Financial Performance - Total revenues for the first quarter of 2025 increased by 48.6% to $1.117 billion, compared to $751.7 million in the same period of 2024[92] - BRUKINSA global sales reached $792 million, reflecting a 62% increase year-over-year, with U.S. sales growing by 60.2% to $563.2 million[96] - TEVIMBRA revenue increased by 17.8% to $171.2 million in the first quarter of 2025[97] - Gross margin on global product sales improved to 85.1% for the first quarter of 2025, up from 83.3% in the prior year[98] - The company achieved GAAP profitability in the first quarter of 2025, marking a significant turnaround from a loss of $251.2 million in the prior year[92] - GAAP net income improved to $1.3 million for the first quarter of 2025, compared to a loss of $251.2 million in the prior-year period[109] - Basic and diluted earnings per share for the first quarter of 2025 were $0.00 and $0.01 per American Depositary Share, respectively, compared to a basic loss of $0.19 per share in the prior-year period[108] - Adjusted earnings per share - basic improved to $0.10 for the first quarter of 2025, compared to a loss of $0.11 in the prior-year period[110] Expenses and Costs - Operating expenses increased by 6% to $941.2 million, with research and development expenses rising by 4.6%[93] - Research and development expense increased by $21.2 million, or 4.6%, to $481.9 million for the three months ended March 31, 2025, compared to $460.6 million for the same period in 2024[99] - External research and development expenses rose by $19.4 million, or 11.3%, to $190.8 million, driven by increased costs in development programs[99] - Selling, general and administrative expenses increased by $31.9 million, or 7.5%, to $459.3 million for the three months ended March 31, 2025, from $427.4 million in the prior-year period[104] Cash Flow and Debt - Cash, cash equivalents, and restricted cash totaled $2.53 billion as of March 31, 2025, down from $2.64 billion at the end of 2024[111] - Total debt decreased to $923.6 million as of March 31, 2025, from $1.02 billion at the end of 2024, with $97.1 million paid down in the first quarter[111] - Cash provided by operating activities improved by $352.7 million in Q1 2025 compared to Q1 2024, driven by significantly improved revenue and a $325.6 million increase in gross margin[114] - Net cash used in investing activities decreased to $121.9 million in Q1 2025 from $209.8 million in Q1 2024, primarily due to a reduction in capital expenditures[115] - Financing activities used $33.8 million in cash in Q1 2025, a significant decrease from $162.3 million provided in Q1 2024, mainly due to a net reduction in short-term debt borrowings[116] - The company expects to repay approximately $763.5 million of loans in the next 12 months, with refinancing dependent on prevailing interest rates and credit spreads[117] - As of March 31, 2025, total debt obligations due in the next twelve months amount to $763.5 million, with long-term debt obligations at $160.2 million[124] Collaborations and Strategic Developments - Collaboration revenue rose by 84.8% to $8.7 million, primarily from agreements with Novartis and Amgen[94] - The company secured shareholder approval to rename itself to BeOne Medicines Ltd. and to redomicile to Switzerland[92] - The company has a remaining co-development funding commitment of $295.1 million under the Amgen collaboration for oncology pipeline assets[126] Market and Economic Factors - The U.S. Patent and Trademark Office invalidated claims of Pharmacyclics LLC's patent, benefiting the company's competitive position[89] - A 100-basis point increase in interest rates would increase annual pre-tax interest expense by approximately $6.2 million, given $624.9 million of outstanding floating rate debt[132] - The RMB appreciated approximately 0.6% against the U.S. dollar in Q1 2025, while it depreciated approximately 2.8% in the year ended December 31, 2024[133] Future Outlook - The company plans to host an Investor R&D Day on June 26, 2025, to discuss advancements in its late-stage hematology and solid tumor pipelines[92]

Financial Reporting - BeiGene, Ltd. filed its 2024 Annual Report with the STAR Market of the Shanghai Stock Exchange on April 28, 2025[5]. - The STAR Annual Report includes financial information for the year ended December 31, 2024, prepared in accordance with PRC GAAP[6]. - Financial information prepared under U.S. GAAP is also available, highlighting differences from PRC GAAP[6]. - The financial information includes production, sales, and inventory stock units for the reporting period[6]. Report Content - The report contains details on gross profit margin ratio and R&D expenses allocated by key products[6]. - The filing does not include any new product launches or market expansion strategies[8]. - No specific performance guidance or future outlook was provided in the report[8]. - The report was signed by Chan Lee, Senior Vice President and General Counsel[16]. Accessibility - The STAR Annual Report is publicly available in Chinese on the Shanghai Stock Exchange's website[7]. - The report is not deemed filed with the U.S. Securities and Exchange Commission[7].

登录新浪财经APP 搜索【信披】查看更多考评等级 A股代码：688235 A股简称：百济神州 公告编号：2025-016 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 关于召开2024年度业绩说明会的公告 本公司董事会及全体董事保证本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： 1、会议召开时间：2025年4月29日（星期二）上午09:00-10:00 2、会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 1、会议召开时间：2025年4月29日（星期二）上午09:00-10:00 2、会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 三、参加人员 参加此次说明会人员包括： 总裁、首席运营官兼中国区总经理：吴晓滨博士； 全球研发负责人：汪来博士； 4、投资者可于2025年4月22 ...

Company Insights - Weichai Power (2338 HK/000338 CH) is expected to see a strong expansion in engine profit margins in 2024, with a projected net profit growth of 27% year-on-year to RMB 11.4 billion, aligning with expectations [2] - The company plans to distribute a final dividend of RMB 0.347 per share, resulting in a historical high payout ratio of 55%, up from 50% in 2023 [6] - The target prices for Weichai Power have been adjusted to RMB 18.7 and HKD 18.0, reflecting an increase from previous estimates [6] Market Performance - The Hang Seng Index closed at 23,579, up 0.41% for the day and 38.31% year-to-date [3] - The Hang Seng Tech Index rose by 0.29%, with a year-to-date increase of 48.48% [3] - The Shanghai Composite Index saw a slight increase of 0.15%, with a year-to-date growth of 13.41% [3] Sector Analysis - The healthcare, consumer staples, and energy sectors led gains in the Hong Kong market, while materials, information technology, and real estate sectors faced declines [5] - In the U.S. market, defensive sectors such as consumer staples and healthcare outperformed, while energy and information technology sectors experienced declines [5] - European markets saw declines in information technology, materials, and healthcare, with defensive sectors like utilities and consumer staples performing better [5] Future Outlook - Haidilao (6862 HK) is expected to accelerate store openings in FY2025, with a projected net increase of approximately 40 stores, reflecting a 3% year-on-year growth [7][9] - The company anticipates an improvement in profit margins, driven by a stable gross margin and operational efficiency enhancements [8] - Atour (ATAT US) plans to open around 500 new hotels in FY2025, aiming for a 30% year-on-year growth in hotel numbers, while closing about 60 underperforming locations [12]

行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for BeiGene [2]. Core Insights - BeiGene is positioned as a leading biopharma company in China, focusing on innovative drug development and global commercialization, with a strong pipeline and significant growth potential [3][11]. - The company is expected to achieve profitability by 2025, driven by the strong performance of its core products, particularly the BTK inhibitor, Zanubrutinib, and the PD-1 inhibitor, Tislelizumab [4][20]. Summary by Sections 1. Innovative Product Globalization - BeiGene has established a robust global presence with over 60 clinical projects and 17 commercialized products, including Zanubrutinib and Tislelizumab, which have been launched in multiple regions [3][11]. - The company aims to become the first biopharma in China to achieve recurring profitability by 2025, supported by its innovative product pipeline and global commercialization capabilities [11][20]. 2. Leadership in Hematology - The combination of BTK inhibitors, BCL-2 inhibitors, and BTK CDAC is expected to solidify BeiGene's leadership in hematological malignancies [5][27]. - Zanubrutinib is projected to double its revenue to $2.6 billion in 2024, further strengthening its market position in the U.S. hematology market [4][20]. 3. Pipeline Development - BeiGene's pipeline focuses on hematological and solid tumors, with several molecules showing best-in-class potential, including Sonrotoclax and BGB-16673 [27]. - The company has a rich pipeline with over 10 early-stage projects expected to report proof-of-concept data in 2025, enhancing its growth prospects [6][27]. 4. Financial Projections and Valuation - Revenue projections for FY25-27 are $5 billion, $6 billion, and $6.7 billion, respectively, with a CAGR of 21% [7]. - The target price is set at HK$182.35, based on a discounted cash flow model with a WACC of 9% and a perpetual growth rate of 4% [7].

Investment Rating - The report initiates coverage with an OUTPERFORM rating for BeiGene [2]. Core Views - BeiGene is positioned as a leading innovator in China's biopharmaceutical sector, with a strong focus on oncology treatments and a robust pipeline of over 60 clinical projects globally [3][11]. - The company is expected to achieve profitability by 2025, driven by significant revenue growth from its core products, particularly the BTK inhibitor, Zanubrutinib, which is projected to double its revenue in 2024 [4][20]. - BeiGene's global commercialization capabilities and a well-established management team are key competitive advantages that will support its growth trajectory [12][29]. Summary by Sections 1. Innovative Product Globalization - BeiGene has a diverse product pipeline and aims to become the first biopharma company to achieve consistent profitability [11]. - The company has 17 commercialized products, including Zanubrutinib and Tislelizumab, with strong sales performance in the US and Europe [20]. - Revenue for 2024 is projected at $3.81 billion, a 55% increase year-over-year, with significant contributions from the US market [20]. 2. Leadership in Hematology - The combination of BTK inhibitors and BCL-2 inhibitors is expected to solidify BeiGene's leadership in hematological malignancies [5]. - Zanubrutinib has shown superior efficacy compared to Ibrutinib, establishing its best-in-class status [5][24]. - The company is also developing Sonratoclax, a BCL-2 inhibitor, which is anticipated to enhance its market position [5]. 3. Expansion in Solid Tumors - BeiGene is actively expanding its presence in solid tumors, with Tislelizumab gaining traction in various indications [11]. - The company is developing next-generation CDK inhibitors targeting a market exceeding $10 billion [11]. - Focus areas include lung cancer and breast cancer, with ongoing clinical trials for multiple candidates [11]. 4. Financial Projections and Valuation - Revenue forecasts for FY25-27 are $5 billion, $6 billion, and $6.7 billion, respectively, with a CAGR of 21% [7]. - The net profit is expected to turn positive by FY25, reaching $390 million by FY26 [7]. - The target price is set at HK$182.35, based on a DCF model with a WACC of 9% and a perpetual growth rate of 4% [7].

Core Insights - BeiGene Ltd announced FDA approval for Tevimbra (tislelizumab-jsgr) in combination with platinum-containing chemotherapy for first-line treatment of adults with unresectable or metastatic esophageal squamous cell carcinoma (ESCC) whose tumors express PD-L1 (≥1) [1] - The approval is based on the results from the RATIONALE-306 Phase 3 study, which demonstrated a statistically significant improvement in overall survival (OS) for patients treated with Tevimbra compared to placebo [2][3] Study Results - The RATIONALE-306 study met its primary endpoint, showing a median OS of 16.8 months for patients treated with Tevimbra plus chemotherapy versus 9.6 months for those on placebo plus chemotherapy, resulting in a 34% reduction in the risk of death [3] - The improvement in OS was primarily observed in the subgroup of patients with PD-L1 expression ≥1 [2] Previous Approvals - In December, the FDA also approved Tevimbra for the first-line treatment of unresectable or metastatic HER2-negative gastric or gastroesophageal junction adenocarcinoma in adults whose tumors express PD-L1, based on the RATIONALE-305 Phase 3 trial [4] - The RATIONALE-305 study showed a median OS of 15.0 months for patients treated with Tevimbra compared to 12.9 months for those on placebo, resulting in a 20% reduction in the risk of death [5] Market Reaction - Following the announcement, BeiGene's stock (ONC) was observed to be up 3.04% at $253 during the premarket session [5]

目录 美国 证券交易委员会 Washington, D.C. 20549 表格 10-K/A 第一次修订 （选择一项） ☒ 根据 1934 年证券交易法第 13 条或第 15 条(d)节的年度报告 截至 2024 年 12 月 31 日的财政年度 或 ☐ 根据 1934 年证券交易法第 13 条或第 15 条(d)节的过渡报告 过渡期从 至 交易委员会递交编号：001-37686 BEIGENE, LTD. 百济神州有限公司 （注册人章程载明的确切名称） （注册成立或组建的州或其他司法管辖区） （美国国家税务局雇主身份识别号码） 开曼群岛 98-1209416 c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue, Camana Bay Grand Cayman 开曼群岛 KY1-1108 （主要行政办事处地址，包括邮政编码） +1 (345) 949 4123 （注册人的电话号码，包括地区编码） 根据本法案第 12（b）条注册的证券： | 各类别名称 | 交易代码 | 各证券交易所名称 | | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to USD 324 for US stocks, HKD 194 for Hong Kong stocks, and CNY 273 for A-shares [1][11]. Core Insights - The company's revenue guidance for 2025 is stronger than market expectations, reaffirming the GAAP operating profit guidance [1][3]. - The company achieved a product revenue of USD 1.118 billion in Q4 2024, representing a year-over-year increase of 77.3% and a quarter-over-quarter increase of 12.5% [2]. - The adjusted non-GAAP operating profit for Q4 2024 was USD 78.6 million, marking the third consecutive quarter of profitability [2]. - The strong overseas sales of the drug Zebutinib contributed to a gross margin of 85.6% in Q4 2024, an increase of 2.4 percentage points year-over-year [2]. Revenue Guidance - The total product revenue guidance for 2025 is set at USD 4.9-5.3 billion, reflecting a year-over-year growth of 29.6% to 40.2%, which exceeds both Visible Alpha's expectation of 27% and the previous forecast of 21% [3]. - GAAP operating expenses are projected to be USD 4.1-4.4 billion, aligning with market expectations [3]. Product Performance - Zebutinib's global sales reached USD 828 million in Q4 2024, showing a year-over-year growth of 100.5% and a quarter-over-quarter growth of 20% [4]. - The US sales of Zebutinib amounted to USD 616 million, a 96.7% increase year-over-year, while European sales reached USD 113 million, up 147.8% year-over-year [4]. Research and Development Progress - The company is expected to have multiple research catalysts in 2025, including the announcement of global phase II data for Sonrotoclax in the second half of 2025 [5][10]. - The company plans to initiate several phase III clinical trials in 2025 for various indications [10]. Financial Projections - Revenue projections for 2025 are estimated at USD 4.972 billion, with a year-over-year growth of 30.5% [12][16]. - The company is expected to achieve a net profit of USD 81 million in 2025, transitioning from a loss in previous years [12][16].