Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve positive GAAP operating profit by 2025, with several early-stage molecules in the solid tumor field progressing towards proof of concept [1] - Total revenue for 2024 is projected at $3.81 billion, representing a 55% year-over-year increase, while net loss is expected to narrow to $645 million, a 27% improvement compared to the previous year [1][13] - The company has achieved its first annual non-GAAP operating profit, with adjusted operating profits of $45.36 million and $78.60 million for the full year and Q4 of 2024, respectively [1][2] Financial Performance - In 2024, the company reported GAAP and non-GAAP R&D expenses of $1.95 billion and $1.67 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-over-year [2] - Sales and management expenses for 2024 were $1.83 billion and $1.55 billion, with corresponding expense ratios of 48% and 41%, showing a year-over-year decrease of 13 percentage points and 12 percentage points [2] - For Q4 2024, R&D expenses were $542 million, with an R&D expense ratio of 48%, down 30 percentage points year-over-year [3] Product Performance - The core product, Zebrutinib, saw global sales of $2.64 billion in 2024, a 105% increase year-over-year, with Q4 sales reaching $828 million, also up 100% year-over-year [4] - In the U.S., Zebrutinib's sales for Q4 and the full year were $616 million and $2 billion, respectively, reflecting year-over-year growth of 97% and 106% [4] - The company’s other product, Tislelizumab, generated total revenue of $154 million and $621 million for Q4 and the full year of 2024, marking a 20% and 16% increase year-over-year [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with Phase III clinical trials expected to start in 2025 [6] - Tislelizumab has been included in the 2024 medical insurance directory for two new indications, expanding its global footprint [5] Revenue Forecast - Revenue forecasts for 2024-2026 have been adjusted upwards to $27.21 billion, $37.52 billion, and $45.02 billion, respectively, reflecting the company's strong growth trajectory [7] - The projected net profit for 2025-2026 has been revised to $703 million and $4.01 billion, respectively [7]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical industry [7] Core Insights - The report emphasizes the leadership of Chinese companies in the PD-(L)1 bispecific antibody sector, highlighting it as a representative technology platform for new drug development in China [21][13] - The overall performance of the pharmaceutical sector has shown a 1.77% increase, outperforming both the ChiNext Index and the CSI 300 Index during the week of March 10-14 [13][14] Summary by Sections Recent Performance - The market experienced an upward trend with a notable surge on Friday, reflecting a shift from technology to non-technology sectors, particularly in consumer healthcare and policies related to the three-child policy [2][14] - The report notes that while innovative drugs and AI healthcare showed signs of correction, other themes such as consumer healthcare and small-cap innovations in Hong Kong gained traction [2][14] Future Outlook - In the short to medium term, the focus is on identifying opportunities in consumer healthcare, particularly those with attributes appealing to children and those positioned for consumption upgrades [15] - For 2025, the report anticipates improvements in the pharmaceutical payment sector due to supportive policies for commercial health insurance, indicating a gradual accumulation of positive changes [15] Strategic Allocation Thoughts - The report outlines two main strategies for investment: 1. **Pharmaceutical Style Rhythm**: Focus on consumer healthcare companies like Angelalign and Aier Eye Hospital, and innovative drug companies such as Innovent Biologics and BeiGene [16] 2. **Pharmaceutical Industry Logic**: Emphasizes the commercialization of innovative drugs and the integration of new technologies, with a focus on companies like CStone Pharmaceuticals and Zymeworks [17][19] Key Companies to Watch - The report suggests monitoring companies involved in PD-(L)1 bispecific antibodies, including CanSino Biologics, Innovent Biologics, and I-Mab Biopharma, as they are positioned at the forefront of clinical advancements [21][34]

審計委員會會議日期 百濟神州有限公司（「本公司」）謹此公佈，本公司董事會（「董事會」）審計委員會 會議將於2025年3月27日（香港時間）舉行，以（其中包括）審議及批准本公司及其 附屬公司截至2024年12月31日止全年業績及根據香港聯合交易所有限公司證券上 市規則（「香港上市規則」）刊發全年業績。本公司先前於2025年2月27日公佈其截 至2024年12月31日止全年業績，並以提交表格10-K的方式將其全年業績送交美國 證券交易委員會（「美國證券交易委員會」）存案。本公司根據香港上市規則刊發的 全年業績與本公司先前已公佈並送交美國證券交易委員會存案者相同，惟根據香 港上市規則所要求的指定附加資料及將本公司的全年業績從美國公認會計原則與 國際財務報表準則進行核對的結果除外。 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） 香港，2025年3月14日 ...

如該公告所披露，2018員工購股計劃使合資格僱員可按市價15%折讓申購股份 （包括以美國存託股份的形式）。僱員可於認購期結束後購買股份，購股資金可從 其認購期內所得薪金中扣除。 公司謹此向其股東告知並宣佈，截至2024年9月3日至2025年2月28日之認購期的 最後一日，合共73,492股美國存託股份由3,356名參與者根據2018員工購股計劃購 買（「所購美國存託股份」）。所購美國存託股份涉及的股份數目為955,396，代表於 本公告之日本公司已發行股份總數的約0.068%。所購美國存託股份的詳情載列如 下： 授出日期╱認購期首日： 2024年9月3日 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） 員工購股計劃項下的股份購買及澄清公告 員工購股計劃項下的股份購買 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。茲提述本公 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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3月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The pharmaceutical sector has shown signs of recovery, with a focus on innovative drugs, the innovative drug industry chain, and AI medical applications as key investment directions [2][3][4] - The pharmaceutical sector outperformed the CSI 300 index, rising by 4.96% from February 5 to February 28, 2025, compared to a 1.91% increase in the CSI 300 index [3][5] - Continuous policy support for innovative drugs has improved the domestic research and payment environment, benefiting differentiated innovative products [8][9] Summary by Sections 1. February 2025 Market Review - The pharmaceutical sector's performance improved compared to 2024, with the Shenwan Pharmaceutical Index rising by 1.1% since the beginning of 2025, while the CSI 300 index fell by 1.1% [6][8] - The sector's recovery is attributed to positive catalysts in AI medical applications and innovative drugs [6] 2. Investment Strategy for March 2025 - The report suggests focusing on segments with good growth potential and industrial logic, emphasizing innovation and internationalization as core themes [12] - AI medical applications are highlighted as an important direction for the pharmaceutical sector in 2025 [12] 3. Recommended Stocks - **BeiGene**: Leading in innovative drugs with strong sales growth and potential for global market expansion [22] - **Hengrui Medicine**: Expected to see rapid growth driven by new product cycles and international expansion [23] - **CanSino Biologics**: Significant potential in the global market with promising clinical results [23] - **WuXi AppTec**: A leading integrated CXO company with strong growth in orders and revenue recovery [24] - **Aibo Medical**: High growth potential in the ophthalmic device sector, benefiting from aging demand [25] - **Tongrentang**: A well-established brand in traditional Chinese medicine with potential for operational improvements [25] 4. Economic Data and Industry Trends - The pharmaceutical manufacturing industry saw a slight decline in revenue and profit in 2024, but expectations for recovery in 2025 are positive [37] - The overall valuation of the pharmaceutical sector is at 25.78 times, with a premium over the CSI 300 index of 116.32% [30]

Summary of BeiGene Conference Call Company Overview - **Company**: BeiGene - **Industry**: Biotechnology, specifically focused on oncology Key Points and Arguments - **Market Position**: BeiGene is a leading player in the Chinese biotechnology industry, with strong global R&D, production, and commercialization capabilities. The year 2025 is pivotal, with expectations of profitability driven by the expansion of the BTK inhibitor, Zanubrutinib, in overseas markets. Revenue growth is projected at 21%, reaching $6.7 billion by 2027, with profits exceeding $800 million [3][4][29]. - **Product Pipeline**: BeiGene has a comprehensive pipeline in oncology, particularly in hematological malignancies, covering treatment scenarios from initial to relapsed and refractory stages with BTK inhibitors, BCL-2 inhibitors, and BTK-C degradation agents [4][5]. - **Zanubrutinib Performance**: Zanubrutinib has outperformed ibrutinib in head-to-head clinical trials, becoming the preferred therapy for C11 indications. It is expected to generate $2.6 billion in total revenue by 2024, with $2 billion from the U.S. market, marking a year-on-year doubling [4][15][17]. - **BCL-2 Inhibitor Development**: BeiGene is advancing its BCL-2 inhibitor in clinical trials, aiming to challenge existing competitors with fixed therapy approaches. A Phase III trial for chronic lymphocytic leukemia (CLL) is expected to complete enrollment in 2025, with a U.S. market launch anticipated by 2027 [4][18]. - **PD-1 Drug Commercialization**: The PD-1 drug, BaiZeAn, has been approved for 14 indications, with 13 covered by insurance in China. The domestic market is nearing saturation, while overseas markets are expected to contribute $500 million to $1 billion in growth, with peak sales potentially reaching $1 billion [4][23]. - **Breast Cancer Focus**: BeiGene is focusing on CDK4 inhibitors in breast cancer to address toxicity and resistance issues associated with existing CDK46 inhibitors. Early data shows promise, with positive proof of concept (POC) data expected in the first half of 2025 [4][24]. - **Risks**: Key risks include market competition for Zanubrutinib, price reduction risks from the U.S. IRA Act, uncertainties surrounding early clinical products, and potential impacts from biopharmaceutical procurement and insurance policies [4][30]. Additional Important Content - **Stock Performance**: From 2019 to 2021, BeiGene's stock price surged post-product launches. However, from 2022 to 2023, the stock faced pressure due to market conditions. Positive data releases for Zanubrutinib have significantly boosted stock performance [6]. - **Commercialization Team**: BeiGene has a global clinical team of 3,000 and a commercialization team of over 500 in the U.S. and Europe, enabling efficient multi-center clinical trials and substantial sales of nearly $2 billion in molecular drugs [9]. - **Future Growth Projections**: Revenue is expected to grow to $5 billion in 2025, $6 billion in 2026, and $6.7 billion in 2027, with a projected net profit exceeding $800 million by 2027 [29]. - **Valuation Estimates**: Based on management guidance, BeiGene's market value is estimated to reach $30 billion, driven by peak sales of its key products [28]. - **Emerging Competitors**: Several companies are developing BCL-2 targeted drugs, with BeiGene positioned in the leading tier, expecting to read out Phase III data in 2026 [19]. This summary encapsulates the critical insights from the conference call, highlighting BeiGene's strategic positioning, product pipeline, market dynamics, and potential risks.

A 股代码：688235 A 股简称：百济神州 公告编号：2025-012 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 2025 年年度股东大会股权登记日的公告 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： 1、百济神州有限公司（以下简称"公司"）2025 年年度股东 大会（以下简称"2025 年年度股东大会"）的股权登记日为 2025 年 3 月 26 日。 2、与 2025 年年度股东大会相关的其他后续事项，包括但不 限于会议日期、会议地点、审议事项、投票注意事项、会议出席 对象、会议登记方法等，敬请关注公司后续披露的关于 2025 年 年度股东大会通知及相关公告。 一、2025 年年度股东大会的股权登记日 公司系根据《开曼群岛公司法》设立且股票在上海证券交易 所科创板、美国纳斯达克交易所（以下简称"纳斯达克"）、香 港联合交易所有限公司（以下简称"香港联交所"）上市的公司， 为符合公司注册地法律、法规以及各上市地规则的规定，公司特 此披露本公告以明确 2025 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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3月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前 ...

BeOne Medicines AG (BeOne Medicines Ltd.) (BeOne Medicines SA) 百济神州有限公司 之 组织章程细则 （根据于【●】通过的特别决议案予以采纳） Abschnitt 1 第一章 Firma, Sitz, Zweck und Dauer der Gesellschaft 3本公司可以收购、持有、管理、抵押、变现 和处置在瑞士境内和境外的不动产、知识产权 和其他资产，还可以在瑞士境内或境外持有从 事任何类型业务的其他公司或对其进行出资。 Artikel 1 第1条 | Name, Sitz | Unter der Firma BeOne Medicines AG (BeOne Medicines | 公司名称、 | | --- | --- | --- | | | Ltd) (BeOne Medicines SA) (die Gesellschaft) besteht | 注册地 | | | eine Aktiengesellschaft mit Sitz in Basel, Kanton Basel | | | | Stadt, Schweiz. | | ...