百济神州有限公司 A 股信息披露管理制度 第一章 总 则 第二章 信息披露的基本原则 1 第一条 为规范百济神州有限公司（BeOne Medicines Ltd.，以下简称"公司"） 的信息披露工作，提高信息披露事务管理水平和信息披露质量，保 护公司、股东及其他利益相关人的合法权益，根据《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司信息披露管 理办法》《上市公司信息披露暂缓与豁免管理规定》《上海证券交 易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等中国境内适用于公司的法律、法规、规范性文件（以下合 称"境内法律法规"）的规定，结合《百济神州有限公司（BeOne Medicines Ltd.）之组织章程细则》（经不时修订及重列，以下简称 "《公司章程》"）、《百济神州有限公司（BeOne Medicines Ltd.） 组织条例》（经不时修订及重列，以下简称"《组织条例》"）及 公司实际情况，制定本 A 股信息披露管理制度（以下简称"本制 度"）。 第二条 本制度所称"信息披露"、"披露"，是指公司或相关信息 ...

百济神州有限公司 A 股募集资金管理制度 第一章 总 则 公司发现控股股东（如有）、实际控制人（如有）及其他关联人占 用募集资金的，应当及时要求归还，并披露占用发生的原因、对公 司的影响、清偿整改方案及整改进展情况。 第五条 募投项目通过公司全资或控股子公司或公司控制的其他企业实施 的，适用本制度。 第二章 募集资金存储 1 第一条 为规范百济神州有限公司（BeOne Medicines Ltd.，以下简称"公司"） A 股募集资金（以下简称"募集资金"）管理和使用，提高募集资金 使用效率，保护公司和全体股东合法权益，根据《首次公开发行股 票注册管理办法》《上市公司证券发行注册管理办法》《上市公司 信息披露管理办法》《上市公司募集资金监管规则》《上海证券交 易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等法律、法规、规范性文件的规定，结合《百济神州有限公 司（BeOne Medicines Ltd.）之组织章程细则》（经不时修订及重列， 以下简称"《公司章程》"）、《百济神州有限公司（BeOne Medicines Ltd.） ...

Core Viewpoint - The company has established a fundraising management system to regulate the management and use of funds raised in the A-share market, ensuring compliance with the intended purposes outlined in the prospectus [1] Group 1 - The fundraising management system mandates that raised funds must be deposited in a designated account, and the company must sign a supervision agreement with relevant parties [1] - Funds raised should be used for the main business as specified in the prospectus and are prohibited from being used for financial investments [1] - If specific circumstances arise regarding the investment projects, a re-evaluation is required [1] Group 2 - Idle funds can be managed in cash or used to supplement working capital, subject to review and disclosure [1] - Any changes to the investment projects must follow legal procedures, and the company is required to disclose the actual use of funds accurately [1] - The company will conduct biannual checks on the progress of fund usage and disclose reports accordingly [1] - The system will take effect from the date of approval by the board of directors [1]

Core Insights - The 2025 National Medical Insurance Drug List has successfully added 114 new drugs, including 50 innovative drugs, achieving an overall success rate of 88%, significantly higher than the 76% in 2024 [1] - The first version of the Commercial Health Insurance Innovative Drug List has been released, marking a substantial breakthrough in the multi-tiered medical security system [1] - Nine innovative drugs from the Sci-Tech Innovation Board have been included in the new lists, showcasing the strength of these companies [1] Group 1: National Medical Insurance and Commercial Insurance - The new drug lists aim to establish a multi-tiered medical security system, with the basic insurance list covering essential drugs and the commercial insurance list focusing on high-value drugs not covered by basic insurance [4] - Since 2018, 149 innovative drugs have been included in the medical insurance list, accounting for 17% of the new drugs, supported by various policies to facilitate the entry of innovative drugs [2] - The successful inclusion of innovative drugs in the insurance lists reflects the government's recognition of their clinical value and the importance of supporting local innovation [6] Group 2: Sci-Tech Innovation Board Companies - Nearly 90% of the Sci-Tech Innovation Board's biopharmaceutical companies have received medical insurance support for their approved new drugs [2] - Notable products such as Junshi Biosciences' innovative drug, which is the only domestic PCSK9-targeted drug for statin-intolerant patients, have been included in the insurance list [2] - The successful renewal of contracts for drugs like Baiyue's Bai Ze An and Junshi's Tuoyi further expands the insurance coverage, benefiting a wider patient population [6] Group 3: Research and Development Investment - The R&D investment of Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42%, significantly surpassing the overall level of A-shares [6] - Companies like Baiyue have invested over 10 billion yuan in R&D, demonstrating a strong commitment to innovation [6] - The cycle of R&D investment leading to innovative outcomes, insurance support, market returns, and reinvestment in R&D has been established and is continuously strengthening [7]

Core Insights - The release of the 2025 National Medical Insurance Drug List and the first version of the Commercial Health Insurance Innovative Drug List has significantly benefited innovative drug companies on the Sci-Tech Innovation Board [1] - A total of 9 innovative drugs from Sci-Tech Innovation Board companies have been included in the new list, showcasing their strong capabilities [1] - The simultaneous release of the commercial insurance drug list marks a substantial breakthrough in the multi-layered payment system of "medical insurance + commercial insurance" [1] Group 1: Inclusion in Medical Insurance - Nearly 90% of innovative drugs from Sci-Tech Innovation Board companies have received medical insurance support, accelerating their value release and development [2] - Junshi Bioscience's drug, Junsida, is the only domestic PCSK9-targeted drug for statin-intolerant patients included in the new medical insurance list [2] - Haichuang Pharmaceutical's drug, Hainaan, has been approved for treating metastatic castration-resistant prostate cancer and will enhance market promotion and patient accessibility [2] Group 2: New Drug Development - New anti-tumor drugs from companies like Ailis, Yifang Biotech, and Shenzhou Cell provide precise treatment options for major diseases such as lung cancer and head and neck squamous cell carcinoma [3] - Several drugs covering endocrine, hematology, tumor support, and autoimmune treatment areas have been quickly included in the medical insurance list, demonstrating efficient drug review and approval processes [3] Group 3: Commercial Health Insurance Directory - The first version of the Commercial Health Insurance Innovative Drug List enhances the national multi-layered medical security system, with a clear division of roles between basic medical insurance and commercial insurance [4] - Innovative drugs from leading companies like BeiGene have been among the first to be included in this new directory, showcasing their clinical value [4][5] Group 4: Renewal and Market Expansion - Successful renewal negotiations confirm the exceptional value and clinical status of innovative drugs from Sci-Tech Innovation Board companies [6] - Junshi Bioscience's drug, Tuoyi, has expanded its medical insurance coverage with new indications, benefiting a broader patient population [6] Group 5: R&D Investment and Innovation Cycle - R&D investment among Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42% [7] - The formation of a virtuous cycle of "R&D investment - innovation results - medical/commercial insurance support - market returns - reinvestment in R&D" is evident in the industry [7]

Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

Group 1 - The 2025 National Medical Insurance Drug List includes 114 new drugs, with 50 being innovative drugs, showing an overall success rate of 88%, an increase from 76% in 2024 [1] - Nine innovative drugs from the Sci-Tech Innovation Board have been included in the medical insurance list, highlighting the strength and vitality of these companies [1] - The first version of the Commercial Health Insurance Innovative Drug List has been released, complementing the basic medical insurance and providing new possibilities for patients to access cutting-edge treatments [4] Group 2 - Nearly 90% of new drugs approved by Sci-Tech Innovation Board companies have received medical insurance support, indicating a shift towards value realization for these companies [2] - The drug "Junshi Biological's Junshida" is the only domestic PCSK9-targeted drug for patients intolerant to statins, now included in the medical insurance list [2] - The successful renewal negotiations for several innovative drugs confirm their clinical value and market position, benefiting a wider patient population [6][7] Group 3 - Innovative drugs from companies like Baiji Shenzhou and Junshi Biological have been recognized for their clinical value and patient benefits, leading to their inclusion in the medical insurance list [7] - The R&D investment of Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10%, indicating a strong commitment to innovation [7] - The cycle of "R&D investment - innovation results - insurance support - market return - reinvestment in R&D" is being established and strengthened within the industry [7]

科创板公司共9款创新药首次纳入新版国家医保目录，另有多款代表性创新药实现成功续约或扩大适应 症，充分彰显了科创板创新药企的硬核实力与蓬勃生机。此外，科创板龙头药企百济神州有限公司(以 下简称"百济神州")的百赫安(通用名：注射用泽尼达妥单抗)、凯泽百(通用名：达妥昔单抗β注射液)2款 产品入选首版商保创新药目录，前沿产品获得了更广阔的支付路径，为产业高质量发展注入新动能。 前沿疗法加速惠及患者 在政策明确、路径清晰的有利环境下，科创板创新药公司的硬科技实力得以加速步入价值释放期，迎来 快速发展与成果收获。截至目前，科创板生物医药企业近九成已获批新药得到了医保支持。 科创板创新药公司上海君实生物医药科技股份有限公司(以下简称"君实生物")产品君适达(通用名：昂戈 瑞西单抗注射液)首次纳入医保目录，是新版国家医保目录中唯一用于他汀不耐受人群的国产PCSK9靶 点药物。 科创板创新药公司海创药业股份有限公司(以下简称"海创药业")自主研发的首款上市药物海纳安(通用 名：氘恩扎鲁胺软胶囊)于2025年5月底获批上市，用于治疗转移性去势抵抗性前列腺癌。海创药业表 示，该药物被纳入2025年医保目录将有利于后续市场推广， ...

12.5亿美元首付款，60亿美元总交易额，三生制药与辉瑞的一纸协议，在今年5月点燃了资本市场的热 情，也映照出中国创新药的"DeepSeek时刻"。在本轮行情中，百济神州、百利天恒、诺诚健华等一批企 业凭借技术实力和出海策略脱颖而出，它们可以作为观察行业趋势的典型样本。它们是当下的典型，未 来却绝不是"全部"。 资本市场敏锐地嗅到了变化。今年以来，二级市场上创新药板块成为明星。港股创新药指数一度飙升逾 100%，A股创新药板块亦亮点频现。水涨船高之下，A股和港股千亿市值创新药企已达8家。 与此同时，港交所迎来药企扎堆申报，仅11月就有近10家创新药企递表，其中不乏多轮融资但仍未盈利 的创新药企。资本的热浪席卷着二级市场，而在这背后，中国创新药企正用实实在在的临床数据和商业 价值实现价值重估。 /二级市场狂欢/ 资本市场总是先知先觉。经历近四年的深度调整后，创新药在2025年迎来强势反弹。 东方财富显示，自4月9日阶段性探底后，港股创新药板块发起猛攻，截至11月19日收盘，港股创新药指 数累计涨幅达到110.75%，期间一度涨超100%。A股创新药板块同样大涨。4月9日至11月19日，A股创 新药板块累计上涨4 ...

Core Viewpoint - The strategic cooperation agreement between Shengxiang Biotechnology Co., Ltd. and BeiGene (Guangzhou) Innovation Technology Co., Ltd. marks a significant acceleration of Shengxiang's "integrated diagnosis and treatment" strategy [1] Group 1: Cooperation Goals - The collaboration aims to achieve full-link synergy in early screening, precise drug selection, efficacy monitoring, and safety assessment in key areas such as oncology, metabolism, immune inflammation, and children's growth and development [3] - The partnership will leverage large-scale population sample studies to identify suitable intervention targets and optimal timing, enhancing treatment levels in metabolism and immune inflammation while addressing health management challenges related to children's growth and development [3] Group 2: Technological Synergy - The core support for aligning innovative therapies with patient needs lies in precise diagnostic and treatment technologies, which will enhance innovation efficiency and ensure solutions are more aligned with clinical realities [3] - Shengxiang has initiated the construction of an integrated diagnosis and treatment ecosystem, with Shengxiang Haiji serving as the core platform in biopharmaceuticals, facilitating a strong collaboration with BeiGene's innovative research capabilities [3] Group 3: Implementation Framework - The BeiGene Biopharmaceutical Innovation Center will act as the central hub for collaboration, utilizing existing research support, clinical resources, and industrial incubation capabilities to create a comprehensive cooperation chain from technology exploration to clinical validation and practical application [4] - The partnership extends beyond technical collaboration to include joint exploration in children's health and metabolism, as well as coordinated resource layout in the industry, with the potential to expand global cooperation and promote innovative outcomes to more countries and regions [4]