燃石医学 20251121 摘要 燃石医学 2025 年前三季度营收 4.13 亿元，同比增长 6%，海外业务显 著增长，占比提升至 19.1%，反映全球化战略成效，与 94 家三甲医院 及 140 家药企合作，完成 11.6 万人份检测，为后续增长奠定基础。 公司收入结构显著变化，院内检测占比达 60%，药企合作收入占比提升 至 30%，经营效率和现金流持续改善，2024 年 Q4 首次现金流转正， 2025 年 Q3 再次实现，表明盈利能力增强。 燃石医学深化全球布局，以中国为基础服务全球市场，加强与药企合作， 拓展院内检测和伴随诊断业务，通过更多管线注册和海外市场扩展提升 现金流和经营状况，实现可持续发展。 公司肺癌多基因血检伴随诊断预计 2026 上半年获批，将领先市场 2-3 年；乳腺癌多基因组织伴随诊断中日同步申报，日本已获证；多癌种早 检项目进入药监局创新审评通道，均为未来增长提供动力。 燃石医学在 NGS 平台 CDX 项目数量领先，占据 80%市场份额，实现 NGS 平台伴随诊断出海认证，为药企提供全球化解决方案，覆盖欧盟、 日本和中国市场，增强全球竞争力。 Q&A 燃石医学在过去三年中经历 ...

Burning Rock Biotech Limited 3Q 2025 results 20 November 2025 Disclaimer This presentation has been prepared by Burning Rock Biotech Limited (the "Company") solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions present ...

Core Insights - Burning Rock Biotech Limited reported a total revenue of RMB 131.6 million (US$ 18.5 million) for Q3 2025, marking a 2.3% increase from RMB 128.6 million in Q3 2024 [3] - The company achieved a gross profit of RMB 98.8 million (US$ 13.9 million) for the same period, representing a 7.6% increase from RMB 91.8 million in Q3 2024, with a gross margin of 75.1% [5] - The net loss for Q3 2025 was RMB 16.8 million (US$ 2.4 million), a significant improvement compared to a net loss of RMB 35.7 million in Q3 2024 [10] Financial Performance - Total revenues for Q3 2025 were RMB 131.6 million (US$ 18.5 million), up from RMB 128.6 million in Q3 2024 [3] - Cost of revenues decreased to RMB 32.8 million (US$ 4.6 million) in Q3 2025, down 10.9% from RMB 36.8 million in Q3 2024 [4] - Gross profit increased to RMB 98.8 million (US$ 13.9 million) in Q3 2025, with a gross margin of 75.1%, compared to 71.4% in Q3 2024 [5][7] - Non-GAAP gross profit for Q3 2025 was RMB 100.9 million (US$ 14.2 million), a 3.2% increase from RMB 97.8 million in Q3 2024 [8] Revenue Breakdown - Revenue from the in-hospital business was RMB 52.8 million (US$ 7.4 million) in Q3 2025, a 17.1% decrease from RMB 63.8 million in Q3 2024 [6] - Revenue from the central laboratory business was RMB 36.8 million (US$ 5.2 million), down 7.9% from RMB 40.0 million in Q3 2024 [6] - Revenue from pharma research and development services surged to RMB 42.0 million (US$ 5.9 million), a 68.6% increase from RMB 24.9 million in Q3 2024 [6] Operating Expenses - Total operating expenses for Q3 2025 were RMB 115.0 million (US$ 16.2 million), down 11.9% from RMB 130.4 million in Q3 2024 [9] - Research and development expenses decreased to RMB 41.5 million (US$ 5.8 million), a 15.6% decline from RMB 49.2 million in Q3 2024 [13] - Selling and marketing expenses were RMB 41.8 million (US$ 5.9 million), down 13.6% from RMB 48.4 million in Q3 2024 [13] Cash Position - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash totaling RMB 467.0 million (US$ 65.6 million) [10]

格隆汇11月18日｜中概股收盘涨幅居前的个股为：聪链集团涨32.38%，燃石医学涨30.15%，创智环球 科技涨20.7%，康乃德生物涨17.45%，CTRL Group涨17.02%。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | ICG | 聪链集团 | 1.390 | 32.38% | +0.340 | 289.59万 | | BNR | 燃石医学 | 15.280 | 30.15% | +3.540 | 249.65万 | | CGTL | 创智环球科技 | 0.8086 | 20.70% | +0.1387 | 1269.6万 | | CNTB | 康乃德生物 | 2.490 | 17.45% | +0.370 | 541.73万 | | MCTR | CTRL Group | 1.1000 | 17.02% | +0.1600 | 14.21万 | ...

Core Insights - The recent academic conference presentations by Burning Rock Medical (BNR.US) have positively impacted the company's stock performance, with a significant price increase of 62.31% over a short period [1][7]. Financial Performance - In Q2 2025, Burning Rock Medical reported revenue of 149 million RMB, a year-on-year increase of 10% and a quarter-on-quarter increase of 12%. The gross margin improved to 72.8%, up from 70.4% in the same period last year. The net loss narrowed significantly from 108 million RMB to 9.7 million RMB [2]. - The company has achieved six consecutive quarters of profitability in terms of Non-GAAP GP-SG&A, indicating a consistent upward trend in financial performance [2]. Product Development and Collaborations - Burning Rock Medical has developed a ctDNA detection product, OncoCompass Plus Prime, in collaboration with AstraZeneca, aimed at improving mutation detection accuracy in low tumor burden scenarios. The product demonstrated high repeatability and consistency, achieving a median detection limit of 0.25% with a low false positive rate [4]. - The OncoGuide OncoScreen Plus CDx system has received manufacturing and sales approval from Japan's Ministry of Health, Labour and Welfare (MHLW) as a companion diagnostic for AstraZeneca's AKT inhibitor, Truqap. This system is designed to guide treatment decisions for specific breast cancer patients [5][6]. Market Dynamics - The stock price of Burning Rock Medical experienced a notable surge, reminiscent of previous price movements in July and August, where the stock saw increases of 41.41% and 35.96%, respectively. This indicates strong market speculation regarding the company's turnaround potential [1][7]. - The recent price increases occurred with low trading volumes, suggesting that the stock's rise was driven by controlled buying rather than large influxes of new capital, leading to a "no-volume increase" phenomenon [10].

Market Overview - US stock market showed mixed results, with the Dow Jones reaching a new high driven by corporate earnings, while uncertainty in trade impacted tech and small-cap stocks, leading to a decline in the Nasdaq [1] - Apple experienced a three-day rise, hitting a new high before closing up 0.2%. General Motors surged 14.8% post-earnings, and Coca-Cola rose 4%. Meme stocks and Beyond Meat saw a dramatic increase of 146%, accumulating a 600% rise over three days [1] - The Nasdaq Golden Dragon China Index fell by 0.97%, with Daqo New Energy down over 4.4% and Alibaba down over 3.9% [1] Bond and Currency Markets - US Treasury yields fell, with the 10-year yield dropping nearly 2.5 basis points. The US dollar index rose for three consecutive days, increasing by approximately 0.4% [2] - Bitcoin saw a recovery, rising over 6% from its daily low [2] Commodity Markets - Gold prices dropped over 5.7%, marking the largest single-day decline since 2013, while silver experienced an even greater decline of nearly 8% [3] - Oil prices fluctuated upwards, with West Texas Intermediate crude oil rising over 1.2% due to the Trump administration's commitment to purchase 1 million barrels for the Strategic Petroleum Reserve [4] Industry Developments - The zinc market is experiencing a "short squeeze," with available inventory lasting less than a day and spot premiums reaching the highest level since 1997 [5] - Anthropic is in talks with Google for a cloud agreement potentially worth up to $10 billion [6] - The Federal Reserve will hold a "Payment Innovation Conference" on October 21 to discuss how innovative technologies are reshaping payment systems and currency forms in the digital age [7] Domestic Developments - Shanghai government issued a plan to promote high-quality development in the construction industry, encouraging business integration [9] - Guangdong government released an action plan for AI-enabled high-quality development in manufacturing from 2025 to 2027, supporting the establishment of "model vouchers" for industrial model services [9] - The Ministry of Industry and Information Technology is soliciting opinions on the "Computing Power Standard System Construction Guidelines (2025 Edition)" [10] - The world's first offshore wind direct-connected underwater data center demonstration project was completed in Shanghai Lingang [11] Company Announcements - Yingxin Development plans to acquire an 81.8091% stake in Guangdong Changxing Semiconductor Technology Co., Ltd. through cash payment [21] - Greebo secured a significant order from a leading US home improvement retailer for lithium battery outdoor power equipment, with an estimated order value of approximately $60 million [21] - Jindi Co., Ltd. signed a strategic cooperation framework agreement with Inbol to promote the application of electric drive system products [22] - Chengda Bio signed a strategic cooperation agreement with the Institute of Microbiology, focusing on emerging infectious diseases [22] - China Telecom reported a third-quarter net profit of 77.56 billion yuan, a year-on-year increase of 3.60% [22]

Core Viewpoint - Riken Genesis Co., Ltd. and Burning Rock Biotech Limited announced the approval of the OncoGuide™ OncoScreen™ Plus CDx System in Japan, which will serve as a companion diagnostic for AstraZeneca's capivasertib, enhancing precision diagnostics for breast cancer patients [1][4][5]. Group 1: Product Details - The OncoGuide™ OncoScreen™ Plus CDx System is a combination medical device that includes the OncoGuide™ OncoScreen™ Plus CDx Kit and the OncoGuide™ OncoScreen™ Plus CDx Analysis Program, designed for use with next-generation sequencing [3][8]. - This diagnostic tool detects PIK3CA, AKT1, and PTEN alterations in a single test, aimed at guiding treatment decisions for adult patients with unresectable or recurrent hormone-receptor-positive, HER2-negative breast cancer [3][4]. Group 2: Market Impact - The approval of the CDx system is expected to improve access to precision diagnostics for breast cancer patients in Japan, ultimately expanding therapeutic opportunities [4]. - Riken Genesis plans to prepare for insurance coverage to ensure timely and equitable access for all eligible patients [4]. Group 3: Company Insights - Burning Rock's CEO highlighted that the approval is a significant milestone in the company's global strategy, emphasizing the system's role in optimizing treatment plans and enhancing patient outcomes [5]. - Riken Genesis expressed commitment to delivering the innovative diagnostic tool to patients as quickly as possible, marking their first approval for a combination medical device product [5][9].

Core Viewpoint - Burning Rock Biotech Limited reported a 9.6% increase in total revenues for Q2 2025 compared to the same period in 2024, driven by growth in in-hospital and pharma research and development services, while central laboratory revenues declined. Financial Performance - Total revenues for Q2 2025 were RMB 148.5 million (US$ 20.7 million), up from RMB 135.5 million in Q2 2024 [2] - Cost of revenues increased slightly to RMB 40.5 million (US$ 5.6 million), a 0.9% rise from RMB 40.1 million in Q2 2024 [3] - Gross profit reached RMB 108.1 million (US$ 15.1 million), marking a 13.3% increase from RMB 95.4 million in Q2 2024, with a gross margin of 72.8% compared to 70.4% in the prior year [4] - Non-GAAP gross profit was RMB 110.5 million (US$ 15.4 million), an 8.4% increase from RMB 101.9 million in Q2 2024, with a non-GAAP gross margin of 74.4% [5] Operating Expenses - Operating expenses significantly decreased by 42.1% to RMB 119.6 million (US$ 16.7 million) from RMB 206.7 million in Q2 2024, attributed to budget control and headcount reduction [6] - Research and development expenses fell by 23.4% to RMB 49.8 million (US$ 6.9 million) from RMB 65.0 million in Q2 2024 [8] - Selling and marketing expenses decreased by 21.5% to RMB 38.4 million (US$ 5.4 million) from RMB 48.9 million in Q2 2024 [8] - General and administrative expenses dropped by 66.1% to RMB 31.4 million (US$ 4.4 million) from RMB 92.8 million in Q2 2024 [9] Revenue Breakdown - Revenue from in-hospital business increased by 4.4% to RMB 62.5 million (US$ 8.7 million) from RMB 59.9 million in Q2 2024 [7] - Revenue from central laboratory business decreased by 16.2% to RMB 40.9 million (US$ 5.7 million) from RMB 48.8 million in Q2 2024 [7] - Revenue from pharma research and development services surged by 68.1% to RMB 45.2 million (US$ 6.3 million) from RMB 26.9 million in Q2 2024 [7] Net Loss and Cash Position - The net loss for Q2 2025 was RMB 9.7 million (US$ 1.4 million), a significant reduction from RMB 108.0 million in Q2 2024 [9] - As of June 30, 2025, cash, cash equivalents, and restricted cash totaled RMB 455.0 million (US$ 63.5 million) [9]

Core Insights - The stock price of Burning Stone Medical (BNR) increased by 2.53% on August 22, reaching $9.535 per share, with a total market capitalization of $103 million [1] - As of March 31, 2025, the total revenue of Burning Stone Medical is projected to be 133 million RMB, reflecting a year-on-year growth of 5.94%, while the net profit attributable to the parent company is expected to be -13.5 million RMB, showing a significant year-on-year increase of 88.89% [1] Company Overview - Burning Stone Medical, established in 2014, focuses on providing clinically valuable next-generation sequencing (NGS) for precision oncology, with a mission to "guard the light of life with science" [2] - The company's business and research directions primarily cover: 1) detection of cancer patient populations, holding a leading market share in China; 2) collaboration with global anti-cancer pharmaceutical companies on biomarkers and companion diagnostics; 3) early detection of multiple cancer types [2] - In July 2018, the company received the first certification for NGS testing kits for cancer from the National Medical Products Administration (NMPA) in China, marking a milestone in the field of in vitro diagnostics [2] - The laboratory located in Guangzhou, China, has passed the technical review by the Guangdong Provincial Clinical Testing Center and has obtained quality system certifications from CLIA and CAP in the United States; the laboratory in California has also received CLIA and CAP certifications [2] - The company is committed to developing innovative and reliable NGS testing products to advance the field of precision oncology [2]

Core Viewpoint - BNR (Burning Stone Medical) shows a significant increase in stock price and positive financial growth, indicating a strong position in the precision oncology market [1][2]. Financial Performance - As of March 31, 2025, BNR reported total revenue of 133 million RMB, representing a year-on-year growth of 5.94% [1]. - The company recorded a net profit attributable to shareholders of -13.5 million RMB, which is an improvement with a year-on-year growth of 88.89% [1]. Major Events - BNR is scheduled to disclose its mid-year report for the fiscal year 2025 on August 28, with the actual date subject to company announcement [1]. Company Background - Founded in 2014, BNR focuses on providing clinically valuable next-generation sequencing (NGS) for precision oncology, with a mission to "guard the light of life with science" [1]. - The company has a leading market share in tumor patient testing in China and collaborates with global anti-tumor pharmaceutical companies on biomarkers and companion diagnostics [1]. - BNR has achieved significant milestones, including receiving the first NGS testing kit certification from the National Medical Products Administration (NMPA) in China in July 2018 [2]. - The laboratories in Guangzhou and California have obtained quality system certifications from CLIA and CAP, ensuring high standards in their testing processes [2].