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 ...

Summary of Key Points from the Conference Call Industry Overview - The global pharmaceutical market is substantial, with an estimated size of approximately $1.5 trillion in 2023, projected to grow at a CAGR of 3%-6% from 2023 to 2027. The U.S. market accounts for nearly half of this, while emerging markets in the Asia-Pacific region are expected to grow at a faster rate. Notably, oncology and weight loss sectors are anticipated to see significant growth, providing important opportunities for pharmaceutical companies [3][5]. Internationalization of Chinese Pharmaceutical Industry - The internationalization process of the Chinese pharmaceutical industry can be categorized into three main parts: product export, technology export, and business model export. Product export can occur through self-sales, distributor agency (CSO model), and collaboration (BD model) [2]. - The internationalization stages include product registration, channel expansion, localization, and brand enhancement. Most Chinese innovative pharmaceutical companies are still in the product registration phase, with a few, like BeiGene and Mindray, advancing to channel expansion and localization [4]. Export Trends and Market Dynamics - China's pharmaceutical export scale reached $102 billion in 2023, with a notable increase in exports to Belt and Road countries, rising from 33% in 2013 to 37% in 2023. Conversely, the export proportion to the U.S. has decreased from 19% in 2010 to 16.7% in 2023 [7]. - The export of active pharmaceutical ingredients (APIs) from China is also on the rise, with an estimated $43 billion in exports in 2024, reflecting a nearly 5% year-on-year growth [3][9]. Company-Specific Highlights BeiGene - BeiGene's performance is strong, with sales of its drug, Zanubrutinib, expected to reach $2.6 billion in 2024, doubling year-on-year. The company anticipates achieving profitability in 2025, supported by a deepening product pipeline in hematological malignancies [3][20]. 3SBio - 3SBio is expected to see steady growth, with revenue and profit exceeding expectations in 2024, achieving over 15% growth. Key products like TPIAO and Mandy are maintaining high growth rates, with TPIAO projected to exceed $7 billion in revenue in 2024, a 20% increase [23][24]. Rongchang Biologics - Rongchang Biologics faces challenges with cash flow and sales but has seen significant growth in sales of its drug, Tislelizumab, which increased by 88% year-on-year. The company is enhancing cash flow through a private placement and expects to reduce losses significantly in the coming year [26][27]. Regulatory and Policy Environment - Recent updates in pharmaceutical policies indicate a shift towards optimizing procurement policies, focusing on quality assessment and regulation. The average price reduction from the tenth batch of generic drug procurement was around 50%-61%, with expectations for further reductions in future batches [14][15]. - The innovation policy landscape is supportive of the development of innovative medicines, with a focus on improving approval processes and market access [16][18]. Investment Recommendations - Recommended stocks for April include BeiGene, 3SBio, and Major Biologics, with BeiGene highlighted for its strong performance and growth potential [19][20]. Conclusion - The Chinese pharmaceutical industry is experiencing significant growth and internationalization, with key players like BeiGene and 3SBio showing promising performance. The evolving regulatory landscape and increasing focus on innovation are expected to drive future growth in the sector.

Investment Rating - The report suggests a positive outlook for the pharmaceutical industry, indicating a potential for outperformance compared to the overall market [27]. Core Insights - The report highlights the impact of the recent U.S. tariff measures, which include a 34% additional tariff on Chinese goods, and the subsequent Chinese countermeasures that may benefit domestic pharmaceutical companies [3][4][5]. - It emphasizes the growth in China's pharmaceutical exports, particularly to the U.S., which reached $19.05 billion in 2024, marking an 11.7% increase year-on-year [6][7]. - The report identifies specific sectors within the pharmaceutical industry that may benefit from the tariff situation, including blood products, high-end raw materials, medical devices, and innovative drugs [18][19]. Summary by Sections Tariff Impact - The U.S. has implemented a 34% tariff on Chinese goods, which affects a wide range of medical supplies and devices, while China has responded with similar tariffs on U.S. imports [4][5]. - The tariffs are expected to disrupt the supply of imported blood products, potentially increasing demand for domestic alternatives [18]. Trade Statistics - In 2024, China's total pharmaceutical trade amounted to $199.376 billion, with exports at $107.964 billion and imports at $91.412 billion, showing a slight decline in imports but a recovery in exports [6][11]. - The U.S. remains the largest market for Chinese pharmaceutical exports, accounting for 17.6% of total exports [7][11]. Sector Opportunities - Blood Products: The tariff on U.S. imports may lead to increased domestic production and sales of blood products, with companies like Tian Tan Biological, Hualan Biological, and others positioned to benefit [18]. - High-End Raw Materials: The report suggests that domestic manufacturers of critical raw materials and consumables may gain market share due to reduced competition from U.S. imports [18]. - Medical Devices: Companies focusing on high-value medical devices are recommended for their potential to capture market share from imported products [18]. - Innovative Drugs: The report encourages investment in companies involved in the development of innovative drugs, particularly those that can replace U.S. imports in oncology and vaccine sectors [19].

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].

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of BeiGene, a global biotechnology company focused on innovative drug development and commercialization [1][2] - As of April 1, BeiGene's stock closed at 249.51 yuan, reflecting a 4.47% increase, with a market capitalization of 349.402 billion yuan and a price-to-book ratio of 14.45 [1] - The latest quarterly report for Q3 2024 shows BeiGene achieved a revenue of 19.136 billion yuan, representing a year-on-year increase of 48.63%, while the net profit was -3.686694 million yuan, a year-on-year decrease of 4.94%, with a gross margin of 83.94% [1] Group 2 - The shareholder structure indicates that as of September 30, 2024, BeiGene had 33,458 shareholders, a decrease of 4,146 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] - In comparison to industry peers, BeiGene's price-to-earnings ratio (TTM) is -70.19, while the industry average is 42.46, indicating a significant divergence in valuation metrics [2] - The industry median price-to-earnings ratio is 37.51, further illustrating the relative valuation challenges faced by BeiGene compared to its competitors [2]

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4月1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 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份 ...

呈交日期： 2025年3月31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 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **pharmaceutical industry** and the **innovative drug sector** in China for the year 2025, highlighting various trends, opportunities, and challenges within the sector [2][4][26]. Core Insights and Arguments - **Policy Support for Innovative Drugs**: The Chinese government has approved a comprehensive plan to support innovative drug development, which includes price management, medical insurance payments, and diversified payment systems. This is expected to accelerate drug approval processes and enhance market opportunities for innovative drugs [2][3]. - **High Growth Potential**: The innovative drug sector is anticipated to maintain a high growth trajectory due to favorable policies and ongoing medical insurance negotiations. Companies like BeiGene and Hengrui Medicine are expected to benefit significantly from these developments [2][4]. - **AI in Healthcare**: The rapid development of AI in healthcare is highlighted, with companies that possess high-quality data expected to lead in AI applications for diagnostics and health management [2][5]. - **Medical Device Sector Recovery**: The medical device sector is showing signs of marginal recovery, particularly in the ophthalmology segment, driven by favorable fertility policies and increased demand for refractive surgeries [2][6]. - **Global Competitiveness of Chinese Firms**: Chinese innovative drug companies are increasingly demonstrating global competitiveness, with a significant share of global upfront payments and R&D milestones [2][8]. - **Transformation of Traditional Pharmaceutical Companies**: Traditional pharmaceutical companies are accelerating their transformation, with a focus on differentiated innovative products. Companies like East China Pharmaceutical and China National Pharmaceutical Group are noted for their promising prospects [2][9]. - **CXO Sector Recovery**: The CXO sector is gradually recovering, with leading companies like WuXi AppTec showing strong fundamentals and rapid order growth [2][27]. - **Technological Innovation in Medical Devices**: The medical device sector is characterized by strong technological innovation, with companies like United Imaging Healthcare expected to achieve significant growth in 2025 [2][38]. Notable Companies and Investment Opportunities - **Recommended Companies**: Key companies to watch include BeiGene, Hengrui Medicine, and Innovent Biologics in the innovative drug space, and United Imaging Healthcare in the medical device sector. These companies are recognized for their differentiated competitive advantages and potential for international expansion [2][7][12]. - **BeiGene's Profitability**: BeiGene is projected to achieve profitability in 2025, with its leading product, Zanubrutinib, expected to continue strong sales growth in the U.S. market [10][11]. - **Hengrui Medicine's Internationalization**: Hengrui is making significant strides in international markets, with a robust pipeline and expected high growth rates [12][15]. - **Innovent Biologics' Breakthroughs**: Innovent is noted for its advancements in tumor immunotherapy, with promising data expected from its overseas trials [16][19]. - **East China Pharmaceutical's Growth**: East China Pharmaceutical is positioned for growth with a diverse pipeline and strong market presence [24][25]. Additional Important Insights - **Market Trends**: The overall pharmaceutical market is expected to see a recovery in 2025, with innovative drugs leading the way due to supportive policies and market dynamics [4][26]. - **Investment Sentiment**: There is a positive sentiment towards the pharmaceutical sector, with expectations of continued growth driven by innovation and policy support [2][26]. - **Challenges and Risks**: While the outlook is positive, potential risks include regulatory changes and market competition, which could impact the performance of certain companies [2][3][4]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the pharmaceutical industry's current landscape and future prospects.