智通财经网·2026-02-27 06:38Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for BeiGene (06160) and has adjusted its profit forecasts for 2026-2028, expecting net profits of 2.47 billion, 4.15 billion, and 5.56 billion RMB, with year-over-year growth rates 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, showing a growth of 39.9% [1] - In Q4 alone, the company achieved revenue of 10.61 billion RMB, reflecting a year-over-year growth of 31.3%, and a net profit of 280 million RMB [1] Group 2 - The main driver of revenue growth is the self-developed product, Zebrutinib (百悦泽), which generated global sales of 28.1 billion USD, marking a year-over-year increase of 48.8%, with the largest market being the US at 20.2 billion RMB, a growth of 46% [2] - The sales of another product, Tislelizumab (百泽安), reached 5.3 billion RMB, with a year-over-year growth 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 projected to remain high at 80% [3] - GAAP operating profit is expected to be between 4.6 billion and 5.3 billion RMB, while non-GAAP operating profit is projected to be between 9.8 billion and 10.5 billion RMB [3]