Core Insights - Wuhan Heyuan Biotechnology Co., Ltd. is set to become the first incremental enterprise in the Sci-Tech Innovation Board's growth layer, focusing on innovative drug development, particularly the "rice blood" technology [1] - The Sci-Tech Innovation Board has supported 13 innovative drug companies with a total market capitalization of nearly 500 billion, leading to the approval of 25 new drugs since its inception [1][4] - The introduction of the fifth set of listing standards has allowed unprofitable companies to access capital markets, significantly boosting the innovative drug sector in China [2] Industry Development - Since 2019, China's innovative drug industry has raised over 1 trillion in financing across primary and secondary markets, leading to unprecedented activity in drug research and development [2] - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, surpassing the number of active innovative drugs in the U.S. [2] - The establishment of the "growth layer" in the Sci-Tech Innovation Board aims to enhance support for technology innovation and has been pivotal for companies like Suzhou Zelgen Biopharmaceuticals, which has successfully launched three new drugs since listing [2] R&D Investment and Performance - High R&D investment is a key reason for the lack of profitability among companies in the growth layer, but it is also a critical driver for future innovation [3] - BeiGene, a leading innovative drug company, is projected to invest 14.1 billion in R&D in 2024, maintaining its position as the top R&D spender on the Sci-Tech Innovation Board [3] - BeiGene's drug, Zebrutinib, has achieved significant global sales, generating 1.3 billion in revenue in the first half of the year, with a year-on-year growth of over 56% [3] Financial Performance - The innovative drug companies in the growth layer are transitioning from R&D investment to commercialization, with a combined revenue of 31.9 billion expected in 2024, reflecting a year-on-year growth rate of 54.39% [5] - The annual compound growth rate of these companies' revenue since 2019 is 52.33%, significantly outpacing the growth rate of other sectors [5][6] - Innovent Biologics reported a net profit of 3.7 billion after its IPO, driven by a strategic partnership with Bristol-Myers Squibb, which included an upfront payment of 800 million [4] International Collaboration and Market Recognition - The innovative drug companies have engaged in international collaborations, with potential transaction values nearing 5 billion, indicating strong global market recognition [7] - Companies like Innovent Biologics and Nocera have secured licensing agreements with international firms, further validating the strength of China's innovative drug sector [7]

Core Insights - He Yuan Bio, the world's first company to innovate "rice hematopoiesis," will debut on the Sci-Tech Innovation Board, becoming the first incremental enterprise in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer currently has 13 innovative pharmaceutical companies with a total market value of nearly 500 billion, having facilitated the approval of 25 new drugs since their listing [1] Group 1: Institutional Reform and Investment Trends - The establishment of the fifth set of listing standards on the Sci-Tech Innovation Board has allowed unprofitable companies to go public, significantly aiding innovative pharmaceutical companies in overcoming funding bottlenecks and accelerating drug development [2] - Since 2019, the cumulative financing scale of China's innovative pharmaceutical industry in both primary and secondary markets has exceeded 1 trillion [2] - The R&D pipeline of China's innovative drugs accounts for approximately 25% of the global total [2] Group 2: R&D and Commercialization Acceleration - High R&D investment is the main reason for the current unprofitability of companies in the Sci-Tech Growth Layer, but it is also the key driver for future innovation development [3] - In 2024, the total revenue of these innovative pharmaceutical companies is expected to reach 31.9 billion, with a year-on-year growth rate of 54.39% [3] - These companies have successfully launched 20 new drugs with "global new" attributes and achieved "breakthrough therapy" designation for 10 innovative drugs across 17 indications [3] Group 3: Leading Companies and Market Performance - Innovative pharmaceutical leader BeiGene has achieved a "qualitative leap" through a combination of "hardcore technology and commercialization breakthroughs," with R&D investment reaching 14.1 billion in 2024 [4] - BeiGene's core product, Zebrutinib, has been approved in over 70 countries and regions, benefiting 180,000 patients, with a half-year sales revenue of 1.3 billion, a year-on-year increase of over 56% [4] - BeiGene expects to exceed 35 billion in total revenue by 2025, entering a positive cycle of "R&D breakthroughs—product volume—profit realization" [4] Group 4: International Market Engagement - Several companies in the Sci-Tech Growth Layer have actively pursued international transactions this year, with a potential total transaction amount of nearly 5 billion [5] - For instance, Maiwei Bio has reached an exclusive licensing agreement with Calico, including a potential transaction total of 596 million [5] - Nocera Jianhua has announced a licensing agreement with Zenas BioPharma, expecting a total transaction amount exceeding 2 billion [5]

Core Viewpoint - He Yuan Bio, a pioneer in "rice hematopoiesis" innovative drugs, will debut on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] Group 1: Institutional Reform and Investment Trends - The fifth set of listing standards on the Sci-Tech Innovation Board has enabled companies without revenue or profits to go public, facilitating funding for innovative drug companies and spurring an investment boom in the sector [3] - Since 2019, the cumulative financing scale of China's innovative drug industry in both primary and secondary markets has exceeded 1 trillion yuan, leading to a surge in R&D activities [3] - The establishment of the "Sci-Tech Growth Layer" aims to enhance the adaptability and inclusiveness of the Sci-Tech Innovation Board, supporting the development of new productive forces and technological innovation [3] Group 2: R&D Investment and Commercialization - High R&D investment is the main reason for the current lack of profitability among innovative drug companies in the Sci-Tech Growth Layer, but it is also the key driver for future acceleration in innovation [5] - In 2024, the total revenue of these companies is expected to reach 31.9 billion yuan, with a year-on-year growth rate of 54.39%, significantly outpacing the average compound growth rate of the sector [5] - These companies have successfully launched 20 new national Class 1 drugs with "global new" attributes and achieved breakthrough therapy designations for 10 innovative drugs across 17 indications [5] Group 3: Market Recognition and Future Prospects - Innovative drug leaders like BeiGene have achieved significant milestones, including a projected revenue of over 35 billion yuan in 2025 and a positive operating profit, entering a virtuous cycle of R&D breakthroughs and product commercialization [6] - Several companies in the Sci-Tech Growth Layer have engaged in international transactions, with potential total transaction amounts nearing 5 billion dollars, indicating strong international market recognition [6] - Notable agreements include a licensing deal between Maiwei Bio and Calico, with a potential total of 596 million dollars, and a partnership between Nuocheng Jianhua and Zenas BioPharma, expected to yield over 2 billion dollars [6]

Core Viewpoint - The innovative drug company He Yuan Bio, known for its "rice blood-making" technology, is expected to soon list on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] Group 1: Industry Development - The fifth set of listing standards on the Sci-Tech Innovation Board allows unprofitable companies to issue shares, significantly aiding innovative drug companies in overcoming funding bottlenecks and accelerating drug development [2] - Since 2019, China's innovative drug industry has raised over 1 trillion yuan in financing across primary and secondary markets, leading to unprecedented activity in drug research and development [2] - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, surpassing the number of active innovative drugs in the U.S. [2] Group 2: Company Performance - Companies like BeiGene and Baillie Gifford have achieved significant breakthroughs through a combination of advanced technology and commercialization strategies, with BeiGene's R&D investment reaching 14.1 billion yuan in 2024 [3] - BeiGene's core product, Zebrutinib, has received regulatory approval in over 70 countries and regions, generating 1.3 billion dollars in sales in the first half of the year, a year-on-year increase of over 56% [3] - Baillie Gifford announced a net profit of 3.7 billion yuan after its IPO, driven by a global strategic cooperation agreement with Bristol-Myers Squibb for its dual-antibody ADC drug [4] Group 3: Growth Potential - The Sci-Tech Growth Layer currently includes 13 innovative drug companies with a total market value of nearly 500 billion yuan, having facilitated the approval of 25 new drugs [5] - These companies are transitioning from R&D investment to commercialization, with a projected total revenue of 31.9 billion yuan in 2024, reflecting a year-on-year growth rate of 54.39% [6] - Approximately 9 original innovative drugs from China have received FDA approval, with companies in the growth layer contributing 4 of these products [6] Group 4: International Collaborations - Companies like Maiwei Bio and Nocera have secured significant licensing agreements, with potential transaction totals reaching 596 million dollars and over 2 billion dollars, respectively [7]

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。 財務業績發佈後，本公司將於美國東部時間2025年11月6日（星期四）上午八時正 （即香港時間2025年11月6日（星期四）下午九時正）舉行電話會議。 電話會議將以網路直播方式進行，網絡直播鏈接可從本公司網站的投資者關係頁 面訪問，網址為 https://ir.beonemedicines.com , https://hkexir.beonemedicines.com , https://sseir.beonemedicines.com 。為確保及時連接，建議與會者在預定的網絡直 播前至少15分鐘進行註冊。本公司網站將提供業績電話會議網絡直播的存檔回 放。 承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2025年10月22日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事 王曉東博士，以及獨立非執行董事Olivier Brandicourt博士、Margaret Han Duga ...

Core Insights - The article discusses the upcoming listing of He Yuan Bio, Xi'an Yicai, and Bibet on the Sci-Tech Innovation Board, marking them as the first batch of newly registered companies in the Sci-Tech Growth Layer [3] - The Sci-Tech Growth Layer aims to support technology enterprises and enhance their development through a more inclusive and adaptable listing system [3][4] Group 1: Market Overview - The total market capitalization of the 32 existing companies in the Sci-Tech Growth Layer exceeds 1 trillion yuan, with significant representation in new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [4] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and commercialization efforts [4] Group 2: Financial Performance - In 2024, the 32 companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [6] - The average annual compound growth rate of revenue for these companies is 27.87%, outpacing the overall growth rate of the Sci-Tech Board by nearly 4 percentage points [6] - Despite ongoing losses due to high R&D costs and product introduction phases, 19 companies are expected to reduce their losses year-on-year in 2024, with 16 companies reducing losses by over 20% [6] Group 3: R&D and Innovation - The 32 companies are expected to invest a total of 30.6 billion yuan in R&D in 2024, with a median R&D expenditure to revenue ratio of 65.4%, leading the Sci-Tech Board [7] - Notable achievements include the launch of 20 new drugs with global novelty and the development of significant AI technologies, enhancing the competitive edge of domestic firms [7] Group 4: Institutional Support - Recent reforms, including the "1+6" initiative, have provided tailored support for companies at different stages, facilitating easier access to financing for R&D projects [8] - The merger and acquisition framework has also been improved, allowing companies to pursue external growth strategies more effectively [8]

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, leading to increased revenue and reduced losses, with a total market value exceeding 1 trillion yuan [1][2]. Group 1: Growth Tier Companies - Recent IPOs include He Yuan Bio, Xi'an Yicai, and Bibete, which will directly enter the growth tier, contributing to a total of 54 unprofitable companies listed since the board's inception, with 22 achieving profitability post-listing [2]. - The growth tier companies are primarily in strategic emerging industries, including new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. - The growth tier companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [3]. Group 2: Financial Performance - In 2024, the 32 growth tier companies achieved a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies is 27.87%, outperforming the overall board's growth rate by nearly 4 percentage points [5]. - By the first half of 2025, the growth tier companies experienced a year-on-year revenue increase of 37.79%, indicating a strong growth trend [5]. Group 3: Loss Reduction - In 2024, 19 growth tier companies reduced their losses year-on-year, with 16 companies reducing losses by over 20% [6]. - By the first half of 2025, the overall loss reduction amounted to 7.12 billion yuan, with 21 companies reducing losses, and 13 of them by over 20% [6]. - Notable examples include Baijie Shenzhou, which transitioned from a loss of 13.6 billion yuan in 2022 to a profit of 450 million yuan in 2025, and Hanwujing, which achieved profitability for four consecutive quarters starting from Q4 2024 [6]. Group 4: R&D Investment - The 32 growth tier companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D investment to revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [8]. - The board's support has enabled these companies to achieve significant R&D milestones, including the launch of 20 new drugs with global innovation attributes [8]. - For instance, Baijie Shenzhou's fundraising efforts have led to the successful development of Zebutini, which became the first domestic drug to exceed 1 billion USD in sales [8]. Group 5: Institutional Support - The "1+6" reform and related policies have provided tailored support for growth tier companies, facilitating their financing and development [10]. - Eight growth tier companies have completed refinancing, raising a total of 13.2 billion yuan, with over 30% of the funds allocated to R&D [10]. - The merger and acquisition framework has also been enhanced, with six disclosed transactions since the introduction of the "Sci-Tech Board Eight Articles," focusing on acquiring quality unprofitable companies [11].

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, which has led to significant innovation and a total market value exceeding 1 trillion yuan [1][2]. Group 1: Growth Tier Companies - The 32 companies in the growth tier are primarily from strategic emerging industries, including new generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [3]. - The total market value of growth tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan, indicating growing market recognition of their investment value [3]. Group 2: Revenue and Profitability Trends - In 2024, the 32 growth tier companies achieved a total revenue of 67.575 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies since 2019 is 27.87%, outpacing the overall board's growth rate by nearly 4 percentage points [5]. - By the first half of 2025, these companies demonstrated a significant reduction in losses, with 21 companies reducing losses year-on-year, and 13 companies reducing losses by over 20% [6]. Group 3: R&D Investment and Innovation - The 32 growth tier companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D investment to revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [7]. - These companies have launched 20 new drugs with "global new" attributes and achieved breakthrough therapy designations for 10 drugs, contributing to the "Healthy China" initiative [7]. - Notable companies like BeiGene have transitioned from significant losses to profitability, with expectations of achieving full-year profitability in 2025 [6][7]. Group 4: Institutional Support and M&A Activity - The "1+6" reform and related policies have provided tailored support for growth tier companies, including relaxed refinancing standards for R&D investments [10]. - The M&A framework has facilitated strategic acquisitions of unprofitable companies, with several successful transactions enhancing production capacity and market competitiveness [11]. - The ongoing reforms and institutional support are expected to foster sustainable growth for companies in the Sci-Tech Innovation Board, despite inherent uncertainties in technology innovation [11].

Core Viewpoint - The article discusses the upcoming listing of new companies on the Sci-Tech Innovation Board, highlighting the establishment of the Sci-Tech Growth Layer and its implications for technology enterprises and innovative production capabilities [1][9]. Group 1: Overview of the Sci-Tech Growth Layer - The Sci-Tech Growth Layer will include three new companies: He Yuan Bio, Xi'an Yicai, and Bibet, joining 32 existing companies that have not yet turned a profit [1]. - The total market capitalization of the existing 32 companies exceeds 1 trillion yuan [2]. - These companies are primarily distributed across strategic emerging industries, including new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. Group 2: Financial Performance and Growth - The 32 existing companies have collectively raised 105.2 billion yuan through IPOs, which has catalyzed their research and development investments, capacity building, and commercialization efforts [3]. - In 2024, these companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies since 2019 is 27.87%, outpacing the overall growth rate of the Sci-Tech Innovation Board by nearly 4 percentage points [5]. Group 3: Trends in Profitability - Among the 54 unprofitable companies listed on the Sci-Tech Board, 22 have achieved profitability and "delisted" from the unprofitable category, averaging 4 companies per year [5]. - In 2024, 19 companies are expected to reduce their losses year-on-year, with 16 of them reducing losses by over 20% [6]. - In the first half of 2025, the existing companies in the Sci-Tech Growth Layer significantly reduced losses by 7.1 billion yuan, with 21 companies reducing losses, and 13 of them achieving a reduction of over 20% [6]. Group 4: Research and Development Investment - The total R&D investment of the 32 companies is expected to reach 30.6 billion yuan in 2024, with a median R&D investment-to-revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [8]. - The innovative drug sector has entered a "harvest period," with these companies launching 20 new drugs classified as "global new" and achieving breakthrough therapy designations for 10 drugs [8]. Group 5: Institutional Support and Future Prospects - Recent reforms, including the "1+6" reform, have provided tailored support for companies at different stages, facilitating their growth and development [10]. - The new financing standards allow companies to exceed refinancing limits for R&D projects, with some companies allocating over 30% of raised funds to R&D [10]. - The growth trajectory of the Sci-Tech Growth Layer companies is becoming clearer, with new companies expected to join the layer, further enriching the sector [10].

Core Viewpoint - BeiGene has reached a profitability turning point, reporting a net profit of 450 million yuan for the first half of 2025, marking a significant recovery from previous losses exceeding 57 billion yuan over seven years. However, the company's revenue structure raises concerns due to its heavy reliance on core products and a single market, making it vulnerable to external fluctuations [3][4]. Revenue Structure - In the first half of 2025, BeiGene achieved total revenue of 17.518 billion yuan, with its core product, Brukinsa (Zebutinib), contributing significantly to this figure. The global sales totaled 12.527 billion yuan, reflecting a year-on-year growth of 56.2% [4][5]. - The U.S. market accounted for 51.2% of the total revenue, with sales reaching 8.958 billion yuan, a 51.7% increase year-on-year. European sales grew by 81.4% to 1.918 billion yuan, while sales in China increased by 36.5% to 1.192 billion yuan [5]. Market Challenges - The company's reliance on a "single product + single market" model poses risks, particularly from potential changes in U.S. healthcare policies and increasing market competition. The company has not responded to inquiries regarding how it would maintain profitability if U.S. healthcare negotiations require price reductions [5][6]. - The competitive landscape is intensifying, especially for Brukinsa, which faces threats from new generation competitors like Eli Lilly's Pirtobrutinib, which has shown advantages in clinical trials [7][8]. Patent Expiration Risks - The first-generation BTK inhibitor, Ibrutinib, is set to have its core patent expire in the U.S. by 2027, with some extensions possible until 2028. This will likely lead to an influx of low-cost generics in the market, which could significantly impact Brukinsa's pricing and market share, especially in price-sensitive segments [9][10]. - The approval of generic versions of Ibrutinib in China further complicates the competitive landscape, as these generics may lower prices and increase accessibility for patients, potentially affecting Brukinsa's performance [10].