BeiGene(688235) 中山证券·2025-03-17 03:00Investment Rating - The report provides a positive outlook for the company, indicating a strong performance in the upcoming year with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of 568 million [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching 621 million, a 16% increase [4][16][17]. - The company is entering a critical phase with multiple clinical data readouts expected, including promising results from its Bcl-2 inhibitor Sonrotoclax for treating CLL [5][19]. - The company has provided clear profit guidance for 2025, expecting to achieve a GAAP net profit, with projected revenues between 352 billion to 381 billion RMB, reflecting a growth of 29.35% to 40% [6][23]. Summary by Sections Revenue Growth and Loss Reduction - The company reported a strong revenue performance with a projected revenue of 45.36 million, marking a turnaround from previous losses [3][13]. Core Product Performance - Bai Ze An® (Tislelizumab) sales are projected at 2 billion, a 106% increase, with strong market share growth in the US and Europe [4][17][18]. Clinical Pipeline and Data Readouts - The company is advancing its clinical pipeline with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. - Key clinical trials for Sonrotoclax and other products are expected to yield important data in 2025, potentially leading to accelerated approval applications [5][19]. Profit Guidance for 2025 - The company has set a clear profit guidance for 2025, expecting to achieve a GAAP net profit, with revenues projected between 352 billion to 381 billion RMB [6][23]. - The anticipated gross margin for 2025 is between 80% to 90%, indicating strong profitability potential [23].