Group 1 - HHLR Fund, L.P. and its affiliates reduced their stake in BeiGene by selling 32.24 million shares through block trading, decreasing their holding from 125 million shares to approximately 92.81 million shares, which represents a reduction in ownership from 8.97% to 6.66% [1] - The sale resulted in HHLR cashing out approximately 5 billion HKD based on the closing stock price of 155.7 HKD per share [1] - HHLR has historically been a significant investor in BeiGene, participating in seven rounds of financing, but has been reducing its stake over the past six months as the stock price has continued to rise [1] Group 2 - BeiGene's stock prices across its US, H, and A shares have increased by over 35% since the beginning of the year as of March 7 [2] - The company reported a revenue of 27.214 billion CNY for 2024, marking a 56.2% increase from 17.423 billion CNY in the previous year [2] - The growth in product revenue, which reached 26.994 billion CNY, was primarily driven by the sales of Brukinsa® (Zebutinib capsules), which generated 18.859 billion CNY, accounting for nearly 70% of total revenue [2] - BeiGene anticipates revenue for 2025 to be between 35.2 billion CNY and 38.1 billion CNY, driven by the leading position of Brukinsa® in the US and ongoing expansion in Europe and other key global markets [2]

Investment Rating - The industry investment rating is maintained as "Add" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The competitive landscape of the BTK inhibitor market is continuously changing, with BeiGene's Zanubrutinib rapidly approaching a leading market share position in the U.S. market. In 2024, the company's product revenue reached 26.994 billion yuan, a significant increase from 15.504 billion yuan in the previous year, primarily driven by sales growth of Zanubrutinib and other licensed products [2][12]. - Zanubrutinib's global sales in 2024 amounted to 18.859 billion yuan, reflecting a growth of 106.4%. U.S. sales were 13.890 billion yuan, up 107.5%, largely due to expanded use in CLL indications. European sales reached 2.564 billion yuan, a 195.4% increase, while sales in China were 1.856 billion yuan, growing by 35.2% [2][12]. - The company expects revenue for 2025 to be between 35.2 billion and 38.1 billion yuan, driven by Zanubrutinib's leading position in the U.S. and ongoing expansion in Europe and other key global markets [2][12]. Summary by Sections Market Review - During the week of February 24 to February 28, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.72%, underperforming the CSI 300 index by 0.49 percentage points, while outperforming the ChiNext index by 1.74 percentage points. The sector ranked 23rd among 31 first-level sub-industries [1][17]. Company Dynamics - BeiGene's Zanubrutinib ranked first in prescription volume among new CLL patients in the U.S. market, achieving a 97% year-on-year revenue growth in Q4 2024, surpassing competitors like Ibrutinib and Acalabrutinib [3][13]. - Another domestic BTK inhibitor, Orelabrutinib from Innovent Biologics, received approval for a Phase III clinical trial in combination with a BCL-2 inhibitor for first-line CLL/SLL treatment [15]. Investment Recommendations - BTK inhibitors show significant advantages in treating B-cell malignancies and certain B-cell immune disorders, making them a hot target for blood malignancies and autoimmune diseases. The report suggests focusing on BeiGene and Innovent Biologics [4][16].

Investment Rating - The report initiates coverage with an OUTPERFORM rating for BeiGene [2]. Core Insights - BeiGene is positioned as a leading biopharma company in China, focusing on innovative drug development and global commercialization, with a strong pipeline and significant growth potential [3][11]. - The company is expected to achieve profitability by 2025, driven by the strong performance of its core products, particularly the BTK inhibitor, Zanubrutinib, and the PD-1 inhibitor, Tislelizumab [4][20]. Summary by Sections 1. Innovative Product Globalization - BeiGene has established a robust global presence with over 60 clinical projects and 17 commercialized products, including Zanubrutinib and Tislelizumab, which have been launched in multiple regions [3][11]. - The company aims to become the first biopharma in China to achieve recurring profitability by 2025, supported by its innovative product pipeline and global commercialization capabilities [11][20]. 2. Leadership in Hematology - The combination of BTK inhibitors, BCL-2 inhibitors, and BTK CDAC is expected to solidify BeiGene's leadership in hematological malignancies [5][27]. - Zanubrutinib is projected to double its revenue to $2.6 billion in 2024, further strengthening its market position in the U.S. hematology market [4][20]. 3. Pipeline Development - BeiGene's pipeline focuses on hematological and solid tumors, with several molecules showing best-in-class potential, including Sonrotoclax and BGB-16673 [27]. - The company has a rich pipeline with over 10 early-stage projects expected to report proof-of-concept data in 2025, enhancing its growth prospects [6][27]. 4. Financial Projections and Valuation - Revenue projections for FY25-27 are $5 billion, $6 billion, and $6.7 billion, respectively, with a CAGR of 21% [7]. - The target price is set at HK$182.35, based on a discounted cash flow model with a WACC of 9% and a perpetual growth rate of 4% [7].

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2月28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3月6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 ...

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） 合資格僱員在每個認購期開始前，於申請期內登記該 認購期。 員工購股計劃 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。本公司宣佈，2018 員工購股計劃的新一輪認購期自2025年3月3日起至2025年8月29日止。合資格僱 員將於認購期結束後購買股份（包括以美國存託股份的形式），購股資金從其認購 期所得薪金中扣除。 2018員工購股計劃概要 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。2018員工購股計劃由董事會薪酬委員會管理。 認購期詳情 2018員工購股計劃項下的認購期通常從每年3月1日及 9月1日開始，持續六個月，除非董事會薪酬委員會提 前另行決定。就上市 ...

关于持股5%以上股东权益变动达到1%的提示性公告 相关股东提供的信息不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其真实性、准确性和完整性依法承担法律责任。公司董事会及全体董事保证 本公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、本次权益变动基本情况 1、信息披露义务人基本情况 1 A 股代码：688235 A 股简称：百济神州 公告编号：2025-010 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 | | | 本次权益变动前持有股份 | | 本次权益变动后（截至 2025 年 月 日）持有 股份 | | 4 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 3 | | | | 股东名称 | 股份性质 | | 占公司已发 | 占公司已发 | | | | | | | 股数 | 行股份总数 | 股数 行股份总数 | | | | | | | | 的比例 | 的比例 | | | | | HHLR | 无 A 股限 | | | | | | | | Fund, L.P. | 售要求的 | ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for BeiGene [2]. Core Views - BeiGene is positioned as a leading innovator in China's biopharmaceutical sector, with a strong focus on oncology treatments and a robust pipeline of over 60 clinical projects globally [3][11]. - The company is expected to achieve profitability by 2025, driven by significant revenue growth from its core products, particularly the BTK inhibitor, Zanubrutinib, which is projected to double its revenue in 2024 [4][20]. - BeiGene's global commercialization capabilities and a well-established management team are key competitive advantages that will support its growth trajectory [12][29]. Summary by Sections 1. Innovative Product Globalization - BeiGene has a diverse product pipeline and aims to become the first biopharma company to achieve consistent profitability [11]. - The company has 17 commercialized products, including Zanubrutinib and Tislelizumab, with strong sales performance in the US and Europe [20]. - Revenue for 2024 is projected at $3.81 billion, a 55% increase year-over-year, with significant contributions from the US market [20]. 2. Leadership in Hematology - The combination of BTK inhibitors and BCL-2 inhibitors is expected to solidify BeiGene's leadership in hematological malignancies [5]. - Zanubrutinib has shown superior efficacy compared to Ibrutinib, establishing its best-in-class status [5][24]. - The company is also developing Sonratoclax, a BCL-2 inhibitor, which is anticipated to enhance its market position [5]. 3. Expansion in Solid Tumors - BeiGene is actively expanding its presence in solid tumors, with Tislelizumab gaining traction in various indications [11]. - The company is developing next-generation CDK inhibitors targeting a market exceeding $10 billion [11]. - Focus areas include lung cancer and breast cancer, with ongoing clinical trials for multiple candidates [11]. 4. Financial Projections and Valuation - Revenue forecasts for FY25-27 are $5 billion, $6 billion, and $6.7 billion, respectively, with a CAGR of 21% [7]. - The net profit is expected to turn positive by FY25, reaching $390 million by FY26 [7]. - The target price is set at HK$182.35, based on a DCF model with a WACC of 9% and a perpetual growth rate of 4% [7].

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) 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 ...

歐雷強先生 （主席兼首席執行官） 非執行董事 王曉東博士 獨立非執行董事 Olivier Brandicourt博士 Margaret Han Dugan博士 Michael Goller先生 Anthony C. Hooper先生 Ranjeev Krishana先生 Alessandro Riva博士 Corazon (Corsee) D. Sanders博士 Shalini Sharp女士 易清清先生 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) 董事名單及其角色與職能 百濟神州有限公司（「本公司」）董事會（「董事會」）成員載於下文。 執行董事 附註： C 相關董事會委員會主席 CC 相關董事會委員會聯合主席 M 相關董事會委員會成員 2025年3月3日 2 董事會有五個董事會委員會。下表提供本公司每位董事所任職於這些委員會的成 員資料。 | | 審計 | 薪酬 | 提名及企業 | 科學諮詢 | 商業及醫學事務 | | --- | --- | --- | --- | --- | --- | | | 委員會 | 委員會 | 管治委員會 | 委員會 ...

目录 美国 证券交易委员会 Washington, D.C. 20549 表格 10-K/A 第一次修订 （选择一项） ☒ 根据 1934 年证券交易法第 13 条或第 15 条(d)节的年度报告 截至 2024 年 12 月 31 日的财政年度 或 ☐ 根据 1934 年证券交易法第 13 条或第 15 条(d)节的过渡报告 过渡期从 至 交易委员会递交编号：001-37686 BEIGENE, LTD. 百济神州有限公司 （注册人章程载明的确切名称） （注册成立或组建的州或其他司法管辖区） （美国国家税务局雇主身份识别号码） 开曼群岛 98-1209416 c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue, Camana Bay Grand Cayman 开曼群岛 KY1-1108 （主要行政办事处地址，包括邮政编码） +1 (345) 949 4123 （注册人的电话号码，包括地区编码） 根据本法案第 12（b）条注册的证券： | 各类别名称 | 交易代码 | 各证券交易所名称 | | --- | --- | --- | ...