Core Insights - Guojin Securities maintains a "Buy" rating for BeiGene (06160), highlighting its leadership in the domestic biopharma sector and significant global expansion, with both commercialization and R&D reaching critical inflection points [1] - The company’s core products are experiencing rapid growth, and its international strategy is beginning to yield results, with an anticipated increase in R&D catalysts [1] - For Q3 2025, the company reported total revenue of $1.4 billion, a year-on-year increase of 41%, and a GAAP net profit of $125 million [1] Financial Performance - The updated guidance for 2025 includes total revenue expectations of $5.1-5.3 billion, GAAP operating expenses of $4.1-4.3 billion, and a gross margin in the mid-to-high 80% range, with positive GAAP net profit and free cash flow for the year [1] - In Q3 2025, the sales of Zanubrutinib reached $1.04 billion, reflecting a year-on-year growth of 51% and a quarter-on-quarter increase of 10%, establishing it as a leader in the global BTKi market [1] - The U.S. market remains the primary revenue source for Zanubrutinib, generating $739 million, a year-on-year increase of 47% and a quarter-on-quarter increase of 8% [1] - The European market showed significant growth, with sales of $163 million, a year-on-year increase of 68% and a quarter-on-quarter increase of 8% [1] R&D Milestones - Upcoming R&D milestones include the submission of Sotigalimab in the U.S. in H2 2025, initiation of head-to-head trials for Zanubrutinib in CLL in H1 2026, and the start of Phase III trials for multiple indications [2] - The company plans to read out potential registration clinical data for BTKCDAC in H1 2026 and will not pursue second-line development for CDK4 inhibitors, instead focusing on first-line HR+HER2- breast cancer trials [2] - POC data readouts are expected in H1 2026 for FGFR2b ADC, pan-KRASi, EGFRCDAC, and CDK2i, with additional data readouts in H2 2026 for PRMT5i+MAT2Ai and EGFR/MET/MET tri-antibodies [2]