Core Viewpoint - The legal opinion letter confirms the compliance of BeiGene, Ltd.'s 2025 Annual General Meeting (AGM) procedures with relevant Chinese laws and regulations, ensuring the legitimacy of the meeting and its resolutions [5][12][13]. Group 1: Meeting Procedures - The AGM was convened in accordance with the notice published on April 8, 2025, on the Shanghai Stock Exchange and other relevant platforms, meeting the 20-day notice requirement [6][7]. - The meeting utilized a combination of on-site voting, mail voting (for non-A shares), and online voting (for A shares), with the on-site meeting held on May 21, 2025, in the Cayman Islands [6][8]. Group 2: Voting Participation and Qualifications - A total of 271 shareholders participated in the voting, representing 995,428,431 shares, which is approximately 70.94% of the total shares eligible for voting [8][10]. - The qualifications of A-share shareholders were verified through the Shanghai Stock Exchange's voting system, while other shareholders' qualifications were confirmed by respective custodians [10][11]. Group 3: Voting Procedures and Results - The AGM addressed 12 ordinary resolutions, including the re-election of directors and the appointment of auditors, with specific resolutions requiring separate counting for A-share minority investors [11][12]. - All resolutions were passed as valid ordinary resolutions, confirming the effectiveness of the voting process [12][13].

| A 股代码：688235 | 股简称：百济神州 A | 公告编号：2025-024 | | --- | --- | --- | | 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 2025 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 21 日 （二） 股东大会召开的地点：Mourant Governance Services (Cayman) Limited 的 办公室，位于 94 Solaris Avenue, Camana Bay, Grand Cayman KY1-1108, 开曼群岛 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 271 | | --- | --- | | 普通股股东人数 | 271 | | 其中：A ...

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于百济神州有限公司（BeiGene, Ltd.） 2025 年年度股东大会的 法律意见书 致：百济神州有限公司（BeiGene, Ltd.） 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律执 业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席百济神州有限公 司（BeiGene, Ltd.）（以下简称"百济神州"或"公司"）2025 年年度股东大会（以下 简称"本次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集会 议人员的资格、表决程序和表决结 ...

公开资料显示，工银前沿医疗股票C基金成立于2020年11月23日，截至2025年3月31日，工银前沿医疗 股票C规模13.80亿元，基金经理为赵蓓。 金融界2025年5月21日消息，工银前沿医疗股票C(010685) 最新净值2.9140元，增长1.53%。该基金近1个 月收益率4.11%，同类排名420|1001；近3个月收益率9.30%，同类排名81|988；今年来收益率13.47%， 同类排名116|978。 工银前沿医疗股票C股票持仓前十占比合计59.05%，分别为：恒瑞医药（10.11%）、科伦药业 （8.01%）、XD药明康（7.72%）、百济神州-U（6.85%）、信立泰（4.90%）、泽璟制药-U （4.77%）、鱼跃医疗（4.60%）、新诺威（4.36%）、华东医药（4.20%）、海思科（3.53%）。 来源：金融界 简历显示：赵蓓女士:硕士,曾在中再资产管理股份有限公司担任投资经理助理。2010年加入工银瑞信,现 任研究部副总监、医疗保健研究团队负责人,2014年11月18日至今,担任工银医疗保健行业股票型基金基 金经理;2015年4月28日至今,担任工银瑞信养老产业股票型基金基金经理;2 ...

Core Viewpoint - The article emphasizes the unstoppable rise of Chinese innovative pharmaceutical companies, highlighting their ability to provide life-saving products and the significant growth potential in the industry [2][3][22]. Group 1: Company Performance - BeiGene's revenue is projected to grow from 9.5 billion in 2022 to 38 billion in 2025, showcasing a substantial annual increase [3]. - Other companies like Kintor Pharmaceutical, YaoPharma, and Diligent Pharma are also mentioned as having significant product potential and market impact [5][7]. - The article notes that innovative drugs have undergone rigorous scientific validation, ensuring their efficacy and safety [9]. Group 2: Industry Growth - China's medical insurance expenditure has increased from approximately 2 trillion to 3 trillion, indicating a net increase of 1 trillion over five years, which supports the growth of the pharmaceutical sector [14]. - The article argues that innovative drugs are not subject to centralized procurement, allowing companies to negotiate prices while considering their profitability [14]. - The global market for Chinese innovative drugs is expanding, with the potential for these products to meet the needs of various countries [19][22]. Group 3: Investment Opportunities - The innovative drug sector is expected to produce numerous tenfold and hundredfold stocks due to the rapid growth of companies like BeiGene, Innovent Biologics, and others, which are maintaining growth rates of over 50% [30][32]. - The article suggests that the pharmaceutical industry has multiple distinct tracks, allowing companies to grow without directly competing against each other [32]. - The potential for high returns in the innovative drug sector is highlighted, with the expectation of significant sales growth in the coming years [30][31].

Summary of the Conference Call Company Overview - The company, transitioning to B1 Medicines, was founded in February 2010 and has grown to over 11,000 employees globally, focusing on innovative medicines for patients worldwide [5][4] - The company aims to solidify its leadership in hematology, advance its pipeline, and deliver strong financial performance as it moves into 2025 [5][6] Hematology Franchise - B1 Medicines is the only company with three wholly owned, potentially best-in-class medicines for Chronic Lymphocytic Leukemia (CLL) [6] - The lead product, Brukinza, is the only BTK inhibitor to demonstrate complete and sustained BTK inhibition and has shown superiority to IMBRUVICA in head-to-head trials [6][12] - In Q1, the company achieved a revenue share lead in the CLL market just two years post-launch [6][10] - The second asset, Sonro, is a second-generation BCL2 inhibitor, with ongoing Phase III trials and a recent filing for relapsed-refractory CLL in China [7][8] - The third asset is a first-in-class BTK degrader, with over 600 patients dosed and a Phase III trial initiated [8] Financial Performance - The company reported $1.1 billion in sales for Q1, a 50% year-over-year increase, marking its first quarter of GAAP income [9][10] - The financial profile has significantly improved compared to previous years, setting a strong foundation for 2025 [11][21] Market Dynamics and Competition - The company believes in the long-term benefits of fixed-duration therapy for patients, despite competition from Akala [16] - Concerns were raised about the efficacy and safety of competing therapies, particularly regarding patient populations and outcomes [17][18] - The company sees significant opportunities in first-line Mantle Cell Lymphoma (MCL) and other B-cell malignancies, estimating over 20,000 new cases annually across these indications [19][20] Pipeline and R&D Strategy - B1 Medicines had 13 New Molecular Entities (NMEs) enter the clinic last year, the highest in the industry, with 10 proof of concept data readouts expected in 2025 [8][9] - The company is focused on a portfolio approach to manage risks associated with pricing pressures and competition [24] - Upcoming R&D Day on June 26 will highlight the company's strategy to build franchises in key disease areas, including lung cancer and breast cancer [36][39] Regulatory and Approval Insights - The company is pursuing accelerated approval opportunities for Sonro in the U.S. and is engaging with regulatory authorities regarding undetectable MRD rates as a surrogate endpoint [30][31] - The development review committee has clear go/no-go criteria for new molecules, ensuring focus on impactful investigational medicines [40] Commercial Strategy - The company is optimistic about the market potential for Tivimbra, particularly in upper GI cancers, with a global PD-1 market opportunity estimated at $50 billion [46][47] - Tivimbra has received frontline esophageal and gastric labels, with a focus on differentiation and competitive pricing [48][49] Geographic Revenue Diversity - The company has evolved to resemble a global multinational pharma, with significant growth opportunities in Europe and other markets [51][52] Conclusion - B1 Medicines is well-positioned in the hematology market with a strong pipeline and financial performance, while also preparing for future growth in solid tumors and expanding its global presence [53][54]

Core Viewpoint - The ICBC Medical Care Stock Fund (000831) has shown positive performance with a recent net value of 2.5640 yuan, reflecting a growth of 2.07% [1] Performance Summary - The fund's one-month return is 4.48%, ranking 672 out of 1022 in its category - Over the last three months, the return is 7.69%, with a ranking of 96 out of 1009 - Year-to-date, the return stands at 12.51%, ranking 128 out of 999 [1] Holdings Overview - The top ten holdings of the fund account for a total of 39.79%, with the following key positions: - Heng Rui Medicine: 8.90% - WuXi AppTec: 5.12% - Aier Eye Hospital: 4.94% - BeiGene: 3.77% - Zai Lab: 3.52% - New Horizon Health: 3.27% - Mindray Medical: 2.80% - Yuyue Medical: 2.76% - United Imaging Healthcare: 2.47% - Innovent Biologics: 2.24% [1] Fund Details - The ICBC Medical Care Stock Fund was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan - The fund is managed by Zhao Bei and Ding Yang [1][2]

Group 1 - The pharmaceutical sector is experiencing significant activity, with notable stocks such as Sanofi and Yipinhong reaching their daily limit up of 19.99%, and others like Shutaishen rising over 9% [1] - Major pharmaceutical companies reported impressive Q1 earnings, with BeiGene achieving a revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significant reduction in net losses [1] - Innovent Biologics reported a revenue of 381 million yuan for Q1, marking a 129.92% year-on-year growth, and a net profit of 18 million yuan, up 112.62% year-on-year, indicating a turnaround to profitability [1] Group 2 - Wanlian Securities forecasts a performance divergence in the pharmaceutical sub-sectors for Q1 2024 and 2025, with strong revenue and profit growth expected in medical R&D outsourcing, hospitals, and other biological products [2] - The chemical pharmaceutical sector is gaining market attention, focusing on innovation-driven growth, domestic production, and policy immunity [2] - China Galaxy notes that the pharmaceutical sector has undergone a long adjustment period, resulting in low valuations and underweight public holdings, with expectations for policy support and market demand recovery to drive growth [2]

Group 1 - Baiyunshan Holdings' subsidiary Guangzhou Pharmaceutical Co., Ltd. will be listed on the New Third Board starting May 20, 2025, marking a significant step in capital operations for Baiyunshan [1] - The listing is expected to broaden financing channels and enhance brand influence, as Guangzhou Pharmaceutical is a leading pharmaceutical distribution company in South China [1] - However, the New Third Board has relatively low liquidity, necessitating the optimization of governance structures and strengthening of profitability to attract long-term capital [1] Group 2 - Dezhan Health has signed a cooperation framework agreement with Academician Yang Baofeng to establish an academician expert workstation at its subsidiary, Deyi Pharmaceutical Co., Ltd. [2] - This collaboration aims to enhance the company's drug development capabilities in the cannabinoid innovation drug field [2] - The development of cannabinoid drugs is noted to have long cycles and strict regulations, requiring attention to clinical progress and commercialization capabilities [2] Group 3 - BeiGene has registered a Phase Ib clinical trial for BGB-16673, a BTK degrader targeting chronic spontaneous urticaria, marking it as the first autoimmune disease trial for this drug [3] - BGB-16673 is the fastest progressing BTK degrader in clinical development and has the potential to address resistance issues associated with existing BTK inhibitors [3] - The expansion into autoimmune indications opens up broader market opportunities and validates the application potential of the CDAC platform across multiple disease areas [3]

上周一下午三点，我泡了一杯热茶，开youtube静等贝森特的直播，仅仅十秒后，隔壁就说不用听了，BBG上出来了。我们刚要讨论这关税是降到30%还是 10%，前面又说，不用探讨了，股价涨了。前后二十秒，根本来不及决策，市场总有比你快的手。所以笔者把仓位分成趋势仓与交易仓。交易型仓位不看基 本面，赚到心理价位就走。三块钱的可乐，第一口永远值两块九。四月初的加仓，等的就是这一口，当即就畅爽了。基础逻辑是特朗普关税政策的"儿戏化" ，据《华盛顿邮报》统计，特朗普才就职100天就改写了50+次贸易规则。怎么形容呢？就我过去100天在股市做T都没这么频繁。 基本面上，本批拟A+H两地上市的龙头公司在港股乃至海外资本市场都具备较强的稀缺性。从筹码角度，港股自去年9月以来流动性和估值持续改善，同时 A股公司在港股上市发行的流通股又相对有限，叠加入通预期带来的估值溢价，确实是值得参与的。目前也打了恒瑞，参考A股给了8折优惠，也拿到部分豁 免，最大回拨21.5%。且宁德时代打新的钱回来正好能续上，估计最后也是一票难求。 上周港股市场是挺割裂的，京东Q1营收3010.8亿元，同比增16%，远超预期，股价冲高回落；腾讯：一季度经营利 ...