3月31日，百济神州跌0.73%，成交额7.38亿元。两融数据显示，当日百济神州获融资买入额6391.38万 元，融资偿还5000.12万元，融资净买入1391.25万元。截至3月31日，百济神州融资融券余额合计8.55亿 元。 责任编辑：小浪快报 截至9月30日，百济神州股东户数3.62万，较上期增加55.33%；人均流通股3195股，较上期减少 35.79%。2025年1月-9月，百济神州实现营业收入275.95亿元，同比增长44.21%；归母净利润11.39亿 元，同比增长130.88%。 机构持仓方面，截止2025年9月30日，百济神州十大流通股东中，中欧医疗健康混合A（003095）位居 第四大流通股东，持股467.88万股，相比上期减少14.66万股。香港中央结算有限公司位居第五大流通股 东，持股315.65万股，为新进股东。万家优选（161903）位居第六大流通股东，持股250.00万股，相比 上期减少50.00万股。永赢医药创新智选混合发起A（015915）位居第八大流通股东，持股213.36万股， 为新进股东。工银前沿医疗股票A（001717）位居第九大流通股东，持股200.00万股，相比上 ...

新浪财经3月31日讯，美股中概股盘前涨跌互现，百度涨0.7%，拼多多涨0.1%，百济神州、阿里巴巴跌 0.1%，京东跌0.5%，网易跌0.8%，理想汽车跌2%。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Innovative pharmaceuticals, particularly in the context of China's biopharmaceutical sector and its international expansion - **Market Growth**: The total value of BD (Business Development) transactions for innovative drugs is projected to reach $137.7 billion by 2025, a 1.6 times increase year-on-year, significantly surpassing the electric vehicle sector's $74 billion in the same timeframe [1][2][3] Core Insights and Arguments - **International Expansion**: The innovative drug sector is experiencing explosive growth in international markets, with Q1 2026 BD transactions already reaching $60 billion, accounting for 46% of the total for 2025 [1][2] - **Policy Support**: Biopharmaceuticals have been designated as a new pillar industry by the Chinese government, shifting focus from public welfare to GDP contribution, indicating a supportive policy environment for growth [2][3] - **Performance Expectations**: Companies like Heng Rui Medicine are expected to see over 30% growth in innovative drug revenue by 2026, with significant contributions from key products [1][3] - **Clinical Developments**: Major clinical data releases are anticipated from key conferences such as AACR and ASCO, which could catalyze market movements [1][5] Notable Companies and Their Prospects - **Heng Rui Medicine**: Expected to achieve over 30% growth in innovative drug revenue, with a strong pipeline of 53 products anticipated for approval between 2022 and 2028 [15] - **Kangfang Biopharma**: Key product AK112 is set to release critical clinical data in 2026, which could significantly impact its market position [11][13] - **Baiyi Shenzhou**: Projected profits of $700-800 million in 2026, indicating a rapid profit climb [1][8] - **Xinda Biopharma**: Anticipated to benefit from new product approvals and commercial launches, with a focus on expanding its product pipeline [6][8] Investment Opportunities - **Recommended Stocks**: Key investment targets include Kangfang Biopharma, Xinda Biopharma, Baiyi Shenzhou, and Kelong Biotechnology in the H-share market, and Xintai, Haishike, and Heng Rui Medicine in the A-share market [4][8] - **Undervalued Stocks**: Companies like Hot Scene Biopharma and Yifang Biopharma, which have seen significant price declines, are suggested for bottom-fishing opportunities [4][8] Emerging Trends - **Small RNA Technology**: The small RNA sector is entering a critical phase with breakthroughs in liver-targeted delivery technologies, and several companies are expected to announce significant clinical data in 2026 [18][22] - **Clinical Data Impact**: Recent clinical data from companies like Serapta and Wave Life Sciences highlight the potential and challenges within the small RNA space, influencing market sentiment and investment strategies [20][21] Conclusion - The innovative pharmaceutical sector in China is poised for significant growth driven by international expansion, supportive policies, and strong company performances. Key clinical events and emerging technologies present substantial investment opportunities, particularly in small RNA and innovative drug development.

[Table_Author] 分析师 张金洋 | 执业证书： S0590525120012 | | | --- | --- | | 邮箱： | zhangjinyang@glms.com.cn | | 分析师 | 胡偌碧 | | 执业证书： S0590525120011 | | | 邮箱： | huruobi@glms.com.cn | | 分析师 | 乐妍希 | | 执业证书： S0590525110075 | | | 邮箱： | yueyanxi@glms.com.cn | 相对走势 -10% 3% 17% 30% 2025/4 2025/9 2026/3 医药 沪深300 医药周报 20260329 创新药筑底反攻思路&兼论长护险 glmszqdatemark 医药行情回顾&分析&近期判断 2026 年 03 月 29 日 推荐 维持评级 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 1）行情回顾：当周（03.23-03.27）医药生物指数环比+1.56%，跑赢创业板指数和沪深 300 指数。在所 有行业中，当周（03.23-03.27）医药涨跌幅排在第 4 位 ...

证 券 研 究 报 告 行业周报 创新药迎来配置时点 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年03月30日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1.创新药亮点众多，迎来配置时点 3月下旬起，恒瑞医药，中国生物制药等国内制药巨头发布2025年经营信息，创新药部分（不含BD）实现快速增长，百济神 州、诺诚健华、荣昌生物等biotech公司实现业绩大幅扭亏，创新药的发展模式已经从单纯依靠融资驱动变为产品商业化+研 发出海授权+融资的综合驱动方式。创新出海方面，根据医药魔方NextPharma数据库，截至3月25日，2026年中国创新药已 有49起对外BD事件，首付款超33亿美元，总金额近570亿美元——仅第一季度的交易规模就已超过2024年全年水平，且接近 2025年全年水平的1/2。政策方面，2026年"两会"将医药生物定位新兴支柱产业，与集成电路、航空航天并列，并要打造 全球竞争力。持续向好的基本面为市场带来信心，创新药指数在上周(3月21日至27日）实现涨幅3.03%，大幅跑赢沪 ...

国家药品监督管理局药品审评中心数据显示，2026年3月28日，百济神州（苏州）生物科技有限公司的 BGB-43395片申请已获受理，受理号为CXHB2600089。 | 企业名称 | 百济神州（苏州）生物科技有限公 | | --- | --- | | | 司; | | 承办日期 | 2026年3月28日 | 天眼查数据显示，百济神州（苏州）生物科技有限公司成立日期2015年04月09日，法定代表人 XIAOBIN WU，所属行业为医学研究和试验发展，企业类型为有限责任公司(港澳台法人独资)，企业规 模为大型，参保人数455，注册资本497321.8389万人民币，实缴资本344400万人民币，注册地址为中国 （江苏）自由贸易试验区苏州片区苏州工业园区金海路29号。股东信息如下： | 股东名称 | 持股 | 认缴出资额 | 认缴出资日期 | 首次持股日期 | | --- | --- | --- | --- | --- | | | 比例 | | | | | BeOne Medicines (Hong Kong) | 100% | 497321.8389万元人 | 2030年3月31 | | | Co., Limi ...

Core Insights - The company achieved a total revenue of $5.343 billion in 2025, marking a year-on-year growth of 40.2%, with product revenue netting $5.282 billion, up 39.8% [1][3] - The company recorded a net profit of $287 million in 2025, a significant turnaround from a net loss of $645 million in the previous year, indicating a sustainable growth phase for its business model [1][3] Revenue Breakdown - The core product, Baiyueze, generated global sales of $3.928 billion, reflecting a 48.6% increase and maintaining its leading position among BTK inhibitors [1][3] - Baiyueze accounted for approximately 74% of total product revenue, while Baizean (Tislelizumab) contributed $737 million, up 18.8% [3] - Other products included Anjavi (Denosumab) with $306 million in revenue, up 36.4%, and Beilitai (Bonetuzumab) with $104 million, up 40.2% [3] Cash Flow and Profitability - Cash and cash equivalents reached $4.548 billion by the end of 2025, a 73.1% increase, with net cash flow from operating activities at $1.128 billion, a turnaround from a net outflow of $141 million in the previous year [1][3] - The gross profit for 2025 was $4.667 billion, with a gross margin of 87.3%, an improvement from 84.3% in 2024 [4] Cost Management - The increase in gross margin was attributed to a higher proportion of high-margin Baiyueze sales, ongoing optimization of manufacturing costs, and the gradual operationalization of the Hopewell production facility [4] - Research and development expenses rose to $2.146 billion, a 9.9% increase, while sales and administrative expenses reached $2.081 billion, up 13.7% [5][7] Financial Health - As of the end of 2025, total assets amounted to $8.189 billion, with shareholder equity at $4.361 billion and total liabilities at $3.827 billion [7] - The company secured a credit agreement with HSBC and other financial institutions for approximately $768 million to refinance short-term operational funding [7] Pipeline Progress - The company is advancing its pipeline with the approval of Sotoclis (a next-generation BCL2 inhibitor) for treating relapsed or refractory mantle cell lymphoma and chronic lymphocytic leukemia, with FDA priority review status [8] - The HERIZON-GEA-01 study for Baihe'an (Zanidatamab) achieved positive endpoints, paving the way for a market application for HER2-positive gastric esophageal adenocarcinoma [8]

Group 1 - The company announced the appointment of Ernst & Young Huaming as the annual audit institution for its A-share financial statements and internal controls [1] - Ernst & Young will serve as the annual audit institution for the company's Hong Kong stock financial statements [1] - Ernst & Young LLP has been appointed as the annual audit institution for the company's U.S. stock financial statements and internal controls [1] - Ernst & Young AG will act as the statutory auditor for the company in Switzerland [1]

Core Insights - The company achieved a milestone in 2025 by recording a net profit of $287 million, successfully turning around from a net loss of $645 million in the previous year, marking its first annual profit since inception [1] - Total revenue for the year reached $5.343 billion, representing a year-on-year growth of 40.2%, with product revenue netting $5.282 billion, up 39.8% [1] Revenue Breakdown - The core product, Baiyueze, generated $3.928 billion in global sales, a 48.6% increase, maintaining its leading position among BTK inhibitors [3] - Bai Ze An (Tislelizumab) contributed $737 million, growing by 18.8% [3] - Other products included Anjiao Wei (Denosumab) at $306 million, up 36.4%, and Beili Tuo (Bonetuzumab) at $104 million, up 40.2% [3] - Other income reached $60.97 million, a significant increase of 98.6%, primarily from royalties related to the collaboration with Amgen [4] Profitability and Cash Flow - Gross profit for 2025 was $4.67 billion, with a gross margin of 87.3%, up from 84.3% in 2024, driven by improved product mix and manufacturing efficiencies [5] - The company reported a net cash flow from operating activities of $1.128 billion, a turnaround from a net outflow of $141 million in the previous year [1] Cost Structure and Efficiency - Research and development expenses totaled $2.146 billion, a 9.9% increase, while sales and administrative expenses were $2.081 billion, up 13.7% [6] - The combined expenses accounted for 78.6% of product revenue, down from 90.2% the previous year, indicating improved operational leverage [6] Financial Health - As of the end of 2025, total assets were $8.189 billion, with shareholder equity at $4.361 billion and total liabilities at $3.827 billion [8] - The company secured approximately $768 million in term loans from financial institutions for refinancing short-term operational funding [8] Pipeline Progress - The company is advancing its pipeline with the approval of Sotokura (a new generation BCL2 inhibitor) expected in January 2026 for treating relapsed or refractory mantle cell lymphoma and chronic lymphocytic leukemia [9] - The HERIZON-GEA-01 study for Bai He An (Zanidatamab) achieved positive endpoints, paving the way for a market application in HER2-positive gastric adenocarcinoma [9] - The company is uniquely positioned with potential best-in-class candidates across three key targets in chronic lymphocytic leukemia [9]

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） 截至2025年12月31日止年度 全年業績公告 百濟神州有限公司連同其子公司（「本公司」或「百濟神州」或「我們」）謹此公佈本 公司截至2025年12月31日止年度（「報告期」）的綜合業績連同2024年相應期間的 比較數字，其乃根據美國公認會計原則（「美國公認會計原則」或「GAAP」）編製並 由本公司董事會（「董事會」）審計委員會（「審計委員會」）審閱。 財務摘要 1 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 附註 | 2025 | 2024 | | | | 千美元 | 千美元 | | 收入 | | | | | 產品收入，淨額 | 15 | 5,282,061 | 3,779,546 | | 其他收入 | 3 | 60,972 | ...