Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) due to the stronger-than-expected market uptake of Zebrutinib in the US and European markets [1] Revenue Forecast - The revenue projections for BeiGene for the years 2025, 2026, and 2027 have been adjusted to $5.3 billion, $6.4 billion, and $7.1 billion respectively, reflecting a compound annual growth rate (CAGR) of 23% [1] Net Profit Adjustment - The net profit estimates for BeiGene have been revised to $360 million, $660 million, and $1.05 billion for the same years, indicating that the growth in sales and R&D expenses is better than anticipated [1] Target Price and Rating - Based on a weighted average cost of capital of 9% and a perpetual growth rate of 4%, the target price for BeiGene is set at HKD 213.1, maintaining an "Outperform" rating [1]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for 2025-2027 due to better-than-expected market performance of Zebrutinib in the US and European markets [1] Revenue Forecast - The revenue projections for BeiGene are now set at $5.3 billion, $6.4 billion, and $7.1 billion for 2025, 2026, and 2027 respectively, reflecting a compound annual growth rate (CAGR) of 23% [1] Net Profit Forecast - The net profit estimates for BeiGene have been adjusted to $360 million, $660 million, and $1.05 billion for the same years, indicating that the growth in sales and R&D expenses is better than anticipated [1] Target Price and Rating - Based on a weighted average cost of capital of 9% and a perpetual growth rate of 4%, the target price for BeiGene is set at HKD 213.1, maintaining an "Outperform" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company and recommends it as a top pick in the biotechnology sub-sector [1][12]. Core Insights - The company reported strong performance in Q3 2025, with revenues exceeding expectations due to robust sales of Zepzelca, leading to a slight upward revision of the 2025 revenue guidance and a downward adjustment of operating expenses [1][2]. - Zepzelca achieved over $1 billion in sales for the first time in a single quarter, demonstrating strong growth resilience [3]. - The company has a rich pipeline of catalysts expected in the next 12 months, particularly focusing on two hematology products with data readouts anticipated at the ASH conference [4][11]. Financial Performance - Q3 2025 total revenue reached $1.412 billion, representing a 41.0% year-over-year increase and a 7.4% quarter-over-quarter increase, with product revenue at $1.395 billion [2]. - GAAP operating profit was $163 million, up 85.6% quarter-over-quarter, while adjusted operating profit was $341 million [2]. - The gross margin for products improved to 85.9%, reflecting a 3.7 percentage point year-over-year increase [2]. Revenue Guidance - The company slightly raised its 2025 total revenue guidance from $5.0-5.3 billion to $5.1-5.3 billion, while lowering the GAAP operating expense guidance from $4.1-4.4 billion to $4.1-4.3 billion [4][12]. Target Prices - The target price for the US stock is set at $390, representing a potential upside of 17% from the current price of $332.4 [5]. - The target price for the Hong Kong stock is set at HKD 236, indicating a potential upside of 24% from the current price of HKD 190.4 [6]. - The target price for the A-share is set at RMB 326, reflecting a potential upside of 17% from the current price of RMB 279.0 [7].

Core Viewpoint - The report from CMB International indicates a strong performance by BeiGene (06160) in Q3, leading to an upward revision of the group's net profit forecast by 3% to 52% [1] Financial Performance - The company has raised its revenue guidance for 2025 to between $5.1 billion and $5.3 billion [1] - GAAP operating expenses guidance has been lowered to between $4.1 billion and $4.3 billion [1] Investment Outlook - The target price for BeiGene has been increased to HKD 231, suggesting an upside potential of 18.2% [1] - The rating has been maintained at "Buy" [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Insights - The company is experiencing rapid global sales growth of its BTK inhibitor, Zebutinib, with significant advancements in its research pipeline across hematological malignancies, solid tumors, and autoimmune diseases [1][7]. - For Q3 2025, the company reported total revenue of $1.412 billion, with product revenue reaching $1.395 billion, and a profit of $125 million [3][6]. - The company has updated its full-year revenue guidance for 2025 to $5.1-5.3 billion, with GAAP operating expenses projected at $4.1-4.3 billion [3][6]. Financial Projections - Revenue projections for the company are as follows: - 2025: 370.68 billion CNY - 2026: 445.36 billion CNY - 2027: 522.31 billion CNY - The company is expected to achieve a net profit of 2.282 billion CNY in 2025, with a significant turnaround from a loss of 4.978 billion CNY in 2024 [5][7]. - The gross margin is projected to improve from 84.4% in 2024 to 87.0% by 2027 [5][7]. Sales Performance - Zebutinib's global sales reached $1 billion in Q3 2025, marking a 50.8% year-over-year increase, with notable sales in the US, Europe, and China [6][7]. - For the first three quarters of 2025, Zebutinib's global sales totaled $2.78 billion, reflecting a 53.2% year-over-year growth [6][7]. Research and Development Progress - The company has made significant progress in its R&D pipeline, including: - Completion of patient enrollment for the Phase 2 trial of the BCL2 inhibitor for R/R WM and FDA breakthrough therapy designation for R/R MCL [6][7]. - Advancements in solid tumor treatments and immune-inflammatory conditions, with several clinical trials underway [6][7].

Core Insights - The report highlights a strong growth trajectory for BeiGene (6160 HK) in Q3 2025, with product revenue reaching $1.41 billion, a year-on-year increase of 41% [1] - The sales of the drug Zebrutinib continued to show robust performance, with a quarterly sales increase of 51% and a year-on-year growth of 41%, amounting to $1.04 billion [1] - The company has raised its revenue guidance for 2025 to $5.1-5.3 billion, while also lowering its GAAP operating expense guidance to $4.1-4.3 billion [1] Revenue and Profitability - Q3 2025 gross margin improved by 3.1 percentage points to 86.0%, with SG&A and R&D expense ratios decreasing by 8.0 and 12.5 percentage points respectively [1] - Net profit for Q3 2025 expanded to $125 million, indicating a strong financial performance [1] Pipeline Developments - The report notes that BeiGene's pipeline is entering a critical phase, with 47 research abstracts selected for the ASH conference, including significant data from the 1L CLL Phase III SEQUOIA study [2] - Promising data for Bcl-2 sonrotoclax in various indications was presented, showing superior efficacy compared to Venetoclax, and a head-to-head study with Acala+Venetoclax is set to commence [2] - New products in solid tumors are expected to generate proof of concept data, with key focus on FGFR2b ADC, CEA ADC, and other combinations slated for Phase III trials [2] Target Price Adjustment - The target price for BeiGene has been raised to HKD 231, reflecting an increase in net profit forecasts by 3-52% [3]

Core Insights - In the past five trading days, a total of 293 companies were investigated by institutions, with notable interest in companies like BeiGene, Anji Technology, and Zhongchuang Zhiling, which attracted multiple institutional inquiries [1] - Among the companies investigated, 71 received attention from over 20 institutions, with BeiGene being the most scrutinized, having 203 participating institutions [1][2] - The data indicates that 23 of the companies with significant institutional interest experienced net capital inflows, with Cambridge Technology seeing the highest net inflow of 1.359 billion yuan [1] Group 1: Institutional Research Activity - A total of 293 companies were investigated by institutions in the last five trading days [1] - Securities companies participated in 88.40% of the investigations, while fund companies and private equity firms followed with 197 and 121 companies respectively [1] - The most investigated companies included BeiGene (203 institutions), Anji Technology (174 institutions), and Zhongchuang Zhiling (105 institutions) [1][2] Group 2: Market Performance of Investigated Stocks - Out of the stocks investigated, 33 saw price increases, with Huasheng Lithium Battery leading with a 97.12% increase, followed by World (36.11%) and Dazhong Mining (20.72%) [2] - Conversely, 37 stocks experienced declines, with Jiehuate, Obi Zhongguang-UW, and Perfect World showing the largest drops of 15.82%, 11.70%, and 11.69% respectively [2] - The table of investigated stocks shows various performance metrics, including the number of institutional inquiries and price changes [2][3]

Core Insights - A total of 9 listed companies in A-shares have disclosed their performance forecasts for the year 2025, with varying outcomes including losses, slight increases, slight decreases, and uncertainties [1] - Lixun Precision expects a net profit attributable to shareholders of approximately 16.518 billion to 17.186 billion yuan for 2025, representing a year-on-year growth of 23.59% to 28.59% [1] - BeiGene has adjusted its revenue forecast for 2025 to approximately 36.2 billion to 38.1 billion yuan, citing its leading position in the U.S. market as a key factor for growth [2] - Chipone Integrated Circuit anticipates a revenue of 8 billion to 8.3 billion yuan for 2025, with a year-on-year growth of 23% to 28% [4] Company Performance - Lixun Precision aims to enhance its global strategy and manufacturing solutions, focusing on AI technology integration and diversified business expansion [1] - BeiGene's revenue adjustment is attributed to its expansion in key global markets and improved operational efficiency [2] - Chipone Integrated Circuit is benefiting from the growth in the new energy sector and increasing domestic semiconductor demand [4] - Evert and Chipone Integrated Circuit are among the companies expecting continued losses in 2025 [3] Institutional Research Focus - Institutional investors are increasingly interested in the new product launches, R&D investments, and future development plans of listed companies [5] - BeiGene is conducting clinical trials for its product in nephropathy and is optimistic about its prospects [6] - Lixun Precision is increasing its R&D investments in core technologies and optimizing its production layout to adapt to market changes [6]

Summary of BeOne Medicines FY Conference Call Company Overview - **Company**: BeOne Medicines (NasdaqGS:BGNE) - **Industry**: Biotechnology - **Key Achievement**: First year of profitability and recognized as one of the fastest-growing large biotech companies [3][4] Competitive Advantages - **Integrated Development**: Fully integrated CRO-free clinical development organization with over 3,600 professionals [4] - **Product Pipeline**: Deep product pipeline with 10 internally developed New Molecular Entities (NMEs) entering the clinic in 2024 and 16 to date [3] - **Cost Efficiency**: 70% of the cost to develop medicines is in clinical development; BeOne aims to reduce this through its integrated approach [4] Product Performance - **Brukinsa**: - Leading market share in the BTK inhibitor market with 47% year-over-year growth in the U.S. and 71% growth in Europe [6][8] - Demonstrated durable progression-free survival (PFS) with 74% landmark PFS at 72 months [6][7] - Significant real-world impact and prescription growth globally [8][9] Market Dynamics - **Fixed Duration Treatments**: - BeOne supports finite treatments that meet four criteria: deep response, sustained PFS, acceptable safety profile, and convenience [10][11] - Current market dynamics show continuous use BTK inhibitors capturing about 50% of the market, with opportunities for growth through fixed-duration offerings [11][12] Pipeline Developments - **Sonrotoclax**: - Designed to be more potent and selective than venetoclax, with a half-life of five hours [14][15] - Breakthrough designation in relapsed refractory MCL, with plans for global filing based on upcoming data [30] - Phase 3 study planned for multiple myeloma, targeting the translocation 11;14 population [32][33] - **BDK CDAC**: - A degrader molecule with a different mechanism, potentially effective against mutations that standard inhibitors cannot target [24][25] - Phase 2 cohort fully enrolled, with data expected in the first half of next year [26] Competitive Landscape - **Comparison with Competitors**: - BeOne's zanubrutinib shows superior response rates compared to pirtobrutinib and acalabrutinib in specific patient populations [20][21] - Ongoing head-to-head studies to validate BeOne's offerings against competitors [16][17] Future Outlook - **Clinical Trials**: - Upcoming data presentations at ASH for various products, including BDK CDAC and sonrotoclax [28][29] - Commitment to advancing solid tumor pipeline, particularly CDK4/6 inhibitors, with a focus on first-line breast cancer [34][36] Conclusion - BeOne Medicines is positioned strongly within the biotechnology sector with a robust product pipeline, innovative clinical development strategies, and a commitment to addressing patient needs through differentiated therapies. The company is actively pursuing growth opportunities in both hematology and solid tumors while maintaining a competitive edge against established players in the market.

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% from November 3 to November 7, 2025, underperforming compared to the Wind All A index (0.63%) and the CSI 300 index (0.82%) [2][7] - The rise in flu activity was noted, with the percentage of flu-like illness (ILI) cases reported at 4.7% in the week of October 27 to November 2, 2025, indicating an increase compared to previous weeks and years [2][10] - The final overall survival (OS) results from the HARMONi-A study of Ivosidenib combined with chemotherapy for EGFR-mutant non-small cell lung cancer showed a significant improvement in OS, with a median OS of 16.8 months versus 14.1 months for the control group [2][10] Weekly Market Review - The pharmaceutical and biotechnology sector's performance was down 2.4%, with notable declines in medical research outsourcing (-4.93%), chemical preparations (-4.42%), and other biological products (-4.33%) [7][8] - The leading gainers included Hezhi China (61.1%), Wanze Shares (30.3%), and Fuxiang Pharmaceutical (23.3%), while Changshan Pharmaceutical (-20%), Yifang Bio-U (-17.8%), and Guangshengtang (-15.3%) were the biggest losers [10] Industry News and Key Company Announcements - On November 7, 2025, the final OS analysis of the HARMONi-A study was presented, showing significant results for Ivosidenib in combination with chemotherapy [10][12] - According to data from the Chinese Center for Disease Control, flu-like illness percentages in southern provinces increased to 4.6%, while northern provinces reported 5.1%, both higher than the previous week [10][12] - BeiGene reported a total revenue of $1.412 billion for Q3 2025, a 41% year-on-year increase, driven by a 51% growth in global sales of its product [12][14] - Metsera announced a merger agreement with Pfizer, with an estimated total transaction value of approximately $9 billion [12][14]