[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, and 2024, detailing financial performance, position, and cash flows, alongside the company's redomiciliation Condensed Consolidated Statements of Operations Highlights (Q2 & H1 2025 vs 2024) | Financial Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,315,300 | $929,166 | $2,432,579 | $1,680,818 | | **Gross Profit** | $1,150,694 | $791,034 | $2,102,971 | $1,417,751 | | **Income (Loss) from Operations** | $87,885 | $(107,161) | $98,987 | $(368,509) | | **Net Income (Loss)** | $94,320 | $(120,405) | $95,590 | $(371,555) | | **Diluted EPS ($)** | $0.06 | $(0.09) | $0.07 | $(0.27) | | **Diluted EPS per ADS ($)** | $0.84 | $(1.15) | $0.85 | $(3.56) | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | As of June 30, 2025 (in thousands) | As of Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $4,310,221 | $3,991,593 | | **Total Assets** | $6,298,394 | $5,920,910 | | **Total Current Liabilities** | $2,209,837 | $2,214,899 | | **Total Liabilities** | $2,527,919 | $2,588,688 | | **Total Shareholders' Equity** | $3,770,475 | $3,332,222 | Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | Cash Flow Item | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Net Cash Provided by (Used in) Operating Activities** | $307,680 | $(404,160) | | **Net Cash Used in Investing Activities** | $(188,546) | $(320,863) | | **Net Cash Provided by Financing Activities** | $1,248 | $185,310 | | **Net Increase (Decrease) in Cash** | $147,339 | $(568,053) | - The company redomiciled from the Cayman Islands to Switzerland during the second quarter of 2025, which did not change the accounting basis under U.S. GAAP[22](index=22&type=chunk)[23](index=23&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2025 performance to significant revenue growth, particularly from BRUKINSA, achieving GAAP profitability and improved operating leverage while maintaining strong liquidity - Key highlights for Q2 2025 include a **42%** increase in total revenues to **$1.3 billion**, a **49%** increase in global BRUKINSA revenues to **$950 million**, and a shift to profitability with GAAP diluted EPS per ADS of **$0.84**[97](index=97&type=chunk) Q2 2025 vs Q2 2024 Net Product Revenue Breakdown (in thousands) | Product | Q2 2025 Revenue | Q2 2024 Revenue | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | BRUKINSA® | $949,840 | $637,399 | $312,441 | 49.0% | | TEVIMBRA® | $193,524 | $158,410 | $35,114 | 22.2% | | XGEVA® | $81,318 | $55,054 | $26,264 | 47.7% | | BLINCYTO® | $25,587 | $19,131 | $6,456 | 33.7% | | KYPROLIS® | $19,416 | $15,936 | $3,480 | 21.8% | | **Total Product Revenue** | **$1,302,076** | **$921,146** | **$380,930** | **41.4%** | - R&D expenses increased **15.5%** to **$524.9 million** in Q2 2025, driven by advancing preclinical programs like Sonrotoclax (BCL2i) into later stages[110](index=110&type=chunk)[112](index=112&type=chunk) - SG&A expenses rose **21.2%** to **$537.9 million** due to global commercial expansion, but decreased as a percentage of product sales from **48.2%** to **41.3%**[115](index=115&type=chunk) Contractual Obligations as of June 30, 2025 (in thousands) | Obligation | Total | Short Term (<1 Year) | Long Term (>1 Year) | | :--- | :--- | :--- | :--- | | Operating lease commitments | $79,054 | $10,608 | $68,446 | | Purchase commitments | $130,087 | $105,910 | $24,177 | | Debt obligations | $954,485 | $808,394 | $146,091 | | Interest on debt | $39,869 | $28,533 | $11,336 | | Co-development funding commitment | $242,916 | $220,869 | $22,047 | | **Total** | **$1,515,180** | **$1,238,641** | **$276,539** | [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its floating-rate debt and significant foreign currency exchange risk, particularly from its RMB-denominated operations - The company is exposed to interest rate risk on **$615.4 million** of outstanding floating-rate debt, where a **100-basis point** increase in interest rates would increase annual pre-tax interest expense by approximately **$6.2 million**[159](index=159&type=chunk) - The company faces significant foreign currency exchange risk, particularly from its RMB-denominated operations and deposits, with a hypothetical **10%** appreciation in the U.S. dollar against the RMB resulting in an increased foreign exchange loss of approximately **$11.7 million** as of June 30, 2025[161](index=161&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[165](index=165&type=chunk) - There were no material changes in the company's internal control over financial reporting during the quarter ended June 30, 2025[166](index=166&type=chunk) [PART II. OTHER INFORMATION](index=40&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in two significant legal matters: a patent infringement lawsuit from Pharmacyclics regarding BRUKINSA and a trade secret misappropriation lawsuit from AbbVie - In the Pharmacyclics litigation concerning BRUKINSA, the U.S. Patent and Trademark Office (USPTO) issued a Final Written Decision on April 29, 2025, invalidating all challenged claims of the patent in question, with Pharmacyclics' request for review subsequently denied[170](index=170&type=chunk)[171](index=171&type=chunk) - The company is vigorously defending against a lawsuit filed by AbbVie Inc. in September 2024, which alleges misappropriation of trade secrets related to the company's BTK degrader program, including BGB-16673[172](index=172&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) This section details comprehensive risks including commercialization, clinical development, regulatory hurdles, financial stability, intellectual property, third-party reliance, operational challenges, and specific risks related to China operations and Swiss redomiciliation - Commercial risks include potential failure of medicines to gain market acceptance, substantial competition from major pharmaceutical companies, and unfavorable pricing or reimbursement regulations from payors like Medicare or China's NRDL[177](index=177&type=chunk)[181](index=181&type=chunk)[186](index=186&type=chunk) - The company faces significant regulatory risks, including the lengthy and unpredictable approval processes of the FDA, NMPA, and EMA, and the potential for clinical trials to fail to demonstrate safety and efficacy[197](index=197&type=chunk)[212](index=212&type=chunk) - Financial risks include a history of significant net losses (**$8.5 billion** accumulated deficit as of June 30, 2025) and the potential need for additional financing to fund operations and development programs[234](index=234&type=chunk)[236](index=236&type=chunk) - Risks related to doing business in China are substantial, including potential intervention by the PRC government, uncertainties in the interpretation and enforcement of Chinese laws (e.g., data security, overseas listings), and limitations on repatriating funds[345](index=345&type=chunk)[346](index=346&type=chunk)[355](index=355&type=chunk) - The recent redomiciliation to Switzerland introduces new risks, including changes in shareholder rights, less flexibility in capital management due to stricter shareholder voting requirements, and potential Swiss withholding taxes on dividends[426](index=426&type=chunk)[427](index=427&type=chunk)[431](index=431&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=98&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company reported no unregistered sales of equity securities, no specific use of proceeds, and no issuer purchases of its equity securities for the period - None reported for the period[433](index=433&type=chunk) [Defaults Upon Senior Securities](index=98&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None reported for the period[434](index=434&type=chunk) [Mine Safety Disclosures](index=98&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[435](index=435&type=chunk) [Other Information](index=98&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption and modification of Rule 10b5-1 trading arrangements by two executive officers during the quarter Director and Officer Trading Arrangements (Rule 10b5-1) | Name (Title) | Action (Date) | Nature of Arrangement | Duration | Aggregate Securities | | :--- | :--- | :--- | :--- | :--- | | Chan Lee (SVP, General Counsel) | Adoption (May 14, 2025) | Sale | August 13, 2026 | Up to 36,671 ADSs plus net ADSs from RSU vestings | | Dr. Xiaobin Wu (President, COO) | Modification (May 14, 2025) | Sale | August 13, 2026 | Up to 89,794 ADSs | [Exhibits](index=99&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the 10-Q, including corporate governance documents, executive agreements, and required certifications - Key exhibits filed include: - 3.1: Articles of Association of BeOne Medicines Ltd - 10.1-10.5: Executive Employment Agreements for key officers - 10.18: Fifth Amended and Restated 2018 Employee Share Purchase Plan - 31.1 & 31.2: Certifications of Principal Executive Officer and Principal Financial Officer[441](index=441&type=chunk)[442](index=442&type=chunk)[443](index=443&type=chunk)

Core Insights - The article highlights the significant progress of Chinese innovative pharmaceuticals, particularly focusing on the outbound licensing strategy and business development (BD) as key drivers for growth in the global market [1][2][3] Group 1: Company Developments - Heng Rui Pharmaceutical has completed 13 outbound licensing deals from 2018 to 2024, involving 16 molecular entities with a potential total transaction value of approximately $14 billion and upfront payments totaling around $600 million [1] - In 2025, Heng Rui's momentum continues with a $19.7 billion deal with Merck for its Lp(a) oral small molecule project and a partnership with GSK that brings in $5 billion upfront and a potential future revenue of $12 billion [1] - The company reported a revenue of 27.985 billion yuan in 2024, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% [9] Group 2: Industry Trends - The Chinese innovative pharmaceutical sector is experiencing a surge in outbound licensing deals, with the total value of BD transactions reaching $64.08 billion in 2024, marking a historical high [4][5] - The global pharmaceutical industry is facing a "patent cliff" with a total risk exposure of $354 billion due to patent expirations, creating a heightened demand for quality innovative assets from China [3][4] - The number of active innovative drug R&D pipelines in China reached 3,575 in 2024, surpassing the U.S. for the first time, with a significant increase in the number of first-in-class (FIC) drugs [8] Group 3: Strategic Shifts - The BD model has evolved from a tactical choice to a core pillar of globalization strategy for Chinese pharmaceutical companies, enabling them to secure immediate funding and share risks [5][6] - Companies like Bai Li Tian Heng and Kang Ning Jie Rui have achieved remarkable revenue growth through strategic partnerships, with Bai Li Tian Heng reporting a staggering 1,685.19% year-on-year increase in revenue following a major licensing deal [5][6] - The article emphasizes the importance of building strong commercialization capabilities as a foundation for long-term competitiveness, moving beyond reliance on BD for survival [9][10] Group 4: Policy and Capital Support - The growth of BD transactions is supported by a decade of favorable policies and capital influx, including reforms in drug approval processes and financing mechanisms for biotech companies [7][8] - The Chinese pharmaceutical industry has seen a significant increase in the number of companies going public, with over 56 firms raising more than 110 billion HKD since the introduction of new listing rules [7] - The article notes that the combination of policy support and capital investment has led to a qualitative leap in innovative drug development in China [8][9] Group 5: Future Outlook - The future of Chinese innovative pharmaceuticals is characterized by a focus on global clinical trials, tighter international collaborations, and the emergence of differentiated products [15] - The industry is moving towards a more collaborative ecosystem, aiming for a balance between individual company growth and collective industry advancement [15] - The article concludes that the ongoing transformation in the Chinese pharmaceutical sector is paving the way for a historic leap from "global follower" to "global leader" in innovation [10][15]

Group 1 - The core viewpoint of the article emphasizes that under the pressure of medical insurance policies, going overseas has become an inevitable choice for China's innovative pharmaceutical industry due to increasing aging population and limited domestic market space for innovative drugs [3][8] - The pressure on medical insurance balance is growing, with the elderly population reaching 217 million in 2023, accounting for 15.4% of the total population, leading to increased medical demand and expenditure [9][11] - The proportion of commercial insurance in medical expenses is only 6.5%, significantly lower than in countries like the US and Japan, making it difficult to support innovative drug payments in the short term [12][15] Group 2 - Despite financing pressures in the primary and secondary markets, the enthusiasm for domestic innovative drug research and development remains high, with a 11.2% year-on-year increase in clinical approvals for innovative drugs in 2024 [31][32] - In 2024, a record 39 domestic innovative drugs were approved for market launch, indicating a significant growth in the innovative drug pipeline [33][34] - The number of clinical trials for innovative drugs in China has surpassed that of the US, ranking first globally, with 1,903 trials registered in 2024 [45][49] Group 3 - The overseas market offers higher pricing and larger market space for innovative drugs, with the price of innovative drug Zebutini in China being only about 3% of its price in the US and Europe [23][25] - Japan's experience shows that innovation and going overseas are essential paths to break domestic pressures, as seen in the historical context of Japan's pharmaceutical industry [27][28] - The case of Takeda Pharmaceutical illustrates that innovation and international expansion are crucial for growth, with its revenue from the US market reaching 51.5% by 2024 [28][29] Group 4 - License out transactions are rapidly increasing, with 2024 seeing a total transaction amount exceeding $10 billion, accounting for 31.9% of heavy transactions globally [5][77] - The types of license out transactions are becoming more diverse, with emerging technologies like ADC and dual antibodies gaining traction [81][82] - The research and development stage of license out projects is shifting earlier, with 64% of products in the preclinical stage in 2024 [83][84] Group 5 - Foreign investments are gradually expanding from purchasing innovative drug products to acquiring domestic innovative pharmaceutical companies, as seen in recent acquisitions by AstraZeneca and Genmab [89][90] - The NewCo model is emerging as a new financing method, allowing domestic innovative pharmaceutical companies to split off parts of their product pipelines to attract investment [92][93]

Group 1 - The core viewpoint highlights the strong performance and growth of the Kexin Pharmaceutical ETF managed by Jiashi, with significant trading activity and inflows [2] - As of August 4, the Kexin Pharmaceutical ETF Jiashi has seen a weekly average trading volume of 58.54 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 12.30 million yuan over the past two weeks, also leading among comparable funds [2] - The fund's net asset value has risen by 50.01% over the past year, placing it in the top 15.64% of index equity funds [2] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 49.14% of the index, with leading companies including United Imaging Healthcare and BeiGene [2][4] - The biopharmaceutical industry is expected to stabilize and grow throughout 2025, supported by favorable policies for innovative drug development and medical equipment updates [5] - The transition to the 2.0 era of innovative drugs in China is marked by a qualitative improvement, with domestic new drugs expected to participate deeply in the global market over the next decade [4]

Summary of BeiGene Conference Call Company Overview - **Company**: BeiGene - **Date**: August 4, 2025 Key Industry Insights - BeiGene is positioned to achieve profitability due to the market expansion of products like Zanubrutinib, supported by significant R&D investments totaling hundreds of billions [2][8] - The company is advancing in the CDK inhibitor space, particularly focusing on selective CDK4 inhibitors to enhance safety, with preliminary efficacy data disclosed [2][5] - BeiGene is actively pursuing global multi-center clinical development to reduce costs and accelerate timelines, which enhances asset value and lowers risk [2][6] Core Points and Arguments - **R&D Investment**: BeiGene has invested hundreds of billions in R&D, utilizing both expensing and capitalization methods to support self-sustaining capabilities and global clinical development [2][8] - **CDK Inhibitors**: The company plans to initiate a Phase III study for second-line HR-positive breast cancer in Q4 2025, with ongoing exploration of CDK12 and CDK2 products [2][11] - **Clinical Development Strategy**: By independently conducting clinical trials, BeiGene has reduced costs and improved speed, allowing for quicker proof of concept (POC) results [2][6] - **Protag Platform**: The BDK protect product has entered Phase III trials, showing a progression-free survival (PFS) of 22.8 months, significantly outperforming similar drugs [2][12] - **ADC Developments**: BeiGene's B7H4 ADC has shown an overall response rate (ORR) of 48%, with plans to start Phase III trials in 2026 [2][17] - **Collaboration Opportunities**: As early pipelines yield POC results, BeiGene is expected to gain leverage in partnerships, particularly in the HR-positive breast cancer market [2][7] Additional Important Insights - **Safety Concerns**: BeiGene is addressing safety issues associated with CDK4/6 inhibitors, with initial results indicating a favorable safety profile compared to competitors [2][10] - **Future Plans**: The company anticipates 2025 to be a pivotal year for transitioning to profitability, with multiple early pipeline data readouts expected [2][23] - **Innovative Approaches**: BeiGene is exploring new drug mechanisms in the KRAS inhibitor space and has developed multi-specific antibody technologies [2][19][22] - **Market Potential**: The PRMT5 target for MTAP mutant tumors presents significant market potential, with plans for combination therapies to enhance efficacy [2][21] This summary encapsulates the critical insights and strategic directions of BeiGene as discussed in the conference call, highlighting its commitment to innovation and market expansion in the biopharmaceutical industry.

金融界8月4日消息，上证指数低开高走，中证香港100医药卫生指数 (H100医药，L11185)报1091.30点。 从中证香港100医药卫生指数持仓样本的行业来看，化学药占比54.55%、生物药品占比19.02%、制药与 生物科技服务占比15.26%、医疗商业与服务占比11.18%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当对应的母指数调整样本时， 行业指数样本将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相 应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 本文源自：金融界 作者：行情君 数据统计显示，中证香港100医药卫生指数近一个月上涨20.90%，近三个月上涨36.74%，年至今上涨 88.77%。 据了解，中证香港100行业指数系列将中证香港100指数样本按中证行业分类标准进行分类，再以各自行 业 ...

Core Viewpoint - The article discusses the significant price disparity of prescription drugs in the U.S. compared to other developed countries, leading to new policies aimed at price control and the potential impact on multinational pharmaceutical companies and emerging markets [1][2]. Group 1: U.S. Drug Pricing Policies - U.S. prescription drug prices are 2-3 times higher than those in other developed countries, with some innovative drugs priced at 10 times higher than in China [1] - New policies require pharmaceutical companies to provide "most favored nation pricing" to U.S. Medicare, sign contracts for price locking, renegotiate overseas prices to "repatriate profits," and promote direct sales for price transparency [1][2] - The Pharmaceutical Research and Manufacturers of America (PhRMA) criticized these policies, claiming they would undermine U.S. innovation [1][2] Group 2: Multinational Pharmaceutical Companies' Strategies - Companies like Johnson & Johnson, Pfizer, and Merck are adopting multi-faceted strategies to balance profits and compliance, including adjusting global pricing strategies [3] - Some companies are lowering prices in the U.S. while increasing prices in other markets to maintain profit margins, with AstraZeneca already announcing price reductions for certain drugs in the U.S. [3][4] - To offset profit losses, companies may raise prices in emerging markets like China, where the annual treatment cost for PD-1 drugs is approximately 1.16 million yuan, ten times higher than in China [4] Group 3: Cost Optimization Strategies - Cost reduction is a core objective, leveraging China's low-cost advantages, where biopharmaceutical R&D costs are 1/5 to 1/10 of those in the U.S. [5] - Pfizer has signed over $1 billion in CDMO orders with Chinese companies to transfer some biopharmaceutical production to China, reducing production costs by 30% [5][6] - Companies are also transferring non-core technologies to China to avoid tariffs and lower costs, such as Pfizer's collaboration with Chinese firms to establish PD-1 production bases [6][7] Group 4: Legal and Policy Maneuvering - Industry associations and pharmaceutical companies are using legal and political avenues to resist new policies, with PhRMA planning to appeal to the WTO regarding the "most favored nation pricing" requirement [10] - They are lobbying Congress, arguing that foreign price controls could reduce U.S. R&D investment by $10 billion annually [10] Group 5: Opportunities and Challenges for Chinese Companies - Chinese companies are positioned to benefit from accelerated domestic substitution, with local biosimilars gaining price advantages [11] - CDMO businesses are expanding, with WuXi Biologics reporting a 144% year-on-year increase in CDMO revenue in the first half of 2025 [12] - Chinese pharmaceutical companies are also achieving breakthroughs in international markets through licensing agreements, with total upfront payments reaching $2.329 billion in the first half of 2025 [13] Group 6: Beneficiary Companies - Companies in the biosimilar sector, such as Innovent Biologics and Antengene, are expected to gain market share as multinational firms raise prices in China [16] - WuXi Biologics is recognized as a leading global CDMO, while other companies like Eastone and Hengrui are also expanding their CDMO projects [17] - Chinese firms that have established production facilities in India and Southeast Asia, like Huahai Pharmaceutical, are likely to benefit from reduced reliance on the U.S. market [19]

"创新药已从'主题投资'转向'产业趋势投资'。"某公募基金医药行业研究员表示，政策端，医保谈判简化、审评审 批加速等改革持续落地；技术端，ADC（抗体偶联药物）、双抗、细胞治疗等前沿领域进入成果收获期；资本 端，美联储加息周期接近尾声，全球生物医药投融资环境回暖，共同构成了本轮行情的底层逻辑。 从"至暗时刻"到"聚光灯下"，医药行业的反转行情印证了"创新驱动增长"的长期逻辑。（水手） 医药基金"王者归来"，单月最高涨34%。板块的强劲表现直接反映在基金净值上。Wind数据显示，截至7月31日， 全市场200余只医药主题基金（AC份额合并计算）中，超过80%年内实现正收益。其中，永赢医药健康A以34.2% 的单月涨幅领跑，华富健康文娱A、中银创新医疗A等7只基金涨幅超30%，形成明显的"赚钱效应"。 拉长时间维度看，医药基金的复苏势头更为显著。年内业绩排名前十的主动权益类基金中，中银创新医疗A、融 通健康产业A等9只产品均聚焦医药领域，与去年同期的"无人问津"形成鲜明对比。某头部基金公司市场部负责人 透露："近期渠道调研显示，投资者对医药基金的关注度提升至2021年以来的最高水平，新发基金中医疗健康主题 占比超 ...

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 (根據瑞士法律註冊成立的公司) 呈交日期： 2025年8月1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 | | | | 事件 | | 已發行股份（不包括庫存股 ...

Core Insights - The Shanghai Composite Index decreased by 0.37%, while the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index fell by 1.74%, closing at 8507.96 points with a trading volume of 40.594 billion yuan [1] - Over the past month, the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index has increased by 17.84%, 24.27% over the last three months, and 34.48% year-to-date [1] Index Composition - The CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index is composed of 11 industry categories, reflecting the overall performance of different sectors within the index [1] - The top ten holdings in the index are: WuXi AppTec (10.42%), Hengrui Medicine (9.97%), BeiGene (9.63%), Innovent Biologics (6.64%), Mindray Medical (6.06%), WuXi Biologics (5.19%), CanSino Biologics (4.4%), China National Pharmaceutical Group (3.36%), CSPC Pharmaceutical Group (3.17%), and United Imaging Healthcare (2.85%) [1] Market Distribution - The market distribution of the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index shows that the Hong Kong Stock Exchange accounts for 37.87%, the Shanghai Stock Exchange for 33.61%, and the Shenzhen Stock Exchange for 28.52% [2] Sector Allocation - The sector allocation within the index includes: Chemical Drugs (36.20%), Pharmaceutical and Biotechnology Services (18.33%), Biopharmaceuticals (18.14%), Medical Devices (11.07%), Traditional Chinese Medicine (8.56%), and Medical Commerce and Services (7.70%) [2] Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Fund Tracking - Public funds tracking the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index include the China Merchants CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare ETF [3]