Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [2][13]. Core Insights - The company reported a significant revenue increase of 44.2% year-on-year for the first three quarters of 2025, with total revenue reaching 276.0 billion yuan. The net profit attributable to shareholders was 11.4 billion yuan, a turnaround from a loss of 36.9 billion yuan in the same period last year [5][6]. - The global revenue for the drug Zebutinib surpassed 1 billion USD, with a notable growth of 53.2% in the first three quarters of 2025. The revenue breakdown shows strong performance in various regions, particularly in China, where it grew by 359% [6][9]. - The company has adjusted its full-year revenue guidance from 50-53 billion USD to 51-53 billion USD, while maintaining its guidance for positive GAAP operating profit [5][6]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 100.8 billion yuan, representing a 41.1% increase year-on-year. The gross margin for Q3 was reported at 85.9%, an increase of 3.1 percentage points compared to previous quarters [6][7]. - The projected revenues for 2025, 2026, and 2027 are 371.0 billion yuan, 471.5 billion yuan, and 581.8 billion yuan, respectively, with year-on-year growth rates of 36.3%, 27.1%, and 23.4% [9][11]. - The net profit attributable to shareholders is expected to reach 8.2 billion yuan in 2025, with a staggering growth of 116.5% compared to the previous year [9][11].

瑞士 001-37686 98-1209416 美国证券交易委员会 华盛顿特区 20549 _____________________ 8-K 表格 根据 1934 年证券交易法 第 13 或 15（d）条规定提交的 临时报告 报告日期（所报告最早事件之日期）：2025 年 11 月 13 日 百济神州有限公司 BEONE MEDICINES LTD. （注册人章程中列明的注册人准确名称） c/o BeOne Medicines I GmbH 94 Aeschengraben 27 Basel 4051 Switzerland （主要办事处地址）（邮政编码） +41 61 685 19 00 （注册地所在州或其他司法管辖区） （委员会档案编号） （国税局雇主识别号） 根据证券交易法第 12(b)条注册的证券： 各类别名称 交易代码 注册所在之各交易所名称 每股代表 13 股面值 0.0001 美元普通股之美国存托股 ONC 纳斯达克全球精选市场 每股面值 0.0001 美元之普通股* 06160 香港联合交易所有限公司 （注册人电话号码，包括区号） 不适用 （如自上一份报告起有改动，则为公司曾用名或原地址） ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a key indicator of the performance and development trends of "hard technology" enterprises in China, with significant growth in R&D investment and net profit [1][2]. Group 1: Performance Metrics - As of November 13, 592 companies on the STAR Market reported a total R&D investment of nearly 120 billion yuan and total revenue exceeding 1.1 trillion yuan for the first three quarters, with a net profit growth of 75% year-on-year in Q3 [1]. - For the first three quarters of 2025, STAR Market companies achieved a revenue of 1,105 billion yuan, a year-on-year increase of 7.9%, and a net profit of 49.27 billion yuan, up 8.9% year-on-year [2]. - Over 70% of STAR Market companies reported revenue growth, and nearly 60% reported net profit growth, with 158 companies seeing net profit increases exceeding 50% [2]. Group 2: R&D Investment - The total R&D investment for STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading all A-share sectors [4]. - The "1+6" reform initiated in June aims to support unprofitable tech companies, with 35 such companies showing promising development by prioritizing R&D [4]. Group 3: Sector Performance - The integrated circuit sector saw 121 related companies on the STAR Market achieve a revenue growth of 25% and a net profit growth of 67% in the first three quarters [6]. - The artificial intelligence sector has emerged as a new growth pillar, with companies like Cambrian and Haiguang Information reporting revenue increases of nearly 24 times and 55%, respectively [6]. - The biopharmaceutical sector experienced a revenue growth of 11% and a net profit growth of 48%, with nine new drugs approved for market and significant international business development [7].

Core Viewpoint - The innovation drug sector in China is experiencing significant growth, with companies transitioning from followers to leaders in the global market, driven by strong clinical results and increasing international competitiveness [4][5][6]. Group 1: Market Performance - As of November 18, the Sci-Tech Innovation Drug ETF (589120) showed volatility with a near 2% fluctuation, currently up by 0.11%, and attracted 7.86 million yuan in investments the previous day [1][3]. - The component stocks of the ETF displayed mixed performance, with notable gains from Baiyi Tianheng (up over 2%) and Baiyi Shenzhou (up over 1%), while others like Junshi Biosciences and Borui Pharmaceuticals experienced declines [3]. Group 2: Clinical Developments - Baiyi Shenzhou announced positive results from its Phase III HERIZON-GEA-01 study, evaluating the efficacy and safety of its HER2-targeted bispecific antibody in treating advanced gastric cancer [4]. - Baiyi Tianheng reported that its innovative EGFR×HER3 dual antibody ADC achieved significant results in a Phase III trial for esophageal squamous cell carcinoma, marking a milestone as the first ADC to meet dual endpoints in this indication [4]. Group 3: Industry Trends - The Chinese innovative drug sector is evolving, with companies like Heng Rui Pharmaceutical and Han Sen Pharmaceutical successfully transitioning to innovation-driven models, while new entrants like Baiyi Tianheng are emerging as global leaders [5]. - The trend of Chinese pharmaceutical companies expanding internationally is accelerating, with increasing recognition from multinational corporations as a source of innovative solutions [6]. Group 4: Financial Performance - The A-share pharmaceutical and biotechnology sector reported a total revenue of 600.4 billion yuan and a net profit of 40.6 billion yuan in Q3 2025, with the Sci-Tech Innovation Drug Index showing a remarkable net profit growth of 68.44% year-on-year [6][7]. - The diversification of revenue models is enhancing the potential for profitability among innovative drug companies, with expectations for companies like Baiyi Shenzhou and Xinda Biopharmaceuticals to achieve profitability by 2025-2027 [6][7]. Group 5: Investment Potential - The innovative drug sector is seen as having "double-click" potential, driven by supportive policies, technological advancements, and the increasing trend of international business development [7]. - The combination of profit growth and valuation improvement is expected to drive stock price increases in the innovative drug sector, with the Sci-Tech Innovation Drug ETF positioned to capitalize on these trends [7].

高开涨近5%。 消息面上，11月17日，百济神州宣布III期HERIZON-GEA-01研究取得积极结果。该研究旨在评估在联合化疗的基础上，HER2靶向双特异性抗体泽尼达妥单 抗单药或联合PD-1抑制剂替雷利珠单抗作为HER2阳性局部晚期或转移性胃食管腺癌（GEA，包括胃癌、胃食管结合部腺癌和食道癌）一线治疗的有效性和 安全性。 中信建投此前指出，百济神州泽布替尼持续放量，上调全年业绩指引。考虑到公司BTK海外放量超预期，以及PD-1在欧盟、日本等其他国家上市放量，以 及BCL-2、BTK CDAC、CDK4等重磅管线持续兑现带来商业化进一步兑现，维持"买入"评级。 编辑/doris ...

每经AI快讯，百济神州(06160.HK)高开逾3%，截至发稿，涨3.53%，报223.2港元，成交额1196.27万港 元。 （文章来源：每日经济新闻） ...

方正证券表示，当下时点更应积极看多，新一轮行情有别于今年第一轮估值修复的轰轰烈烈行情，未来 创新药将呈现核心龙头震荡上行，新机会继续涌现的慢牛行情。 恒生医药ETF（159892）聚焦创新+药品主线，涵盖创新药、CXO、互联网药店等细分领域，具备较强 的创新特征，契合创新、出海等主线方向。 百济神州的三季报相当于给创新药行情注入了稳定剂，提示中国原研新药可以在国际市场获得丰厚的回 报和利润，打开创新药行情空间。 方正证券表示，本轮创新药从8月中下旬进行调整状态，部分个股尤其是港股调整剧烈，市场对创新药 的核心逻辑出现怀疑，部分市场资金在国际博弈扰动下有减仓，但实质上创新药BD的逻辑从未改变。 从后续一二级层出不穷的BD可以印证，部分个股调整剧烈是预期过高、过于超前导致，不是行情逻辑 的证伪或终结，这点从龙头稳健的走势上可见一斑。 ...

截至发稿，百济神州(06160.HK)涨4.36%、药捷安康-B(02617.HK)涨3.77%、科济药业-B(02171.HK)涨 1.89%。 ...

Core Viewpoint - BeiGene (06160) experienced a significant increase in stock price, rising by 3.53% to HKD 223.2, with a trading volume of HKD 11.96 million, following the announcement of positive results from the Phase III HERIZON-GEA-01 study [1] Group 1: Study Results - The HERIZON-GEA-01 study evaluates the efficacy and safety of the HER2-targeted bispecific antibody, Zhenidamab, either as a monotherapy or in combination with the PD-1 inhibitor, Tislelizumab, for first-line treatment of HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma (GEA) [1] Group 2: Market Outlook - CITIC Securities (601066) noted that BeiGene's Zebutini is experiencing continuous growth, leading to an upward revision of the annual performance guidance [1] - The company anticipates that the overseas growth of BTK will exceed expectations, along with the launch of PD-1 in the EU, Japan, and other countries, contributing to further commercialization of key pipelines such as BCL-2, BTK CDAC, and CDK4 [1] - The firm maintains a "Buy" rating on BeiGene [1]

Core Viewpoint - BeiGene (06160) experienced a significant stock increase of 3.53%, reaching HKD 223.2, following the announcement of positive results from the Phase III HERIZON-GEA-01 study [1] Group 1: Study Results - The HERIZON-GEA-01 study evaluated the efficacy and safety of the HER2-targeted bispecific antibody, Zhenidamab, either as a monotherapy or in combination with the PD-1 inhibitor, Tislelizumab, for first-line treatment of HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma (GEA) [1] Group 2: Market Performance and Analyst Ratings - CITIC Securities previously noted that BeiGene's Bruton’s tyrosine kinase (BTK) product is experiencing significant growth, leading to an upward revision of the annual performance guidance [1] - The company is expected to see continued commercialization success from its key pipelines, including BTK, PD-1 in the EU and Japan, and other significant products like BCL-2, CDAC, and CDK4, maintaining a "Buy" rating [1]