【私募调研记录】淡水泉调研百济神州、南微医学

Group 1: BeiGene (百济神州) - BeiGene's product Baiyueze has seen a mid-single-digit percentage increase in net pricing in the U.S., with plans to maintain price stability throughout the year [1] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, indicating ongoing global regulatory expansion [1] - The revenue guidance adjustment is based on Baiyueze's leading position in the U.S. and rapid growth in Europe and other markets, with a diversified revenue structure expected [1] - Gross margin improvement is attributed to enhanced production efficiency of Baiyueze and Baizean, considering the impact of tariff policies [1] - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study shows Baiyueze's superiority over Ibrutinib [1] - The BTK CDAC is being explored for applications in immunology and inflammation, with a Phase III clinical trial expected to start in the second half of 2025 [1] - The initiation of the Phase III trial for CDK4 inhibitors has been postponed to early 2026, with dose optimization data to be released this year [1] Group 2: Nanwei Medical (南微医学) - Nanwei Medical has an overseas team of over 400 people, primarily focused on the digestive endoscopy sector in Europe and the U.S., actively seeking acquisition targets [2] - The integration following the CME acquisition has been smooth, with plans for regional expansion in the European market leveraging existing channels [2] - A factory in Thailand is set to commence production by the end of the year, supplying the U.S. and European markets with low-cost, high-volume consumables [2] - Single-use endoscopes are gaining acceptance in the U.S., Europe, and Japan, with rapid development in other markets due to cost-performance advantages [2] - The R&D focus includes visualization products, endoscopic consumables, and tumor intervention products, with domestic endoscopic surgery volume expected to grow at a compound annual growth rate of approximately 15% [2]