Group 1 - The Hong Kong technology sector is experiencing a rebound, with the Hong Kong Technology ETF (513560) rising over 1% and a trading turnover rate exceeding 67% [1] - The CSI Hong Kong Stock Connect Technology Index (931573) has increased by 1.19%, with notable gains from companies such as 3SBio (01530) up 11.50% and Li Auto (09863) up 5.37% [1] - The Hong Kong Technology ETF has shown a strong performance over the past year, with a 77.10% increase and a year-to-date rise of 31.42% [1] Group 2 - DeepSeek, a Chinese AI startup, has launched a new version of its model, DeepSeek-V3, which has 685 billion parameters and has significantly improved its capabilities in coding, mathematics, and reasoning [2] - The "catfish effect" from DeepSeek is expected to drive a wave of AI model applications across various industries, particularly in sectors with high digitalization [2] - China's manufacturing sector, especially in discrete manufacturing and process industries, is well-positioned for rapid AI application due to its high level of digitalization [2] Group 3 - Huatai Securities anticipates potential market volatility in April due to tariff issues and economic data releases, but remains optimistic about the long-term growth of AI technology [3] - The report suggests a "barbell strategy" for investment, focusing on Hong Kong internet and tech hardware stocks, new consumption sectors benefiting from stimulus policies, innovative pharmaceuticals related to AI, and stable dividend stocks [3] - The Hong Kong Technology ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which includes major tech companies like Xiaomi, Alibaba, and Tencent, representing 72.15% of the top ten holdings [3]

美股代码：ONC 百济神州有限公司 A 股代码：688235 A 股简称：百济神州 公告编号：2025-013 港股代码：06160 港股简称：百济神州 关于续聘2025年度审计机构的公告 本公司董事会及全体董事保证本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： 拟聘任审计机构：安永华明会计师事务所（特殊普通合伙）为百济神州有 限公司（以下简称"公司"或"百济神州"）A 股财务报表和内部控制年度审 计机构；Ernst & Young（安永会计师事务所）为公司港股财务报表年度审计机 构；Ernst & Young LLP 为公司美股财务报表和内部控制年度审计机构。 一、续聘的审计机构的基本情况 （一）机构信息 1、安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"） （1）基本信息 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合 作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京， 注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 ...

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19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 ...

行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance in the upcoming year with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses to $568 million [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company is entering a critical phase with multiple clinical data readouts expected, including promising results from its Bcl-2 inhibitor Sonrotoclax for treating CLL [5][19]. - The company has provided clear profit guidance for 2025, expecting to achieve a GAAP net profit, with projected revenues between 352 billion to 381 billion RMB, reflecting a growth of 29.35% to 40% [6][23]. Summary by Sections Revenue Growth and Loss Reduction - The company reported a strong revenue performance with a projected revenue of $3.81 billion for 2024, a 55% increase year-on-year, and a significant reduction in GAAP operating losses [3][13]. - Non-GAAP operating profit is expected to be $45.36 million, marking a turnaround from previous losses [3][13]. Core Product Performance - Bai Ze An® (Tislelizumab) sales are projected at $621 million for 2024, a 16% increase, with ongoing regulatory reviews for new indications [4][16]. - Baiyueze® (Zebutinib) achieved sales of $2 billion, a 106% increase, with strong market share growth in the US and Europe [4][17][18]. Clinical Pipeline and Data Readouts - The company is advancing its clinical pipeline with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. - Key clinical trials for Sonrotoclax and other products are expected to yield important data in 2025, potentially leading to accelerated approval applications [5][19]. Profit Guidance for 2025 - The company has set a clear profit guidance for 2025, expecting to achieve a GAAP net profit, with revenues projected between 352 billion to 381 billion RMB [6][23]. - The anticipated gross margin for 2025 is between 80% to 90%, indicating strong profitability potential [23].

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance and growth potential, with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company has entered a new phase of clinical data readouts, with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. Summary by Sections Revenue Growth and Profitability - The company reported a projected revenue of $3.81 billion for 2024, with a 73% increase in product revenue driven by the sales of Baiyueze® and Bai Ze An® [3][13]. - The GAAP operating loss is expected to decrease to $568 million, a reduction of $640 million year-on-year, while non-GAAP operating profit is projected at $45.36 million [3][13]. Core Product Performance - Bai Ze An® sales are projected at $621 million for 2024, with ongoing FDA reviews for new indications, while Baiyueze® sales are expected to reach $2 billion, with significant market share growth in Europe [4][16][17]. - The company is solidifying its leading position in the CLL market, with Baiyueze® being the most widely approved BTK inhibitor globally [18]. Clinical Pipeline and Future Prospects - The company is advancing multiple clinical trials, including the Bcl-2 inhibitor Sonrotoclax, with data readouts expected in 2025 for various indications [5][19]. - The company has provided clear guidance for 2025, expecting a revenue range of 35.2 to 38.1 billion RMB, with a gross margin of 80%-90% and positive cash flow from operations [22][23].

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 significant revenue growth and a reduction in net losses [1][13] - The company reported a total revenue of $3.81 billion for 2024, a year-on-year increase of 55%, and a net loss of $645 million, which is a 27% reduction in losses compared to the previous year [1][14] - The adjusted operating profit for 2024 was $45.36 million, marking the first annual non-GAAP operating profit [1][7] Financial Performance - In 2024, the company's GAAP and non-GAAP R&D expenses were $1.953 billion and $1.668 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-on-year [2] - The sales and management expenses for 2024 were $1.831 billion and $1.550 billion, with corresponding expense ratios decreasing by 13 percentage points and 12 percentage points year-on-year [2] - For Q4 2024, R&D expenses were $542 million, with an R&D expense ratio of 48%, a 30% decrease year-on-year [3] Product Performance - The core product, Zebutinib, saw global sales of $2.64 billion in 2024, a 105% year-on-year increase, with Q4 sales reaching $828 million, also a 100% increase year-on-year [4] - The sales in the U.S. for Zebutinib were $2 billion for the full year 2024, a 106% increase year-on-year, with Q4 sales of $616 million, a 97% increase year-on-year [4][19] - The company’s other product, Tislelizumab, generated total revenue of $621 million in 2024, a 16% year-on-year increase [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with clinical trials expected to start in 2025 [6] - Tislelizumab has received new indications for reimbursement in 2024, expanding its market presence [5][20] Revenue Forecast - The revenue forecasts for 2024-2026 have been adjusted upwards, with expected revenues of $27.214 billion, $37.517 billion, and $45.024 billion respectively [7][11] - The net profit forecast for 2025 has been revised to $703 million, with a further increase to $4.010 billion in 2026 [7][11]

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 significant revenue growth and a reduction in net losses [1][13] - The company reported total revenue of $3.81 billion for 2024, a year-on-year increase of 55%, and a net loss of $645 million, which is a 27% reduction in losses compared to the previous year [1][14] - The adjusted operating profit for 2024 was $45.36 million, marking the first annual non-GAAP operating profit [1][7] Financial Performance - In 2024, the company's GAAP and non-GAAP R&D expenses were $1.953 billion and $1.668 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-on-year [2] - The sales and management expenses for 2024 were $1.831 billion and $1.550 billion, with corresponding expense ratios decreasing by 13 percentage points and 12 percentage points year-on-year [2] - For Q4 2024, R&D expenses were $542 million, with an R&D expense ratio of 48%, a 30% decrease year-on-year [3] Product Performance - The core product, Zebrutinib, saw global sales of $2.64 billion in 2024, a 105% year-on-year increase, with Q4 sales reaching $828 million, also a 100% increase year-on-year [4] - The sales in the U.S. for Zebrutinib in 2024 were $2 billion, a 106% increase year-on-year, with Q4 sales of $616 million, a 97% increase year-on-year [4][19] - The company’s other product, Tislelizumab, generated total revenue of $154 million and $621 million in Q4 2024 and for the full year, respectively, with year-on-year growth of 20% and 16% [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with clinical trials expected to start in 2025 [6] - The company has received new indications for Tislelizumab, which have been included in the 2024 medical insurance directory, expanding its market presence [5][20] Cost Management - The company has successfully reduced its sales and management expense ratio to 45% in Q4 2024, down from the previous year, indicating effective cost management [26] - The overall sales and management expenses for 2024 were $1.831 billion, with a ratio of 48%, reflecting a decrease in costs [26]

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]