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].