Financial Data and Key Metrics Changes - Revenue reached $1.3 billion in Q2 2025, representing a 42% year-on-year growth [5][17] - GAAP earnings per ADS grew by $2 compared to Q2 of the previous year [5] - Free cash flow generated in Q2 was $220 million, an increase of over $400 million year-on-year [5] - Gross margin improved to approximately 87% from 85% in the prior quarter [21] - Non-GAAP net income reached $253 million, reflecting an increase of $230 million compared to the previous year [23] Business Line Data and Key Metrics Changes - Brukinza global revenues were $950 million, growing 49% year-on-year, driven by strong performance across all geographies [17] - Tovembra reported a 22% increase in revenue, reflecting continued market leadership in China [19] - In-licensed products showed continued strength, growing 27% year-on-year [19] Market Data and Key Metrics Changes - The US market generated $685 million with a year-on-year growth of 43% [20] - China revenue totaled $429 million, a 23% increase [20] - Europe contributed $152 million with 87% year-on-year growth [20] - Rest of world markets grew by 168% driven by market expansions and new launches [20] Company Strategy and Development Direction - The company aims to maintain leadership in the hematology franchise and expand its solid tumor pipeline [6][15] - Plans to combine assets in multiple phase three trials to improve outcomes for CLL patients [15] - The company is focused on serial innovation in CLL and aims to build a deep pipeline across various disease areas [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market leadership for Brukinza despite competitive pricing pressures [18] - The company anticipates stable pricing for the remainder of the year [46] - Future impacts from potential US tariffs are expected to be manageable within the context of the P&L [73] Other Important Information - The company is preparing for the initial global approval of Sonro and anticipates pivotal data for its BTK CDAC by 2026 [15] - The tablet formulation of Brukinza is expected to achieve a lower cost of goods and improve patient convenience [24] Q&A Session Summary Question: Update on Brukinza's US net pricing and inventory changes - Management anticipates stable pricing for the remainder of the year and has no significant inventory levels to comment on [46][47] Question: Reaction to Bruin CLL 314 data for PERTO versus IMBRUVICA - Management noted that the OR superiority was not formally tested and emphasized the importance of PFS data [48][49] Question: Delay in starting the second line phase three trial for CDK4 - Management stated that the delay is modest and aims to let data mature for better dose level selection [53] Question: Impact of US tariffs on gross margin - Management indicated that current guidance contemplates known tariffs and that impacts have been mitigated through supply chain strategies [73] Question: Specifics on access to Brukinza and revenue mix - Management confirmed that Brukinza continues to be listed on all Medicare Part D formularies and access is strong [99][100]

Financial Data and Key Metrics Changes - Revenue for Q2 reached $1.3 billion, representing a 42% year-on-year growth [4][16] - GAAP earnings per ADS increased by $2 compared to Q2 of the previous year [4] - Free cash flow generated in Q2 was $220 million, an increase of over $400 million compared to last year [4] Business Line Data and Key Metrics Changes - Brukinza's global revenues were $950 million, growing 49% year-on-year, driven by strong performance across all geographies [16] - Tovembra reported a 22% increase in revenue, reflecting continued market leadership in China [18] - In-licensed products grew 27% year-on-year, with the launch of zanadatumab in China [18] Market Data and Key Metrics Changes - The US market generated $685 million with a year-on-year growth of 43% [19] - China revenue totaled $429 million, a 23% increase [19] - Europe contributed $152 million with 87% year-on-year growth [19] - Rest of the world markets grew by 168% driven by market expansions and new launches [19] Company Strategy and Development Direction - The company aims to maintain leadership in the hematology franchise and expand its solid tumor pipeline [5][14] - Plans to run over 20 phase three trials and anticipate more than 10 proof of concept data readouts by 2026 [14] - Focus on serial innovation in CLL to address unmet patient needs across all lines of therapy [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market leadership for Brukinza despite competitive pricing pressures [17] - The company is optimistic about the prospects for its pipeline and upcoming milestones [14][27] - Management noted that the current guidance reflects known factors, including potential impacts from US tariffs [72] Other Important Information - Gross margin improved to approximately 87% from 85% in the prior quarter, reflecting favorable product mix and production cost efficiencies [20] - Non-GAAP net income reached $253 million, reflecting an increase of $230 million compared to the previous year [22] Q&A Session Summary Question: Update on Brukinza's US net pricing expectations - Management anticipates stable pricing for the remainder of the year and no significant inventory changes [46] Question: Reaction to Bruin CLL 314 data - Management noted that the study did not formally test OR superiority, and emphasized the importance of PFS data [47][48] Question: CDK4 trial timeline - Management updated the timeline for the second line phase three trial to early 2026 to allow for data maturation [52] Question: Market dynamics for CELESTIAL trial - Management expressed optimism about the Xanin plus Sonro combination and its potential market impact [58] Question: Gross margin improvements - Management attributed gross margin improvements to production efficiencies and a favorable product mix [71] Question: Access to Brukinza - Management confirmed that the majority of patients have access to Brukinza, with a successful appeals process for new patients [96] Question: Revenue guidance drivers - Management indicated that the updated revenue guidance reflects confidence in execution across the portfolio [80]

2025上半年，百济神州总收入24.3亿美元，同比增长45%。上半年GAAP经营利润为9899万美元，去年同期为亏损3.69亿美元。上半年净利润为9559万 美元，去年同期为亏损3.72亿美元。 百济神州美股盘前涨超4%。 Q2总收入13亿美元，同比增长42%；其中，百悦泽全球收入达9.5亿美元，同比增长49%。 GAAP经营利润为8789万美元，较上年同期的亏损1.07亿美元扭亏； 净利润为9432万美元，去年同期为亏损1.2亿元； GAAP稀释每股ADS收益0.84美元，非GAAP稀释每股ADS收益2.25美元； 自由现金流2.2亿美元； 毛利率提升至87.4%（上年同期85%）。 百济神州Q2收入13亿美元，经营利润扭亏为盈，核心产品百悦泽全球收入达9.5亿美元，同比增长49%。公司将全年收入指引上调至50-53亿美元，并维 持全年经营利润为正的预期。 8月6日，百济神州公布2025年二季度及上半年未经审核财务业绩： | | | 截至6月30日止三個月 | | | | 截至6月30日止六個月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

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7月31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 (根據瑞士法律註冊成立的公司) 呈交日期: 2025年8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 | 請見備注 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | 本 ...

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6月30日 狀態: 重新提交 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 (根據瑞士法律註冊成立的公司) 呈交日期: 2025年8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 | 請見備注 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | ...

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5月31日 狀態: 重新提交 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 (根據瑞士法律註冊成立的公司) 呈交日期: 2025年8月6日 FF301 FF301 （1）自遷址及存續於2025年5月27日（瑞士時間）生效起，百濟神州有限公司（"本公司"）於2025年4月28日通過的特別決議案採納之組織章程細則（"瑞士章程"）亦立即生效。根據瑞士章 程，本公司的股本區間範圍為138,687.8308美元（下限）至231,146.3847美元（上限），每股面值為0.0001美元。根據瑞士法律，本公司董事會有權在2029年4月28日之前，隨時或不時在股本區 間內增加或減少股本。 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 | 請見 ...

Core Insights - BeiGene reported strong financial performance for Q2 2025, achieving total revenue of 17.518 billion RMB, a year-on-year increase of 46.0% [1] - The company turned profitable with an operating profit of 799 million RMB and a net profit attributable to shareholders of 450 million RMB, marking a significant turnaround from losses in the previous year [1] - BeiGene updated its revenue guidance for the full year 2025, now expecting revenue between 35.8 billion RMB and 38.1 billion RMB, with a gross margin forecast of 80% to 90% [1] Financial Performance - Total revenue for the first half of 2025 reached 17.518 billion RMB, with product revenue at 17.360 billion RMB, reflecting a growth of 45.8% compared to the previous year [1][2] - The sales of the BTK inhibitor, Zebrutinib, reached 12.527 billion RMB in the first half of 2025, a 56.2% increase year-on-year, with U.S. sales contributing 8.958 billion RMB, up 51.7% [3] - The PD-1 inhibitor, Tislelizumab, generated sales of 2.643 billion RMB, a 20.6% increase, driven by new indications approved for reimbursement in China [3] Product Development and Market Position - BeiGene's CEO emphasized the company's commitment to sustainable growth and its leading position in the global oncology market, particularly with its core product, Tislelizumab [2] - The company is advancing two additional blood cancer products in Phase 3 clinical trials, with key data expected soon, which will further strengthen its market position [2] - BeiGene plans to achieve over 20 research milestones in the next 18 months, indicating a robust pipeline in both hematologic and solid tumor treatments [2]

Performance Highlights - BeiGene (06160.HK) reported a revenue of 17.518 billion yuan for the first half of the year, a year-on-year increase of 46%; product revenue was 17.36 billion yuan, up 45.8%; net profit was 450 million yuan, turning from loss to profit [2] - Uni-President China (00220.HK) achieved approximately 17.087 billion yuan in revenue for the first half, a year-on-year increase of 10.6%; net profit was about 1.287 billion yuan, up 33.2% [2] - Zhiyu City Technology (09911.HK) announced a positive profit forecast, expecting mid-term revenue of approximately 3.135 to 3.215 billion yuan, a year-on-year increase of about 38.0% to 41.5%; net profit is expected to be around 470 to 510 million yuan, a year-on-year growth of approximately 108.9% to 126.7% [2] Earnings Forecasts - New World Development Company (00086.HK) expects mid-term net profit to increase to no less than 800 million HKD year-on-year [3] - Weizhi Jinkou (02003.HK) anticipates mid-term net profit exceeding 200 million HKD, a significant increase year-on-year [3] - Wing Chan Industrial (01596.HK) forecasts mid-term net profit of approximately 48.7 million HKD, turning from loss to profit [3] - Huaxian Optoelectronics (00334.HK) expects mid-term net profit to exceed 48.8 million HKD, a year-on-year increase of over 600% [3] - Maifushi (02556.HK) predicts mid-term net profit of approximately 31.8 to 41 million HKD, turning from loss to profit [4] - Xinwei Medical-B (06609.HK) expects mid-term net profit to exceed 40 million HKD, turning from loss to profit [5] - China Nuclear Technology (00611.HK) anticipates mid-term net profit growth of over 15% [6] Earnings Warnings - Hongxing Printing Group (00450.HK) expects mid-term net loss of approximately 49 million HKD, a significant increase year-on-year [7] - Zhongyu Land (01224.HK) forecasts mid-term net loss of approximately 40 million HKD, turning from profit to loss [7] - Beihai Group (00701.HK) anticipates mid-term net loss of 36 to 40 million HKD [8] Real Estate Sales Data - China Overseas Development (00688.HK) reported cumulative contract property sales of approximately 132 billion yuan for the first seven months, a year-on-year decrease of 18.3% [9] - Yuexiu Property (00123.HK) achieved cumulative contract sales of approximately 67.506 billion yuan for the first seven months, a year-on-year increase of about 11.7% [9] - Poly Property Group (00119.HK) reported contract sales of approximately 29.5 billion yuan for the first seven months, a year-on-year decrease of 13.49% [10] - China Overseas Hongyang Group (00081.HK) reported cumulative contract sales of 18.649 billion yuan for the first seven months, a year-on-year decrease of 12.2% [10] - Jindi Commercial Real Estate (00535.HK) reported cumulative contract sales of approximately 6.98 billion yuan for the first seven months, a year-on-year decrease of 37.37% [10] - Agile Group (03383.HK) reported pre-sale amount of approximately 5.69 billion yuan for the first seven months [11] - Hongyang Real Estate (01996.HK) reported cumulative contract sales of 3.208 billion yuan for the first seven months, a year-on-year decrease of 41.6% [12] - Zhengrong Real Estate (06158.HK) reported cumulative contract sales of approximately 2.701 billion yuan for the first seven months, a year-on-year decrease of 30.6% [12] - Jingrui Holdings (01862.HK) reported cumulative contract sales of approximately 571 million yuan for the first seven months, a year-on-year decrease of 52.54% [13] Company News - CITIC Securities (06030.HK) reported that its subsidiary, Huaxia Fund, achieved revenue of 4.258 billion yuan and net profit of 1.123 billion yuan in the first half, with assets under management totaling 285.1237 billion yuan [14] - Xinyi International (00732.HK) reported a cumulative operating revenue of approximately 9.566 billion HKD for the first seven months, a year-on-year decrease of about 5.3% [15] - Heng Rui Pharmaceutical (01276.HK) received orphan drug designation from the US FDA for its injection of Rikan Trastuzumab combined with Adebali for gastric cancer or gastroesophageal junction adenocarcinoma indications [15] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanlikang® for active renal glomerulonephritis in China [15] - China Biopharmaceutical (01177.HK) announced that its self-developed TQ05105 (JAK/ROCK inhibitor) has been included in the breakthrough therapy designation program for the treatment of chronic graft-versus-host disease [15] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.65 billion HKD worth of about 1.714 million shares at a price of 95.8 to 96.75 HKD [16] - Hang Seng Bank (00011.HK) spent approximately 22.6347 million HKD to repurchase 200,000 shares at a price of 112.8 to 113.6 HKD [17] - Yum China (09987.HK) repurchased approximately 6.264 million HKD worth of 16,800 shares at a price of 369.8 to 376 HKD [17]

Financial Performance - BeOne reported Q2 2025 revenue of $1.3 billion, a 42% year-over-year increase[13] - BRUKINSA U S revenue reached $684 million, representing a 43% year-over-year growth[16] - TEVIMBRA revenue increased by 22% year-over-year[45] - GAAP earnings per ADS were $0.84, while non-GAAP earnings per ADS were $2.25[13] - GAAP operating cash flow was $264 million, and free cash flow was $220 million[13] BRUKINSA Highlights - BRUKINSA is the U S revenue leader among BTK inhibitors and the fastest-growing brand[15] - BRUKINSA demonstrated an overall response rate (ORR) ranging from 76.3% to 88.4% across different follow-up periods in the ALPINE trial[23] - In the ALPINE trial, BRUKINSA showed progression-free survival (PFS) superiority over ibrutinib in relapsed/refractory CLL patients, with a hazard ratio of 0.66 (95% CI: 0.52, 0.84)[26] Pipeline Development - Registrational filings for Sonro in China for R/R CLL and R/R MCL have been submitted[13] - Phase 3 trials have been initiated for Sonro in combination with CD20 antibody[13] - Global registrational filings for Sonro in R/R MCL are expected in the second half of 2025[13]

Core Viewpoint - In the first half of 2025, BeiGene achieved a net profit of 450 million yuan, marking its first profit driven by product sales rather than external licensing, primarily due to the sales growth of its self-developed products, Brukinsa (Zebutinib) and Tislelizumab, as well as Amgen's licensed products [1][2]. Financial Performance - In the first half of 2025, BeiGene reported total revenue of 17.518 billion yuan, a year-on-year increase of 46% [1]. - The global sales of Brukinsa reached 12.527 billion yuan, up 56.2% year-on-year, with U.S. sales contributing 8.958 billion yuan, reflecting a 51.7% increase [3]. - Tislelizumab's sales totaled 2.643 billion yuan, growing by 20.6% year-on-year, driven by new patient demand from its inclusion in the Chinese medical insurance [3]. Revenue Guidance and Profitability - BeiGene updated its revenue guidance for 2025, now expecting total revenue between 35.8 billion and 38.1 billion yuan, with a gross margin forecasted to be in the mid-to-high range of 80% to 90% [3]. - The company anticipates positive net cash flow from operating activities after capital expenditures for the year [3]. Product Development and Pipeline - BeiGene plans to conduct multiple concept validation data readouts across a broad product portfolio, with over 20 milestone advancements expected in the next 18 months in both hematological and solid tumor pipelines [3][4]. - The company is advancing its two blood cancer products, BCL2 inhibitor Sotorasib and BTK chimeric degradation-activated compound BGB-16673, which are in Phase 3 clinical trials [4]. Clinical Trials and Regulatory Progress - Sotorasib is being evaluated in global clinical trials, with a focus on its use in combination with Brukinsa for treating relapsed or refractory chronic lymphocytic leukemia and mantle cell lymphoma [5]. - The application for Sotorasib's marketing in China has been accepted and is under priority review, with plans for data readout from Phase 2 trials expected in the second half of 2025 [5].