Core Viewpoint - The China Ocean Medical Care Theme Stock A has experienced a decline of 0.85% on April 17, with a net value of 1.05 yuan, marking a cumulative drop of 1.95% over three consecutive trading days [1] Group 1: Fund Performance - The fund was established in March 2012 with a total size of 564 million yuan and has achieved a cumulative return of 165.78% since inception [1] - As of the end of 2024, the top ten holdings of the fund account for a total of 59.15% of the portfolio [2] Group 2: Holder Structure - As of the end of 2024, institutional investors hold 5.9 million shares, representing 10.54% of the total shares, while individual investors hold 49.8 million shares, accounting for 89.46% of the total [1] Group 3: Fund Management - The current fund manager, Ms. Liang Jingjing, has a master's degree in pharmaceutical chemistry from Peking University and has held various research positions in the pharmaceutical sector before becoming the fund manager [1]

承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2025年4月17日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事王 曉東博士，以及獨立非執行董事Olivier Brandicourt博士、Margaret Han Dugan 博士、Michael Goller先生、Anthony C. Hooper先生、Ranjeev Krishana先生、 Alessandro Riva博士、Corazon (Corsee) D. Sanders博士、Shalini Sharp女士及易 清清先生。 百濟神州有限公司（「本公司」）謹此公佈，本公司將於2025年5月7日（星期三）（即 香港聯交所交易時間之後）報告其根據美國公認會計原則及美國證券交易委員會 適用規則編製的截至2025年3月31日止第一季度的未經審核財務業績。本公司董 事會審計委員會將於2025年5月7日（香港時間）審閱及批准2025年第一季度的財 務業績。 財務業績發佈後，本公司將於美國東部時間2025年5月7日（星期三）上午八時正 （即香港時間2025年5月7日（星期三）下午八時正）舉行電話會議。 電話會議將以網路直播方式進行，網 ...

A股代码：688235 A股简称：百济神州 公告编号：2025-015 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 公司管理团队将于美国东部时间 2025 年 5 月 7 日（星期三）上午 8 时（即北京时间 2025 年 5 月 7 日（星期三）晚上 8 时）举行业绩电话会 议。 电话会议将进行网络直播，网络直播链接可从公司网站的投资者关 系页面访问，网址为 http://ir.beigene.com/、https://hkexir.beigene.com/ https://sseir.beigene.com/。为确保及时连接，建议参会人至少在预定的网 络直播前 15 分钟进行注册。公司网站将提供业绩电话会议网络直播的 存档回放。公司股东也可参考公司在业绩电话会议后提交的投资者关系 活动记录表了解业绩电话会议主要内容。 1 特此公告。 百济神州有限公司董事会 2025 年 4 月 18 日 2 自愿披露关于公司举行业绩电话会议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 担法律责任。 百济 ...

Group 1 - The core viewpoint of the news is that BeiGene's stock has experienced a decline, with a closing price of 240.56 yuan, down 3.26%, and a market capitalization of 336.99 billion yuan [1] - As of September 30, 2024, the number of shareholders in BeiGene is 33,458, a decrease of 4,146 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - BeiGene is a global biotechnology company focused on the research, development, production, and commercialization of innovative drugs, with key products including BRUKINSA (a BTK inhibitor), anti-PD-1 monoclonal antibody, and Pamiparib [1] Group 2 - The latest financial results for the third quarter of 2024 show that BeiGene achieved a revenue of 19.136 billion yuan, representing a year-on-year increase of 48.63%, while the net profit was -3.686694 million yuan, a year-on-year change of 4.94%, with a gross margin of 83.94% [1] - In comparison to industry averages, BeiGene's price-to-earnings (PE) ratio (TTM) is -67.69, and its price-to-book (PB) ratio is 13.94, with a total market value of 336.99 billion yuan [2] - The industry average PE ratio is 40.40, and the industry median is 35.49, indicating that BeiGene's valuation metrics are significantly lower than the industry averages [2]

Core Viewpoint - The recent performance of the Zhongyin Innovation Medical Mixed A fund shows a decline in net value but strong returns over various time frames, indicating potential resilience in the healthcare investment sector [1]. Fund Performance Summary - The latest net value of Zhongyin Innovation Medical Mixed A is 1.5786 yuan, down by 2.81% - The fund's one-month return is 13.30%, ranking 7 out of 4623 in its category - The three-month return stands at 38.74%, ranking 14 out of 4566 - Year-to-date return is 31.19%, ranking 24 out of 4559 [1]. Holdings Summary - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with the following key positions: - Heng Rui Pharmaceutical: 9.81% - Xinda Bio: 8.55% - Huaneng Pharmaceutical: 8.41% - Kangfang Biotech: 8.35% - Kangnuo Ya-B: 8.32% - Kelun Botai: 7.87% - BeiGene-U: 6.24% - Rongchang Bio: 5.96% - Hansoh Pharmaceutical: 3.98% - Xin Nuo Wei: 3.11% [1]. Fund Manager Background - Zheng Ning, the fund manager, has a master's degree and extensive experience in the investment sector, having previously worked at Taikang Asset Management and Zhonggeng Fund Management - Zheng joined Zhongyin Fund Management in 2022 and has managed multiple funds since then, including the Zhongyin Innovation Medical Mixed Fund [2].

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) 表格類別： 股票 狀態： 新提交 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4月15日 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 ...

Group 1 - The core viewpoint of the news is that BeiGene has shown significant stock performance and institutional interest, with a notable increase in revenue despite a net loss [1] - As of the latest report, BeiGene's stock closed at 235.3 yuan, up 6.51%, with a market capitalization of 329.5 billion yuan and a price-to-book ratio of 13.63 [1] - The company has 426 institutional holders, including 425 funds and 1 brokerage, with a total shareholding of 43.31 million shares valued at 6.974 billion yuan [1] Group 2 - BeiGene is a global biotechnology company focused on the research, development, production, and commercialization of innovative drugs, with key products including BRUKINSA (a BTK inhibitor) and anti-PD-1 monoclonal antibodies [1] - For the third quarter of 2024, BeiGene reported revenue of 19.136 billion yuan, a year-on-year increase of 48.63%, while the net profit was a loss of 3.686694 million yuan, reflecting a year-on-year change of 4.94% [1] - The gross profit margin for the company stands at 83.94% [1] Group 3 - In comparison to industry averages, BeiGene's price-to-earnings ratio (TTM) is -66.19, while the industry average is 40.22, indicating a significant divergence [2] - The industry median for price-to-earnings ratio (TTM) is 36.25, suggesting that BeiGene's valuation metrics are considerably lower than its peers [2] - The average price-to-book ratio in the industry is 8.44, while BeiGene's is 13.63, indicating a higher valuation relative to its industry counterparts [2]

Core Viewpoint - The pharmaceutical industry, particularly innovative drugs, is positioned as a key strategic investment direction for China's rise in the context of global supply chain restructuring and geopolitical tensions [1][2]. Group 1: Policy and Market Dynamics - The "Healthy China 2030" initiative aims for the health service industry to reach a total scale of 16 trillion yuan by 2030, with R&D investment intensity surpassing that of developed countries [1]. - The 2024 government work report emphasizes accelerating the development of new productive forces, with biomedicine identified as a key area for increased fiscal support [1]. - The "14th Five-Year" plan for biomedicine aims for the biomedicine sector to account for over 40% of a projected 22 trillion yuan bioeconomy by 2025 [1][2]. Group 2: Innovation and Approval Processes - The average approval cycle for domestic innovative drugs has been reduced to 6.2 years in 2023, a decrease of 3 years since 2018 [2]. - The dynamic adjustment mechanism for medical insurance negotiations will include 7 new anti-cancer drugs in 2024, with price reductions limited to 40%, thereby protecting innovation returns [2]. Group 3: Market Growth and Demographics - The proportion of the population aged 60 and above in China is expected to exceed 21% in 2024 and reach 30% by 2035, driving demand for chronic disease medications, cancer drugs, and rehabilitation equipment [2]. - Per capita medical expenditure in 2023 is 6,200 yuan, only one-sixth of that in the United States, with expectations to exceed 8,000 yuan by 2025 [2]. Group 4: Internationalization and R&D Efficiency - In 2023, the overseas licensing transaction volume for Chinese innovative drugs exceeded 40 billion USD, up from 15 billion USD in 2021, with projections to surpass 50 billion USD in 2024 [3]. - The cost of clinical trials in China is only 30%-50% of that in the United States, significantly shortening the R&D cycle for local pharmaceutical companies [3][4]. - The proportion of innovative drugs in China's pharmaceutical market is projected to increase from 25% in 2023 to 40% by 2025 [2][4]. Group 5: Industry Trends and Future Outlook - The revenue share from innovative drugs going abroad is expected to rise from 8% in 2023 to 20% by 2025, indicating a growing international presence [4]. - The number of global biotech companies with a market value exceeding 100 billion yuan is anticipated to increase, with 3-5 such companies expected to emerge in the coming years [4].

Core Viewpoint - BeiGene has decided to terminate the clinical development of its TIGIT inhibitor, ociperlimab, after an independent data monitoring committee recommended stopping the ongoing Phase III AdvanTIG-302 trial due to the likelihood of not meeting the primary endpoint of overall survival [1][2]. Group 1: Company Actions - BeiGene has invested a total of 2.09 billion RMB (approximately 20.9 million) in the ociperlimab project as of the first half of 2024 [1][2]. - The decision to terminate the trial was made after careful consideration of the efficacy and safety data, with no new safety signals identified [2]. - Following the termination of the trial, BeiGene will focus its resources on more promising candidates with clinical differentiation [2]. Group 2: Collaboration and Financials - In December 2021, BeiGene entered into an option agreement with Novartis, granting Novartis exclusive rights to develop, manufacture, and commercialize ociperlimab, for which BeiGene received a $300 million upfront payment [3]. - In July 2024, BeiGene and Novartis signed a termination agreement, allowing BeiGene to regain all global rights to ociperlimab [3]. - As of the end of 2023, BeiGene reported collaboration revenue related to the ociperlimab agreement of $192 million (approximately 1.41 billion RMB), which is expected to decrease to $18.26 million (approximately 134 million RMB) by the end of 2024 [4]. Group 3: Industry Context - The TIGIT pathway has been a popular target in cancer treatment development, with multiple pharmaceutical companies, including Roche, Bristol-Myers Squibb, and Merck, also halting their TIGIT antibody research due to unsatisfactory results [5][6]. - Despite the setbacks, some companies, such as AstraZeneca and GSK, continue to pursue TIGIT-related therapies, with ongoing clinical trials for their respective candidates [6].

Group 1 - The recent announcement by President Trump to suspend tariffs for 90 days on countries that do not retaliate has led to a significant rise in US stock markets, with major indices experiencing collective gains [1] - The Hong Kong stock market responded positively, with the Hang Seng Index rising by 2.69%, the National Index by 2.43%, and the Hang Seng Tech Index by 3.96% [1] - Biopharmaceutical stocks, particularly those related to WuXi AppTec, saw substantial gains, with WuXi AppTec's subsidiary rising over 14%, and other related stocks also experiencing increases of over 6% [1] Group 2 - The imposition of tariffs on pharmaceuticals by the US is expected to impact the industry, particularly affecting raw materials and generic drugs, while innovative drugs may face less disruption [1] - Experts suggest that the tariff plan serves as a threat to encourage US pharmaceutical companies to relocate production back to the US, given the limited domestic production capacity [1] - The Hang Seng Medical ETF (513060) saw a significant increase, rising over 5% with a trading volume exceeding 600 million yuan, indicating active trading in the sector [1] Group 3 - Recent US-China tariff increases have created disturbances in the pharmaceutical industry, but China's pharmaceutical exports are relatively small and mainly consist of raw materials and low-value consumables [2] - The domestic pharmaceutical outsourcing service companies are becoming crucial in the global pharmaceutical supply chain, supporting US pharmaceutical companies in enhancing R&D efficiency [2] - The innovative drug industry chain is showing active performance, with a focus on high-growth areas such as ADCCDMO and weight-loss drug supply chains, as well as companies in third-party testing laboratories and consumer healthcare sectors [2] Group 4 - The Hang Seng Medical ETF (513060) closely tracks the Hang Seng Healthcare Index, which reflects the overall performance of healthcare-related securities listed in Hong Kong, making it a key focus for investors [3]