Huan Qiu Lao Hu Cai Jing·2025-09-02 09:29Core Insights - BeiGene's stock price surged by 8.28% to 324.85 CNY per share, with a market capitalization exceeding 500 billion CNY, establishing its position as the market leader in the A-share pharmaceutical sector [1] - The company's first profitable interim report revealed total revenue of 17.518 billion CNY for the first half of 2025, a year-on-year increase of 46.03%, and a net profit attributable to shareholders of 450 million CNY, marking a turnaround from four consecutive years of interim losses [1][2] - The strong performance is primarily driven by BeiGene's core product, Brukinsa (Zebutinib), which achieved global sales of 12.527 billion CNY, a 56.2% increase year-on-year, with significant contributions from the U.S. market [1][2] Revenue Breakdown - In the first half of 2025, the U.S. market accounted for 51.8% of total revenue, growing by 53.7%, while the European market generated 1.939 billion CNY with a growth rate of 79.7% [2] - The domestic market's revenue growth slowed to 24.75%, but still generated 6.019 billion CNY, reflecting a solid foundation in the local market [2] Financial Performance Trends - From 2021 to 2024, BeiGene's interim revenue increased from 4.891 billion CNY to 11.996 billion CNY, with net profit remaining in the red until 2025, when the company achieved its first interim profit [2] - Cumulatively, revenue from 2022 to 2024 rose by 184.5%, from 9.566 billion CNY to 27.214 billion CNY, with the first half of 2025 already achieving 64.4% of the total revenue target for 2024 [2] Adjusted Performance Forecast - BeiGene adjusted its revenue forecast for 2025, now estimating a range of 35.8 billion CNY to 38.1 billion CNY, with an expected gross margin improvement due to better product mix and production efficiency [3]