Core Changes - Shareholder Change: Baker Brothers Life Sciences, L.P. and its affiliates reduced their shareholding from 8.06% to 7.99%, a decrease of 0.07 percentage points [1] - Share Count Unchanged: The number of shares held remains at 115,666,055, indicating passive dilution [1] Reason for Change - Date: August 19, 2025 [1] - Specifics: The company's subsidiary BG NC 2, Ltd. transferred 13 million common shares to a custodian in exchange for an equivalent number of American Depositary Shares [1] - Purpose: This transfer is intended to fulfill unvested equity awards under the 2016 option and incentive plan [1] Important Notes - No Change in A-Shares: This change does not affect the number of A-shares [1] - No Trigger for Mandatory Offer: The change does not trigger any mandatory offer obligations [1] - Governance Structure Unchanged: There is no alteration in the company's governance structure [1] - No Need for Disclosure: There is no requirement to disclose an equity change report or related documents [1] - Passive Dilution: The change is classified as passive dilution due to share issuance, with no actual change in the number of shares held by the shareholder [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） 海外監管公告 本公告乃百濟神州有限公司（BeOne Medicines Ltd., 「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《百濟神州有限公司關於持股5%以上 股東權益變動觸及1%刻度的提示性公告》，僅供參閱。 承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2025年8月20日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事 王曉東博士，以及獨立非執行董事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、 ...

一、 信息披露义务人及其一致行动人的基本信息 美股代码：ONC 百济神州有限公司 关于持股5%以上股东权益变动 触及1%刻度的提示性公告 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。 | 信息披露义务人名称 | | | | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | --- | --- | --- | | Baker | Brothers | | Life | ☐ ☐ | 控股股东/实控人 控股股东/实控人的一致 | 不适用 | | Sciences, | 及 L.P. | 其 | 联 | 行动人 | | ☑ | | 属实体 | | | | ☑ | 其他直接持股股东 | | 二、 权益变动触及 1%刻度的基本情况 百济神州有限公司（以下简称"公司"）的子公司 BG NC 2, Ltd.于 2025 年 8 月 19 日（美国东部时间）向公司的托管公司移交 13,000,000 股公司的普通股， 用以换取相应数量的美国存托股份（每股美国存托股份相当于 13 股普通股），旨 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 0.91% as of August 20, 2025, with mixed performance among constituent stocks [1] - Heartbeat Medical led the gains with an increase of 3.13%, while Yuandong Biological experienced the largest decline [1] - The market for the Sci-Tech Medical ETF managed by Harvest saw a turnover rate of 24.05% and a transaction volume of 62.637 million yuan, indicating active trading [3] Group 2 - The latest scale of the Sci-Tech Medical ETF reached 263 million yuan, marking a one-month high and ranking first among comparable funds [3] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 6.157 million yuan, totaling 15.2382 million yuan [3] - The net value of the ETF increased by 56.59% over the past year, with the highest monthly return since inception being 23.29% [3] Group 3 - The total amount of business cooperation for innovative drugs in China is projected to reach 51.9 billion USD in 2024, with a record 1.25 billion USD upfront payment transaction between 3SBio and Pfizer in 2025 [4] - The Chinese innovative drug sector has seen a 25.02% increase year-to-date, ranking fourth among 31 industries, with a current PE ratio of 31.31 times [4] - The National Healthcare Security Administration has introduced a temporary management method for disease-based payment, promoting payment reform in the healthcare sector [4] Group 4 - As of July 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 49.14% of the index, with leading companies including United Imaging and BeiGene [4][6] - The performance of individual stocks varied, with United Imaging down by 0.26% and BeiGene up by 0.95% [6] - Investors without stock accounts can access the Sci-Tech Medical ETF through the Harvest Sci-Tech Medical ETF linked fund [6]

Core Insights - Colorectal cancer (CRC) is the second most common malignant tumor in China, with 517,100 new cases in 2022, accounting for 10.7% of all cancer cases, and 240,000 deaths, representing 9.3% of all cancer deaths [1][12] - The global colorectal cancer drug market is projected to grow from $16.9 billion in 2019 to $25.4 billion by 2024, indicating significant market potential [1][13] - The Chinese colorectal cancer drug market is expected to reach 24.21 billion yuan by 2024, with an 18.5% year-on-year growth [1][16] - The market is characterized by a competitive landscape with multiple companies across different tiers, including leading firms like Junshi Biosciences and others [1][18] Industry Overview - Colorectal cancer drugs include traditional chemotherapy, targeted therapies, and immunotherapies, which are crucial for extending patient survival [2] - The burden of colorectal cancer in China is significant, with over 80% of patients diagnosed at advanced stages, leading to high treatment demands [1][16] - The market is expected to continue growing, with projections of 37.3 billion yuan by 2027 and nearly 60 billion yuan by 2031 [1][20] Competitive Landscape - The colorectal cancer drug industry features a tiered structure: - First tier: Junshi Biosciences - Second tier: Maibao Pharmaceutical, Hutchison China MediTech - Third tier: JAKS Pharmaceuticals, Jinfang Pharmaceutical [1][18] - Over 10 innovative therapies have been approved globally for colorectal cancer treatment, with more in clinical trials [1][18] Future Trends - The market is expected to see a shift towards precision medicine, with targeted and immunotherapies becoming mainstream [1][22] - Domestic innovative pharmaceutical companies are rapidly emerging, enhancing their product lines through independent research and global collaborations [1][23] - Upgraded patient needs will drive innovations in service models, focusing on unmet clinical demands and improving treatment experiences [1][25]

Core Insights - BeiGene, Ltd. (百济神州) is a commercial-stage biotechnology company focused on developing and commercializing innovative molecular targeted and immunotherapy drugs for cancer treatment [2] Financial Performance - As of June 30, 2025, BeiGene reported total revenue of $2.433 billion, representing a year-over-year growth of 44.73% [1] - The company's net profit attributable to shareholders was $95.59 million, showing a significant increase of 125.73% year-over-year [1] Product Portfolio - BeiGene has a comprehensive product portfolio that includes six internally developed clinical candidates, three of which are in late-stage clinical trials: zanubrutinib (BTK inhibitor), tislelizumab (PD-1 antibody), and pamiparib (PARP inhibitor) [2] - The company has also obtained licenses for five drugs and investigational drugs, including three drugs (ABRAXANE, REVLIMID, and VIDAZA) exclusively licensed from Celgene that are already marketed in China, along with two investigational drugs in clinical stages [2] Company Background - Founded in Beijing in 2010, BeiGene was listed on the NASDAQ Global Select Market in February 2016 [2] - As of July 2018, the company had a global team of over 1,300 employees, showcasing its comprehensive capabilities in research, clinical development, manufacturing, and commercialization [2]

Group 1 - The core viewpoint of the article highlights the performance and holdings of the Agricultural Bank of China Healthcare Stock Fund, which has shown significant growth in recent months and years [1] - The fund's latest net value is 2.0003 yuan, reflecting a growth of 1.17% [1] - Over the past month, the fund has achieved a return of 4.93%, ranking 412 out of 1032 in its category [1] - In the last six months, the fund's return has been 50.76%, ranking 43 out of 993 [1] - Year-to-date, the fund has returned 46.69%, ranking 69 out of 983 [1] Group 2 - The top ten holdings of the Agricultural Bank of China Healthcare Stock Fund account for a total of 51.10%, with significant positions in companies such as Heng Rui Pharmaceutical (8.16%) and Zai Lab (7.99%) [1] - The fund was established on February 10, 2015, and as of June 30, 2025, it has a total size of 1.441 billion yuan [1] - The fund manager, Meng Yuan, has a master's degree and has held various positions in the financial industry, including roles at Bank of China Fund Management and Agricultural Bank of China Asset Management [1]

Group 1 - The Hong Kong stock market experienced a rise and then a pullback, with the Hang Seng Index reaching a new high [1] - The National Healthcare Security Administration is publishing a list of drugs that have passed preliminary review for the "2025 National Medical Insurance Directory and Commercial Insurance Innovative Drug Directory," which will enter expert review and negotiation stages [1][2] - The Hong Kong Innovative Drug Selected ETF (520690) saw a nearly 2.5% increase, with a trading volume exceeding 20 million and a turnover rate over 5%, indicating strong market interest [1] Group 2 - The dual-track policy of basic medical insurance and commercial insurance for innovative drugs signals a payment closure model, suggesting that "true innovation is easier to scale" [2] - The performance of innovative drugs is expected to be positively impacted by the dual-track payment system and significant business development opportunities, leading to a systematic revaluation of the Chinese innovative drug sector [2] - The Hang Seng Medical ETF (513060) is benefiting from the dual advantages of technology penetration and market expansion, particularly in AI healthcare and innovative drug companies [3]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The upcoming World Conference on Lung Cancer (WCLC) is expected to showcase significant advancements in innovative drugs, generating new business development expectations [1] - The A-share pharmaceutical index has increased by 3% this week and 25% year-to-date, outperforming the CSI 300 by 0.7% and 18.2% respectively [4][9] - The report highlights the strong performance of the pharmaceutical sector, particularly in innovative drugs, research services, and CXO [10][11] Industry Trends - The WCLC will take place from September 6 to September 9, 2025, in Barcelona, featuring over 1,500 presentations, with a significant number from Chinese researchers [17][18] - Chinese innovation is prominently represented, with over 400 submissions, indicating a shift towards the commercialization of innovative drugs [18][19] Stock Performance - Notable stock performances include a 69% increase for Sainuo Medical and a 94% increase for Paig Biological in the H-share market [4][9] - The report provides a detailed overview of stock performance, highlighting both top gainers and losers in the pharmaceutical sector [9][13] Recommendations - The report suggests a focus on specific sub-sectors, ranking them as follows: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [10] - Specific stock recommendations include companies like Bory Pharmaceutical, Singlera Genomics, and Innovent Biologics based on various therapeutic angles [11][12]

Group 1 - Public funds have conducted over 3,800 research visits in the past month, with more than 150 institutions participating, indicating a strong interest in stock selection [2][3] - The average stock price increase of the companies researched by public funds reached 14.96%, significantly outperforming the market, with the top ten stocks seeing increases exceeding 73% [2] - The most favored sectors by public funds are TMT (Technology, Media, and Telecommunications) and pharmaceuticals, with 63 electronic companies and 47 pharmaceutical companies being researched extensively [3] Group 2 - The focus on AI technology is seen as a revolutionary change, with ongoing demand expected to drive growth across various industries [3] - In the pharmaceutical sector, there is an expectation of increased revenue for innovative drug companies, attracting long-term investments, with 2025 projected as a pivotal year for profitability [4] - The Chinese pharmaceutical industry is undergoing a valuation reset, with expectations of extended product life cycles and increased sales peaks due to the integration of commercial strategies [4]