Group 1: Long-term Strategic Moves - Changchun High-tech announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international brand image despite a decline in revenue and net profit in the first half of the year [1] - The stock price of BeiGene reached a historical high of 346 CNY per share, with a market capitalization surpassing 500 billion CNY, indicating strong market competitiveness and investor preference for high-growth potential in the innovative drug sector [2] Group 2: Clinical Trials and Research Developments - Eli Lilly terminated two Phase II clinical trials for the small molecule GLP-1 receptor agonist Naperiglipron due to commercial strategy reasons, while one ongoing study is expected to conclude next year, which will influence the project's future direction [3] - Canfite BioPharma completed patient enrollment for a Phase III clinical trial of its PD-1/VEGF bispecific antibody, which could provide compelling data for treating advanced biliary tract malignancies and potentially fill a market gap if approved [4] Group 3: Corporate Restructuring - WuXi AppTec announced the transfer of 98.9% equity in Shanghai Hualian Pharmaceutical to a newly established wholly-owned subsidiary, which will not affect the operational activities or financial performance of the target company, but aims to optimize the organizational structure [5]

Summary of Key Points Core Viewpoint - The stock of BeiGene, Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over three consecutive trading days from August 28 to September 1, 2025, prompting a regulatory announcement regarding the situation [1]. Group 1: Stock Trading Abnormalities - The company's stock price increased significantly, with a cumulative deviation of over 30% during the specified trading days, which is classified as abnormal trading behavior according to the Shanghai Stock Exchange regulations [1]. - The company confirmed that its production and operational activities are normal, with no significant changes in the market environment or industry policies [1]. Group 2: Company Verification - The company conducted a self-examination and found no major undisclosed events that could impact stock prices, nor any media reports or market rumors that could significantly affect the stock [1]. - There were no significant events or information that should have been disclosed according to the relevant regulations, and no insider trading activities were reported among directors or senior management during the abnormal trading period [1]. Group 3: Board of Directors Statement - The Board of Directors confirmed that, apart from disclosed matters, there are no undisclosed items that could materially affect the company's stock price or related trading instruments [1].

Core Viewpoint - BeiGene (ONC.US) experienced a significant increase of over 9%, closing at $334.20, following the release of its financial report for the first half of 2025, which showed a total revenue of 17.518 billion yuan, a year-on-year growth of 46.03% [1] Financial Performance - The total revenue for the first half of 2025 reached 17.518 billion yuan, with product revenue accounting for 17.36 billion yuan, reflecting a year-on-year increase of 45.8% [1] - The company achieved a net profit of 450 million yuan, marking its first profitable quarter of the year [1] Product Performance - The growth in product revenue was driven by sales increases of self-developed products, namely Brukinsa (Zebutinib capsules) and Tislelizumab (anti-PD-1 monoclonal antibody), as well as increased sales from Amgen licensed products [1] - Brukinsa demonstrated outstanding performance, becoming the leading BTK inhibitor in both the U.S. and global markets [1] Sales Breakdown - Global sales of Brukinsa reached 12.527 billion yuan, representing a year-on-year growth of 56.2% [1] - In the U.S. market, sales of Brukinsa amounted to 8.958 billion yuan, with a year-on-year increase of 51.7% [1] - Brukinsa has rapidly gained adoption among patients and physicians in the U.S. due to its best-in-class clinical characteristics, making it the largest and fastest-growing product in the market [1]

周二，百济神州(ONC.US)大涨逾9%，报334.20美元。财报显示，2025年上半年，百济神州实现营业总 收入175.18亿元，同比增长46.03%，其中产品收入为173.6亿元，同比增长45.8%；公司实现净利润4.5亿 元，这也是百济神州今年以来首次扭亏为盈。 2025年上半年，公司产品收入的增长得益于自主研发产品百悦泽(泽布替尼胶囊)、百泽安(替雷利珠单 抗)的销售增长，以及安进授权产品的销售额增加。其中，核心自研产品泽布替尼表现突出，已稳居美 国和全球BTK抑制剂市场第一位。 2025年半年度，泽布替尼全球销售额达125.27亿元，同比增长56.2%。在美国市场，该产品销售额达 89.58亿元，同比增长51.7%。泽布替尼凭借同类最佳临床特征，迅速获得全美患者和医生采用。泽布替 尼既是美国市场份额最大的产品，同时也是增长最快的品牌产品。 ...

Core Viewpoint - BeiGene (ONC.US) experienced a significant increase of over 9%, closing at $334.20, following the release of its financial report indicating a strong revenue growth and a return to profitability in the first half of 2025 [1] Financial Performance - In the first half of 2025, the company achieved total revenue of 17.518 billion yuan, representing a year-on-year growth of 46.03% [1] - Product revenue reached 17.36 billion yuan, with a year-on-year increase of 45.8% [1] - The company reported a net profit of 450 million yuan, marking its first return to profitability this year [1] Product Performance - The growth in product revenue was driven by sales increases of self-developed products, namely Brukinsa® (Zebutinib capsules) and Tislelizumab, as well as increased sales from Amgen licensed products [1] - Zebutinib demonstrated outstanding performance, becoming the leading BTK inhibitor in both the U.S. and global markets [1] Sales Data - Global sales of Zebutinib reached 12.527 billion yuan, reflecting a year-on-year growth of 56.2% [1] - In the U.S. market, sales of Zebutinib amounted to 8.958 billion yuan, with a year-on-year increase of 51.7% [1] - Zebutinib has rapidly gained adoption among patients and physicians in the U.S. due to its best-in-class clinical characteristics, making it the largest and fastest-growing product in the market [1]

（文章来源：证券日报） 证券日报网讯 9月2日晚间，百济神州发布公告称，公司股票于2025年8月28日、2025年8月29日和2025 年9月1日连续三个交易日内日收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动情形。经自 查，公司不存在应披露而未披露的重大事项，目前生产经营正常，未发生重大变化。公司股价短期波动 幅度较大，敬请投资者注意投资风险。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded performance expectations in the first half of 2025, leading to an upward revision of the full-year performance guidance [8] - The revenue for the first half of 2025 reached USD 2.43 billion, a year-on-year increase of 42%, driven by the strong sales of core product Zebutini in the US and continued growth in Europe [8] - The company is expected to maintain steady revenue growth over the next three years, with significant profit release anticipated in the coming years [8] Financial Forecasts - Total revenue projections are as follows: - 2023: CNY 17,423 million - 2024: CNY 27,214 million (YoY +56.19%) - 2025: CNY 36,720 million (YoY +34.93%) - 2026: CNY 44,798 million (YoY +22.00%) - 2027: CNY 55,998 million (YoY +25.00%) [1][9] - The net profit attributable to the parent company is forecasted to improve significantly: - 2023: CNY -6,715.86 million - 2024: CNY -4,978.29 million - 2025: CNY 812.75 million (YoY +116.33%) - 2026: CNY 4,168.46 million (YoY +412.88%) - 2027: CNY 9,542.78 million (YoY +128.93%) [1][9] - The latest diluted EPS projections are: - 2023: CNY -4.70 - 2024: CNY -3.48 - 2025: CNY 0.57 - 2026: CNY 2.91 - 2027: CNY 6.67 [1][9] Key Catalysts - Important catalysts include the upcoming data readout for Sonrotoclax (BCL2 inhibitor) in late 2025 and the initiation of head-to-head trials against rival therapies [8] - The company is also advancing its pipeline in solid tumors and inflammation/immunology, with several clinical trials expected to start in 2026 [8]

智通财经APP讯，百济神州(06160)发布公告，该公司A股股票交易于连续三个交易日内(2025年8月28 日、2025年8月29日和2025年9月1日)日收盘价格涨幅偏离值累计超过30%，根据《上海证券交易所交易 规则》《上海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动情 形。 公司股价短期波动幅度较大，敬请广大投资者注意投资风险，理性决策，审慎投资。 经公司自查，截至本公告披露日，公司不存在应披露而未披露的重大事项。公司目前生产经营正常，未 发生重大变化。 ...

【百济神州：公司的药物产品需完成药物早期发现等多个环节 容易受到一些不确定性因素的影响】#百 济神州发布股票交易异常波动公告#称，由于生物医药行业具有研发周期长、投入大、风险高的特点， 公司的药物产品需完成药物早期发现、临床前研究、临床开发、监管审查、生产、商业化推广等多个环 节，容易受到一些不确定性因素的影响，包括但不限于公司证明其候选药物功效和安全性的能力、候选 药物的临床结果、药监部门审查流程对临床试验的启动、时间表和进展的影响、药物或新适应症上市许 可申请技术审评及审批的进展、公司上市药物及候选药物（如能获批）获得商业成功的能力、公司获得 和维护其药物和技术的知识产权的能力、公司依赖第三方进行药物开发、生产、商业化和其他服务的情 况、公司取得监管审批和商业化药品的有限经验以及公司获得进一步的营运资金以完成候选药物开发和 实现并保持盈利的能力等。因此，公司业务运营、财务状况和经营业绩可能会受到上述不确定因素以及 其他目前未能预测的因素的影响。公司未来的业务计划、实际业绩表现、财务状况或经营结果可能与公 司预期情况有重大差异。(智通财经) ...

公司股价短期波动幅度较大，敬请广大投资者注意投资风险，理性决策，审慎投资。 经公司自查，截至本公告披露日，公司不存在应披露而未披露的重大事项。公司目前生产经营正常，未 发生重大变化。 百济神州(06160)发布公告，该公司A股股票交易于连续三个交易日内(2025年8月28日、2025年8月29日 和2025年9月1日)日收盘价格涨幅偏离值累计超过30%，根据《上海证券交易所交易规则》《上海证券 交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动情形。 ...