Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [7]. Core Insights - The report highlights the emergence of the "Protein Degradation 2.0" era, focusing on domestic companies involved in this field [12][18]. - The pharmaceutical sector is expected to experience a structural bull market in 2025, driven by supportive policies for commercial health insurance and innovation in drug development [14]. Summary by Sections Recent Review - During the week of April 14-18, the Shenwan Pharmaceutical Index decreased by 0.36%, outperforming the ChiNext Index but underperforming the CSI 300 Index [12]. - The market showed a recovery with small-cap innovative drugs performing well, while the overall pharmaceutical sector remained volatile [13]. Future Outlook - Short to medium-term strategies focus on self-sufficiency in research instruments and upstream components, deepening the exploration of innovative drugs, and identifying high-growth companies based on Q1 reports [14]. - By 2025, a positive trading atmosphere is anticipated, with structural growth likely in the pharmaceutical sector [14]. Investment Strategy - **Pharmaceutical Style Rhythm**: Key companies include innovative drug firms such as Sanofi, BeiGene, and others focusing on self-sufficiency like BGI Genomics and others [15]. - **Pharmaceutical Industry Logic**: Emphasis on innovative drugs with commercial potential, self-sufficiency in medical devices, and new technologies like AI in medicine [16]. Protein Degradation Sector - The report discusses the rapid advancement in the targeted protein degradation (TPD) field, with over 95 projects in clinical development globally, including 35 in China [24]. - Notable domestic companies in the TPD space include Innovent Biologics, BeiGene, and others, with several new drugs recently approved for clinical trials [26][25]. Subsector Performance - The innovative drug index decreased by 0.60% during the week, while the generic drug sector saw a 1.80% increase, indicating a shift in market focus [36]. - The traditional Chinese medicine index outperformed the overall pharmaceutical index, highlighting a potential area for investment [43]. Key Events - The report notes significant events such as the approval of innovative drugs by companies like CanSino Biologics and the performance of various pharmaceutical firms in their quarterly reports [41][34].

A 股代码：688235 A 股简称：百济神州 公告编号：2025-016 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 关于召开 2024 年度业绩说明会的公告 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。 4、投资者可于 2025 年 4 月 22 日（星期二）至 4 月 28 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@beigene.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 百济神州有限公司（以下简称"公司"）将于 2025 年 4 月 29 日 发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 29 日（星 期二）上午 09:00-10:00 举行 2024 年度业绩说明会，就投资者关心的 问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 的经营成果及财务指标的具体情况 ...

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].