Zheng Quan Shi Bao Wang·2025-08-06 23:04Core Insights - BeiGene achieved a net profit of 450 million yuan in the first half of 2025, marking its first semi-annual profit since its A-share listing [1] - The company raised its full-year revenue guidance and adjusted its expected gross margin to the "mid to high range of 80% to 90%" [1] Financial Performance - Total revenue for the first half of 2025 reached 17.518 billion yuan, a year-on-year increase of 46% [1] - The net profit attributable to shareholders was 450 million yuan, with a non-GAAP net profit of 261 million yuan, both showing a turnaround from losses [1] - The second quarter performance exceeded market expectations, following a first quarter where the company reported a net loss of 95 million yuan [1] Product Performance - The significant revenue growth was driven by sales of self-developed products such as Brukinsa (Zebutinib) and the licensed product from Amgen, as well as the sales of Tislelizumab [1] - Brukinsa's global sales totaled 12.527 billion yuan in the first half of 2025, reflecting a year-on-year growth of 56.2% [2] - Sales in the U.S. reached 8.958 billion yuan, up 51.7%, while European sales increased by 81.4% to 1.918 billion yuan [2] - Tislelizumab's sales amounted to 2.643 billion yuan, a year-on-year increase of 20.6% [2] Future Outlook - BeiGene plans to conduct multiple concept validation data readouts across a broad product portfolio, including antibody-drug conjugates and bispecific antibodies [2] - The company anticipates over 20 milestone advancements in its hematologic and solid tumor pipelines within the next 18 months [2] - Revenue guidance for 2025 has been adjusted to a range of 35.8 billion to 38.1 billion yuan, with cash flow expected to be positive after capital expenditures [2][3] Market Position - BeiGene's revenue growth adjustment is attributed to its leading position in the U.S. market for Brukinsa and its ongoing expansion in Europe and other key global markets [3] - The expected improvement in gross margin is due to product mix enhancement and increased production efficiency [3] - The company's stock has risen over 50% in the A-share market this year, with a current market capitalization of nearly 380 billion yuan [3]