Core Viewpoint - Jianyin International's report indicates that BeiGene's net profit for Q3 reached $125 million, surpassing market consensus estimates of $80 million, with product revenue growing 40% year-on-year to $1.395 billion, aligning closely with the bank's predictions [1] Revenue Forecast Adjustments - The bank has raised its total revenue forecast for BeiGene for FY2025 by 4%, and for FY2026 and FY2027 by 1% each, adjusting the figures to $5.4 billion, $6.6 billion, and $8.8 billion respectively [1] - Adjusted net income (non-GAAP) for FY2025 has been increased from $556 million to $984 million, for FY2026 from $860 million to $1 billion, and for FY2027 from $2.5 billion to $2.7 billion [1] Target Price and Rating - The target price for BeiGene has been raised from HKD 230 to HKD 234, with a rating of "Outperform" [1]

Core Insights - Goldman Sachs reports that BeiGene's product sales in Q3 reached $1.4 billion, a 40% year-over-year increase, exceeding market expectations [2] - Brukinsa is the main growth driver, with revenue surpassing $1 billion for the first time, reflecting a 51% year-over-year growth and establishing it as the global leader in the BTK market, surpassing Imbruvica [2] - Due to strong sales performance, the company raised its full-year sales guidance to between $5.1 billion and $5.3 billion [2] - Goldman Sachs adjusted BeiGene's earnings per share forecasts for 2025 to 2027 and maintained a "Buy" rating, increasing the target price for U.S. stocks from $399.73 to $408.79 [2]

Core Viewpoint - The A-share market is experiencing a rebound with strong performance in sectors like consumer goods, food and beverage, and oil, while sectors such as communication and electronics are under pressure. The "20CM New Species" Sci-Tech Innovation Drug ETF Huatai (589120) has seen a significant inflow of funds, accumulating over 190 million yuan in nine consecutive days, with a total scale exceeding 500 million yuan [1][3]. Group 1: Market Performance - The A-share market is showing a mixed trend, with certain sectors like consumer goods and food and beverage performing strongly, while others like communication and electronics are facing challenges [1]. - The "20CM New Species" Sci-Tech Innovation Drug ETF Huatai (589120) has risen over 1% amid this market fluctuation, indicating investor interest in innovative drug sectors [1]. Group 2: Fund Inflows and Performance - The Sci-Tech Innovation Drug ETF Huatai (589120) has attracted over 190 million yuan in funds over the past nine days, reflecting strong investor confidence in the innovative drug sector [1]. - The ETF's latest scale has surpassed 500 million yuan, showcasing its growing popularity among investors [1]. Group 3: Company-Specific Developments - BeiGene reported a 41% year-on-year increase in third-quarter revenue, reaching 1.41 billion USD, primarily driven by strong sales of its drug, Zebrutinib [3]. - Several component stocks of the ETF, such as Teva Biopharma and Zai Lab, have shown positive performance, with Teva Biopharma rising over 4% [3][4]. Group 4: Policy and Market Dynamics - The National Medical Insurance Administration is conducting negotiations for the medical insurance drug catalog, with 120 companies participating, indicating a significant policy shift aimed at enhancing drug accessibility [5][6]. - The introduction of a dual catalog negotiation system allows pharmaceutical companies more strategic options, potentially leading to better market access for innovative drugs [6][7]. Group 5: Future Outlook - The innovative drug sector is expected to continue thriving, supported by favorable policies and increasing international collaboration, with projections indicating substantial market growth by 2030 [8]. - The focus on innovative drugs, particularly in the context of the upcoming medical insurance negotiations, is likely to enhance the market landscape for these products [8].

Core Insights - Goldman Sachs reported that BeiGene's product sales in Q3 increased by 40% year-on-year to $1.4 billion, exceeding market expectations [1] - Brukinsa remains the primary growth driver, with revenue reaching $1 billion for the first time, representing a 51% year-on-year growth, and it has surpassed Imbruvica to become the global leader in the BTK market [1] - Based on strong sales performance, the company raised its full-year sales guidance from $5 to $5.3 billion to $5.1 to $5.3 billion [1] - The earnings per share forecast for BeiGene for 2025 to 2027 has been adjusted from $2.69, $6.18, and $7.32 to $3.78, $6.26, and $6.64 respectively [1] - Goldman Sachs maintains a "Buy" rating, increasing the target price for US shares from $399.73 to $408.79, and for A-shares from ¥353.97 to ¥366.48 [1]

Core Insights - Goldman Sachs reported that BeiGene's product sales in Q3 increased by 40% year-on-year to $1.4 billion, exceeding market expectations [1] - Brukinsa remains the primary growth driver, achieving revenue of $1 billion for the first time, representing a 51% year-on-year growth, and has surpassed Imbruvica to become the global leader in the BTK market [1] - Based on strong sales performance, the company raised its full-year sales guidance from $5 to $5.3 billion to $5.1 to $5.3 billion [1] - The earnings per share forecast for BeiGene for 2025 to 2027 has been adjusted from $2.69, $6.18, and $7.32 to $3.78, $6.26, and $6.64 respectively [1] - Goldman Sachs maintains a "Buy" rating for BeiGene, raising the target price for US shares from $399.73 to $408.79, and for A-shares from ¥353.97 to ¥366.48 [1]

Core Viewpoint - Bank of America Securities reports that BeiGene's Q3 product revenue reached $1.395 billion, a year-on-year increase of 40.4%, driven primarily by a 51% year-on-year growth in Brukinsa [1] Financial Performance - Total revenue for the quarter was $1.412 billion, reflecting a year-on-year growth of 41% [1] - Net profit for the period was $125 million, marking a turnaround from a loss to profitability [1] Guidance and Forecasts - Management has raised the full-year revenue guidance from $5 billion to $5.1-5.3 billion [1] - Based on the performance in the first three quarters, the firm has slightly adjusted its sales and other expense forecasts [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 55.2%, 0.6%, and 0.4% respectively [1] Price Target and Rating - The target price for US shares has been raised from $389 to $402.2 [1] - The target price for H shares has been increased from HKD 234.9 to HKD 242.87 [1] - The "Buy" rating is reiterated based on strong global commercial performance and stable progress in the R&D pipeline [1]

Core Insights - Bank of America Securities reported that BeiGene's product revenue for Q3 reached $1.395 billion, representing a year-over-year growth of 40.4% [1] - Total revenue for the quarter was $1.412 billion, marking a year-over-year increase of 41%, primarily driven by a 51% year-over-year growth in Brukinsa [1] - The company achieved a net profit of $125 million for the period, reversing from a loss to profitability [1] - Management raised the full-year revenue guidance from $5 billion to $5.3 billion, now estimating between $5.1 billion and $5.3 billion [1] Financial Projections - Based on the performance in the first three quarters, the firm slightly adjusted its sales and expense forecasts [1] - Earnings per share forecasts for 2025 to 2027 were increased by 55.2%, 0.6%, and 0.4% respectively [1] - The target price for U.S. stocks was raised from $389 to $402.2, while the target price for H-shares increased from HKD 234.9 to HKD 242.87 [1] - The "Buy" rating was reiterated based on strong global commercial performance and stable progress in the R&D pipeline [1]

Core Viewpoint - BeiGene has entered a harvest period after sustained high investment in R&D, with expectations of achieving profitability for the first time in 2025 [2][12]. Financial Performance - The company updated its revenue forecast for 2025, estimating revenue between RMB 36.2 billion and RMB 38.1 billion, an increase from the previous estimate of RMB 35.8 billion to RMB 38.1 billion [2][3]. - For the first three quarters of 2025, BeiGene reported revenue of RMB 27.595 billion, a year-on-year increase of 44.2%, and a net profit attributable to shareholders of RMB 1.139 billion, compared to a loss of RMB 3.687 billion in the same period last year [7][12]. - The company expects Q4 2025 revenue to be between RMB 8.605 billion and RMB 10.505 billion [7]. R&D Investment - From 2017 to 2025, BeiGene's cumulative R&D expenses reached RMB 77.066 billion, with a significant increase in annual spending [12]. - R&D expenses for the first half of 2025 were RMB 7.278 billion, a year-on-year increase of 9.8% [12]. - The company has consistently increased its R&D investment, with annual expenses rising from RMB 20.17 billion in 2017 to RMB 141.40 billion in 2024 [9][10][11]. Product Performance - BeiGene's product, Brukinsa (百悦泽), achieved global sales of RMB 7.423 billion in Q3 2025, a 51.0% increase year-on-year, maintaining its leading position in the global BTK inhibitor market [7][8]. - The product's success is attributed to strong demand across all indications and favorable net pricing [7]. - Another product, Tislelizumab (百泽安), generated sales of RMB 1.363 billion, a 16.6% increase, driven by new indications approved for reimbursement in China [8]. Market Position - BeiGene is recognized as a benchmark for innovative pharmaceutical companies in China and is evolving towards becoming a global multinational corporation [12].

Investment Rating - The report maintains an investment rating of "Outperform" [5] Core Insights - The report highlights that the global sales of the BTK inhibitor Zebutini reached $1 billion in Q3 2025, with a quarter-on-quarter growth of 5% and a year-on-year growth of 56% [2][3] - Zebutini's market share in the global market reached 28.9% in Q3 2025, surpassing Ibrutinib in the U.S. market for the first time with a share of 33.8% [3][21] Summary by Sections Weekly New Drug Market Review - From November 3 to November 9, 2025, the top five gainers in the new drug sector were: Zhongsheng Pharmaceutical (+8.13%), Yongtai Biological (+7.35%), Hansoh Pharmaceutical (+3.31%), Hehuang Pharmaceutical (+1.55%), and Youzhiyou (0.00%); the top five losers were: Saint Nor Pharmaceutical (-24.42%), Kedi (-17.80%), Yifang Biological (-17.76%), Kangning Jere (-17.65%), and Zai Ding Pharmaceutical (-14.08%) [1][16] Weekly Focused Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty: PD-1 upgraded products from Sanofi, GLP-1 assets from Lianbang Pharmaceutical, and ADC assets from Kelun-Botai [2][20] 2. Potential heavyweights for overseas authorization: PD-1 upgraded products from Kangfang Biotech and Innovent Biologics, breakthroughs in autoimmune fields from Yifang Biological and China Antibody, and innovative target ADCs from Fuhong Hanlin and Shiyao Group [2][20] 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: Heng Rui Pharmaceutical, Kangnuo Pharmaceutical, Maiwei Biological, Zhixiang Jintai, and Haichuang Pharmaceutical [2][20] Key Analysis of the New Drug Industry - BeiGene disclosed its Q3 2025 financial performance, reporting global sales of Zebutini at $1 billion, with U.S. sales of $739 million and European sales of $163 million [2][3][20] - The report notes that Zebutini's market share is continuously increasing, indicating a strong growth trend [3][21] New Drug Approval and Acceptance Status - No new drug or new indication approvals were reported this week, but 10 new drug or new indication applications were accepted [9][25] - A total of 37 new drug clinical applications were approved, and 43 new drug clinical applications were accepted this week [10][28]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].