【私募调研记录】重阳投资调研塔牌集团、百济神州

Group 1: Tower Group - Tower Group reported a decline in sales in July due to the traditional off-season, but expects a recovery in September as the sales peak season approaches [1] - The company experienced growth in sales in the first half of the year, attributed to favorable weather conditions for construction and reduced low-cost cement supply in Eastern Guangdong [1] - The coal procurement cycle is 1.5 months, with cost impacts lagging by 2-3 months; coal purchased in early June is expected to contribute to cost reductions in Q3 [1] - The company has no plans for additional production capacity beyond capacity replacement, as current capacity meets market demand [1] - Financial asset allocation is deemed reasonable, with controllable investment risks and stable, sustainable returns [1] - Cement prices in the Pearl River Delta are close to cost levels, expected to stabilize and recover with the upcoming sales peak [1] Group 2: BeiGene - BeiGene's drug, Baiyueze, has rapidly gained adoption among patients and doctors in the U.S. due to its best-in-class clinical characteristics [2] - The company plans to maintain stable pricing for Baiyueze throughout the year, with no significant changes in inventory levels [2] - The company projects total revenue guidance of $5 billion to $5.3 billion for 2025, benefiting from Baiyueze's leading position in the U.S. and global expansion [2] - The drug has been approved in 75 markets, with ongoing global regulatory registration projects [2] - The new tablet formulation reduces sales costs and enhances patient compliance with a more flexible dosing regimen [2]