Investment Rating - The industry investment rating is maintained as "Add" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The competitive landscape of the BTK inhibitor market is continuously changing, with BeiGene's Zanubrutinib rapidly approaching a leading market share position in the U.S. market. In 2024, the company's product revenue reached 26.994 billion yuan, a significant increase from 15.504 billion yuan in the previous year, primarily driven by sales growth of Zanubrutinib and other licensed products [2][12]. - Zanubrutinib's global sales in 2024 amounted to 18.859 billion yuan, reflecting a growth of 106.4%. U.S. sales were 13.890 billion yuan, up 107.5%, largely due to expanded use in CLL indications. European sales reached 2.564 billion yuan, a 195.4% increase, while sales in China were 1.856 billion yuan, growing by 35.2% [2][12]. - The company expects revenue for 2025 to be between 35.2 billion and 38.1 billion yuan, driven by Zanubrutinib's leading position in the U.S. and ongoing expansion in Europe and other key global markets [2][12]. Summary by Sections Market Review - During the week of February 24 to February 28, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.72%, underperforming the CSI 300 index by 0.49 percentage points, while outperforming the ChiNext index by 1.74 percentage points. The sector ranked 23rd among 31 first-level sub-industries [1][17]. Company Dynamics - BeiGene's Zanubrutinib ranked first in prescription volume among new CLL patients in the U.S. market, achieving a 97% year-on-year revenue growth in Q4 2024, surpassing competitors like Ibrutinib and Acalabrutinib [3][13]. - Another domestic BTK inhibitor, Orelabrutinib from Innovent Biologics, received approval for a Phase III clinical trial in combination with a BCL-2 inhibitor for first-line CLL/SLL treatment [15]. Investment Recommendations - BTK inhibitors show significant advantages in treating B-cell malignancies and certain B-cell immune disorders, making them a hot target for blood malignancies and autoimmune diseases. The report suggests focusing on BeiGene and Innovent Biologics [4][16].

FF301 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2月28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（於開曼群島註冊成立的有限公司） 呈交日期: 2025年3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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,500,000,000 | USD | 0.0001 | USD | | 950,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 9,500,000,000 | USD | 0.0001 | USD | | 950,000 | | 2. 股 ...

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。 BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （股份代號：06160） 合資格僱員在每個認購期開始前，於申請期內登記該 認購期。 員工購股計劃 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。本公司宣佈，2018 員工購股計劃的新一輪認購期自2025年3月3日起至2025年8月29日止。合資格僱 員將於認購期結束後購買股份（包括以美國存託股份的形式），購股資金從其認購 期所得薪金中扣除。 2018員工購股計劃概要 2018員工購股計劃使合資格僱員可按市價15%折讓申購股份（包括以美國存託股 份的形式）。僱員可於認購期結束後購買股份，購股資金可從其認購期內所得薪金 中扣除。2018員工購股計劃由董事會薪酬委員會管理。 認購期詳情 2018員工購股計劃項下的認購期通常從每年3月1日及 9月1日開始，持續六個月，除非董事會薪酬委員會提 前另行決定。就上市 ...

关于持股5%以上股东权益变动达到1%的提示性公告 相关股东提供的信息不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其真实性、准确性和完整性依法承担法律责任。公司董事会及全体董事保证 本公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、本次权益变动基本情况 1、信息披露义务人基本情况 1 A 股代码：688235 A 股简称：百济神州 公告编号：2025-010 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 | | | 本次权益变动前持有股份 | | 本次权益变动后（截至 2025 年 月 日）持有 股份 | | 4 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 3 | | | | 股东名称 | 股份性质 | | 占公司已发 | 占公司已发 | | | | | | | 股数 | 行股份总数 | 股数 行股份总数 | | | | | | | | 的比例 | 的比例 | | | | | HHLR | 无 A 股限 | | | | | | | | Fund, L.P. | 售要求的 | ...

Core Insights - BeiGene Ltd announced FDA approval for Tevimbra (tislelizumab-jsgr) in combination with platinum-containing chemotherapy for first-line treatment of adults with unresectable or metastatic esophageal squamous cell carcinoma (ESCC) whose tumors express PD-L1 (≥1) [1] - The approval is based on the results from the RATIONALE-306 Phase 3 study, which demonstrated a statistically significant improvement in overall survival (OS) for patients treated with Tevimbra compared to placebo [2][3] Study Results - The RATIONALE-306 study met its primary endpoint, showing a median OS of 16.8 months for patients treated with Tevimbra plus chemotherapy versus 9.6 months for those on placebo plus chemotherapy, resulting in a 34% reduction in the risk of death [3] - The improvement in OS was primarily observed in the subgroup of patients with PD-L1 expression ≥1 [2] Previous Approvals - In December, the FDA also approved Tevimbra for the first-line treatment of unresectable or metastatic HER2-negative gastric or gastroesophageal junction adenocarcinoma in adults whose tumors express PD-L1, based on the RATIONALE-305 Phase 3 trial [4] - The RATIONALE-305 study showed a median OS of 15.0 months for patients treated with Tevimbra compared to 12.9 months for those on placebo, resulting in a 20% reduction in the risk of death [5] Market Reaction - Following the announcement, BeiGene's stock (ONC) was observed to be up 3.04% at $253 during the premarket session [5]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Summary of Conference Call Records Industry Overview Agriculture Sector - Focus on the application of AI and low-altitude data technologies in agriculture, with a long-term positive impact on leading agricultural technology companies. Short-term effects are limited [1][2] - The pig farming industry is currently profitable, but capacity reduction has not yet begun. Pig prices are expected to fluctuate downwards in the first half of the year, with rising soybean meal prices increasing cost pressures. Recommended stocks include Muyuan Foods and Juxing Agriculture [1][4] Pet Food Industry - The impact of increased tariffs on pet food exports to the U.S. is limited, as major companies have established overseas production capabilities. Companies like Zhongchong and Petty are well-positioned to handle U.S. orders [1][5] - Guobao's brand upgrades for the Maifudi brand include the Buff series and goat milk meat series, enhancing brand recognition and product pricing [1][6][7] - Zhongchong and Petty plan to launch staple food products in 2025, indicating continued rapid growth in the industry [1][9] Planting and Seed Industry - The planting and seed sectors face uncertainty, with expectations for genetically modified crop promotion already priced in. High seed inventories and falling grain prices may lead to bottom-line profitability [1][10] Baijiu (Chinese Liquor) Sector - The baijiu sector is undergoing valuation recovery, with consumption demand during the Spring Festival showing differentiation, leading to market share concentration among leading companies. The price system for Feitian Moutai is stabilizing [1][11] - 2025 is expected to be a year for the baijiu industry to solidify its bottom, with the second quarter being particularly critical [1][12] Key Points and Arguments Agriculture Sector - The agricultural sector's performance post the 2025 Central Document is subdued, with traditional agriculture being stable and conservative language regarding genetically modified crops leading to some capital withdrawal [2] Pig Farming Industry - As of late February, the average price of pigs is approximately 14.5 yuan/kg, down about 10% from before the Spring Festival. Leading companies are achieving profits of around 100 yuan per pig, while excellent family farms can achieve profits of 150-200 yuan per pig [4] Pet Food Industry - The potential increase in tariffs on pet food exports to the U.S. is not expected to significantly impact overall profits, as the majority of companies have adapted their production strategies [5] Brand Upgrades in Pet Food - Guobao's Maifudi brand has undergone significant updates, including a shift in product naming and packaging, which may lead to the Buff series becoming a standalone brand [6][7] Baijiu Sector Trends - The baijiu sector is experiencing a recovery in valuation, with a stable price system for key products like Feitian Moutai. The market is expected to stabilize as core products find their positioning [11][12] Pharmaceutical Innovation - The innovative pharmaceutical sector is performing well, with companies like Heng Rui Pharmaceutical expected to launch nearly ten new products in the next two to three years, leading to explosive growth [3][17] - Bai Jie Shen Zhou is expected to achieve profitability in 2025, with significant revenue from its leading product, Zebu Tini [3][18] Investment Recommendations - Recommended stocks include Muyuan Foods and Juxing Agriculture in the pig farming sector, and Heng Rui Pharmaceutical in the pharmaceutical sector. The baijiu sector recommends high-end brands like Moutai and Wuliangye [1][14][17] Other Important Insights - The planting and seed industry requires close monitoring of new genetically modified crop data and U.S.-China trade relations affecting agricultural tariffs [1][10] - The pet food industry is expected to continue its rapid growth trajectory, with significant product launches planned for 2025 [1][9]

证券研究报告 | 行业周报 gszqdatemark 2025 03 01 年 月 日 医药生物 【周专题&周观点】【总第 386 期】2024 快报高增长公司梳理— —前三季度高增长公司列举 一、当周（2.24-2.28）回顾与周专题： 当周（2.24-2.28）申万医药指数环比-2.72%，跑赢创业板指数，跑输沪深 300 指数。 当周周专题，我们梳理了 2024 快报高增长的医药公司，并列举了前三季度高增长公司， 供投资者寻找 2024 年业绩超预期的潜在标的。 （二）【AI 医疗应用】国际医学、九安医疗、晶泰控股、美年健康、华大智造、华大基 因、金域医学、固生堂、医脉通等。 （三）【两会政策】生育如华特达因；体检如美年健康。 （四）【其他标的】健友股份、福瑞股份、药明康德、浩欧博、哈药股份等。 2、思路二【医药产业逻辑】 2、原因分析：主要系相关标的涨幅较大且海外映射偏弱，从科技主线演绎到两会。我 们认为：（1）AI 医疗此次调整和去年短期行情不太一样，市场慢慢认识到了 AI 之于医 药医疗未来行业演变的意义，但经过一轮演绎后，医疗 AI 会快速去伪存真，第二波应 该会更聚焦，围绕【场景/入口、数据】 ...

Core Insights - The article highlights BeiGene, Ltd. (NASDAQ: ONC) as a strong buy due to the approval of Tevimbra in Europe and the US, indicating significant growth potential for the company [1] Company Overview - BeiGene has recently received approval for its drug Tevimbra, which is expected to drive growth [1] - The company has a strong foundation with its co-founder having extensive experience in both major pharmaceutical companies and biotech startups [1] Investment Perspective - The author expresses a beneficial long position in the shares of ONC, indicating confidence in the company's future performance [2]

Core Insights - BeiGene, Ltd. reported a revenue of $1.13 billion for the quarter ended December 2024, marking a 77.8% increase year-over-year and exceeding the Zacks Consensus Estimate of $1.09 billion by 3.76% [1] - The company's EPS was -$1.43, an improvement from -$3.53 in the same quarter last year, but fell short of the consensus estimate of -$0.88, resulting in a surprise of -62.50% [1] Revenue Breakdown - Product revenue reached $1.12 billion, surpassing the average estimate of $1.08 billion by analysts, reflecting a 77.3% increase compared to the previous year [4] - BRUKINSA (Zanubrutinib) generated $828.03 million, exceeding the average estimate of $764.99 million [4] - Tislelizumab revenue was $153.80 million, below the average estimate of $174.58 million [4] - REVLIMID revenue was $3.56 million, significantly lower than the estimated $10.17 million [4] - Other product revenues included $18.24 million for Other, $62.52 million for XGEVA, $13.11 million for POBEVCY, $20.62 million for BLINCYTO, and $18.15 million for KYPROLIS, with most figures falling short of analyst estimates [4] - Collaboration revenue was reported at $9.79 million, exceeding the average estimate of $6.22 million, representing a 152.1% increase year-over-year [4] Stock Performance - Over the past month, BeiGene's shares have returned +14.2%, contrasting with a -2.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]