3连涨。最新价报0.93元。拉长时间看，截 至2025年4月9日，科创100指数ETF近3月累计上涨4.44%。 流动性方面，科创100指数ETF盘中换手3.81%，成交2.29亿元。拉长时间看，截至4月9日，科创100 ...

Core Viewpoint - The article discusses the implications of the U.S. government's decision to impose tariffs on imported pharmaceuticals, highlighting potential impacts on global pharmaceutical supply chains and the strategies that Chinese innovative drug companies may adopt in response [2][6][10]. Group 1: Impact of Tariffs on Pharmaceutical Industry - The U.S. tariffs on pharmaceuticals aim to encourage multinational companies to establish production facilities in the U.S., thereby reducing reliance on imports [2][5]. - Analysts suggest that the tariff policy may lead to increased instability in the global pharmaceutical supply chain, particularly affecting Chinese innovative drug companies' international strategies [2][6]. - The tariffs could result in higher export costs and reduced profit margins for Chinese companies that depend on the U.S. market [6][10]. Group 2: Responses from Chinese Innovative Drug Companies - Several Chinese innovative drug companies are assessing the potential impacts of the tariffs, with some indicating that they may face valuation pressures in the short term [2][6]. - Companies like Hengrui Medicine and Zai Lab have stated that the tariffs will have limited impact on their operations due to their low reliance on U.S. sales [7][8]. - Analysts recommend that Chinese companies accelerate local production in the U.S. to mitigate tariff risks and explore supply chain diversification in lower-cost regions [10][11]. Group 3: Long-term Strategies and Market Dynamics - The article emphasizes the importance of maintaining strong research and development capabilities and diversifying risk through licensing agreements [3][12]. - The global pharmaceutical landscape may shift, with Indian pharmaceutical companies potentially benefiting from the changes in the supply chain dynamics [6][10]. - The article notes that while geopolitical risks are significant, the ultimate competitive advantage for innovative drug companies lies in their ability to deliver clinical value and innovation [12].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百濟神州有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年4月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,500,000,000 | USD | 0.0001 | USD | | 950,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 9,500,000,000 | USD | 0.0001 | USD | | 950,000 | | 2. 股 ...

本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年3月31 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向一百八十四名承授人授 出涉及合共38,919股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年3月31日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百 八十四名承授人合共38,919股美國存託股份受限制股份單位。該等受限制股份單 位相當於505,947股股份，約佔本公告之日公司發行股份總數的0.04%。 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。 BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （股份代號：06160） 授出受限制股份單位 每股美國存託股份272.17美元（約每股普通股 162.88港元） 歸屬期： 已授出的受限制股份單位將按下述形式歸屬 予承授人；但部分受限制股份單位可能於控 制權變更及╱或終止事件發生 ...

通函及年度股东大会通告 致股东函件 尊敬的各位股东 ： 我们满怀自豪和乐观，与大家分享百济神州在迈向它的宏伟愿景征程中所取得的非凡 成绩。我们致力于成为全球最具影响力的肿瘤治疗创新公司。为此，我们正重新构想 癌症治疗的无限可能——在创新道路上无所畏惧，在全球范围不断扩大药物可及性， 改变未来几代人的生活。 全球已有超过150万例患者接受了我们药物的治疗——这项里程碑再次激发了我们取得更多成绩的热情。我们在全球六 大洲拥有11,000多名员工，团队万众一心，只为实现一个目标 ：为癌症患者带去希望。我们不断突破科学边界，并致力 于让创新的、改变生活的疗法变得更可负担、更可及，且更具影响力——以期惠及全球各地每一位患者。 我们最近庆祝了公司2024年杰出的业绩创下了历史新高 ；2025年，我们的发展将迈上新台阶。今年上半年，我们计划 将启用新英文名称BeOne Medicines Ltd.，并将注册地迁至瑞士，这两项决定展现出我们不断扩大的全球足迹和差异化 的使命担当。 公司英文名称拟变更为BeOne源自于我们工作的重心 ：凝聚全球力量，消除癌症。新的公司品牌标识主要展现出的设计 亮点包括 ： 新英文名称的启用是公 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 | A 股代码：688235 | A 股简称：百济神州 | 公告编号：2025-014 | | --- | --- | --- | | 港股代码：06160 | 港股简称：百济神州 | | | 美股代码：ONC | | | 百济神州有限公司 关于召开 2025 年年度股东大会的通知 （一） 股东大会类型和届次 2025 年年度股东大会 召开日期时间：2025 年 5 月 21 日 21 点 30 分（北京时间） 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 21 日 股东大会召开日期：2025年5月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票、邮寄投票（仅 限非 A 股股东）和网络投票相结合的方式 （四） 现场会议召开的日期、时间和地点 召开地点：Mourant Gov ...

Group 1 - BeiGene announced the termination of the clinical development plan for Ociperlimab, an anti-TIGIT antibody, as a potential treatment for lung cancer based on an independent data monitoring committee's recommendation [1] - The phase 3 clinical trial (AdvanTIG-302) was suggested to be terminated due to the overall efficacy and safety data indicating difficulty in achieving the primary endpoint of overall survival [1] - As of mid-2024, BeiGene has invested a total of 2.09 billion yuan in the Ociperlimab project, which has enrolled over 2,000 patients [1] Group 2 - TIGIT is considered a potential target for tumor immunotherapy following PD-1/PD-L1, with its mechanism involving the blockade of TIGIT-ligand binding to reactivate T cells against tumors [2] - Roche has been a leader in the TIGIT target field, but announced the termination of several clinical trials related to TIGIT antibodies due to unmet expectations in lung cancer trials [2] - Merck also announced the termination of its TIGIT monoclonal antibody Vibostolimab's clinical development project after its phase 3 trial faced failure [2]

Core Viewpoint - The article emphasizes that innovative pharmaceuticals are gaining significant momentum, potentially becoming a new investment focus due to various favorable factors in both domestic and international markets [3][8][30]. Group 1: Demand Expansion - Chinese innovative pharmaceutical companies are accelerating their global expansion, with 18 original innovative drugs approved overseas by the end of 2024, leading to a total transaction amount of $51.9 billion in licensing deals [9][15]. - The demand from domestic markets is also increasing, as the National Medical Insurance Fund's expenditure growth is at its highest in four years, indicating a potential for accelerated commercialization and improved profitability for innovative drug companies [18][20]. - The optimization of medical procurement policies is expected to enhance profit expectations for pharmaceutical companies, leading to a potential revaluation of their earnings [19][20]. Group 2: Supply Side Improvements - The integration of AI in innovative drug development is projected to reduce research and development cycles from 8-11 years to 5-7 years, while also decreasing costs by 25%-30% [23][26]. - The easing of global monetary policy, particularly with the Federal Reserve's interest rate cuts, is expected to facilitate easier financing for innovative drug companies, enhancing their research capabilities [25][26]. Group 3: Financial Performance - Recent financial reports indicate a strong performance among innovative drug companies, with notable revenue growth and a trend towards profitability. For instance, Innovent Biologics reported a revenue of approximately 9.422 billion yuan, a year-on-year increase of 51.8% [27]. - Several companies, including Baiyi Tianheng and Kexing Biotech, have shown significant revenue growth, with Baiyi Tianheng achieving a staggering 936.3% increase [29]. - The year 2025 is anticipated to be a turning point for many innovative drug companies, marking a transition from losses to profitability [29][30]. Group 4: Market Characteristics - Compared to A-share innovative pharmaceuticals, Hong Kong-listed innovative drug companies exhibit higher R&D expenditure rates and a greater proportion of overseas revenue, indicating stronger competitive advantages [32][33]. - The largest innovative drug ETF in A-shares, with a scale of nearly 11.6 billion yuan, reflects the growing interest and liquidity in this sector [36][37].