Core Insights - Company achieved its first half-year profit with a net profit of 450 million RMB, reversing a loss of 2.877 billion RMB in the same period last year [1] - Total revenue for the first half of 2025 reached 17.518 billion RMB, a year-on-year increase of 46.0%, with core product revenue at 17.360 billion RMB, up 45.8% [1][2] - The company’s flagship product, Baiyueze (Zebutinib), generated global sales of 12.527 billion RMB, marking a 56.2% increase, with significant growth in the U.S. and European markets [2] Financial Performance - The second quarter revenue was approximately 9.4 billion RMB, reflecting a 42% year-on-year growth [1] - GAAP net profit for the second quarter was about 680 million RMB, indicating strong profitability momentum [1] - The company raised its full-year revenue guidance from a range of 35.2 billion to 38.1 billion RMB to 35.8 billion to 38.1 billion RMB, reflecting management's confidence in future growth [4][5] Product Performance - Baiyueze's sales in the U.S. reached 8.958 billion RMB, a 51.7% increase, while sales in Europe grew by 81.4% [2] - Another key product, Baizean (Tislelizumab), achieved sales of 2.643 billion RMB, a 20.6% increase, benefiting from new indications and increased patient demand [2][4] - Baizean has been approved in 47 global markets, with significant recent approvals in key markets like Japan and Europe [4] Strategic Developments - The company is advancing its next-generation innovation pipeline, with two blood cancer products in Phase 3 clinical trials expected to announce key data soon [4] - Over the next 18 months, the company anticipates more than 20 research milestones, including progress in its solid tumor pipeline [4] - The ongoing expansion of the global commercialization network and continuous approval of new indications for core products are positioning the company as a leading biopharmaceutical enterprise [5]

Major Events - Cathay Pacific (00293) has purchased fourteen Boeing 777-9 aircraft [1] - Hengrui Medicine (01276) received FDA orphan drug designation for the combination of injection Rituximab and chemotherapy for gastric cancer or gastroesophageal junction adenocarcinoma [1] - China National Pharmaceutical Group's self-developed drug TQ05105 (JAK/ROCK inhibitor) has been included in the breakthrough therapy designation program [1] - Junshi Biosciences (02696) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanli Kang® for active glomerulonephritis in China [1] - YingTai Medical (01501) plans to invest no more than 110 million yuan to establish the Huai Ge Guang Tai Fund [1] - JinJing New Energy (01783) proposed a stock split [1] Financial Data - Cathay Pacific (00293) reported a mid-term profit attributable to shareholders of 3.651 billion HKD, a year-on-year increase of 1.1%, with an interim dividend of 0.20 HKD per share [1] - Uni-President Enterprises China (00220) reported a mid-term profit attributable to shareholders of 1.287 billion CNY, a year-on-year increase of 33.24% [1] - BeiGene (06160) reported a net profit of 94.32 million USD for the second quarter, returning to profitability year-on-year [1] - Sun Hung Kai Properties (00086) issued a profit warning, expecting mid-term profit attributable to shareholders to increase to no less than 800 million HKD year-on-year [1] - Weixin Jinke (02003) issued a profit warning, expecting mid-term comprehensive net profit to be no less than 200 million CNY, a significant year-on-year increase [1] - ZhiZi Cheng Technology (09911) issued a profit warning, expecting mid-term profit attributable to shareholders to increase by approximately 108.9% to 126.7% year-on-year [1] - China Star Optoelectronics (00334) issued a profit warning, expecting a year-on-year increase of no less than 600% in profit attributable to the parent company for the first half of the year [1] - Xinli International (00732) reported a total operating revenue of approximately 1.468 billion HKD in July, a year-on-year decrease of about 3.3% [1]

Core Viewpoint - The company, BeiGene, reported significant growth in its financial performance for the first half of 2025, with total revenue reaching RMB 17.52 billion, a 46% increase year-over-year, driven by strong sales of its proprietary products and collaborations [1][6]. Financial Performance - Total revenue for the first half of 2025 was RMB 17,518,269, compared to RMB 11,996,406 in the same period last year, marking a 46.0% increase [1]. - Product revenue accounted for RMB 17,360,163, up 45.8% from RMB 11,907,783 year-over-year [1]. - The company achieved a net profit attributable to shareholders of RMB 261,105, a significant recovery from a net loss of RMB 3,124,740 in the previous year [1]. - Basic earnings per share improved to RMB 0.32 from a loss of RMB 2.12 [1]. - Total assets increased by 4.8% to RMB 44,872,354, while equity attributable to shareholders rose by 11.1% to RMB 26,856,000 [1]. Product Performance - The growth in product revenue was primarily driven by the sales of the self-developed drug, Brukinsa (Zebutinib), and the licensed product from Amgen, as well as the sales of Tislelizumab (百泽安) [1][6]. - Sales in the U.S. reached RMB 8.96 billion, a 51.7% increase, attributed to strong demand across all indications and favorable net pricing [1]. - European sales totaled RMB 1.92 billion, up 81.4%, due to increased market share in major European markets [1]. - In China, sales reached RMB 1.19 billion, a 36.5% increase, driven by new indications being included in medical insurance [1]. Clinical Development - The company is advancing its pipeline with a focus on rapid clinical concept validation, supported by a global R&D team of over 3,700 [3]. - The company has the largest oncology research team in the industry and is working on multiple innovative platforms, including antibody-drug conjugates and multi-specific antibodies [3]. - Key clinical trials are ongoing for drugs like Sonrotoclax and BGB-16673, with plans for significant milestones in the next 18 months [4][5]. Corporate Developments - The company has officially changed its English name to BeOne Medicines Ltd. and relocated its registered office from the Cayman Islands to Switzerland [6].

A 股代码：688235 A 股简称：百济神州 公告编号：2025-029 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 自愿披露关于2025年度经营业绩预测调整的公告 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。 百济神州有限公司（以下简称"公司"）于 2025 年 2 月 28 日披露了《百 济神州有限公司自愿披露关于 2025 年度经营业绩预测的公告》（公告编号： 公司经营业绩情况和未来业绩前景，公司决定对 2025 年度经营业绩预测情况进 行调整，现将有关情况公告如下： 一、2025 年度经营业绩预测调整情况 综合公司业务发展趋势，公司对预计的中国企业会计准则下 2025 年全年的 经营业绩情况调整如下： 调整前 2025 年度经营业绩预 调整后 2025 年度经营业绩预 测 测 将介于人民币 352 亿元至 381 将介于人民币 358 亿元至 381 营业收入 亿元之间 亿元之间 研发费用、销售及管理费 将介于人民币 295 亿元至 319 将介于人民币 295 亿元至 319 ...

Major Events - Cathay Pacific (00293) has purchased fourteen Boeing 777-9 aircraft [1] - Hengrui Medicine (01276) received FDA orphan drug designation for the combination of injection Rituximab and chemotherapy for gastric cancer or gastroesophageal junction adenocarcinoma [1] - China National Pharmaceutical Group (01177) has its self-developed drug TQ05105 (JAK/ROCK inhibitor) included in the breakthrough therapy designation program [1] - Junshi Biosciences (02696) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanli Kang® for active glomerulonephritis in China [1] - YingTai Medical (01501) plans to invest no more than 110 million yuan to establish the Huai Ge Guang Tai Fund [1] - JinJing New Energy (01783) proposed a stock split [1] Financial Data - Cathay Pacific (00293) reported a mid-term profit attributable to shareholders of 3.651 billion HKD, a year-on-year increase of 1.1%, with an interim dividend of 0.2 HKD per share [1] - Uni-President Enterprises China (00220) reported a mid-term profit attributable to shareholders of 1.287 billion CNY, a year-on-year increase of 33.24% [1] - BeiGene (06160) reported a net profit of 94.32 million USD in the second quarter, returning to profitability year-on-year [1] - New World Development Company (00086) issued a profit warning, expecting mid-term profit attributable to shareholders to increase to no less than 800 million HKD year-on-year [1] - Weixin Jinkao (02003) issued a profit warning, expecting mid-term comprehensive net profit to be no less than 200 million CNY, a significant year-on-year increase [1] - ZhiZi Cheng Technology (09911) issued a profit warning, expecting mid-term profit attributable to shareholders to increase by approximately 108.9% to 126.7% year-on-year [1] - Huaxian Optoelectronics (00334) issued a profit warning, expecting a year-on-year increase of no less than 600% in profit attributable to the parent company [1] - Xinli International (00732) reported a total operating revenue of approximately 1.468 billion HKD in July, a year-on-year decrease of about 3.3% [1]

Group 1 - BeiGene reported a net profit of 450 million yuan for the first half of 2025, reversing a loss of 287.7 million yuan in the same period last year, with a total revenue of 17.518 billion yuan, up 46.0% year-on-year [1] - The company attributed the profit increase to significant growth in product revenue and improved operational efficiency through cost management [1] Group 2 - Tianyang Technology is planning to acquire a portion of the equity in Tonglian Financial Services Co., Ltd. and related companies, aiming to enhance its competitive advantage in credit card and consumer finance system services [2] - The acquisition is expected to create synergies in areas such as industry positioning, product development, and technical services [2] Group 3 - ST Yazhen's stock experienced abnormal trading fluctuations, with a cumulative price increase of 12% over three consecutive trading days, leading to a suspension of trading for investigation starting August 7, 2025 [3] - The company noted that the short-term price increase significantly deviated from the Shanghai Composite Index and the furniture manufacturing industry [3] Group 4 - Shunbo Alloy reported a revenue of approximately 7.126 billion yuan for the first half of 2025, an increase of 11.75% year-on-year, with a net profit of about 176.6 million yuan, up 110.56% [4] - Tapa Group achieved a revenue of approximately 2.056 billion yuan, a 4.05% increase year-on-year, with a net profit of about 435.4 million yuan, up 92.47% [4] - Liyuan Information reported a revenue of approximately 4.034 billion yuan, a 17.46% increase year-on-year, with a net profit of about 96.1 million yuan, up 65.79% [5] Group 5 - Zhongchumei reported a revenue of approximately 461.1 million yuan for the first half of 2025, a 16.46% increase year-on-year, with a net profit of about 126.8 million yuan, up 31.52% [5] - Pudong Development Bank reported a revenue of approximately 90.559 billion yuan, a 2.62% increase year-on-year, with a net profit of about 29.737 billion yuan, up 10.19% [5]

Core Viewpoint - BeiGene has reported its first half-year profitability since its listing, driven by significant product revenue growth and improved cost management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached RMB 17.518 billion, a year-on-year increase of 46.0% [1]. - Operating profit was RMB 799 million, and net profit attributable to shareholders was RMB 450 million, marking a turnaround from losses in the previous year [1]. - Product revenue amounted to RMB 17.36 billion, up 45.8% year-on-year [1]. Key Products and Sales - The sales of the BTK inhibitor, Zebrutinib, reached RMB 12.527 billion in the first half, a 56.2% increase [2]. - In the U.S. market, Zebrutinib sales were RMB 8.958 billion, growing by 51.7% [1][2]. - The PD-1 inhibitor, Tislelizumab, generated sales of RMB 2.643 billion, reflecting a 20.6% increase [2]. Market Position - Zebrutinib has maintained the top position in the BTK inhibitor market in the U.S. for two consecutive quarters, with Q2 sales of USD 684 million, a 43% increase [2]. - In Europe, Zebrutinib sales reached RMB 1.918 billion, up 81.4% [2]. - In China, Zebrutinib sales were RMB 1.192 billion, a 36.5% increase [2]. R&D Pipeline - The company anticipates over 20 milestone developments in its blood cancer and solid tumor pipelines within the next 18 months [1]. - BeiGene has established three proprietary products in blood cancer treatment, including Zebrutinib and two products in Phase 3 clinical trials [3]. - The company is expanding its pipeline in solid tumors, focusing on various cancers and utilizing diverse technology platforms [3]. Future Guidance - BeiGene has updated its full-year revenue guidance for 2025 to a range of RMB 35.8 billion to RMB 38.1 billion [3]. - The gross margin guidance has been adjusted to a mid-high range of 80% to 90% [3]. - Positive cash flow from operating activities is expected for the year, excluding capital expenditures [3].

Major Events - Cathay Pacific (00293) has purchased fourteen Boeing 777-9 aircraft [1] - Hengrui Medicine (01276) received FDA orphan drug designation for injection of Rukang Qutuzumab combined with Atezolizumab and chemotherapy for gastric cancer or gastroesophageal junction adenocarcinoma [1] - China National Pharmaceutical Group (01177) has its self-developed TQ05105 (JAK/ROCK inhibitor) included in the breakthrough therapy designation program [1] - Junshi Biosciences (02696) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanlikang® for active glomerulonephritis in China [1] - YingTai Medical (01501) plans to invest no more than 110 million yuan to establish the Huai Ge Guang Tai Fund [1] - JinJing New Energy (01783) proposed a stock split [1] Financial Data - Cathay Pacific (00293) reported a mid-term profit attributable to shareholders of 3.651 billion HKD, a year-on-year increase of 1.1%, with an interim dividend of 0.20 HKD per share [1] - Uni-President Enterprises China (00220) reported a mid-term profit attributable to shareholders of 1.287 billion CNY, a year-on-year increase of 33.24% [1] - BeiGene (06160) reported a net profit of 94.32 million USD for the second quarter, returning to profitability year-on-year [1] - Sun Hung Kai Properties (00086) issued a profit warning, expecting mid-term profit attributable to shareholders to increase to no less than 800 million HKD year-on-year [1] - Weimeng Jin Ke (02003) issued a profit warning, expecting mid-term comprehensive net profit to be no less than 200 million CNY, a significant year-on-year increase [1] - Zhi Zi Cheng Technology (09911) issued a profit warning, expecting mid-term profit attributable to shareholders to increase by approximately 108.9% to 126.7% year-on-year [1] - China Star Optoelectronics Technology (00334) issued a profit warning, expecting a year-on-year increase of no less than 600% in profit attributable to the parent company for the first half of the year [1] - Xinli International (00732) reported a total operating revenue of approximately 1.468 billion HKD in July, a year-on-year decrease of about 3.3% [1]

Core Insights - The company achieved a significant milestone by reporting its first half-year profit, with a net profit of 450 million RMB, reversing a loss of 2.877 billion RMB from the previous year [2][4][6] - Total revenue for the first half of 2025 reached 17.518 billion RMB, marking a year-on-year growth of 46.0%, with core product revenue at 17.360 billion RMB, up 45.8% [1][2] Revenue Breakdown - In Q2 2025, total revenue was approximately 9.4 billion RMB, reflecting a year-on-year increase of 42% [1] - The global sales of the core product, BTK inhibitor Baiyueze (Zebutinib), reached 12.527 billion RMB, a 56.2% increase year-on-year, with the U.S. market contributing 8.958 billion RMB, up 51.7% [4][5] - Baiyueze's sales in Europe surged by 81.4%, while in China, the growth rate was 36.5% [4] Product Performance - The company’s other key product, Bai Ze An (Tislelizumab), generated sales of 2.643 billion RMB, a 20.6% increase, driven by new indications and increased hospital access [4] - Baiyueze has been approved in over 75 markets globally, with significant expansions in reimbursement coverage across 20 markets in Q2 2025 [5] Future Outlook - The company anticipates over 20 R&D milestones in the next 18 months, including key data releases for two blood cancer products currently in Phase 3 trials [5] - The full-year revenue guidance for 2025 has been raised to a range of 35.8 billion to 38.1 billion RMB, reflecting management's confidence in sustained growth [6]

Core Insights - The company achieved a significant milestone by reporting its first half-year profit in 2025, marking a transition from a high-investment R&D phase to a sustainable growth phase [1] - Total revenue for the first half of 2025 reached 17.518 billion RMB, a year-on-year increase of 46.0%, with core product revenue at 17.360 billion RMB, up 45.8% [1] - The company reported a net profit of 450 million RMB for the first half, a turnaround from a loss of 2.877 billion RMB in the same period last year [1] Revenue Breakdown - The global sales of the core product, BTK inhibitor Baiyueze (Zebutinib), reached 12.527 billion RMB, a year-on-year increase of 56.2% [2] - In the U.S., Baiyueze sales amounted to 8.958 billion RMB, up 51.7% year-on-year, while sales in Europe grew by 81.4% [2] - The company's other key product, Bai Ze An (Tislelizumab), generated sales of 2.643 billion RMB, reflecting a growth of 20.6% [2] Global Expansion and Future Outlook - The company has deepened its global footprint, with approvals in 47 markets and new reimbursement inclusions in 20 markets during Q2 [3] - Upcoming key data from two blood cancer products in Phase 3 clinical trials is expected, with over 20 R&D milestones anticipated in the next 18 months [3] - The company raised its full-year revenue guidance for 2025 from a range of 35.2 billion to 38.1 billion RMB to 35.8 billion to 38.1 billion RMB, indicating management's confidence in future growth [4]