Group 1 - The company BeiGene (06160) announced that on March 2, 2026, the Board's Compensation Committee granted a total of 21,200 restricted stock units to 180 grantees under the 2016 Option and Incentive Plan [1] - The granted restricted stock units are equivalent to 275,600 shares, representing approximately 0.02% of the total issued share capital of the company as of the date of the announcement [1]

Group 1 - The core point of the article is that BeiGene (06160.HK) announced the grant of restricted stock units to 188 recipients, totaling 21,197 American Depositary Shares, equivalent to 275,561 shares, which represents approximately 0.02% of the company's total issued shares as of the announcement date [1] Group 2 - The grant was made by the company's board compensation committee in accordance with the terms of the 2016 option and incentive plan [1]

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2026年3月2日， 董事會薪酬委員會根據2016期權及激勵計劃的條款向一百八十八名承授人授出涉 及合共21,197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 美國存託股份於授出日期的收市價： 每股美國存託股份314.36美元（約每股普 通股189.10港元） 歸屬期： 已授出的受限制股份單位將按下述形式 歸屬予承授人；但部分受限制股份單位 可能於控制權變更及╱或終止事件發生 後加速歸屬： 於2026年3月2日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百八 十八名承授人合共21,197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275,5 ...

Core Viewpoint - Several companies in the Sci-Tech Innovation Board's growth tier have reported turning losses into profits for the fiscal year 2025, indicating a positive trend in their financial performance and potential for exiting the growth tier [1][3]. Group 1: Company Performance - Cambrian Technology reported a revenue of 6.497 billion yuan for 2025, a year-on-year increase of 453.21%, and a net profit of 2.059 billion yuan, marking a turnaround from losses [3]. - BeiGene announced total revenue of 38.205 billion yuan for 2025, a 40.4% increase year-on-year, with a net profit of 1.422 billion yuan, also indicating a shift to profitability [3]. - North Chip Life achieved a revenue of 542 million yuan, a 71.23% increase from the previous year, and a net profit of 80.6219 million yuan, turning from losses to profits [3]. - Jingjin Electric reported a revenue of 2.726 billion yuan, a 108.93% increase year-on-year, with a net profit of 162 million yuan, recovering from a loss of 436 million yuan in the previous year [3]. - Obsidian Light announced total revenue of 941 million yuan, a 66.66% increase from the previous year, and a net profit of 127 million yuan, achieving profitability [3]. Group 2: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has set clear criteria for companies to exit the Sci-Tech Innovation Board's growth tier, including achieving positive net profits for two consecutive years with a cumulative profit of at least 50 million yuan, or a positive net profit with revenue exceeding 100 million yuan in the most recent year [4]. - Among the five companies that turned profitable, North Chip Life, which was newly listed in February 2026, meets the criteria for exiting the growth tier [4]. - The other four companies that achieved profitability will also likely exit the growth tier following the formal disclosure of their annual reports [4]. Group 3: Industry Overview - The Sci-Tech Innovation Board's growth tier currently includes 39 companies, with over 90% concentrated in the new generation information technology and biomedicine sectors [5]. - These 39 companies are projected to see a revenue growth of 36.7% in 2025, while their net profits are expected to reduce losses by 56.9% [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2026年3月5日 FF301 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06160 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,425,622,549 0 1,425,622,549 增加 / 減少 (-) 0 0 本月底結存 1,425,622,549 0 1,425,622,549 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06160 | 說明 | 請見備注 | | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06160 | 說明 | 請見備注 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | 本 ...

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report provides a monthly tracking of global innovative drugs, highlighting advancements and investment opportunities in relevant frontier areas [2] - CagriSema's head-to-head data underperformed expectations, leading Novo Nordisk to accelerate the development of four next-generation weight loss assets [7][12] - The PD-1/VEGF dual antibody market is projected to exceed $100 billion, with several products expected to achieve peak sales of over $10 billion [19] - PROTAC and molecular glue technologies are showing positive progress across autoimmune, oncology, and CNS fields, with significant market potential [27] - Small nucleic acids are advancing towards multiple major indications, including weight loss and HBV treatment [27] Summary by Sections Weight Loss - Novo Nordisk's REDEFINE 4 study showed CagriSema resulted in a weight loss of 23.0% over 84 weeks compared to Tirzepatide's 25.5%, failing to meet non-inferiority expectations [7][8] - The company attributes the study's failure to the unusually high performance of Tirzepatide, suggesting that the open-label design may have biased participants [7] - Following the disappointing results, Novo Nordisk is expected to expedite the development of four next-generation weight loss assets [12] PD-1/VEGF Dual Antibodies - The PD-1/VEGF dual antibody market is anticipated to grow significantly, driven by longer treatment durations and survival benefits compared to PD-1 monotherapy [19] - The HARMONi-3 study has completed enrollment of 600 patients, with plans for an interim analysis in Q2 2026 [22] - The combination of PD-1/VEGF with new therapies like RAS inhibitors and ADCs is expected to expand treatment options and market reach [19] PROTAC/Molecular Glue - The report highlights the optimistic outlook for targeted protein degradation in autoimmune diseases, with promising early results from Kymera's KT-621 and Monte Rosa's NEK7 [27][28] - NEK7's mechanism targets upstream processes in inflammation, potentially offering a differentiated approach compared to existing therapies [28] - The early studies indicate competitive performance in reducing hsCRP levels, suggesting significant therapeutic advantages [31] Small Nucleic Acids - Early research on ARO-INHBE and ARO-ALK7 suggests potential for competitive weight loss effects and safety profiles when combined with low-dose GLP-1 [27] - The successful phase 3 results of bepirovirsen for HBV treatment are expected to be disclosed at EASL, with a focus on real-world data [27] In Vivo CAR-T - Eli Lilly's acquisition of Orna for $2.4 billion underscores the growing strategic interest in in vivo CAR-T therapies [27] - The report anticipates more clinical trial data in 2026 to validate the differentiation of in vivo CAR-T approaches [27]

Group 1 - CICC maintains an "outperform" rating for BeiGene, forecasting $3.9 billion in sales for Zebrutinib in 2025, a 49% year-on-year increase, and $740 million for Tislelizumab, a 19% increase [1] - Multiple significant catalysts are expected in 2026, including U.S. approval for Sotigalimab in R/R MCL, potential accelerated approval for BTK CDAC, and the initiation of Phase III clinical trials for CDK4 [1] Group 2 - CITIC Securities maintains a "buy" rating for Dongfang Zhenxuan, reporting a 5.7% year-on-year revenue increase for FY26H1 and a return to profitability with a net profit of 239 million yuan [2][6] - The self-operated product GMV share increased to 52.8%, with 801 SKUs and the app contributing 18.5% of total GMV [2] Group 3 - CITIC Securities maintains a "buy" rating for Trip.com, reporting a 20.8% year-on-year revenue increase for Q4 2025, slightly exceeding expectations [3] - The international OTA platform saw a 60% increase in bookings for the year, serving 20 million inbound tourists and connecting over 150,000 hotels [3] Group 4 - CITIC Securities maintains a "buy" rating for Samsonite, planning a dual primary listing in the U.S. in the first half of 2026, with IATA predicting a 4.9% increase in global air passenger traffic in 2026 [4] - Current Hong Kong stock valuation is at 11x PE, significantly lower than the comparable U.S. companies at 17x and its historical average of 21x, with the dual listing expected to improve liquidity and catalyze valuation recovery [4] Group 5 - CITIC Securities maintains a "buy" rating for Insilico Medicine, highlighting partnerships with Exelixis and Menarini for high-value pipeline collaborations [5] - The core pipeline ISM001-055 shows excellent clinical potential, with the AI pharmaceutical industry expected to reach critical validation points in 2026 [5] Group 6 - Guosheng Securities maintains a "buy" rating for H&H International Holdings, forecasting strong double-digit growth in market share for ANC in mainland China and robust double-digit growth for BNC infant formula [7] - Interest expense optimization is expected to enhance profits, with BNC share gains and accelerated growth in ANC/PNC expected to resonate positively with performance and valuation [7] Group 7 - Guohai Securities maintains a "buy" rating for Geely Automobile, reporting cumulative sales of 476,000 units from January to February 2026, a 1.0% year-on-year increase [8] - New vehicle launches, including Galaxy M7 and Zeekr 8X, are expected to drive growth, with clear strategies for electrification, intelligence, premiumization, and globalization [8] Group 8 - Industrial Securities maintains a "buy" rating for Jiangnan Buyi, reporting a 7.0% year-on-year revenue increase and a 12.5% increase in net profit for FY26H1 [10] - Online revenue grew by 25.1%, with a 16.3% increase in LESS women's wear, and active membership reached 596,000, with high-value members contributing 60% of offline retail sales [10] Group 9 - Shenwan Hongyuan maintains a "buy" rating for Nine Dragons Paper, reporting a 225.1% increase in net profit for FY26H1 and a net profit of 119 yuan per ton [11] - The company produced 2.3 million tons of wood pulp, a 77% year-on-year increase, benefiting from the release of integrated pulp and paper advantages [11]

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report highlights significant advancements and investment opportunities in the global innovative drug sector, particularly in weight loss, PD-1/VEGF dual antibodies, and PROTAC/molecular glue technologies [2][3] Summary by Sections Weight Loss - Novo Nordisk's REDEFINE 4 study showed that CagriSema resulted in a weight loss of 23.0% over 84 weeks compared to 25.5% for Tirzepatide, failing to meet the non-inferiority benchmark set by the company [7][8] - Following the disappointing results, Novo Nordisk is expected to accelerate the development of four next-generation weight loss assets, including Cagrilintide, Zenagamide, UBT251, and GLP-1/GIP/Amylin [12][17] PD-1/VEGF Dual Antibodies - The PD-1/VEGF dual antibody market is projected to exceed $100 billion, driven by longer duration of treatment and survival benefits compared to PD-1 monotherapy [19] - The HARMONi-3 study has completed enrollment of 600 patients, with plans for an interim analysis in Q2 2026, which may support accelerated approval discussions with the FDA [22][23] PROTAC/Molecular Glue - The report notes positive developments in PROTAC and molecular glue technologies, particularly in autoimmune diseases and oncology [27] - Monte Rosa's NEK7 molecular glue MRT-8102 has shown promising early results, potentially offering a competitive edge in reducing systemic inflammation [28][31] Small Nucleic Acids - Early studies of ARO-INHBE and ARO-ALK7 suggest potential for competitive weight loss effects and safety profiles when combined with low-dose GLP-1 [27] - The report emphasizes the shift from single-target RNAi to combination therapies for lipid reduction, marking a significant evolution in treatment strategies [27] In Vivo CAR-T - Eli Lilly's acquisition of Orna for $2.4 billion underscores the growing strategic interest in in vivo CAR-T therapies, which aim to simplify production while ensuring controlled expansion and safety [27]

Core Insights - The company reported 2025 revenue of $5.343 billion, a 40% year-over-year increase, with product revenue at $5.282 billion, also up 40% [1] - GAAP net profit reached $287 million, slightly below expectations due to a one-time equity investment impairment and non-recurring tax issues in Q4 2025; excluding these impacts, net profit is expected to meet projections [1] Revenue Growth - Zebutinib drove steady product revenue growth, with 2025 sales of $3.9 billion, a 49% increase year-over-year; quarterly sales were $790 million, $950 million, $1.04 billion, and $1.15 billion, with quarter-over-quarter changes of -4%, +20%, +10%, and +10% respectively [2] - Global sales of Tislelizumab reached $740 million in 2025, a 19% increase year-over-year; GAAP net profit of $287 million marked the first quarterly profit [2] Future Guidance - The company maintains strong growth guidance for 2026, projecting full-year revenue between $6.2 billion and $6.4 billion, a 16-20% increase; GAAP gross margin is expected to remain high at around 80% [2] - GAAP operating expenses are projected to be between $4.7 billion and $4.9 billion, a year-over-year increase of 11-16%; GAAP operating profit is expected to be between $700 million and $800 million [2] Upcoming Catalysts - The company anticipates several key catalysts in 2026, including potential approval for Sotorasib in R/R MCL in 1H26, and accelerated approval for BTK CDAC in R/R CLL based on Phase II data in 2H26 [3] - Phase III trials for CDK4 in 1L breast cancer are set to start in 1H26, with Phase I data expected to be disclosed in the same period; B7-H4 ADC Phase III trials will also commence within 12 months, with Phase I data to be released in 1H26 [3] Profit Forecast and Valuation - Considering domestic healthcare price adjustments and cost control, the company has lowered its 2026 revenue forecast by 2.7% but maintains a profit forecast of $610 million, introducing a 2027 profit forecast of $870 million [4] - The company maintains an outperform rating, with target prices based on DCF model set at 320 CNY, 250 HKD, and 420 USD, representing upside potentials of 36.2%, 40.1%, and 41.4% respectively [4]