Zhi Tong Cai Jing·2026-02-27 06:37Group 1 - The core viewpoint of the report is that Guotai Junan Securities maintains a "Buy" rating for BeiGene (06160), adjusting profit forecasts based on the company's latest guidance, with expected net profits for 2026-2028 at 2.47 billion, 4.15 billion, and 5.56 billion RMB, representing year-over-year growth of 73%, 68%, and 34% respectively [1] - The company reported total revenue of 38.21 billion RMB for 2025, a year-over-year increase of 40.4%, with product revenue at 37.77 billion RMB, up 39.9% [1] - In Q4 alone, the company achieved revenue of 10.61 billion RMB, a year-over-year increase of 31.3%, and recorded a net profit of 280 million RMB [1] Group 2 - The main growth driver for the company is the self-developed product, Zebrutinib (百悦泽), which generated global sales of 28.1 billion USD, reflecting a year-over-year increase of 48.8%, with the largest market being the U.S. at 20.2 billion RMB, up 46% [2] - The sales of another product, Tislelizumab (百泽安), reached 5.3 billion RMB, a year-over-year increase of 19%, primarily due to new approvals and increased hospital admissions in China [2] Group 3 - The company has provided guidance for 2026, expecting revenue to be between 43.6 billion and 45 billion RMB, representing a year-over-year growth of 14% to 18%, with a gross margin expected to remain high at 80% [3] - GAAP operating profit is projected to be between 4.6 billion and 5.3 billion RMB, while non-GAAP operating profit is expected to be between 9.8 billion and 10.5 billion RMB [3]