2025年，产品收入为377.70亿元，上年同期产品收入为269.94亿元，产品收入的增长主要得益于百悦泽 ®(泽布替尼)，以及安进公司授权产品和百泽安®(替雷利珠单抗)的销售增长。 2025年，百悦泽®全球销 售额总计280.67亿元，同比增长48.8%，已在BTK抑制剂领域稳固确立全球领导者的地位。 报告期内，公司营业收入增加40.4%，主要得益于百悦泽®，以及安进公司授权产品和百泽安®的销售 增长。报告期内，公司营业利润、利润总额、归属于母公司所有者的净利润、归属于母公司所有者的扣 除非经常性损益的净利润和基本每股收益较上年同期相比实现盈利，主要得益于产品收入增长和费用管 理推动的经营效率提升。 智通财经APP讯，百济神州(688235.SH)披露2025年度业绩快报，报告期内，公司营业总收入为382.05亿 元，同比上升40.4%;归属于母公司所有者的净利润14.22亿元，同比扭亏为盈。 ...

Financial Data and Key Metrics Changes - In Q4 2025, product revenue reached $1.5 billion, representing a 32% year-over-year growth [24] - BRUKINSA global revenues totaled $1.1 billion in Q4, growing 38%, with full-year revenues of $3.9 billion, a 49% increase [24] - Gross margin improved to 87% from approximately 84% in the prior year, reflecting favorable product mix and cost efficiencies [26][27] - Operating expenses grew by 12% to $4.2 billion, with income from operations totaling $447 million, showcasing profitability [28] Business Line Data and Key Metrics Changes - BRUKINSA established itself as the leading BTK inhibitor globally, with U.S. sales of $845 million in Q4, driven by a volume growth of approximately 30% [24] - TEVIMBRA reported an 18% increase in revenue, reflecting continued market leadership in China [25] - In-licensed products showed a 9% year-over-year growth, contributing to solid execution across geographies [25] Market Data and Key Metrics Changes - The U.S. remains the largest market, generating $850 million with a year-over-year growth of 38% [25] - China revenue totaled $399 million, an 11% increase compared to Q4 2024, supported by market leadership of TEVIMBRA and BRUKINSA [26] - Europe contributed $174 million, with a 53% year-over-year growth, as BRUKINSA continues its launch trajectory [26] Company Strategy and Development Direction - The company aims to deepen its leadership in CLL and expand across hematological malignancies and solid tumors [37] - Plans to advance one to two cornerstone immunology assets towards registration, indicating a strategic shift towards immunology [37] - The company believes it can move faster and achieve better outcomes across other diseases, leveraging its foundational CLL franchise [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the differentiated value proposition of BRUKINSA, emphasizing its safety profile and long-term efficacy [52] - The company anticipates continued strong demand growth in the U.S. with stable net pricing, projecting 2026 revenue between $6.2 billion and $6.4 billion [30] - Management highlighted the importance of addressing unmet medical needs with new product launches, including sonrotoclax and zanidatamab [30] Other Important Information - The company reported a non-recurring $40 million equity investment impairment in Q4, impacting net income [28] - Free cash flow was over $940 million for the full year 2025, indicating strong cash generation [29] - The company is optimistic about the potential of its new pipeline assets, including a proprietary off-the-shelf iPSC-derived gamma delta T-cell therapy [40] Q&A Session Summary Question: Potential net pricing development in the BTK inhibitor market - Management emphasized BRUKINSA's differentiated value proposition and its best-in-class status, which should mitigate pricing pressures from competitors entering the market [51][52] Question: Guidance assumptions regarding competition from AV or Jaypirca - Management noted that AV's clinical profile does not meet the standards for treatment in CLL, and they remain confident in BRUKINSA's position [56] Question: Strategy for immunology pipeline development - The company aims to identify 1 or 2 cornerstone assets in immunology over the next few years, with a focus on being first or best in class [61][63] Question: Impact of ZS becoming the fixed duration regimen of choice on BRUKINSA revenues - Management explained that the combination of sonrotoclax and zanubrutinib would open up a new market segment, potentially expanding overall market share [68][70] Question: Update on BTK degrader approval timeline - Management confirmed that there has been no change in the timing for the BTK degrader's approval, with plans to interact with the FDA midyear [76]

Financial Data and Key Metrics Changes - In Q4 2025, product revenue reached $1.5 billion, representing a 32% year-over-year growth [24] - BRUKINSA global revenues totaled $1.1 billion in Q4, growing 38%, with full-year revenues of $3.9 billion, reflecting a 49% increase [24][30] - Gross margin improved to 87% from approximately 84% in the prior year, driven by favorable product mix and cost efficiencies [26][27] - Operating expenses grew by 12% to $4.2 billion, while income from operations totaled $447 million, indicating profitability [28] Business Line Data and Key Metrics Changes - BRUKINSA established itself as the leading BTK inhibitor globally, with a significant gap widening against competitors [6] - TEVIMBRA reported an 18% increase in revenue, reflecting continued market leadership in China [25] - In the U.S., BRUKINSA sales in Q4 were $845 million, driven by volume growth of approximately 30% [24] Market Data and Key Metrics Changes - The CLL market is valued at $12 billion and is growing due to therapeutic innovations [7] - China revenue totaled $399 million, an 11% increase compared to Q4 2024, supported by market leadership of TEVIMBRA and BRUKINSA [26] - Europe contributed $174 million, with 53% year-over-year growth, as BRUKINSA continues its launch trajectory [26] Company Strategy and Development Direction - The company aims to deepen its leadership in CLL and expand into hematological malignancies and solid tumors [37] - Plans include advancing one to two cornerstone immunology assets towards registration [37] - The company is focused on developing a more efficacious fixed-duration regimen that addresses unmet needs in the market [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the differentiated value proposition of BRUKINSA, emphasizing its safety and efficacy compared to competitors [52] - The company anticipates continued strong demand growth in the U.S. and stable net pricing, projecting 2026 revenue between $6.2 billion and $6.4 billion [30][31] - Management highlighted the importance of addressing the unmet needs in the CLL market and the potential for BRUKINSA to serve as a foundational therapy [38] Other Important Information - The company achieved significant product revenue growth, GAAP profitability, and meaningful cash flow generation in 2025 [6] - The R&D pipeline saw major advancements, with five assets achieving clinical proof of concept in 2025 [34] - The company is leveraging AI and automation to enhance clinical trial execution and data analysis [46] Q&A Session Summary Question: Can you comment on potential net pricing development in the BTK inhibitor market? - Management highlighted BRUKINSA's differentiated value proposition and its best-in-class status, indicating confidence in maintaining its market position despite competitive pressures [52] Question: What are the assumptions regarding competition from AV or Jaypirca? - Management noted that AV was studied in a limited patient population and expressed confidence in BRUKINSA's clinical profile, suggesting that AV does not meet the necessary treatment criteria [56] Question: Can you elaborate on the strategy for immunology beyond hematology and solid tumors? - Management indicated that approximately 20% of their assets are focused on immunology, with plans to identify one or two cornerstone assets in the next 2-3 years [62] Question: How will the introduction of ZS as a fixed-duration regimen affect BRUKINSA's revenues? - Management explained that the combination of sonrotoclax and zanubrutinib would open up a new market segment, allowing for growth without sacrificing existing revenues from continuous use [68]

Financial Data and Key Metrics Changes - In Q4 2025, product revenue reached $1.5 billion, representing a 32% year-over-year growth [23] - BRUKINSA global revenues totaled $1.1 billion in Q4, growing 38%, with full-year revenues of $3.9 billion, a 49% increase [23] - Gross margin improved to 87% from approximately 84% in the prior year, driven by favorable product mix and cost efficiencies [25] - Operating expenses grew by 12% to $4.2 billion, while income from operations totaled $447 million, indicating profitability [26] - Non-GAAP net income for 2025 was $918 million, translating to diluted non-GAAP earnings per ADS of $8.09 [27] Business Line Data and Key Metrics Changes - BRUKINSA established itself as the leading BTK inhibitor globally, capturing approximately half of the continuous BTK segment of the market [21] - TEVIMBRA reported an 18% increase in revenue, reflecting continued market leadership in China [24] - In the U.S., BRUKINSA sales in Q4 were $845 million, driven by volume growth of approximately 30% [23] - China revenue totaled $399 million, an 11% increase, supported by TEVIMBRA and BRUKINSA's market leadership [25] Market Data and Key Metrics Changes - The CLL market is valued at $12 billion and is growing due to therapeutic innovations [5] - The U.S. remains the largest market for BRUKINSA, generating $850 million with year-over-year growth of 38% [24] - Europe contributed $174 million, with 53% year-over-year growth, as BRUKINSA continues its launch trajectory [25] - Rest of world markets grew 74%, driven by market expansion and new launches [25] Company Strategy and Development Direction - The company aims to deepen its leadership in CLL with three foundational medicines and expand into hematological malignancies and solid tumors [35] - Plans include advancing one to two potential cornerstone immunology assets towards registration [35] - The company is focused on developing a more efficacious, time-limited regimen that addresses unmet needs in the CLL market [19] - The strategy includes leveraging the differentiated clinical data of BRUKINSA to maintain a competitive edge [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for BRUKINSA and stable net pricing in the U.S. market [28] - The company anticipates revenue growth between $6.2 billion and $6.4 billion for 2026, driven by global expansion and new product launches [29] - Management highlighted the importance of clinical data in establishing BRUKINSA as a best-in-class product [48] Other Important Information - The company initiated three phase 3 studies for its BTK degrader and made significant progress in solid tumors [33] - The company is advancing a proprietary off-the-shelf iPSC-derived gamma delta T-cell therapy, which is designed to overcome limitations of existing therapies [38] - The global clinical development superhighway is a core competitive advantage, enabling faster and more efficient clinical trials [42] Q&A Session Summary Question: Can you comment on potential net pricing development in the BTK inhibitor market? - Management emphasized BRUKINSA's differentiated value proposition and its best-in-class status, which supports its pricing strategy despite competition [47][48] Question: What are the assumptions regarding competition from AV or Jaypirca? - Management expressed confidence in BRUKINSA's clinical profile and its positioning against competitors, noting that AV does not meet the necessary treatment standards [50][52] Question: Can you clarify the strategy for immunology beyond hematology and solid tumors? - Management indicated that about 20% of their assets are focused on immunology, with plans to identify one or two cornerstone assets in the next 2-3 years [57][59] Question: How will ZS impact continuous BRUKINSA revenues if it becomes the fixed duration regimen of choice? - Management explained that the combination of sonrotoclax and zanubrutinib would open up a new market segment, expanding overall market opportunities rather than cannibalizing existing revenues [61][63] Question: What is the status of the BTK degrader and its potential approval timeline? - Management confirmed that there has been no change in the timing for the BTK degrader's approval, with plans to interact with the FDA midyear [70][71]

Group 1: Acquisition Announcements - Aucma plans to acquire 45% equity of Qingdao Aucma Smart Industry Co., Ltd. for 253 million yuan, aiming to hold 100% ownership post-transaction [1] - Guotou Zhonglu intends to cash purchase 70% equity of Luochuan Lingxian Company for 74.874473 million yuan, with part of the funds allocated for equity purchase and the rest for capital increase [2] Group 2: Earnings Reports - Jinlongyu reported a total revenue of 245.126 billion yuan for 2025, a year-on-year increase of 2.87%, with a net profit of 3.153 billion yuan, up 26.01% [3] - BeiGene announced a total revenue of 38.205 billion yuan for 2025, a 40.4% year-on-year growth, achieving a net profit of 1.422 billion yuan, marking a turnaround from losses [4] - Daqo New Energy reported a total revenue of 4.839 billion yuan for 2025, a decrease of 34.71%, with a net loss of 1.129 billion yuan, compared to a net loss of 2.718 billion yuan in the previous year [5] Group 3: Shareholding Changes - Tongguang Cable's controlling shareholder plans to reduce holdings by up to 14.028 million shares, representing 3% of total shares, while the chairman intends to reduce by up to 98,300 shares, or 0.021% [6] - Xinyaqiang's major shareholders plan to collectively reduce holdings by up to 4%, with specific plans for both major shareholders to sell portions of their stakes [7] - Founder Technology's shareholder plans to reduce holdings by up to 12.8 million shares, representing a maximum of 3% of total shares, due to personal funding needs [8]

（文章来源：证券日报） 证券日报网讯 2月26日，百济神州发布公告称，公司预计2026年中国企业会计准则下营业收入介于436 亿元至450亿元之间，毛利率处于80%区间高位，研发费用、销售及管理费用合计介于333亿元至348亿 元之间，营业收入扣除经调整的经营成本费用后介于98亿元至105亿元之间。 ...

证券日报网讯 2月26日，百济神州发布公告称，公司2025年实现营业总收入382.05亿元，同比增长 40.4%；归属于母公司所有者的净利润14.22亿元，实现扭亏为盈。 （文章来源：证券日报） ...

Core Viewpoint - Despite achieving record revenue, the growth rate of Baiyueze is slowing down [1] Group 1: Financial Performance - On February 26, 2025, the company reported total revenue of 38.205 billion yuan, a year-on-year increase of 40.4% [1] - The net profit attributable to the parent company reached 1.422 billion yuan, marking the first annual profit for the company [1] - Baiyueze's global sales reached 28.067 billion yuan, with a year-on-year growth of 48.8%, which is a slowdown compared to the doubling growth rates in 2023 and 2024 [1] Group 2: Product Performance - Baiyueze is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [3] - In the U.S., Baiyueze remains the largest commercial market, contributing sales of 20.206 billion yuan, with a year-on-year growth of 45.5%, which is lower than the 107.5% growth in 2024 [3] - The second-highest revenue product, PD-1 monoclonal antibody Baizean, achieved global sales of 5.297 billion yuan, with a year-on-year increase of 18.6% [3] Group 3: Future Outlook - The company forecasts 2026 revenue to be between 43.6 billion yuan and 45 billion yuan, representing a growth rate of 14.12% to 17.79% compared to 2025 [3] - The company is working to reduce its reliance on Baiyueze by advancing multiple cornerstone products in late-stage clinical trials [3][4] - Baiyue's new product, Baiyueda, has received the first global marketing approval application in China for treating R/R MCL and is expected to receive regulatory decisions from the FDA in the first half of 2026 [4]

Group 1 - The core viewpoint of the news is that BeiGene Limited reported a significant increase in revenue and net profit for the fiscal year 2025, driven by product sales growth and improved operational efficiency [1][2] Group 2 - For the fiscal year 2025, the total revenue reached 38.205 billion yuan, representing a year-on-year growth of 40.4% [1] - The net profit attributable to the parent company was 1.422 billion yuan, reflecting strong financial performance [1] - Product revenue amounted to 37.770 billion yuan, with a year-on-year increase of 39.9%, primarily due to the sales growth of the drug Brukinsa (Zebutinib) and other licensed products [1] Group 3 - Brukinsa achieved record global sales of 28.067 billion yuan, with a year-on-year growth of 48.8% [1] - In the U.S. market, Brukinsa's annual sales reached 20.206 billion yuan, growing by 45.5% [1] - In Europe, Brukinsa's annual sales were 4.265 billion yuan, with a significant increase of 66.4% [1] - In China, Brukinsa's annual sales reached 2.472 billion yuan, marking a growth of 33.1% [1] Group 4 - BeiGene's Brukinsa is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [2] - The company plans to conduct a mid-term analysis of the MANGROVE trial in the first half of 2026, comparing Brukinsa combined with Rituximab against Bendamustine combined with Rituximab for first-line treatment of adult patients with mantle cell lymphoma [2] - The other core product, Tislelizumab (百泽安), achieved global sales of 5.297 billion yuan, reflecting an 18.6% year-on-year growth [2] - Tislelizumab is approved in over 50 markets, and the company expects to submit a new indication application for its combination with Zai Lab's (Zanidatamab) for HER2-positive gastric adenocarcinoma in the first half of 2026 [2]

Q4 and Full Year 2025 Results Conference call and webcast for investors and analysts FEBRUARY 26, 2026 Disclosures Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding BeOne's research, discovery, preclinical and clinical programs and plans, including proof of concept timing, ...