Core Viewpoint - BeiGene (06160) announced a new subscription period for its 2018 Employee Stock Purchase Plan, which will run from March 2, 2026, to August 31, 2026 [1] Group 1 - Eligible employees will be able to purchase shares at a 15% discount to the market price, including American Depositary Shares [1] - The purchase funds will be deducted from the employees' salaries earned during the subscription period [1] - The plan is managed by the company's remuneration committee, aiming to align employee interests with those of shareholders [1]

Summary of the Conference Call on Innovative Pharmaceuticals Industry Overview - The focus of the conference call is on the innovative pharmaceuticals sector, particularly in the context of recent market trends and government policies impacting the industry [1][2][3]. Key Points and Arguments 1. **Market Recovery**: The innovative pharmaceuticals sector has recently experienced a significant rebound, indicating a potential bottoming out of the market [1][2]. 2. **Government Support**: The recent government work report has elevated the status of the biopharmaceutical industry, identifying it as one of the six emerging pillar industries, which includes integrated circuits and aerospace [2][3]. 3. **License-Out Transactions**: In the first quarter of 2026, there have been 49 license-out transactions involving 57 pipelines, totaling nearly $57 billion, with upfront payments exceeding $3.3 billion [3][4]. 4. **Valuation Adjustments**: There has been a notable change in market sentiment regarding business development (BD) transactions, with stock prices not reflecting the positive outcomes of these deals as they did previously [4][5]. 5. **Company Performance**: Companies like BeiGene have reported strong financial results, with 2025 revenues reaching over $5 billion, a 40% year-on-year increase, and a transition from loss to profit [7][8]. 6. **Future Earnings Guidance**: BeiGene has provided optimistic guidance for 2026, projecting revenues to rise to $6.2-$6.4 billion and significant profit growth [8][9]. 7. **Valuation Metrics**: The current valuation of innovative pharmaceutical companies is expected to increase as they transition into profitability, with a shift from price-to-sales (PS) to price-to-earnings (PE) metrics [9][10]. 8. **Investment Recommendations**: It is advised to gradually increase positions in leading innovative pharmaceutical companies such as BeiGene, Innovent Biologics, and others, while also exploring high-potential new technologies and differentiated fields [11][12]. Additional Important Insights - **Market Sentiment**: The overall market sentiment has shifted positively towards innovative pharmaceuticals, with a significant correction in stock prices since mid-2022, providing a more attractive entry point for investors [6][7]. - **Clinical Data Highlights**: Recent clinical data from companies like I-Mab and Rongchang have shown promising results in various cancer treatments, indicating potential breakthroughs in the market [14][15][16]. - **Long-term Outlook**: The innovative pharmaceuticals sector is expected to see continued growth and investment opportunities, driven by strong fundamentals and upcoming clinical data releases [12][16]. This summary encapsulates the key insights and developments discussed during the conference call, highlighting the current state and future prospects of the innovative pharmaceuticals industry.

BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 員工購股計劃 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。 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2026年3月2日起至2026年8月31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 申請期： 2026年2月13日至2026年2月28日 認購期： 2026年3月2日至2026年8月31日 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 ...

Core Viewpoint - BeiGene (06160) announced a new subscription period for its 2018 Employee Stock Purchase Plan, which will run from March 2, 2026, to August 31, 2026, allowing eligible employees to purchase shares at a 15% discount from market price [1] Group 1 - The 2018 Employee Stock Purchase Plan allows eligible employees to buy shares, including American Depositary Shares, with funds deducted from their salaries earned during the subscription period [1] - The plan is managed by the company's Board Compensation Committee [1] - The company believes that providing employees with the opportunity to gain ownership through the Employee Stock Purchase Plan encourages continued employment and aligns employee interests with those of shareholders, benefiting both the company and its shareholders [1]

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。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 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2026年3月2日起至2026年8月31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 申請期： 2026年2月13日至2026年2月28日 認購期： 2026年3月2日至2026年8月31日 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 ...

Investment Rating - The report suggests a positive investment outlook for the targeted protein degradation (TPD) industry, indicating it is at a historical turning point for commercialization, with significant growth potential similar to the ADC sector [1]. Core Insights - The TPD field is transitioning from a scientific concept to a commercial explosion, with key catalysts expected in 2026, including the approval of Arvinas' ARV-471 and BMS's Iberdomide, marking the realization of TPD technology's value after over 20 years of development [1]. - The report highlights the dual-driven technological landscape of PROTAC and molecular glue, with rapid penetration into new therapeutic areas such as autoimmune diseases, showcasing the industry's adaptability and growth potential [2]. - The emergence of AI technologies is accelerating the drug development process in TPD, making this an optimal time for investment as the first PROTAC molecules are set to commercialize [17]. Summary by Sections Investment Logic - TPD is expected to replicate the growth trajectory of ADCs, overcoming barriers associated with traditional small molecule inhibitors by utilizing the UPS and ALPS systems for effective protein degradation [1]. - 2026 is projected to be a pivotal year for commercialization, with significant drug approvals anticipated [1]. Technological Pathways - The report outlines a dual-driven approach with PROTAC and molecular glue technologies, emphasizing their clinical validation and the potential for new therapeutic applications [2]. - The self-immune field is highlighted as a strategic growth area, with companies like Kymera and Monte Rosa developing promising candidates [2]. Competitive Landscape - Key catalysts in 2026 are expected to reshape the competitive landscape, with companies demonstrating platform capabilities and differentiated target strategies likely to enjoy valuation premiums [3]. - The report identifies several leading companies and their promising pipelines, including Arvinas, Nurix, and Monte Rosa, which are positioned to capitalize on upcoming clinical data and market opportunities [3]. Investment Recommendations - The report recommends focusing on late-stage assets nearing commercialization, particularly those from Arvinas and BMS, while also highlighting biotech firms like Monte Rosa and Kymera that are expanding into autoimmune and chronic disease markets [4].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The National People's Congress has designated innovative drugs as a "new emerging pillar industry," indicating a strategic shift for the biopharmaceutical sector from a nurturing phase to a core engine of economic growth [16][17]. - As of March 6, 2026, the total value of business development (BD) contracts for Chinese innovative drugs has reached $56.8 billion, with an upfront payment of $3.3 billion, representing 41% of the total for 2025 and exceeding the total for 2024 [17][21]. - Despite significant stock price corrections from 2025 highs, the fundamentals of quality companies remain solid, and the long-term growth logic for innovative drug exports is still intact [21]. Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date decline of 2.42%, underperforming the CSI 300 by 1.02% [9]. - The Hang Seng Healthcare Index has outperformed the Hang Seng Technology Index by 0.97% year-to-date [9]. R&D Progress and Company Dynamics - Recent approvals include HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enogratide, marking significant advancements in innovative drug development [17]. - The report highlights specific companies to watch, including: - PD1 PLUS: Sangamo Therapeutics, CanSino Biologics, Innovent Biologics, and Zai Lab [12]. - ADC: I-Mab Biopharma, Kelun-Biotech, and Baiyue Tianheng [12]. - Small nucleic acids: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [12]. Market Performance - The report notes that the pharmaceutical index's price-to-earnings ratio is currently at 36.18, which is 2.24 times lower than the historical average [9]. - The report identifies top-performing stocks for the week, including Yahu Pharmaceutical (+40.65%) and Duoyi Pharmaceutical (+30.81%), while highlighting significant declines in stocks like Haixiang Pharmaceutical (-15.06%) and Furu Medical (-13.07%) [9].

- The report introduces a quantitative timing model based on volume signals, referred to as the "Volume Timing Signal" model. The model evaluates market sentiment by analyzing the volume of major indices. As of March 6, 2026, the volume timing signals for all indices, including the Shanghai Composite Index, Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext Index, and Beijing 50, indicate a cautious outlook[23][24] - The "HS300 Rising Stock Proportion Sentiment Indicator" is introduced to assess market sentiment by calculating the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{HS300 N-day Rising Stock Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns over N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in predicting market downturns. As of March 6, 2026, the indicator showed a slight increase, with the proportion of rising stocks exceeding 60%, indicating high market sentiment[24][25] - The "HS300 Rising Stock Proportion Timing Tracking" applies two different smoothing windows (N1=50 and N2=35) to the above sentiment indicator. When the short-term smoothed line (fast line) exceeds the long-term smoothed line (slow line), it signals a bullish market sentiment. As of March 6, 2026, both the fast and slow lines were rising, with the fast line above the slow line, suggesting a continued bullish outlook[26][28] - The "Moving Average Sentiment Indicator" is based on the eight-moving-average system, which uses the closing prices of the CSI 300 index and calculates moving averages with parameters 8, 13, 21, 34, 55, 89, 144, and 233. The indicator assigns values of -1, 0, or 1 based on the position of the current price relative to the moving averages. When the current price exceeds more than five of the moving averages, it signals a bullish sentiment. As of March 6, 2026, the CSI 300 index was in a non-prosperous sentiment zone[32][36] - The report also analyzes cross-sectional volatility and time-series volatility as indicators of short-term alpha opportunities. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 index components increased week-over-week, indicating an improved short-term alpha environment. Over the past quarter, cross-sectional volatility for CSI 300 and CSI 1000 was in the upper-middle percentile of the past six months, while CSI 500 was in the middle percentile. Time-series volatility for the same indices also increased week-over-week, with CSI 1000 in the upper-middle percentile of the past six months, indicating a favorable alpha environment[37][38][41]

Core Viewpoint - Six companies in the Sci-Tech Innovation Board's growth tier have turned profitable in 2025 and will be removed from this tier, marking a significant milestone for these previously unprofitable firms [1][3]. Group 1: Company Performance - Cambrian (688256) reported a revenue of 6.497 billion and a net profit of 2.059 billion in 2025 [1]. - BeiGene (688235) achieved a revenue of 38.2 billion and a net profit of 1.422 billion, reflecting a 40.4% increase in total revenue compared to the previous year [3][5]. - Orbbec (688322) generated a revenue of 941 million and a net profit of 127 million in 2025 [4][6]. - Jikong Electric (688280) reported a revenue of 2.726 billion and a net profit of 162 million [6]. - North Chip Life (688712) achieved a revenue of 542 million and a net profit of 81 million [8]. - Innovent Biologics (688428) projected a revenue of approximately 2.365 billion and a net profit of around 633 million for 2025, although it did not release a performance report by the specified date [9]. Group 2: Growth Tier Overview - The Sci-Tech Innovation Board's growth tier was established to support technology companies that are not profitable at the time of listing but have significant technological breakthroughs and commercial potential [1]. - As of March 6, 2025, there are 39 companies in the growth tier, with 32 existing and 7 newly registered [1].

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。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2026年3月2日， 董事會薪酬委員會根據2016期權及激勵計劃的條款向一百八十八名承授人授出涉 及合共21,197股美國存託股份的受限制股份單位。 授出受限制股份單位 2016期權及激勵計劃項下的受限制股份單位 於2026年3月2日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百八 十八名承授人合共21,197股美國存託股份受限制股份單位。該等受限制股份單位 相當於275,561股股份，約佔本公告之日公司發行股份總數的0.02%。 授出受限制股份單位詳情 受限制股份單位詳情如下： 1 授出日期： 2026年3月2日 承授人數目： 一百八十八名 已授出受限制股份單位涉及的 相關股份數目： 275,561 受 ...