A 股代码：688235 A 股简称：百济神州 公告编号：2025-031 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 关于召开2025年半年度业绩说明会的公告 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。 重要内容提示： 1、会议召开时间：2025 年 9 月 1 日（星期一）上午 09:00-10:00 2、会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@beonemed.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 百济神州有限公司（以下简称"公司"）将于 2025 年 8 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解 公司 2025 年半年度经营成果 ...

Core Viewpoint - Hansoh Pharmaceutical plans to raise HKD 3.9 billion through a placement, marking its third refinancing since its listing, with its stock price currently at approximately 80% of its historical high [2] Group 1: Financing Activities - Since the beginning of 2025, over 20 innovative pharmaceutical companies listed in Hong Kong have engaged in refinancing, significantly surpassing the same period last year, with total refinancing exceeding HKD 34 billion [2][4] - WuXi AppTec raised nearly HKD 7.7 billion through a share placement, making it the highest fundraising company in this round of refinancing [5] - Innovent Biologics raised approximately HKD 4.3 billion through the placement of 55 million new shares, with 90% of the funds allocated for global R&D and facility layout [5] Group 2: Stock Performance and Market Trends - The stock prices of many innovative pharmaceutical companies have doubled since the beginning of the year, indicating a market recovery [2] - Innovent Biologics' stock price has increased over 2.5 times since the start of the year, reflecting strong market interest [10] Group 3: Shareholder Actions - Some founders and major shareholders are taking the opportunity to reduce their holdings and cash out, despite the ongoing fundraising activities [4][10] - Notable reductions include Temasek's divestment of over HKD 2.4 billion from Innovent Biologics and significant sales by other major shareholders in various companies [10][11] Group 4: Alternative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to new shares, making it more attractive for investors [7][8] - Companies like Aisheng Pharmaceutical and others have successfully raised funds through this method, indicating a trend in the market [8]

Core Insights - The European Commission has approved a new film-coated tablet formulation of BeiGene's drug Brukinsa (Zebutinib) for all locally approved indications [1] - The tablet formulation is set to gradually replace the capsule formulation in the EU market starting from October 2025, aiming to meet clinical treatment needs and enhance patient convenience [1] Company Summary - BeiGene's Brukinsa will transition to a tablet form in the EU, which is expected to improve patient adherence and ease of use [1] - The approval reflects BeiGene's commitment to addressing patient needs and optimizing treatment options [1] Industry Summary - The shift from capsule to tablet formulation indicates a trend towards more patient-friendly drug delivery methods in the pharmaceutical industry [1] - This change may influence market dynamics and competitive positioning within the oncology treatment sector [1]

人民财讯8月22日电，据百济神州消息，欧盟委员会(EC)已批准百悦泽(泽布替尼)新的薄膜包衣片剂剂 型用于所有当地已获批适应症。欧盟市场将从2025年10月逐步以片剂剂型取代胶囊剂型，以满足患者的 临床治疗需求，并提升给药的便捷性。 ...

Group 1: Macro Strategy and Market Overview - The report highlights that the financing balance has surpassed 2 trillion, indicating a significant increase in market activity and investor risk appetite, with net inflows in both northbound and southbound capital [3][22][23] - The overall liquidity situation shows a net outflow of 247.5 billion, with total funding supply at 77.8 billion and demand at 325.3 billion, suggesting a tightening liquidity environment [22][23] - The report emphasizes the importance of monitoring developments in US-China negotiations and potential meetings between leaders, which could impact market sentiment [3][22] Group 2: Banking Sector Analysis - As of August 18, 2025, the valuation of the banking sector has increased by 32.53% over the past year, with a price-to-book (PB) ratio of 0.72 and a return on equity (ROE) of 8.92% [4] - The report identifies three main reasons for the persistent undervaluation of banks: asset quality risks, declining revenue capabilities, and high growth in net assets per share, which collectively contribute to a lower market valuation [4] - The theoretical PB corresponding to the current ROE is estimated at 0.63, indicating that a return to a PB of 1 would require an ROE of approximately 14.15% [4] Group 3: Power Generation Sector Insights - The report discusses the profitability disparities among thermal power assets in Guangdong, highlighting that different regions experience varying electricity prices, impacting overall profitability [6] - It notes that high-efficiency coal-fired power units are expected to perform better in terms of profitability, particularly the 1 million kilowatt units, which have a net profit per kilowatt-hour above 0.01 yuan [6] - The outlook for electricity prices is relatively stable, with expectations of limited downside, and a focus on capacity price changes in the future [6] Group 4: Company-Specific Performance - Spring Wind Power reported a revenue of 9.855 billion yuan for H1 2025, a year-on-year increase of 30.9%, with a net profit of 1.002 billion yuan, up 41.35% [10][26] - The company achieved a gross margin of 28.38% and a net profit margin of 10.17%, indicating strong operational efficiency despite a slight decline in gross margin [10][26] - The report projects an upward revision in profit forecasts for Spring Wind Power, estimating profits of 1.858 billion, 2.483 billion, and 2.936 billion yuan for 2025-2027 [10][30] Group 5: Pharmaceutical Sector Developments - BeiGene reported a total revenue of 2.433 billion USD for H1 2025, reflecting a 45% year-on-year growth, with a significant turnaround in profitability [11][35] - The company’s core product, Zanubrutinib, saw global sales of 950 million USD in Q2 2025, marking a 49% increase year-on-year [11][35] - Future milestones include several drugs entering Phase III clinical trials, with expected approvals and significant revenue contributions anticipated in the coming years [11][35] Group 6: Retail and Consumer Goods Performance - Pop Mart achieved a revenue of 13.88 billion yuan in H1 2025, a 204.4% increase, with overseas revenue growing by 440% [12][36] - The company’s gross margin improved to 70.3%, driven by an increase in overseas sales and product design optimization [12][36] - The report highlights the successful expansion of Pop Mart's IP portfolio, with significant contributions from various product categories, indicating a diversified revenue stream [12][37]

Core Insights - Innovative pharmaceutical companies BeiGene and Innovent Biologics have reported positive financial results, with BeiGene achieving a net profit of 450 million yuan in the first half of the year, marking its first half-year profitability [1] - Innovent Biologics recorded its first profit in Q1 of this year, although it still incurred a slight loss in the first half, which has significantly reduced compared to the same period last year [1] - The performance improvements of these companies reflect the strong vitality and potential of the biopharmaceutical industry in Beijing, which has been developing for a decade [1] Company Performance - BeiGene's sales of its core innovative cancer drug, Zebrutinib, reached a total of 12.527 billion yuan in the first half of the year, representing a year-on-year growth of 56.2% [1] - The sales breakdown shows that in China, sales totaled 1.192 billion yuan, up 36.5% year-on-year; in the United States, sales reached 8.958 billion yuan, growing by 51.7%; and in Europe, sales amounted to 1.918 billion yuan, with an increase of 81.4% [1] - Another cancer drug, Tislelizumab, generated sales of 2.643 billion yuan in the first half, reflecting a year-on-year growth of 20.6% [1] Future Growth Potential - BeiGene is accelerating its innovative "flywheel" and is positioned for future growth with a global R&D network established across multiple countries [2] - The company has over 40 products in clinical development and commercialization stages, with 13 differentiated new molecular entities set to enter clinical development in 2024 [2]

Group 1 - The interest of South Korean residents in the Chinese stock market has significantly increased this year, with various professionals, including university professors and financial workers, showing strong interest [1] - A veteran investor, Yuan Guodong, has shifted focus from the Korean market to overseas markets, particularly Chinese stocks listed in Hong Kong, due to perceived undervaluation and growth potential in the Chinese market [1] - Yuan's investment strategy emphasizes three sectors: the new energy and electric vehicle industry, technology and consumer electronics, and emerging consumption and healthcare, highlighting companies like BYD, CATL, and Xiaomi [1] Group 2 - Yuan has achieved a return of approximately 15%-20% on his Chinese stock investments, outperforming the average returns of local Korean stocks [2] - The long-term outlook for the Chinese stock market is optimistic, driven by the global competitiveness of companies in new energy, AI, and consumer sectors, with many high-quality Chinese firms being undervalued compared to their US counterparts [2] - Yuan plans to increase the allocation of Chinese assets in his portfolio from around 20% to 30%-35%, aiming for a balanced core asset allocation alongside US stocks [2]

Core Viewpoint - The Agricultural Bank of China Healthcare Fund (000913) has shown positive performance with a recent net value of 1.9672 yuan, reflecting a growth of 0.83% [1]. Performance Summary - The fund's one-month return is 2.34%, ranking 946 out of 1025 in its category [1]. - Over the past six months, the fund has achieved a return of 43.83%, ranking 46 out of 986 [1]. - Year-to-date, the fund's return stands at 43.08%, with a ranking of 88 out of 976 [1]. Holdings Overview - The top ten holdings of the Agricultural Bank of China Healthcare Fund account for a total of 51.10% of the portfolio, with the following key positions: - Heng Rui Medicine: 8.16% - Zai Lab: 7.99% - Xin Li Tai: 5.84% - Hotgen Biotech: 5.63% - Kelun Pharmaceutical: 5.02% - HAOYOBIO: 4.36% - BeiGene: 3.61% - Eucure Biopharma: 3.58% - Ausun Pharmaceutical: 3.52% - Bide Pharmaceutical: 3.39% [1]. Fund Details - The Agricultural Bank of China Healthcare Fund was established on February 10, 2015, and as of June 30, 2025, it has a total asset size of 1.441 billion yuan [1]. - The fund manager is Meng Yuan, who has a master's degree and has held various positions in the financial sector, including roles at Bank of China Fund Management and Agricultural Bank of China Asset Management [1].

周四（8月21日），A股市场全天震荡调整，三大指数涨跌不一。午后市场抛压逐渐加重，沪指在大金 融顶盘靠近3800点失败后回落，场内炸板率激增。两市全天成交额2.42万亿元，连续7个交易日突破2万 亿元。盘面上，市场热点持续轮动，个股跌多涨少，全市场超3000只个股下跌。 展望后市，浙商证券认为，考虑到本轮牛市的性质是"系统性'慢'牛"，"雨露均沾"是行情"底色"，因 此"大金融+泛科技"的搭配有望持续战胜基准。建议适度忽略短线走势，在重要支撑附近分别增加短 线、中线配置。行业配置方面，继续采取"大金融+泛科技"均衡配置（银行、非银等金融+国防军工/计 算机//电子等科技成长）。 【ETF全知道热点收评】重点聊聊化工、制药和金融科技等三个行业主题的交易和基本面情况。 一、化工板块狂飙，化工ETF（516020）摸高1.89%！机构：化工板块供需格局预期改善，估值底部弹 性空间充足 化工板块今日继续猛攻！反映化工板块整体走势的化工ETF（516020）开盘后持续上攻，盘中场内价格 涨幅一度达到1.89%，尾盘有所回落，但截至收盘，仍有1.16%的涨幅。 成份股方面，钛白粉、复合肥、氮肥等板块部分个股涨幅居前。截至 ...

Core Insights - The article highlights the profitability achievements of Beijing-based innovative pharmaceutical companies, particularly Baijiahong and Nocare, marking a significant milestone in their development journey [1][2]. Group 1: Company Performance - Baijiahong reported a net profit of 450 million yuan in the first half of the year, achieving profitability for the first time [1][3]. - Nocare achieved a net profit of 18 million yuan in the first quarter, marking its first quarterly profit, with a significant reduction in net loss to 36 million yuan in the first half of the year [4]. Group 2: Product Sales and Market Expansion - Baijiahong's innovative drug, Zebutinib, generated global sales of 12.527 billion yuan in the first half, a year-on-year increase of 56.2%, with notable growth in the U.S. (51.7%) and Europe (81.4%) [3]. - The sales of another cancer drug, Trelatuzumab, reached 2.643 billion yuan, reflecting a 20.6% increase, driven by new indications approved in China [3][4]. Group 3: R&D and Future Prospects - Baijiahong has established a new R&D center in Changping, covering over 47,000 square meters and equipped with advanced laboratories, supporting the development of over 40 products in clinical and commercialization stages [2][3]. - Nocare is expanding its pipeline with its core product, Obutinib, which is also being tested for autoimmune diseases, potentially unlocking new market opportunities [4].