A 股代码：688235 A 股简称：百济神州 公告编号：2025-031 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 关于召开2025年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 1、会议召开时间：2025 年 9 月 1 日（星期一）上午 09:00-10:00 2、会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@beonemed.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 百济神州有限公司（以下简称"公司"）将于 2025 年 8 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解 公司 2025 年半年度经营成果 ...

Core Viewpoint - Hansoh Pharmaceutical plans to raise HKD 3.9 billion through a placement, marking its third refinancing since its listing, with its stock price currently at approximately 80% of its historical high [2] Group 1: Financing Activities - Since the beginning of 2025, over 20 innovative pharmaceutical companies listed in Hong Kong have engaged in refinancing, significantly surpassing the same period last year, with total refinancing exceeding HKD 34 billion [2][4] - WuXi AppTec raised nearly HKD 7.7 billion through a share placement, making it the highest fundraising company in this round of refinancing [5] - Innovent Biologics raised approximately HKD 4.3 billion through the placement of 55 million new shares, with 90% of the funds allocated for global R&D and facility layout [5] Group 2: Stock Performance and Market Trends - The stock prices of many innovative pharmaceutical companies have doubled since the beginning of the year, indicating a market recovery [2] - Innovent Biologics' stock price has increased over 2.5 times since the start of the year, reflecting strong market interest [10] Group 3: Shareholder Actions - Some founders and major shareholders are taking the opportunity to reduce their holdings and cash out, despite the ongoing fundraising activities [4][10] - Notable reductions include Temasek's divestment of over HKD 2.4 billion from Innovent Biologics and significant sales by other major shareholders in various companies [10][11] Group 4: Alternative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to new shares, making it more attractive for investors [7][8] - Companies like Aisheng Pharmaceutical and others have successfully raised funds through this method, indicating a trend in the market [8]

Core Insights - The European Commission has approved a new film-coated tablet formulation of BeiGene's drug Brukinsa (Zebutinib) for all locally approved indications [1] - The tablet formulation is set to gradually replace the capsule formulation in the EU market starting from October 2025, aiming to meet clinical treatment needs and enhance patient convenience [1] Company Summary - BeiGene's Brukinsa will transition to a tablet form in the EU, which is expected to improve patient adherence and ease of use [1] - The approval reflects BeiGene's commitment to addressing patient needs and optimizing treatment options [1] Industry Summary - The shift from capsule to tablet formulation indicates a trend towards more patient-friendly drug delivery methods in the pharmaceutical industry [1] - This change may influence market dynamics and competitive positioning within the oncology treatment sector [1]

人民财讯8月22日电，据百济神州消息，欧盟委员会(EC)已批准百悦泽(泽布替尼)新的薄膜包衣片剂剂 型用于所有当地已获批适应症。欧盟市场将从2025年10月逐步以片剂剂型取代胶囊剂型，以满足患者的 临床治疗需求，并提升给药的便捷性。 ...

Core Insights - Innovative pharmaceutical companies BeiGene and Innovent Biologics have reported positive financial results, with BeiGene achieving a net profit of 450 million yuan in the first half of the year, marking its first half-year profitability [1] - Innovent Biologics recorded its first profit in Q1 of this year, although it still incurred a slight loss in the first half, which has significantly reduced compared to the same period last year [1] - The performance improvements of these companies reflect the strong vitality and potential of the biopharmaceutical industry in Beijing, which has been developing for a decade [1] Company Performance - BeiGene's sales of its core innovative cancer drug, Zebrutinib, reached a total of 12.527 billion yuan in the first half of the year, representing a year-on-year growth of 56.2% [1] - The sales breakdown shows that in China, sales totaled 1.192 billion yuan, up 36.5% year-on-year; in the United States, sales reached 8.958 billion yuan, growing by 51.7%; and in Europe, sales amounted to 1.918 billion yuan, with an increase of 81.4% [1] - Another cancer drug, Tislelizumab, generated sales of 2.643 billion yuan in the first half, reflecting a year-on-year growth of 20.6% [1] Future Growth Potential - BeiGene is accelerating its innovative "flywheel" and is positioned for future growth with a global R&D network established across multiple countries [2] - The company has over 40 products in clinical development and commercialization stages, with 13 differentiated new molecular entities set to enter clinical development in 2024 [2]

Group 1 - The interest of South Korean residents in the Chinese stock market has significantly increased this year, with various professionals, including university professors and financial workers, showing strong interest [1] - A veteran investor, Yuan Guodong, has shifted focus from the Korean market to overseas markets, particularly Chinese stocks listed in Hong Kong, due to perceived undervaluation and growth potential in the Chinese market [1] - Yuan's investment strategy emphasizes three sectors: the new energy and electric vehicle industry, technology and consumer electronics, and emerging consumption and healthcare, highlighting companies like BYD, CATL, and Xiaomi [1] Group 2 - Yuan has achieved a return of approximately 15%-20% on his Chinese stock investments, outperforming the average returns of local Korean stocks [2] - The long-term outlook for the Chinese stock market is optimistic, driven by the global competitiveness of companies in new energy, AI, and consumer sectors, with many high-quality Chinese firms being undervalued compared to their US counterparts [2] - Yuan plans to increase the allocation of Chinese assets in his portfolio from around 20% to 30%-35%, aiming for a balanced core asset allocation alongside US stocks [2]

Core Viewpoint - The Agricultural Bank of China Healthcare Fund (000913) has shown positive performance with a recent net value of 1.9672 yuan, reflecting a growth of 0.83% [1]. Performance Summary - The fund's one-month return is 2.34%, ranking 946 out of 1025 in its category [1]. - Over the past six months, the fund has achieved a return of 43.83%, ranking 46 out of 986 [1]. - Year-to-date, the fund's return stands at 43.08%, with a ranking of 88 out of 976 [1]. Holdings Overview - The top ten holdings of the Agricultural Bank of China Healthcare Fund account for a total of 51.10% of the portfolio, with the following key positions: - Heng Rui Medicine: 8.16% - Zai Lab: 7.99% - Xin Li Tai: 5.84% - Hotgen Biotech: 5.63% - Kelun Pharmaceutical: 5.02% - HAOYOBIO: 4.36% - BeiGene: 3.61% - Eucure Biopharma: 3.58% - Ausun Pharmaceutical: 3.52% - Bide Pharmaceutical: 3.39% [1]. Fund Details - The Agricultural Bank of China Healthcare Fund was established on February 10, 2015, and as of June 30, 2025, it has a total asset size of 1.441 billion yuan [1]. - The fund manager is Meng Yuan, who has a master's degree and has held various positions in the financial sector, including roles at Bank of China Fund Management and Agricultural Bank of China Asset Management [1].

Core Insights - The article highlights the profitability achievements of Beijing-based innovative pharmaceutical companies, particularly Baijiahong and Nocare, marking a significant milestone in their development journey [1][2]. Group 1: Company Performance - Baijiahong reported a net profit of 450 million yuan in the first half of the year, achieving profitability for the first time [1][3]. - Nocare achieved a net profit of 18 million yuan in the first quarter, marking its first quarterly profit, with a significant reduction in net loss to 36 million yuan in the first half of the year [4]. Group 2: Product Sales and Market Expansion - Baijiahong's innovative drug, Zebutinib, generated global sales of 12.527 billion yuan in the first half, a year-on-year increase of 56.2%, with notable growth in the U.S. (51.7%) and Europe (81.4%) [3]. - The sales of another cancer drug, Trelatuzumab, reached 2.643 billion yuan, reflecting a 20.6% increase, driven by new indications approved in China [3][4]. Group 3: R&D and Future Prospects - Baijiahong has established a new R&D center in Changping, covering over 47,000 square meters and equipped with advanced laboratories, supporting the development of over 40 products in clinical and commercialization stages [2][3]. - Nocare is expanding its pipeline with its core product, Obutinib, which is also being tested for autoimmune diseases, potentially unlocking new market opportunities [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported significant financial performance in H1 2025, with total revenue of $2.433 billion, a year-on-year increase of 45%, and a GAAP net profit of $95.59 million, marking a turnaround from losses [1][13] - The company is expected to achieve continuous revenue growth, with projected revenues for 2025-2027 at $38.00 billion, $45.91 billion, and $54.04 billion respectively [6][10] Financial Performance - In Q2 2025, total revenue reached $1.315 billion, a 42% year-on-year increase, with GAAP net profit of $94.32 million, also reflecting a significant recovery [1][13] - The company has successfully reduced its R&D expenses, with a R&D expense rate of 40% in Q2 2025, down 9 percentage points year-on-year [2][32] - Sales and management expenses were $538 million in Q2 2025, with a corresponding expense rate of 41%, a decrease of 7 percentage points year-on-year [2][28] Product Performance - The core product, Zebutinib, achieved global sales of $950 million in Q2 2025, a 49% year-on-year increase, with strong growth in the US and Europe [3][17] - The second key product, Tislelizumab, also showed robust growth, with total revenue of $194 million in Q2 2025, a 22% year-on-year increase [3][22] Future Milestones - The company anticipates several key milestones in the next 18 months, including multiple drugs entering Phase III clinical trials or filing for market approval [4][5] - Notable upcoming events include the expected approval of Tislelizumab for early-stage non-small cell lung cancer in the EU and the initiation of Phase III trials for other products [4][5] Revenue Guidance - The company has updated its revenue guidance for 2025, raising the total revenue forecast from $4.9-5.3 billion to $5.0-5.3 billion, reflecting confidence in product performance [11][12]

Core Viewpoint - The Hong Kong biopharmaceutical stocks experienced a general increase, driven by government support for the industry, particularly emphasized by Premier Li Qiang during his recent visit to Beijing [1] Industry Summary - The biopharmaceutical sector in Hong Kong saw significant stock price increases, with notable gains including 5% for Fuhong Hanlin, 3.6% for King’s Ray Biopharmaceutical, and over 3% for WuXi AppTec [1] - Premier Li Qiang highlighted the need for enhanced high-quality technological supply and policy support to promote the development of the biopharmaceutical industry, aiming to produce more high-quality and efficient new drugs [1] - Continuous high-level endorsements from the government signal a strong commitment to supporting the biopharmaceutical industry, especially in the current economic context [1] Company Summary - Fuhong Hanlin (02696) latest price: 83.000, change: +5.06% [1] - King’s Ray Biopharmaceutical (01548) latest price: 17.940, change: +3.64% [1] - WuXi AppTec (02268) latest price: 59.600, change: +3.38% [1] - Other companies with notable increases include: - Keren Biotechnology (06990) +3.29% - Kangfang Biopharmaceutical (09926) +2.83% - Rongchang Biopharmaceutical (09995) +2.87% - Junshi Biosciences (01877) +2.69% - BeiGene (06160) +2.60% [1]