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。 BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （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5月9日， 董事會薪酬委員會根據2016期權及激勵計劃的條款向一百九十二名承授人授出涉 及合共42,009股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年5月9日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予一百九 十二名承授人合共42,009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546,117股股份，約佔本公告之日公司發行股份總數的0.04%。 授出受限制股份單位詳情 1 授出日期： 2025年5月9日 承授人數目： 一百九十二名 已授出受限制股份單位 涉及的相關股份數目： 546,117 受限制股份單位總數 （美國存託股份）: ...

Group 1 - HHLR Advisors reported a total market value increase from $2.887 billion to $3.539 billion, a nearly 23% rise in Q1 2025 [1] - HHLR's top ten holdings include Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS Holdings, with 9 out of 10 being Chinese concept stocks [1][2] - HHLR made new investments in 10 companies including Atour Group, Huazhu Group, Baidu, and Li Auto, with significant increases in holdings for Yum China, Li Auto, and Baidu [2] Group 2 - Jinglin Asset Management's Hong Kong subsidiary reported a total market value of $3.228 billion, showing an increase from the previous year [3] - Jinglin's new investments include Alibaba and Hesai Technology, while it increased holdings in Meta, Beike, TSMC, and New Oriental, and reduced positions in Google, Microsoft, and Nvidia [3] - The market value increase for both HHLR and Jinglin is attributed to the revaluation of Chinese concept stocks, with the Nasdaq Golden Dragon China Index rising by 13.33% in Q1 2025 [4] Group 3 - The rapid development of AI models like DeepSeek is reshaping the valuation of Chinese tech companies, moving away from traditional pricing models that undervalued growth potential [5] - The shift in valuation logic is driven by the transition of Chinese AI companies from relying on foreign platforms to establishing their own technological capabilities [5]

Core Viewpoint - The article discusses the recent quarterly holdings of major investment firms, highlighting significant investments in Chinese stocks and the impact of the revaluation of Chinese tech stocks on their portfolios [2][8]. Group 1: HHLR Advisors Holdings - HHLR Advisors reported a total holding value increase from $2.887 billion to $3.539 billion, a nearly 23% rise in Q1 2025 [2]. - The top ten holdings of HHLR include Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS Holdings, with nine of these being Chinese stocks [2]. - HHLR made new investments in ten companies, including Atour Group, Huazhu Group, Baidu, Yuchai International, and Li Auto, with significant increases in holdings for Yum China, Li Auto, and Baidu [4]. Group 2: Performance of New Investments - New investments by HHLR in Yuchai International saw an 80% increase, while BOSS Zhipin and Li Auto rose by 34% and 20%, respectively, as of May 14 [4]. - HHLR increased its holdings in eight companies, including Futu Holdings and Pinduoduo, with Futu Holdings experiencing a 40% rise and Pinduoduo a 23% rise [4]. - HHLR reduced its positions in Alibaba and BeiGene, with Alibaba's stock rising by 56% and BeiGene by 47% during the same period [4]. Group 3: Jinglin Asset Management Holdings - Jinglin Asset Management reported a total holding value of $3.228 billion as of Q1 2025, showing an increase from the previous year [6]. - New investments included Alibaba and Hesai Technology, while they increased holdings in Meta, Beike, TSMC, and New Oriental, and reduced positions in Google, Microsoft, and others [6]. - The top ten holdings of Jinglin include Meta, Pinduoduo, NetEase, and others, with a total holding value of $2.784 billion, representing 86.24% of their total U.S. stock holdings [6]. Group 4: Market Trends and Revaluation - The increase in holdings for HHLR and Jinglin is attributed to the revaluation of Chinese tech stocks, with the Nasdaq Golden Dragon China Index rising by 13.33% in Q1 2025 [8]. - The rapid development of AI models like DeepSeek is reshaping market perceptions of Chinese tech companies, moving away from traditional valuation methods [8]. - The shift in valuation logic is driven by the emergence of independent technological capabilities in Chinese AI firms, leading to a reassessment of their long-term growth potential [9].

Core Viewpoint - BeiGene reported a significant revenue increase in Q1 2025, achieving 8.048 billion yuan, a year-on-year growth of 50.2%, with a notable reduction in net loss, indicating a positive trend in financial performance [1][2] Financial Performance - Q1 2025 revenue reached 8.048 billion yuan, up 50.2% year-on-year, with product revenue at 7.985 billion yuan, a 49.9% increase [1] - The net profit attributable to shareholders was -95 million yuan, a substantial improvement from -1.908 billion yuan in the same period last year [1] - According to GAAP, the company achieved its first quarterly profit, aligning with market expectations [1] Product Sales Growth - The growth in product revenue was primarily driven by self-developed product Zanubrutinib, along with sales increases of Tislelizumab and Amgen licensed products [1] - Zanubrutinib's global sales totaled 5.692 billion yuan, reflecting a 63.7% increase, with U.S. sales at 4.041 billion yuan, up 61.9% [1] - European sales of Zanubrutinib reached 836 million yuan, a 75.4% increase, while sales in China were 590 million yuan, up 43.1% [1] Future Outlook - Sales of Tislelizumab in Q1 2025 amounted to 1.245 billion yuan, marking a 19.3% increase [2] - The company maintains its full-year revenue guidance for 2025 at 4.9 to 5.3 billion USD, driven by the strong market position of Zanubrutinib in the U.S. and ongoing expansion in Europe and other key global markets [2]

Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

网易：2025年Q1营收288亿元 同比增7.4% 证监会：2024年对87家拟上市企业开展现场检查或督导 严肃查办5起欺诈发行案件 5月15日，据证监会网站，证监会发布2024年中国证监会执法情况综述。其中提到，2024年，证监会在 发行上市、信息披露、并购重组、退市等重点领域加大执法力度，集中力量精准打击欺诈发行、财务造 假、操纵市场等投资者最关切、最痛恨、最不能容忍的违法违规行为，通过"抓重点、办大案、树导 向"，引导市场主体诚实守信、合规经营，切实维护资本市场秩序和投资者权益。严打欺诈发行，守好 上市"入口关"。欺诈发行从源头上侵蚀市场诚信根基，扭曲资源配置机制，是资本市场"首害"。证监会 秉持"执法全覆盖，申报即担责"原则，全年对87家拟上市企业开展现场检查或督导，严肃查办5起欺诈 发行案件。其中，对高德信、华道生物等拟上市企业报送虚假财务数据行为处以3270万元、1150万元罚 款；对恒大地产欺诈发行债券及信息披露违法处以41.75亿元罚款，对董事长、实际控制人许某印处以 4700万元罚款、终身禁入证券市场，彰显依法从严打击欺诈发行的监管态度和坚定决心。（证监会网 站） 部分银行收紧风控 4月来零 ...

Group 1 - HHLR Fund, L.P. and its affiliates reduced their stake in BeiGene from 6.03% to 4.89%, no longer being a major shareholder [1] - The reduction in stake began in June 2023, with HHLR Fund having previously held 9.02% of shares [1] - The core reason for the reduction is attributed to the fund's typical investment period of around 10 years, with HHLR's investment in BeiGene exceeding 11 years [1] Group 2 - Hillhouse Capital led a $75 million Series A financing round for BeiGene in 2014 and participated in 8 financing rounds [2] - In Q1 2023, BeiGene reported revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significantly reduced net loss of 94.5 million yuan [2] - The revenue growth was driven by product sales, particularly from self-developed products, with a notable increase in sales for Zebrutinib and Tislelizumab [2] Group 3 - BeiGene's CEO indicated that the company expects to achieve positive operating profit for the full year of 2025 [3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2025年5月14日 第 1 頁 共 6 頁 v 1.3.0 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | | 說明 | | 人民幣股份 （於上海證券交易所科創板上市，股份代號：688235) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | ...

Core Viewpoint - Hillhouse Capital, once the second-largest shareholder of BeiGene, is gradually exiting its investment in the company, having reduced its stake below 5% as of May 9, 2023 [1][2]. Shareholder Activity - Hillhouse Capital's HHLR Fund, L.P. and its affiliates sold 16 million shares of BeiGene, reducing their total holdings to 68.55 million shares, which is a decrease in ownership from 6.03% to 4.89% [1]. - Between June 8, 2023, and December 2, 2024, Hillhouse has sold a total of 21.9973 million shares through various trading methods [2]. - In early March 2024, Hillhouse reduced its holdings further by selling 32.24 million shares, bringing its ownership down to 6.66% [2]. Company Performance - BeiGene, a global innovator in cancer treatment, has shown improving financial performance despite Hillhouse's divestment [3]. - For the fiscal year 2024, BeiGene reported revenues of 27.21 billion yuan, a year-on-year increase of 56.2%, while the net loss was 4.98 billion yuan, indicating a reduction in losses for two consecutive years [3]. - In Q1 2025, BeiGene achieved revenues of 8.048 billion yuan, a 50.2% increase year-on-year, with a significantly reduced net loss of 94.5 million yuan compared to a loss of 1.908 billion yuan in the same period last year, marking a 95.05% reduction in losses [3]. - The global sales of BeiGene's flagship product, Baiyueze, reached 5.692 billion yuan in Q1 2025, representing a 63.7% increase and accounting for 70.73% of the company's total revenue [3].

Core Viewpoint - BeiGene has shown significant progress in its financial performance, achieving quarterly profitability for the first time under GAAP in Q1 2025, with a net profit of $1.27 million compared to a net loss of $251 million in the same period last year [1][3]. Financial Performance - In Q1 2025, BeiGene's product revenue reached $1.1 billion, a 47% year-over-year increase, driven primarily by the sales growth of its self-developed products, particularly the BTK inhibitor, Zebrutinib, which contributed over 70% of the revenue [3][4]. - Zebrutinib's global sales in Q1 2025 amounted to $792 million, marking a 62% increase year-over-year, with U.S. sales reaching $563 million, reflecting a significant market share gain [1][3]. - The sales of another key product, PD-1 inhibitor Tislelizumab, reached $171 million, an 18% increase year-over-year, benefiting from rapid expansion in overseas markets [4]. Global Strategy and Market Position - BeiGene is enhancing its global presence by rebranding to BeOne Medicines Ltd. and relocating its registration to Switzerland, aiming to mitigate risks associated with U.S.-China geopolitical tensions [1][5]. - The company has established a new flagship facility in New Jersey, which is expected to bolster its biopharmaceutical production and clinical research capabilities [5]. - BeiGene's sales expenses as a percentage of product revenue decreased from 57% in Q1 2024 to 41% in Q1 2025, indicating improved operational efficiency alongside revenue growth [5]. Future Prospects - The company is optimistic about its BCL2 inhibitor, Sotorasib, which has been submitted for market approval in China and received fast-track designation from the FDA for treating specific blood cancers [6]. - With a current price-to-sales ratio of approximately 5.6 times, BeiGene is positioned for potential shareholder returns as it continues to improve its operating cash flow and profitability [6].