Core Insights - The company reported a significant increase in revenue and profitability for the first three quarters of 2025, with total revenue reaching RMB 27.595 billion, a year-on-year growth of 44.2%, and a net profit attributable to shareholders of RMB 1.139 billion, marking a turnaround from a loss to profit [3][4] Revenue Breakdown - The global revenue for the drug Zebutini (BTK) reached USD 1.04 billion in Q3 2025, reflecting a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [4] - In the U.S., Zebutini generated USD 740 million, up 46.7% year-on-year and 8.0% quarter-on-quarter [4] - European sales of Zebutini amounted to USD 160 million, showing a year-on-year growth of 67.7% and a quarter-on-quarter increase of 8.4% [4] - In China, Zebutini's revenue was USD 90 million, with a year-on-year increase of 36.3% and a quarter-on-quarter rise of 11.1% [4] - The company anticipates a 5-10% growth in Zebutini's revenue in Q4 2025, projecting total global revenue for the drug to exceed USD 3.9 billion for the year [4] Profitability Forecast - The company has revised its revenue forecasts for FY25-27 to USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion respectively, indicating a compound annual growth rate (CAGR) of 23% over three years [3] - The net profit forecasts for FY25-27 have also been adjusted to USD 360 million, USD 660 million, and USD 1.05 billion respectively, reflecting better-than-expected growth in sales and R&D expenses [3]

港股创新药板块连续第二日上涨，百济神州涨7%，创2021年11月以来新高，映恩生物、信达生物、三 生制药分别涨7%、6.07%和5%，带动港股通创新药ETF南方(159297)上涨3.37%，录得两连阳。 消息面上，百济神州第三季度营收100.77亿元，同比增长41.1%；归属于上市公司股东的净利润6.89亿 元，同比扭亏为盈。前三季度营收275.95亿元，同比增长44.2%；归属于上市公司股东的净利润11.39亿 元，同比扭亏为盈。 国泰海通证券最新研报指出，全链条鼓励创新政策将进一步改善医保支付，商保创新药目录即将落地， 创新品种仍将是医药板块业绩最强劲的领域。外需方面，大品种专利悬崖的大背景下，MNC的BD交易 活跃，中国已成为全球TOP 20 MNC第二大项目来源地，2026年BD有望再创新高。 港股通创新药ETF南方(159297)跟踪国证港股通创新药指数，重仓百济神州、信达生物、康方生物等研 发实力强劲的中国创新药龙头，该ETF自9月22日上市以来的33日个交易日获资金"只进不出"，合计净 流入10.53亿元，份额新增11.62亿份，增长率高达285.91%，且产品管理费率+托管费率合计为0.2% ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing a strong performance, driven by the rise of the National Index for Hong Kong Innovative Drugs, with leading stocks such as BeiGene, InnoCare Pharma, and 3SBio showing significant gains [1] Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159567) opened higher and rose over 3% by 9:50 AM, with a trading volume exceeding 600 million yuan, indicating a slight increase compared to the previous day [1] - The strong performance of the index has positively influenced the trading activity of popular ETFs in the market [1] Group 2: Investment Outlook - CITIC Securities released a report forecasting the investment trends in the pharmaceutical sector through 2026, highlighting the concentration of innovation among Chinese pharmaceutical companies and supportive policies for innovative drugs and medical devices [1] - The healthcare industry is expected to gradually return to a market pricing system driven by clinical value and demand, leading to a stable and sustainable domestic pharmaceutical market environment [1] - Listed companies in the sector are anticipated to experience continuous and stable earnings growth, contributing to a positive growth outlook for the industry [1] Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the National Index for Hong Kong Innovative Drugs, aiming to reflect the operational characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1] - Investors can also access the Hong Kong Innovative Drug ETF through connecting funds, providing an opportunity to capitalize on the upward potential of the innovative drug sector [1]

Core Insights - After the earnings announcement, BeiGene's A-shares rose over 6% to 312.99 CNY, while H-shares increased over 7% to 228.8 HKD, reaching the highest level since November 2021 [1] Financial Performance - For Q3 2025, the company reported revenue of 10.077 billion CNY, a year-on-year increase of 41.1% [1] - The net profit attributable to shareholders was 689 million CNY, marking a turnaround from a loss to profit [1] - For the first three quarters, total revenue reached 27.595 billion CNY, up 44.2% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.139 billion CNY, also indicating a turnaround from a loss to profit [1] Operational Efficiency - The significant changes in performance were primarily driven by increased product revenue and improved operational efficiency due to effective cost management [1]

11月13日早盘，港股整体回调，"创新药一哥"百济神州继续领跑，带动创新药板块逆市走强！截至发 稿，百济神州涨超7%续创三年新高，信达生物、三生制药续涨超5%，创新药含量100%的港股通创新药 ETF（520880）逆市冲高3%！ | | | 分时 · 6日 1分 5分 15分 30分 · | | | | | | F9 盘航盘后 婴加 九弦 面述 工具 @ (2) > | | | | | 通販通创新的ETF (1) | 31. | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 520880(税配通省新商ET) 09:50 � 0.580 通跌 0.015(2.65%) 均价 0.575 服交量 1. .. | | | | 100 3,1096 | | 0.580 +0.015 +2.65% | | | × 520880 | | 0.577 [ VM P | | | | | | | | | 2.00% | | SSE CNY 9:50:28 交易中 | ...

Group 1 - The core viewpoint highlights the active performance of innovative drug concept stocks, with notable movements in specific companies [1] - Nanjing Xinbai has achieved two consecutive trading limits, indicating strong investor interest [1] - BeiGene has seen an increase of over 6%, reflecting positive market sentiment towards its stock [1] Group 2 - Other companies such as Hainan Hai Chen Pharmaceutical, Lianhua Technology, Wanze Shares, and Xinlitai have also experienced upward trends, suggesting a broader rally in the sector [1]

Core Viewpoint - The Hong Kong stock market's biopharmaceutical sector experienced a significant rally, with notable gains from companies such as BeiGene, which rose over 6%, along with other firms like Tigermed and CanSino Biologics also seeing increases [1] Group 1 - The biopharmaceutical sector in Hong Kong is showing positive momentum, indicating investor confidence and potential growth opportunities [1] - BeiGene's stock price increased by more than 6%, highlighting its strong market performance [1] - Other companies in the sector, including Tigermed and CanSino Biologics, also experienced upward movement, suggesting a broader trend within the industry [1]

Core Viewpoint - The stocks of several biotechnology companies, including BeiGene, WuXi AppTec, and Legend Biotech, have experienced notable increases in their share prices, indicating positive market sentiment towards these companies [1] Group 1 - BeiGene (06160.HK) shares rose by 6.59% [1] - WuXi AppTec (02126.HK) shares increased by 3.97% [1] - Legend Biotech (02105.HK) shares went up by 3.33% [1]

Core Insights - BeiGene's stock rose over 6% following the release of its Q3 2025 earnings report, with a current price of HKD 224.2 and a trading volume of HKD 239 million [1] Financial Performance - The company reported a revenue of RMB 27.595 billion for the first three quarters of 2025, representing a year-on-year growth of 44.2% [1] - Net profit attributable to shareholders was RMB 1.139 billion, marking a turnaround from a loss to profit [1] - Basic earnings per share stood at RMB 0.81 [1] Product Revenue Breakdown - Global revenue for Zebrutinib (BTK) reached USD 1.04 billion in Q3 2025, showing a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [2] - Revenue from Zebrutinib in the U.S. was USD 740 million (up 46.7% year-on-year, up 8.0% quarter-on-quarter) [2] - European revenue for Zebrutinib was USD 160 million (up 67.7% year-on-year, up 8.4% quarter-on-quarter) [2] - Revenue from Zebrutinib in China was USD 90 million (up 36.3% year-on-year, up 11.1% quarter-on-quarter) [2] - The company anticipates a 5-10% quarter-on-quarter growth for Zebrutinib in Q4 2025, with global revenue expected to exceed USD 3.9 billion for the year [2] - Global revenue for Tislelizumab (PD-1) was USD 190 million, reflecting a year-on-year growth of 16.7% [2] Future Projections - Haitong International has revised its revenue forecasts for BeiGene for FY25-27 to USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion respectively, indicating a three-year revenue CAGR of 23% [1] - The net profit forecasts for FY25-27 have also been adjusted to USD 360 million, USD 660 million, and USD 1.05 billion respectively, reflecting better-than-expected growth in sales and R&D expenses [1]

Core Insights - On November 12, BeiGene's stock rose by 5.62%, with a trading volume of 1.793 billion yuan [1] - As of November 12, BeiGene's total margin trading balance reached 1.332 billion yuan, indicating a high level of trading activity [1] Financing Summary - On November 12, BeiGene had a financing buy-in amount of 201 million yuan, while the financing repayment was 231 million yuan, resulting in a net financing outflow of 30.15 million yuan [1] - The current financing balance of 1.312 billion yuan accounts for 3.88% of the circulating market value, which is above the 90th percentile level over the past year [1] Securities Lending Summary - On November 12, BeiGene repaid 1,200 shares in securities lending and sold 2,015 shares, amounting to a selling value of 591,600 yuan based on the closing price [1] - The remaining securities lending balance is 66,600 shares, with a total value of 19.56 million yuan, also exceeding the 90th percentile level over the past year [1] Company Overview - BeiGene, established on October 28, 2010, and listed on December 15, 2021, is located in the Zhongguancun Life Science Park, Beijing [1] - The company's main business involves the research, development, production, and commercialization of innovative drugs, with 99.10% of revenue coming from drug sales and 0.90% from collaboration arrangements [1] Shareholder Information - As of September 30, the number of BeiGene shareholders increased by 55.33% to 36,200, while the average circulating shares per person decreased by 35.79% to 3,195 shares [2] - For the period from January to September 2025, BeiGene reported a revenue of 27.595 billion yuan, a year-on-year increase of 44.21%, and a net profit attributable to shareholders of 1.139 billion yuan, up 130.88% year-on-year [2] Institutional Holdings - As of September 30, among the top ten circulating shareholders, China Europe Medical Health Mixed A ranked fourth with 4.6788 million shares, a decrease of 146,600 shares from the previous period [2] - Hong Kong Central Clearing Limited entered as a new shareholder, holding 3.1565 million shares, while other notable changes included a significant reduction in holdings by several funds [2]