Core Insights - The 2025 National Medical Insurance Drug List includes 114 new drugs, with 50 being innovative drugs, achieving an overall success rate of 88%, a significant increase from 76% in 2024 [1] - The first version of the commercial insurance innovative drug list includes 19 drugs, laying the foundation for a multi-tiered medical security system [1] - The inclusion of nine innovative drugs from the Sci-Tech Innovation Board in the medical insurance list highlights the robust capabilities and vitality of these companies [1] Group 1: Innovative Drug Inclusion - Nine innovative drugs from Sci-Tech Innovation Board companies have been included in the medical insurance list, with several others successfully renewing or expanding their indications [1] - Junshi Biosciences' drug, Juntai® (generic name: Angrexis monoclonal antibody injection), is the only domestic PCSK9-targeted drug for patients intolerant to statins included in the new list [2] - Haichuang Pharmaceutical's first marketed drug, Hainaan® (generic name: Dihydrotestosterone enzalutamide soft capsule), received approval for market launch and is included in the 2025 medical insurance list, enhancing patient access [2] Group 2: Commercial Insurance Innovations - The first commercial health insurance innovative drug list complements the basic medical insurance, providing new possibilities for patients to access cutting-edge treatments [4] - Two advanced therapy drugs from BeiGene, including Baihe An® (generic name: Zhenidat monoclonal antibody injection), are among the first to be included in the commercial insurance list, marking a significant market access pathway for high-value innovative drugs [4] Group 3: Renewal and Expansion of Indications - Successful renewals of innovative drugs confirm their clinical value and market position, with BeiGene's Bai Ze An® (generic name: Tarelizumab injection) and Junshi Biosciences' Tuoyi® (generic name: Toripalimab injection) expanding their insurance coverage [5][6] - Junshi Biosciences' Tuoyi® has now been included for 12 indications in the national medical insurance list, showcasing the recognition of its clinical value and innovation by the National Medical Insurance Bureau [6] Group 4: R&D Investment and Development Cycle - Sci-Tech Innovation Board companies have maintained a high level of R&D investment, with total R&D spending reaching a new high in the first three quarters of 2025, growing over 10% year-on-year [6] - The R&D intensity of these companies stands at 42%, significantly surpassing the overall level of A-shares during the same period, indicating a solid cycle of "R&D investment - innovative results - insurance support - market returns - reinvestment in R&D" [6][7]

Core Insights - The conference "2025 Financial Empowerment of the Medical and Health Industry (Guangxi) Innovation Conference" was successfully held in Nanning, focusing on building a closed-loop ecosystem of "technology innovation + capital empowerment + industry landing" to support Guangxi in becoming a healthcare industry hub facing ASEAN [2] - The "2025 China Innovative Drug Industry Investment Blue Book" was jointly released, providing authoritative and practical development trend analysis and investment layout guidance for industry participants, investors, and policymakers [2] Industry Development Background - The demand for innovative drugs is shifting from "curative" to "long-term management" and "precision" due to population aging and chronic diseases [6] - The number of rare diseases is increasing, necessitating the development of effective treatments [6] - AI-driven drug development is shortening research cycles, and innovative biopharmaceutical technologies are flourishing [6] Global Innovative Drug Development Trends - The number of innovative drugs in the oncology field is steadily increasing, with its share rising from 35% in 2020 to 45% in 2024, driven by breakthroughs in targeted therapies and CAR-T cell therapies [8] - From 2015 to 2024, a total of 12,263 innovative drugs are expected to be developed globally, with 9,427 still active by the end of 2024 [10] - China has become the country with the most innovative drugs since 2020, reaching 704 by 2024, surpassing the U.S. [11] China’s Innovative Drug Industry Development - The Chinese innovative drug industry has evolved through four stages: initial stage, combination of imitation and innovation, rise of innovation, and globalization [19] - The policy environment has increasingly focused on supporting innovative drugs, with a systematic policy matrix established to accelerate their transition from laboratory to clinical application [17] Market Size and Financing Trends - The innovative drug market in China is projected to reach CNY 1,620 billion by 2024, with commercial health insurance accounting for only 7.7% of the payment market [25] - The financing landscape has shifted from a focus on quantity to quality, with a notable increase in the proportion of domestic companies' innovative drugs approved in China, rising from under 10% in 2015 to 50% in 2024 [23] Future Opportunities and Challenges - The aging population and the demand for innovative drugs in oncology and chronic diseases are expected to continue growing [69] - The industry faces challenges such as geopolitical tensions, regulatory tightening, and high-risk characteristics of drug development, which typically takes over 10 years and requires substantial investment [71][72]

Core Viewpoint - BeiGene is positioned for sustainable revenue growth through the launch of new products, with a revenue target of $5.1 billion to $5.3 billion likely to be achieved [1] Group 1: Revenue Growth and Product Launch - BeiGene's cancer therapy Brukinsa is expected to continue boosting global sales in the coming years due to its best-in-class characteristics and expanding market penetration [1] - The company is entering a new development phase, projected to achieve positive profits and positive free cash flow starting in 2025 [1] Group 2: Operational Efficiency and Rating - BeiGene is anticipated to leverage its global operational platform to enhance operational efficiency and cash generation capabilities [1] - The rating for BeiGene is set at "Buy," with a target price of HKD 252 [1]

大华继显分析师Carol Dou和Sunny Chen报告称，百济神州可通过推出新产品实现可持续的收入增长。 他们认为该公司51亿-53亿美元的新收入目标极有可能实现，并预计将利用其全球运营平台进一步提高 运营效率和现金生成能力。大华继显的分析师称，百济神州的抗癌疗法Brukinsa未来几年可能会继续提 振全球销售额，这得益于其同类最佳的特性和不断扩大的市场渗透率。他们表示："百济神州已进入一 个新的发展时代，从2025年起将实现正利润和正自由现金流。"他们称，理由是收入结构更加多元化， 利润率不断提高。大华继显对该股的评级为买入，目标价为252.00港元。 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, with a focus on companies with strong R&D capabilities and commercialized innovative drug products [4][26]. Core Insights - The first commercial health insurance innovative drug directory has been released, which is expected to continuously expand the payment space for innovative drugs [2][21]. - The new basic medical insurance directory includes 127 products, with a success rate of 88% in negotiations, marking the highest success rate in nearly seven years [2][21]. - The commercial health insurance directory includes 24 drugs, with 19 successfully included, focusing on CAR-T and treatments for rare diseases and Alzheimer's [2][22]. - The report emphasizes the importance of clinical value in the pharmaceutical sector, suggesting that investments should focus on innovative drug chains and high-end medical devices [3][24]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index fell by 1.17%, underperforming the CSI 300 index by 2.44 percentage points [1][16]. - The H-share Hang Seng Medical Health Index decreased by 0.71%, lagging behind the Hang Seng Index by 1.45 percentage points [1][16]. R&D Progress - Recent IND applications include Yifang Biotech's D-0502 and Hengrui Medicine's HRS-6257 [1][29]. - Clinical trials are ongoing for several drugs, including Shijiazhuang Pharmaceutical's SYS6002 and Zai Ding Pharmaceutical's Aigamod α [1][30]. Key Company Predictions and Valuations - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, recommending a "Buy" for companies like Innovent Biologics and WuXi AppTec [4][26]. Important Updates - The report highlights significant updates from various companies, including strategic partnerships and new product registrations [28][29]. Financial Data - Basic medical insurance revenue reached 2,108.6 billion yuan in the first nine months of 2025, with a monthly income of 227.6 billion yuan in September [33][38]. - The pharmaceutical manufacturing industry saw a revenue decline of 2.90% year-on-year for the first ten months of 2025 [47]. Policy and Market Trends - The report discusses the structural shift in domestic policies favoring innovative drugs and the impact of global economic conditions on the pharmaceutical sector [24][25].

Group 1 - The core announcement is that BeiGene has multiple commercialized products and new indications included in the National Medical Insurance Administration's 2025 drug catalogs [1] - The newly released commercial health insurance innovative drug catalog includes two products: Baihe'an (Zanidatamab injection) and Kaizebai (Daratumumab β injection), which are used for specific cancer treatments [1] - Baihe'an is indicated for patients with unresectable locally advanced or metastatic biliary tract cancer (BTC) with high HER2 expression (IHC3+) [1] - Kaizebai is indicated for high-risk and relapsed/refractory neuroblastoma patients [1]

Core Viewpoint - The "Commercial Health Insurance Innovative Drug Catalog (2025)" has been officially released, including 19 innovative drugs from 18 pharmaceutical companies, highlighting the growing recognition of innovative therapies in the healthcare market [1] Group 1: Company Highlights - BeiGene is the only company with two products included in the innovative drug catalog, specifically the drugs Daratumumab β Injection and Injection for Zenyda Monoclonal Antibody [1]

FF301 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: 2025年11月30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: 2025年12月4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 | | 231,14 ...

2016期權及激勵計劃項下的受限制股份單位 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2025年11月28 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向一百四十七名承授人授 出涉及合共21,274股美國存託股份的受限制股份單位。 於2025年11月28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 四十七名承授人合共21,274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276,562股股份，約佔本公告之日公司發行股份總數的0.02%。 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詳情 受限制股份單位詳情如下： 1 授出日期： 2025年11月28日 承授人數目： 一百四十七名 已授出受限制股份單位涉及的 相關股份數目： 276 ...

Core Viewpoint - BeiGene (06160) announced the grant of 21,300 restricted stock units to 147 recipients under the 2016 option and incentive plan, equivalent to 276,600 shares, representing approximately 0.02% of the company's total issued shares as of the announcement date [1] Summary by Category - **Company Actions** - The board's compensation committee granted a total of 21,300 restricted stock units to 147 recipients [1] - The restricted stock units correspond to 276,600 shares [1] - **Shareholder Impact** - The granted shares represent about 0.02% of the total issued shares of the company as of the announcement date [1]