Summary of BeOne Medicines Conference Call Company Overview - **Company**: BeOne Medicines (NasdaqGS:BGNE) - **Key Personnel**: John Euler (CEO), Aaron Rosenberg (CFO), Mark Lanesa (Chief Medical Officer of Solid Tumor) [2][4] Industry Insights - **Sector**: Biotechnology, specifically oncology - **Market Position**: BeOne is recognized as one of the fastest-growing biotech companies, achieving profitability and leading global revenue with its BTK inhibitor, Brukenza [2][4] Core Strategies and Unique Infrastructure - **R&D Approach**: BeOne has built its own infrastructure, termed the "B1 global superhighway," consisting of 6,000 personnel globally, with 2,000 in manufacturing and 4,000 in clinical trials across 40-50 countries [4][5] - **Cost Efficiency**: The company aims to reduce the high costs associated with clinical trials, which typically account for 75-90% of oncology medicine expenses [4][5] - **Research Output**: In the last two years, BeOne has introduced 16 new molecular entities into clinical trials, with a focus on hematology and solid tumors [5][6] Financial Performance - **Revenue Breakdown**: As of Q3 2025, 52% of revenue is from the U.S., with European sales growing 71% year-over-year, now accounting for 12% of total sales. The rest of the world saw a 133% year-over-year growth [11][12] - **Manufacturing Investment**: Over $800 million has been invested in a biologics facility in New Jersey, which will support production for Tovembara, a PD-1 therapy [14] CLL Franchise - **Key Products**: Brukenza is the leading BTK inhibitor globally, with a six-year milestone PFS of 74%, outperforming other monotherapy BTKs [15][16] - **Clinical Strategy**: BeOne is conducting head-to-head trials against competitors to validate the efficacy of its therapies [23][24] - **Future Prospects**: Anticipated approvals for Synrodoclaix in 2026 and the BTK degrader in 2027, aiming to expand treatment options for CLL patients [29] Solid Tumor Pipeline - **CDK4 Inhibitors**: BeOne plans to initiate a phase three trial for a CDK4 inhibitor in frontline HR-positive HER2-negative breast cancer, expecting superior PFS compared to existing treatments [30][32] - **PRMT5 Inhibitor**: The PRMT5 inhibitor is noted for its potency and CNS penetration, showing promise in various tumor types [33][34] Degrader Platforms - **BTK Degrader**: The BTK degrader is in phase three studies, with additional programs for KRAS and EGFR degraders progressing well [36][37] R&D Investment Strategy - **Financial Discipline**: BeOne aims for sustainable growth while maintaining a high bar for R&D investments, with $125 million in net income and $354 million in free cash flow reported [39][40] AI in Drug Development - **AI Utilization**: BeOne is exploring AI for drug discovery and clinical trials, recognizing the potential for improved efficiency but acknowledging challenges due to fragmented data [42][45] Conclusion - BeOne Medicines is positioned as a leader in the biotech sector with a robust pipeline, innovative R&D strategies, and a commitment to expanding its global footprint while maintaining financial discipline and exploring new technologies like AI for drug development.

Core Viewpoint - BeiGene's Q3 2025 performance exceeded expectations with product revenue of $1.395 billion (up 7% quarter-over-quarter) and a GAAP net profit of $125 million, marking a year-on-year turnaround [1] Group 1: Financial Performance - Product revenue reached $1.395 billion, reflecting a 7% increase compared to the previous quarter [1] - GAAP net profit was $125 million, indicating a year-on-year turnaround from losses [1] Group 2: Future Guidance and Clinical Developments - The company raised its full-year guidance while actively advancing its next-generation self-developed pipeline products globally [1] - In H2 2025, BeiGene plans to submit an accelerated approval application for the Phase II data of Sotigalimab targeting R/R MCL in the US and EU [1] - In H1 2026, the company will initiate a Phase III clinical trial for CDK4 targeting HR+/HER2- BC [1] - Additional clinical pipeline POC data readouts are anticipated [1] Group 3: Market Opportunities - The overseas expansion of BTK has exceeded expectations, contributing to revenue growth [1] - The commercialization of PD-1 in the EU, Japan, and other countries is expected to further enhance revenue [1] - Continued realization of significant pipeline products such as BCL-2, BTK CDAC, and CDK4 is anticipated to drive further commercialization [1]

Core Viewpoint - BeiGene's Q3 2025 performance exceeded expectations, with product revenue reaching $1.395 billion, a 7% quarter-over-quarter increase, and a GAAP net profit of $125 million, marking a year-on-year turnaround [1] Group 1: Financial Performance - Product revenue for Q3 2025 was $1.395 billion, reflecting a 7% increase compared to the previous quarter [1] - The company achieved a GAAP net profit of $125 million, indicating a year-on-year turnaround [1] - The annual guidance has been raised due to strong performance [1] Group 2: Clinical Development Pipeline - The company is advancing its next-generation self-developed pipeline with a focus on global clinical layouts and progress [1] - In H2 2025, BeiGene plans to submit an accelerated approval application for the Phase II data of Sotigalimab targeting R/R MCL in the US and EU [1] - In H1 2026, the company will initiate a Phase III clinical trial for CDK4 targeting HR+/HER2- BC [1] - Additional clinical pipeline POC data readouts are anticipated [1] Group 3: Market Opportunities - The overseas volume of BTK has exceeded expectations, contributing to growth [1] - The PD-1 product is experiencing volume growth in the EU, Japan, and other countries [1] - Continued commercialization of key pipelines such as BCL-2, BTK CDAC, and CDK4 is expected to drive further revenue realization [1] - The company maintains a "Buy" rating based on these developments [1]

Core Viewpoint - The A-share market shows a mixed trend with the innovative drug sector experiencing a pullback, while the "20CM Innovative Drug New Species" ETF from Huatai-PineBridge (589120) has seen a net subscription of over 110 million yuan in the past 20 trading days despite a nearly 3% decline today [1][5]. Group 1: Market Performance - As of 14:02 on November 17, the innovative drug ETF has decreased by nearly 3%, continuing its pullback trend [1]. - The index components of the innovative drug ETF have all retreated, with notable declines including Elysium and Zai Lab dropping over 4%, and others like BeiGene and Eucure Biopharma falling over 3% [3][4]. Group 2: Company Announcements - On November 17, Sinovac Biotech announced a share transfer plan where shareholder Shenzhen Keyi Pharmaceutical Holdings intends to transfer 10.06 million shares, representing 5% of the total share capital, for operational needs [5]. - Eucure Biopharma reported that its Vice President and CFO has completed a share reduction plan, having originally held 571,400 shares (0.14% of total shares) and planned to reduce up to 128,900 shares [5]. Group 3: Sector Analysis - The innovative drug sector showed signs of recovery last week due to accelerated overseas clinical trials and positive earnings reports, with BeiGene reporting a strong Q3 2025 performance with revenue of $1.412 billion, a 41% year-on-year increase [6][7]. - Analysts suggest that the recent volatility in some stocks does not indicate the end of the market logic, and a new round of innovative drug market opportunities may emerge [6][7]. - The innovative drug sector is expected to enter a harvest period, supported by policy, innovation upgrades, and normalized overseas business development [7].

Group 1 - The core viewpoint indicates a decline in innovative drug concept stocks, with notable drops in companies such as Kanglong Chemical, Kelun Pharmaceutical, and Xinlitai, among others [1] - The innovative drug-related ETFs have also experienced a decline, with an overall drop exceeding 2% [1] - Despite the downturn, there have been positive developments in China's biotechnology sector, including 35 research presentations at the ESMO 2025 conference and significant collaborations like the $11.4 billion partnership between Innovent Biologics and Takeda, highlighting global recognition of Chinese innovative drug value [2]

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） 授出受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年11月10 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向一百四十三名承授人授 出涉及合共16,463股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年11月10日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百 四十三名承授人合共16,463股美國存託股份受限制股份單位。該等受限制股份單 位相當於214,019股股份，約佔本公告之日公司發行股份總數的0.01%。 授出受限制股份單位詳情 受限制股份單位詳情如下： 1 授出日期： 2025年11月10日 承授人數目： 一百四十三名 已授出受限制股份單位涉及的 相關股份數目： 214 ...

格隆汇11月16日丨百济神州(688235.SH)发布公告，2025年11月10日，董事会薪酬委员会根据2016期权 及激励计划的条款授予一百四十三名承授人合共1.65万股美国存托股份受限制股份单位。该等受限制股 份单位相当于21.40万股股份，约占本公告之日公司发行股份总数的0.01%。 ...

Core Insights - Insurance capital remains active in the market, conducting 348 company surveys in November, with over 126 stocks receiving attention, despite a year-on-year decline in total survey frequency [1][3] - The focus of insurance capital is on high-dividend stocks and sectors aligned with national strategic goals, such as new productive forces, high-end manufacturing, and biomedicine, with companies like BeiGene, Inovance Technology, and Luxshare Precision being particularly favored [1][3] Group 1: Survey Trends - Leading insurance asset management companies are the main players in conducting surveys, with Taikang Asset leading with 21 surveys, followed by Sunshine Asset, Taiping Asset, and others, each exceeding 10 surveys [1] - The Shenzhen Main Board and ChiNext are the primary targets for insurance capital, especially in technology growth sectors like integrated circuits and electronic components [1][3] Group 2: Investment Strategy - Insurance capital is adopting a dual strategy of "stable base + growth elasticity," focusing on high-dividend stocks while enhancing research in new productive forces [3][4] - The emphasis on high ROE and high-dividend companies aligns with the new accounting standards and long-term performance assessments, making them attractive to insurance capital [4] Group 3: Key Companies - BeiGene, Inovance Technology, and Luxshare Precision are highlighted as top targets for insurance capital, each receiving interest from over 20 insurance firms due to their strong competitive advantages and growth potential [3] - Other notable companies in the renewable energy and communication equipment sectors, such as Trina Solar and Dekor, have also attracted attention from more than 10 insurance firms [3]

格隆汇11月14日丨百济神州(06160.HK)公告，于2025年11月10日，董事会薪酬委员会根据2016期权及激 励计划的条款向一百四十三名承授人授出涉及合共1.6万股美国存托股份的受限制股份单位。 ...

Group 1 - The company BeiGene (06160) announced that on November 10, 2025, the Board's Compensation Committee granted a total of 16,500 restricted stock units to 143 grantees under the 2016 Option and Incentive Plan [1] - The restricted stock units correspond to 214,000 shares, which represents approximately 0.01% of the total issued shares of the company as of the date of the announcement [1]