Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, revealed its U.S. stock holdings as of the end of Q2 2025, showing a total market value of $3.10 billion, a decrease from $3.54 billion in the previous quarter, with a continued focus on Chinese stocks, particularly Pinduoduo, which remains the largest holding [2][3][5]. Holdings Summary - HHLR's U.S. stock holdings are primarily concentrated in Chinese stocks, accounting for over 90% of the portfolio, reflecting a long-term optimism towards quality Chinese assets [5][7]. - In Q2 2025, HHLR made two new purchases, added to two existing positions, sold out of 15 stocks, and reduced holdings in nine stocks [5][6]. - The top ten holdings represent 90.28% of the total portfolio, indicating a high concentration in key sectors such as internet technology, consumer goods, and biopharmaceuticals [5][6]. Major Holdings - Pinduoduo remains the largest holding with an increase of 414,200 shares, bringing the total to 6.9768 million shares, valued at $730 million, which constitutes 11.52% of the portfolio [6][7]. - Futu Holdings also saw an increase in holdings to 4.3122 million shares, valued at $533 million, with a year-to-date increase of over 118% [7]. - Webull Corporation (微牛证券) entered the top ten holdings for the first time, with 33.0808 million shares valued at $39.564 million, following its NASDAQ listing in April 2025 [7]. Reductions in Holdings - HHLR reduced its positions in Alibaba, Beike, and NetEase, selling 2.7581 million shares of Alibaba, bringing the total to 1.1497 million shares, valued at $130 million [9]. - The firm also decreased its holdings in Beike by 4.5079 million shares and in NetEase to 1.6637 million shares, reflecting a strategy to lock in profits amid rising stock prices [9]. - Other notable reductions included JD.com, Yatsen Holding, and Vipshop, with complete sell-offs of companies like Baidu and Trip.com [9].

Group 1: Market Overview - Global markets showed positive performance, with the Hang Seng Index rising by 2.58% and the Nasdaq increasing by 0.14% year-to-date [1][3] - The Hong Kong stock market experienced significant gains, particularly in healthcare, information technology, and consumer discretionary sectors, while utilities, telecommunications, and energy sectors lagged [3] - A net outflow of HKD 8.277 billion was observed from southbound funds, indicating a cautious sentiment among investors [3] Group 2: Economic Insights - The U.S. economy is experiencing a rebound in core inflation, with expectations for a potential interest rate cut being pushed to later dates [4] - China's economic indicators show a continued recovery, with M1 and M2 growth rates reaching recent highs, although household housing demand remains weak [4] - The Chinese central bank is expected to maintain a loose monetary policy, potentially lowering the reserve requirement ratio (RRR) and the loan prime rate (LPR) in the future [4][5] Group 3: Company Analysis - Tencent - Tencent reported a strong Q2 2025 performance, with total revenue and non-IFRS operating profit increasing by 15% and 18% year-on-year, respectively [5] - The gaming and marketing segments showed robust growth, with year-on-year increases of 22% and 20%, contributing to a 3.6 percentage point rise in gross margin [5] - The target price for Tencent has been raised to HKD 705.0, reflecting confidence in its growth strategy and AI development opportunities [5] Group 4: Company Analysis - Hongteng Precision - Hongteng Precision's Q2 2025 results met expectations, with revenue and net profit growing by 9% and 13% year-on-year, respectively [6] - The company is accelerating its business transformation, with AI cloud and automotive segments accounting for 36% of revenue in Q2, up from 24% in 2024 [6][7] - The target price for Hongteng Precision is set at HKD 4.96, based on a rolling 16 times 2026 expected P/E ratio, indicating an attractive valuation [7] Group 5: Company Analysis - 361 Degrees - 361 Degrees maintains its sales growth guidance of 10%-15% for FY25, supported by strong demand for basketball products and e-commerce growth [8][9] - However, there are concerns regarding store opening risks and declining same-store sales, which could impact future orders [8] - The target price for 361 Degrees has been adjusted to HKD 7.09, reflecting a valuation based on 11 times FY25 expected P/E [8]

Core Viewpoint - BeiGene, Ltd. is experiencing significant growth in revenue and net profit, indicating strong performance in the biotechnology sector focused on cancer treatment [1][2]. Financial Performance - As of March 31, 2025, BeiGene reported total revenue of $1.117 billion, representing a year-over-year increase of 48.64% [1]. - The net profit attributable to shareholders reached $1.27 million, showing a remarkable growth of 100.51% compared to the previous year [1]. Company Overview - BeiGene is a commercial-stage biotechnology company specializing in the development and commercialization of innovative molecular targeted and immunotherapy drugs for cancer treatment [2]. - The company has a diverse product portfolio, including six internally developed clinical candidates, three of which are in late-stage clinical trials: zanubrutinib (BTK inhibitor), tislelizumab (PD-1 antibody), and pamiparib (PARP inhibitor) [2]. - BeiGene has also secured licensing for five drugs and investigational products, including three drugs already marketed in China under exclusive license from Celgene: ABRAXANE, REVLIMID, and VIDAZA [2]. - Founded in Beijing in 2010, BeiGene went public on the NASDAQ Global Select Market in February 2016 and has built a global team of over 1,300 employees as of July 2018, showcasing its comprehensive capabilities in research, clinical development, manufacturing, and commercialization [2].

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 24,970, up 0.25% for the day and 24.48% year-to-date [1] - The US markets saw gains, with the Dow Jones up 1.10% and the S&P 500 up 1.13%, reflecting positive sentiment driven by moderate inflation data [3] Hong Kong Stock Performance - The Hang Seng Financial Index rose 0.52% and is up 28.47% year-to-date, while the Hang Seng Utilities Index fell 0.30% but is still up 5.00% for the year [2] - Southbound capital saw a net inflow of HKD 9.45 billion, indicating strong interest in Hong Kong stocks [3] Economic Policies and Impacts - The Chinese government announced targeted interest subsidies for personal consumption loans, potentially leading to an increase in loan growth by CNY 1 trillion [3] - The Hong Kong Monetary Authority intervened by buying HKD 7.065 billion to defend the currency peg, with total purchases since June reaching HKD 116.6 billion [3] Company Analysis: Kingdee International - Kingdee reported a 1H25 revenue of CNY 3.19 billion, a year-on-year increase of 11.2%, aligning with expectations [4] - The company aims for AI-related revenue to constitute over 30% of total revenue by 2030, with AI contracts exceeding CNY 150 million in 1H25 [4] Company Analysis: Tencent Music - Tencent Music's 2Q25 revenue grew 18% to CNY 8.44 billion, with Non-IFRS net profit increasing 37% to CNY 2.57 billion, surpassing market expectations [5] - The company is expected to continue its growth trajectory, with projected revenue and profit increases of 17% and 28% respectively for 3Q25 [5] Focus Stocks - Geely Automobile (175 HK) has a target price of HKD 24.00, representing a 24% upside potential [6] - Luckin Coffee (LKNCY US) has a target price of USD 44.95, indicating a 19% upside potential [6] - Tencent (700 HK) is rated "Buy" with a target price of HKD 660.00, reflecting an 18% upside potential [6]

Summary of the Conference Call for BeiGene Company Overview - **Company**: BeiGene - **Industry**: Innovative Pharmaceuticals - **Date of Call**: August 10, 2025 Key Points Company Strategy and Market Position - BeiGene is a leading innovative pharmaceutical company in China, accelerating its international strategy through independent global clinical development and commercialization [2][4] - The company has a strong pipeline with high clinical enrollment speed and quality, particularly in ADC and CDECK platform development, laying a foundation for future new molecular entities [2][4] Core Products and Financial Performance - **Zebutinib**: The core product has shown strong performance in the U.S. market, with second-quarter results exceeding expectations. Year-over-year and quarter-over-quarter growth is robust, especially in the treatment of chronic lymphocytic leukemia (CLL) [2][3] - Projected revenue for 2025 is expected to reach between $5 billion and $5.3 billion, indicating significant growth [3] - Zebutinib's peak sales potential is anticipated to exceed current levels, with a global sales figure of over $2 billion last year [13] New Product Development - In addition to Zebutinib, BeiGene is developing BCL-2 inhibitor Sotorasib and BTK inhibitor CDECK, which are expected to significantly enhance revenue [2][6] - The company is actively expanding into solid tumor areas with approved products like PD-1 and early-stage products such as CDK4, PAN-KRAS, and EGFR-CDECK, which are expected to enter clinical trials in the coming years [2][6][9] Clinical Development and Regulatory Progress - Sotorasib is expected to be approved by 2026, and the progress of BTK-CDECK in Phase III clinical trials is noteworthy [8] - Multiple catalysts for development are anticipated in the second half of the year, including the approval of Sotorasib and updates on various clinical trials [10] Market Dynamics and Competitive Landscape - BeiGene's unique position as the only domestic company conducting independent global clinical development allows it to maintain a competitive edge [4] - The company is well-positioned to navigate U.S. policy changes, including drug price negotiations and Medicare reforms, with minimal impact on its core products [7][27] Financial Projections and Valuation - Future peak sales projections include $7 to $8 billion for Zebutinib, $2.5 billion for Sotorasib, and $2 billion for BTK CDECK, with a total valuation estimate of 350 billion RMB [29] - The company is rated as a "buy" due to its potential for excess returns as a leader in Chinese innovation [29] Additional Insights - The market for chronic lymphocytic leukemia is evolving, with a shift towards targeted therapies like BTK inhibitors, which have a long treatment duration and high patient numbers [12] - Fixed-duration therapies are raising concerns about market size, but real-world studies suggest that overall healthcare costs may decrease, potentially benefiting BeiGene's sales [21] Conclusion - BeiGene is positioned for significant growth with a strong pipeline and strategic international expansion, while navigating market challenges effectively. The company's innovative approach and robust product development are expected to drive future revenue and valuation increases.

Summary of BeOne Medicines (ONC/688235.SS) Earnings Review Company Overview - BeOne Medicines is a global oncology company based in Switzerland, focusing on innovative cancer treatments, particularly in hematology and solid tumors, with key products including Brukinsa and Tevimbra [13][14]. Key Financial Highlights - **2Q Product Sales**: Achieved US$1.3 billion, a 41% year-over-year increase, surpassing expectations (GSe: US$1.23 billion) [1] - **Brukinsa Sales**: Contributed US$684 million, reflecting a 43% year-over-year growth and a 21% quarter-over-quarter increase [1] - **Tevimbra Sales**: Reported US$194 million, a 22% year-over-year increase, with strong performance in China [1] - **China Sales**: Reached US$83 million, a 31% year-over-year increase [1] Guidance and Profitability - **FY25 Guidance**: Raised from US$4.9 billion to a range of US$5.0 billion to US$5.3 billion [1] - **Net Income**: Increased to US$94 million in 2Q, compared to US$1 million in 1Q, driven by strong topline growth and a gross profit margin (GPM) of 87.4% [2] - **Operating Expenses**: SG&A expenses were US$538 million (+21% y/y), and R&D expenses were US$525 million (+15% y/y) [2] Market Position and Competitive Landscape - **Market Share**: Brukinsa continues to gain market share among BTK inhibitors, with a 38% share in the US [1][11] - **1L CLL Position**: Management expressed confidence in maintaining a strong position against competition from pirtobrutinib, citing the need for head-to-head trials for new entrants [7] Future Catalysts - **Upcoming Milestones**: Key trials and data readouts expected in the next 12 months include: - Brukinsa: Phase 3 MANGROVE trial readout in TN MCL in 2H25 - Sonrotoclax: First global registrational filing in R/R MCL in 2H25 - BTK CDAC: Phase 3 initiation in R/R CLL in 2H25 [8] Valuation and Price Target - **Earnings Estimates**: Adjusted FY2025-2027 earnings estimates to US$2.77, US$6.61, and US$8.04 respectively [9] - **Target Prices**: Updated 12-month target prices to US$378.20 for ONC and Rmb328.65 for A-share [9][14] Risks and Considerations - **Key Risks**: Include uncertainties in R&D and regulatory approvals, competition in the BTK/PD-1 space, and potential market access bottlenecks [13][14]. Conclusion - BeOne Medicines is positioned for growth with strong sales performance, raised guidance, and a robust pipeline. The company is well-placed to navigate competitive pressures and capitalize on upcoming clinical milestones [13][14].

Group 1 - BeOne Medicines Ltd. reported $1.32 billion in revenue for the quarter ended June 2025, a year-over-year increase of 41.6% [1] - The earnings per share (EPS) for the same period was $0.84, compared to -$1.15 a year ago, indicating a significant turnaround [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.24 billion by 6.17%, and the EPS surprise was 75% above the consensus estimate of $0.48 [1] Group 2 - Key product revenue included BRUKINSA at $949.84 million, TEVIMBRA at $193.52 million, and total product revenue net at $1.3 billion, all surpassing analyst estimates [4] - Collaboration revenue reached $13.22 million, a 64.9% increase compared to the year-ago quarter, exceeding the average estimate of $7.59 million [4] - Other notable product revenues included KYPROLIS at $19.42 million, BLINCYTO at $25.59 million, and XGEVA at $81.32 million, all of which met or exceeded analyst expectations [4] Group 3 - BeOne Medicines Ltd. shares have returned +25.7% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - BeiGene has reported its first half-year profitability since its listing, driven by significant product revenue growth and improved cost management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached RMB 17.518 billion, a year-on-year increase of 46.0% [1]. - Operating profit was RMB 799 million, and net profit attributable to shareholders was RMB 450 million, marking a turnaround from losses in the previous year [1]. - Product revenue amounted to RMB 17.36 billion, up 45.8% year-on-year [1]. Key Products and Sales - The sales of the BTK inhibitor, Zebrutinib, reached RMB 12.527 billion in the first half, a 56.2% increase [2]. - In the U.S. market, Zebrutinib sales were RMB 8.958 billion, growing by 51.7% [1][2]. - The PD-1 inhibitor, Tislelizumab, generated sales of RMB 2.643 billion, reflecting a 20.6% increase [2]. Market Position - Zebrutinib has maintained the top position in the BTK inhibitor market in the U.S. for two consecutive quarters, with Q2 sales of USD 684 million, a 43% increase [2]. - In Europe, Zebrutinib sales reached RMB 1.918 billion, up 81.4% [2]. - In China, Zebrutinib sales were RMB 1.192 billion, a 36.5% increase [2]. R&D Pipeline - The company anticipates over 20 milestone developments in its blood cancer and solid tumor pipelines within the next 18 months [1]. - BeiGene has established three proprietary products in blood cancer treatment, including Zebrutinib and two products in Phase 3 clinical trials [3]. - The company is expanding its pipeline in solid tumors, focusing on various cancers and utilizing diverse technology platforms [3]. Future Guidance - BeiGene has updated its full-year revenue guidance for 2025 to a range of RMB 35.8 billion to RMB 38.1 billion [3]. - The gross margin guidance has been adjusted to a mid-high range of 80% to 90% [3]. - Positive cash flow from operating activities is expected for the year, excluding capital expenditures [3].

Core Insights - BeiGene, Ltd. reported a significant increase in total revenue for the first half of 2025, reaching 17.518 billion yuan, a year-on-year growth of 46.0% [1] - The company achieved profitability for the first time this year, with operating profit of 799 million yuan and net profit attributable to shareholders of 450 million yuan, both turning from losses to profits compared to the same period last year [1] - The revenue guidance for 2025 has been updated to a range of 35.8 billion to 38.1 billion yuan, with a gross margin forecasted to be in the mid-to-high range of 80% to 90% [1] Revenue Breakdown - The product revenue for the first half of 2025 was 17.36 billion yuan, reflecting a year-on-year increase of 45.8% [1] - The BTK inhibitor, Zebrutinib, achieved global sales of 12.527 billion yuan, a growth of 56.2% year-on-year, with notable performance in the U.S. market at 8.958 billion yuan, up 51.7% [2] - The PD-1 inhibitor, Tislelizumab, generated sales of 2.643 billion yuan, marking a 20.6% increase, driven by new patient demand from newly approved indications in China [2] Market Expansion - Zebrutinib's sales in Europe reached 1.918 billion yuan, a remarkable growth of 81.4%, with increasing market share in Germany, Italy, and Spain [2] - In China, Zebrutinib maintained its leading position in the BTK inhibitor market with sales of 1.192 billion yuan, up 36.5% [2] - Tislelizumab has been approved in 47 markets globally, with 20 new markets added to the reimbursement list in the current quarter, including Japan, Europe, and Australia [2] R&D Pipeline - The company is in a critical development phase for its pipeline, expecting over 20 milestone advancements in blood cancers and solid tumors within the next 18 months [2]

21世纪经济报道记者季媛媛 8月6日，百济神州（纳斯达克代码：ONC；香港联交所代码：06160.HK；上交所代码：688235.SH）公 布2025年第二季度美股业绩报告以及A股半年度主要财务数据公告。2025年上半年，百济神州实现营业 总收入175.18亿元，同比增长46.0%。产品收入达173.60亿元，同比增长45.8%。 值得关注的是，报告期内，公司营业利润达7.99亿元，归属于母公司所有者的净利润达4.5亿元，较去年 同期均实现扭亏为盈。这也是百济神州今年以来首次在营业利润和归母净利润上实现全面盈利。公告显 示，此次实现盈利主要由于产品收入的大幅增长，同时费用管理推动了经营效率的提升。 基于此，百济神州更新收入指引，预计2025年全年营收将从人民币352亿元至381亿元之间，调整为人民 币358亿元至381亿元之间。此外，毛利率更新为80%至90%的中高位区间。现金流方面，经营活动产生 的现金流量扣除购建固定资产等资本性支出后的净额预计全年为正。 "经营活动现金流净额转正的全年预期，意味着公司初步具备自我造血能力。"有券商医药行业分析师对 21世纪经济报道记者指出，持续投入十余年后，百济神州首次在 ...