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) 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 | | 231,146.38 | 本月底法定/註冊股本 ...

Core Viewpoint - BeiGene (06160.HK) announced the grant of a total of 21,274 restricted stock units to 147 grantees under the 2016 option and incentive plan, equivalent to 276,562 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 restricted stock units to 147 individuals [1] - The total number of restricted stock units granted is 21,274 [1] - **Shareholder Impact** - The granted units correspond to 276,562 shares [1] - This represents about 0.02% of the total issued shares of the company as of the announcement date [1]

2016期權及激勵計劃項下的受限制股份單位 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 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%。 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 ...

今日（12.4），港药四连跌后强势反弹，创新药纯度100%的港股通创新药ETF(159570)四连跌后首次反弹涨1.5%，成交额快速突破12亿元！资金面上，此前 三日连续回调吸金，近5日累计净流入超1.8亿元！截至12月3日，港股通创新药ETF(159570)最新规模超232亿元，同类持续领先！ 消息面上，12月3日，信立泰发布公告，公司收到药监局核准签发的《临床试验批准通知书》，同意公司自主研发的创新小分子药物SAL0140片开展治疗慢 性肾脏病（CKD）的临床试验。 港股通创新药ETF(159570)标的指数权重股多数飘红：康方生物、科伦博泰生物-B、金斯瑞生物科技涨超3%，信达生物涨超2%，百济神州涨近2%，三生制 药涨近1%，中国生物制药微涨。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 6160 | 百济神州 | 11.90% | 2.19% | 2.99亿 | | 2 | 1801 | 信达生物 | 11.38% | 2.02% | 2.28亿 | | 3 | 9926 | 康方生物 ...

Core Viewpoint - The launch of the China Drug Price Registration System marks a significant step towards a globalized pricing framework for innovative drugs, enhancing market-oriented pricing capabilities for pharmaceutical companies and supporting the development of a new pricing ecosystem that aligns drug prices with innovation value and market demand [1][2][6]. Group 1: Drug Price Registration System - The new system allows domestic and international pharmaceutical companies to independently register drug prices, ensuring accountability for price authenticity [1][3]. - The system operates under the principle of "one location acceptance, nationwide sharing, global openness," and is managed by a state-owned enterprise in Beijing [1][3]. - The first batch of companies to register prices includes major players such as China National Pharmaceutical Group, Beijing Tongrentang, and Roche, indicating strong industry participation [3]. Group 2: Impact on Pharmaceutical Industry - The system is expected to enhance the pricing strategies of pharmaceutical companies, allowing them to adjust prices based on clinical value, supply-demand dynamics, and competitive landscape [3][4]. - The dual mechanism of registration and query will promote transparency in drug pricing, moving away from previous opaque practices [4]. - The establishment of this system is anticipated to create a comprehensive pricing structure that encompasses innovative drugs, insurance payment prices, and generic drug prices, benefiting the innovative drug sector [5]. Group 3: Global Market Development - The China Drug Price Registration System is designed to facilitate the international expansion of Chinese innovative drugs and attract high-quality foreign drugs into the Chinese market [2][5]. - Data indicates that the total amount of overseas licensing transactions by Chinese pharmaceutical companies exceeded $92 billion in the first three quarters of 2025, highlighting the growing global presence of Chinese innovative drugs [2]. - The system aims to address significant price discrepancies between domestic and international markets, influenced by factors such as currency exchange rates and pricing mechanisms [5]. Group 4: Long-term Industry Implications - The implementation of the drug price registration system is expected to enhance the global competitiveness of China's biopharmaceutical industry and drive high-quality innovation within the sector [6].

Core Insights - The launch of the Chinese Drug Price Registration System on December 2 is seen as a significant positive development for the innovative drug sector, facilitating the international expansion of domestic innovative drugs [1][4]. Group 1: Drug Price Registration System - The Chinese Drug Price Registration System was launched on December 2, with nine pharmaceutical companies participating in the initial registration, including both multinational and traditional Chinese medicine firms [2]. - The system currently includes limited information, with only 10 drug entries available, indicating a nascent stage of development [2]. - The system allows for independent pricing by companies outside of the National Medical Insurance (NMI) framework, which is a notable shift in policy [1][5]. Group 2: Innovative Drugs Highlighted - Four drugs showcased on the system are recognized as either the first of their kind in China or globally, including innovative treatments like Toripalimab and Icaritin [3]. - For instance, Toripalimab is the first Chinese PD-1 monoclonal antibody approved in both Europe and the U.S., while Icaritin is the first CAR-T therapy targeting BCMA approved in China [3]. Group 3: Market Implications - The establishment of the registration system is expected to enhance the global pricing framework for Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market [4][5]. - Data indicates that in the first three quarters of 2025, Chinese pharmaceutical companies completed 103 license-out transactions totaling $92.03 billion, highlighting the growing importance of the Chinese market in the global pharmaceutical industry [4]. - The NMI's non-interference in pricing for the non-NMI market is seen as a positive step towards respecting market dynamics and enhancing the pricing power of domestic companies in international markets [5].

Core Insights - The Chinese innovative drug sector is experiencing strong growth driven by accelerated new drug approvals and increased business development (BD) activities [1][13] - In the first half of 2025, the total transaction amount in China reached $60.8 billion, a significant year-on-year increase of 129%, while the cumulative transaction amount for the first three quarters reached $93.7 billion, up 64% year-on-year [1][13] - The commercialization of innovative drugs is boosting overall revenue recovery and improving corporate profitability, indicating a transition to a new phase of high-quality development in the industry [1][13] Company Performance Highlights 1. BeiGene - In Q3 2025, BeiGene's revenue exceeded 10 billion yuan for the first time, with a year-on-year growth of 41.1%, and adjusted net profit increased by 489% [2][14] - The gross margin for global product revenue under GAAP was 85.9%, up 3.1 percentage points from the same period in 2024, primarily due to increased sales of Zanubrutinib [2][14] 2. HengRui Medicine - HengRui Medicine achieved revenue of 7.427 billion yuan in Q3 2025, a year-on-year increase of 12.72%, with net profit growing by 9.53% [4][15] - The company has made significant strides in international BD transactions, with over $800 million in upfront payments from innovative drug licensing agreements in the first three quarters of the year [5][15] 3. WuXi AppTec - WuXi AppTec reported total revenue of 12.057 billion yuan in Q3 2025, a year-on-year increase of 15.26%, with net profit rising by 53.27% [6][17] - The company has adjusted its full-year revenue guidance upward, expecting sustained double-digit growth in its core business [7][17] Industry Future Trends - The Chinese innovative drug industry is undergoing a paradigm shift from "domestic substitution" to "global value creation" and "international ecological collaboration," marking the entry into an international 2.0 era [8][18] - The focus on internationalization is becoming more pronounced, with strategic collaborations extending beyond late-stage assets to include early-stage technology platforms [8][18] Strategic Recommendations for Companies - Companies should build globally-oriented differentiated R&D pipelines, shifting focus from filling domestic gaps to addressing unmet clinical needs globally [9][19] - Developing dual-capacity international BD capabilities is essential, treating international expansion as a core strategic capability rather than a one-time transaction [10][20] - Establishing a lean and efficient global operational system is crucial for maintaining cost and efficiency advantages in the competitive international market [10][20]

Core Insights - The launch of the Chinese Drug Price Registration System on December 2 is seen as a significant positive development for the innovative drug sector, facilitating the international expansion of domestic innovative drugs [1][4] - The system allows for independent pricing by companies outside of the National Medical Insurance (NMI) market, which is expected to foster a more competitive environment [1][5] Group 1: Drug Price Registration System - The Chinese Drug Price Registration System was launched on December 2, with nine pharmaceutical companies participating in the initial registration, including both multinational and domestic firms [2] - The system currently includes limited data, with only 10 drug entries available, indicating a nascent stage of development [2] - The system is designed to respect the pricing autonomy of companies in the non-NMI market, which is a shift from previous perceptions that equated the NMI market with the entire Chinese pharmaceutical market [5] Group 2: Innovative Drugs Highlighted - Four drugs showcased on the system's homepage hold either domestic or global "first" status, including innovative treatments like the first Chinese PD-1 monoclonal antibody approved in Europe and the U.S. [3] - Specific pricing examples illustrate the disparity between NMI reimbursement prices and companies' self-reported prices, such as the self-reported price of 10,688 yuan for a PD-1 monoclonal antibody compared to the NMI price of 1,253.53 yuan [3] Group 3: Market Implications - The establishment of the drug price registration system is expected to enhance the global pricing framework for Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market [4] - Data indicates that Chinese pharmaceutical companies completed 103 license-out transactions worth 9.203 billion USD in the first three quarters of 2025, highlighting the growing importance of the Chinese market in the global pharmaceutical industry [4] - The NMI's non-interference in pricing for the non-NMI market is viewed as a positive step towards empowering companies to set prices that reflect market conditions, potentially increasing their influence in international markets [5]

12月3日，A+H医药资产延续调整态势，全市场最大医疗ETF（512170）、场内唯一药ETF（562050） 分别收跌0.58%、0.19%，港股创新药波动更大，港股通创新药ETF（520880）跌1.43%。 具体来看，A股医疗龙头跌多涨少，药明康德跌2.01%，爱尔眼科、泰格医药均跌逾1%，英科医疗、新 产业逆市收涨。医疗ETF（512170）两连阴，盘中最低价创4个月新低，收于所有均线之下。 至此阶段低位之际，抄底资金涌动，昨日逾1.14亿元资金逢跌净申购，今日512170场内放量溢价，成交 4.95亿元，显示买盘资金仍强势。 A股制药板块相对抗跌，表征该板块表现的药ETF（562050）跑赢大市，主要贡献来自中药龙头，片仔 癀涨1.33%，云南白药涨0.6%。创新药分化，亿帆医药逆市大涨6.11%，权重股百济神州跌1.59%。 作为全市场唯一跟踪中证制药指数的ETF，药ETF（562050）在重仓创新药的同时，有约25%的权重为 中药。中药板块具有高股息、走势稳健等特性，能够部分对冲创新药的高波动，进而降低制药指数整体 的波动率及回撤。 港股创新药板块高弹性高波动，港股通创新药ETF（520880） ...

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical sector experienced a correction in 2025 but rebounded towards the end of the year, with the innovative drug market expected to continue its momentum into 2026, presenting investment opportunities [1][6][10]. - Current industry hotspots include the flu epidemic, policy support, and breakthroughs in innovative fields such as small nucleic acid drugs, GLP-1, and BCL-2 inhibitors [1][7][8]. Core Insights and Arguments - The overall performance of the pharmaceutical sector in November 2025 was weak, with a decline of 3.6%, underperforming the CSI 300 index by approximately 1.16 percentage points [3]. - The application of AI technology in healthcare, including AI medicine and brain-computer interfaces, is gaining attention and is expected to present opportunities in 2026 [4][12]. - The release of the medical insurance negotiation directory and commercial insurance innovation directory will significantly impact the sales of related products once they enter the insurance system [10]. - Investment recommendations for 2026 include focusing on cutting-edge technologies such as dual antibodies, multi-antibodies, ADC, PROTAC, small nucleic acids, and GLP-1, as well as large companies with strong R&D capabilities and biotech firms with best/first-in-class potential [9][11]. Notable Developments - The flu data has reached new highs, driving up the stock prices of related testing drugs and vaccines [7]. - The third-party laboratory sector is expected to see performance bottoming out in Q4 2025, with a recovery starting in Q1 2026, aided by accelerated payment collection from companies like KingMed and Dian Diagnostics [4][19]. - The PROTAC technology is highlighted for its ability to degrade target proteins, addressing issues of drug resistance, with leading companies like Pfizer, BMS, and BeiGene making significant progress [4][16][17]. Investment Opportunities - Companies such as KingMed and Dian Diagnostics are recommended for investment due to their improving cash flow and potential recovery in the IVD industry [19][20]. - Jichuan Pharmaceutical is included in the December portfolio due to its expected performance rebound driven by flu season demand and low inventory levels [21]. - The CRO industry is poised for growth, with expectations of increased outsourcing rates and improved margins due to a decrease in new entrants [22][23]. Future Trends - The medical device sector is showing positive trends, with expectations for improvement in the consumer healthcare segment in 2026 [2][11]. - The potential for significant growth in the insulin business of companies like Lianbang Pharmaceutical is anticipated, with a projected revenue of 20 billion yuan in 2025 [32][35]. - The upcoming KMR data in December is expected to act as a catalyst for the global PROTAC market, with a focus on companies with substantial technology platforms [18]. Conclusion - The pharmaceutical and healthcare sectors are navigating through a period of adjustment, with various innovative technologies and market dynamics presenting both opportunities and challenges. Investors are advised to keep a close watch on regulatory developments, clinical trial outcomes, and emerging technologies that could shape the future landscape of the industry [1][6][10].