【百济神州公布25年业绩】 25年全年总收入53.4亿美元（+40.2%）、其中产品收入52.8亿美元（+39.8%），净利润2.9亿美元（去年同期-6.4亿 美元）。 收入略超25Q3财报指引。 25Q4收入15.0亿美元（+32.8%，环比+6.1%）、其中产品收入14.8亿美元（+32.1%，环比+5.8%），净利润0.66亿 美元（去年同期-1.5亿美元）。 【百济神州公布25年业绩】 25年全年总收入53.4亿美元（+40.2%）、其中产品收入52.8亿美元（+39.8%），净利润2.9亿美元（去年同期-6.4亿 美元）。 收入略超25Q3财报指引。 25Q4收入15.0亿美元（+32.8%，环比+6.1%）、其中产品收入14.8亿美元（+32.1%，环比+5.8%），净利润0.66亿 美元（去年同期-1.5亿美元）。 泽布替尼：25年收入39.3亿美元（+48.6%），其中美国28.3亿美元（+45.1%）、欧洲6.0亿美元（+66.2%）、中国 3.4亿美元（+33.3%）、ROW 1.6亿美元（+105.8%）。 25Q4收入11.5亿美元（+38.4%，环比+10.1%），其中美国8.4亿美 ...

Core Viewpoint - Despite achieving profitability in 2025, the stock price of BeiGene has experienced a significant decline, raising concerns among investors about future performance and market competition [1][3]. Financial Performance - In 2025, BeiGene reported total revenue of 38.205 billion yuan, a year-on-year increase of 40.4% - The net profit attributable to shareholders was 1.422 billion yuan, marking a turnaround from a loss of 5.379 billion yuan in the previous year - The adjusted net profit, excluding non-recurring items, was 1.381 billion yuan [1]. Stock Market Reaction - On February 26, 2025, BeiGene's Hong Kong stock price fell sharply, closing down 9.16% at 200 HKD, resulting in a market capitalization drop below 300 billion HKD - The stock continued to decline on February 27, closing at 192.3 HKD, a further decrease of 1.08%, with a market cap of 296.3 billion HKD - The A-share market also saw a decline, with a closing price of 263.44 CNY on February 26, down 5.65%, and a further drop to 257.7 CNY on February 27, down 2.18% [1]. Product Performance and Market Competition - BeiGene's core product, Zebrutinib (Brukinsa), is expected to face challenges in 2026, with sales projections falling short of expectations - In 2025, Zebrutinib generated revenue of 39.3 billion yuan, accounting for 73.5% of the company's total revenue, with a year-on-year growth rate of 48.8% - However, the quarterly growth rate for Zebrutinib in Q4 2025 was only 10.1%, significantly lower than the 20% growth in Q2 [3]. Competitive Landscape - Zebrutinib is facing increased competition, particularly from AstraZeneca's Acalabrutinib and Johnson & Johnson's Ibrutinib - AstraZeneca has recently launched a combination therapy involving Acalabrutinib, which has gained approval in key markets, posing a threat to Zebrutinib's market share [4]. Future Prospects - BeiGene's second major product, Tislelizumab (PD-1 inhibitor), is projected to have a global sales figure of 5.297 billion yuan in 2025, with an 18.6% year-on-year increase - The company plans to submit a new indication application for Tislelizumab in 2026, which could enhance its market position [6]. - Another product, Sotorasib (BCL-2 inhibitor), has received breakthrough therapy designation from the FDA and is expected to be a new growth driver in 2026, potentially offsetting the slowdown in Zebrutinib's growth [7].

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | ADR最新价(美元) ADI | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 518.000 | +6.000 | 1.17% | TCEHY | 513.995 | -4.005 | -0.77% | 65.700 | | 2 | 阿里巴巴-W | 09988 | 142.900 | -0.100 | -0.07% | BABA | 140.928 | -1.972 | -1.38% | 144.110 | | 3 | 汇丰控股 | 00005 | 147.300 | +2.300 | 1.59% | HSBC | 145.765 | -1.535 | -1.04% | 93.160 | | 4 | 建设银行 | 00939 | 7.990 | -0.010 | -0.13% | CICHY | 7.933 | -0.05 ...

上海谊众药业股份有限公司（以下简称"上海谊众"）发布的2025年业绩快报显示，报告期内，公司实现 营收3.17亿元，同比增长82.72%；实现归母净利润6413.20万元，同比增长819.42%。上海谊众表示，公 司核心产品注射用紫杉醇聚合物胶束于2025年正式纳入《国家医保药品目录》，在市场准入与用药人数 上大幅提高，带动了公司全年营收与利润增长。 "政策红利的持续释放，是行业企业业绩增长的重要助推因素。医保目录动态调整机制显著缩短了新药 从获批到覆盖的周期，近八成创新药能在两年内进入医保，加速了商业化落地。"无锡医库软件科技有 限公司董事长涂宏钢说。 行业整体向好发展，也不断吸引资本目光。开源证券研报显示，2025年全球医疗健康产业投融资额达 638.82亿美元，同比增长10.13%。从国内来看，医疗健康领域一级市场融资回暖更为明显，2025年全年 投融资总额达737.77亿元，同比增长39.05%；中国新药申报IND数量2025年达2175个，同比增长8.8%。 "亮眼成绩单虽令人振奋，但创新药企仍需警惕研发不确定性与市场竞争加剧的挑战，持续修炼内功仍 是企业长久生存与发展之道。"涂宏钢表示，随着商保目 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 自願性公告－業務發展最新情況 本公告由百濟神州有限公司（「本公司」）自願作出。請參閱本公告附件根據瑞士法 律準備的瑞士法定財務報表。 承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2026年2月27日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事王 曉東博士，以及獨立非執行董事Olivier Brandicourt博士、Margaret Han Dugan 博士、Michael Goller先生、Anthony C. Hooper先生、Ranjeev Krishana先生、 Alessandro Riva博士、Corazon (Corsee) D. Sanders博士、Shalini Sharp女士及易 清清先生。 Ernst & Young AG Aesch ...

除了创新药研发进展不断，生命园内的创新药企还在加速成长壮大，实现从"研发投入"到"盈利产出"的 关键跨越。2月26日晚间，诞生于生命园的国内头部创新药企百济神州发布2025年度业绩快报公告，正 式宣布实现成立以来的首次年度盈利。盈利背后，是该企业核心创新药产品持续放量，其中，泽布替尼 已成为全球最畅销的中国原研抗癌药，2025年全球销售额达280.67亿元，同比增长49%，已在全球75个 国家和地区获批上市。另一创新药替雷利珠单抗目前已在全球50多个市场获批，覆盖肺癌、肝癌、胃癌 等多种常见实体瘤，2025年实现全球销售收入52.97亿元。 近期，生命园亮出了2025年创新成绩单，共有22款创新药挺进临床试验，涵盖罕见病、mRNA疫苗、细 胞治疗等前沿领域，其中多项成果实现在中国、美国双双获批临床试验，展现创新含金量。今年，这些 处于临床阶段的创新药"种子"将持续发力，力求跑出创新加速度。 其中，拓领博泰罕见病1类新药TollB-001片先后在中、美批准开展临床，主要针对系统性硬化症，有望 为罕见病患者带来全新治疗方案；炎明生物小分子先天免疫激动剂PTT-936、神济昌华SNUG01同样实 现中美双批临床，两 ...

Ernst & Young AG Aeschengraben 27 P.O. Box CH-4002 Basel Phone: +41 58 286 86 86 www.ey.com/en_ch 致百济神州有限公司 股东大会，巴塞尔 巴塞尔，2026 年 2 月 26 日 法定审计师的报告 财务报表审计报告 审计意见 我们审计了百济神州有限公司（贵公司）的财务报表，包括截至 2025 年 12 月 31 日的资产负债表， 2025 年 5 月 27 日至 2025 年 12 月 31 日期间的利润表以及相关财务报表附注（包括重要会计政策摘 要）。 我们认为，后附的贵公司财务报表符合瑞士法律和贵公司章程的规定。 形成审计意见的基础 我们按照瑞士法律和瑞士审计准则（SA-CH）的规定执行了审计工作。审计报告的"审计师对财务 报表审计的责任"部分进一步阐述了我们在这些法条和准则下的责任。按照瑞士法律的规定和瑞士 审计行业对公共利益实体财务报表审计的要求，我们独立于贵公司，并履行了职业道德方面的其他 责任。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基础。 关键审计事项 关键审计事项是我们根据职 ...

Core Insights - BeiGene has become a focal point in China's innovative drug sector, achieving significant revenue and profit growth driven by its core products and strategic market positioning [1][11] - The company's total global revenue for 2025 reached $5.3 billion, marking a 40% year-on-year increase, primarily due to the strong performance of its flagship product, Brukinsa (Zebutinib) [1][11] - Brukinsa generated $3.9 billion in global sales, a 49% increase year-on-year, solidifying its role as the main driver of revenue growth [1][11] Revenue Growth - The two main self-developed products contributed over 90% of total revenue, with Brukinsa accounting for more than 70% [2][12] - The product matrix's synergy and the launch of new products, such as the BCL-2 inhibitor, have established a sustainable growth model for the company [2][12] Market Positioning - Brukinsa is recognized as the most widely approved BTK inhibitor globally, benefiting from its efficacy and safety, which has helped it secure a leading market position [3][13] - The BTK inhibitor market is experiencing a structural shift, with new-generation products gaining traction as first-generation products lose market share, providing a favorable environment for Brukinsa's growth [3][14] Product Development - The approval of the BCL-2 inhibitor, BeiGene's new product, in January 2026, fills a gap in the domestic treatment landscape and is expected to contribute to future revenue growth [5][15] - The steady growth of the other core product, Tislelizumab (Breztri), in the solid tumor space, further supports the company's dual-driven growth strategy [4][15] Industry Trends - The global demand for oncology drugs is expanding, driven by an aging population and increasing healthcare awareness, creating a broad market opportunity for innovative drug companies [6][16] - The competitive landscape in the innovative drug sector is intensifying, with both domestic and international companies vying for market share, leading to a phenomenon of "Matthew Effect" where established players gain more advantages [6][17] Future Outlook - The company projects total revenue for 2026 to be between $6.2 billion and $6.4 billion, indicating continued growth potential [9][20] - Future growth will rely on multiple product launches and expansions into new therapeutic areas, including autoimmune diseases, which could open new revenue streams [8][19]

Market Overview - The Hong Kong stock market experienced a rebound on February 27, with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, and the trading volume increased to 288.42 billion HKD from 259.28 billion HKD on the previous trading day [3] - The Hang Seng Tech Index also saw a slight increase of 0.56%, closing at 5,137.84 points, although it had previously declined for three consecutive trading days, with a cumulative drop of 10.27% over the past month [3][4] Sector Performance - The market displayed a "strong cyclical, differentiated technology, and weak consumer" characteristic, with coal (+4.37%), steel (+3.91%), and agricultural chemicals (+2.90%) leading the gains, driven by rising commodity prices and expectations of domestic growth policies [4] - Conversely, the airline sector (-3.00%), semiconductor materials and equipment (-2.81%), and paper and forestry products (-2.38%) faced declines, influenced by falling ticket prices post-Spring Festival and a significant drop in Nvidia's stock [4] Stock Highlights - Small-cap stocks performed exceptionally well, with notable gains from Changcheng Weiguang (+154.84%), Xingtai Chain Group (+63.52%), and Yuanli Holdings (+56.64%) [4][6] - On the other hand, Semai Holdings (-32.00%), Bairong Cloud-W (-18.78%), and Ying Yuzhou (-17.05%) experienced the largest declines, with Bairong Cloud-W possibly affected by adjustments in earnings expectations [4][6] Trading Volume Insights - The top three stocks by trading volume were Tencent Holdings (16.776 billion HKD), Alibaba-W (12.742 billion HKD), and Changfei Optical Fiber (9.101 billion HKD), with Changfei benefiting from its inclusion in the MSCI China Index [5][6] Corporate Developments - Baidu Group reported that AI business revenue accounted for 43% of its total, exceeding market expectations, while Alibaba announced the launch of the world's first "Qianwen" AI glasses, set for pre-order on March 2 [6] - BeiGene (6160.HK) achieved a net profit of 1.422 billion HKD for 2025, marking its first year of profitability [6] Market Sentiment and Future Outlook - The State Council issued opinions on improving the national unified electricity market system, raising profit improvement expectations for the electricity sector [7] - The MSCI China Index quarterly adjustment took effect, adding 33 A-share stocks focused on technology and semiconductors [7] - The Hong Kong Stock Exchange reported record high performance for 2025, with revenue of 29.161 billion HKD (up 30.3% year-on-year) and net profit of 17.754 billion HKD (up 36.0% year-on-year) [7] - The Hang Seng AH premium index fell to 118.81, indicating continued buying pressure from public funds in Hong Kong stocks [7] - Huashan Fund noted that the Hang Seng Tech Index has corrected 18% since its peak in October last year, with the risk-reward ratio gradually improving as the index remains sensitive to global liquidity and risk sentiment [7][8]

（图片来源：摄图网） 2月25日，长春高新技术产业(集团)股份有限公司发布公告，其子公司长春金赛药业有限责任公司自主研发 的GenSci141软膏临床试验申请获得国家药品监督管理局(NMPA)批准。该药物适应症为用于改善因多种原因 导致的儿童小阴茎，这是全球首款针对儿童小阴茎的特异性治疗药物，标志着这一长期缺乏标准药物治疗的 领域迎来历史性突破。 不过，面对市场热捧，长春高新保持审慎态度。2月26日，公司方面对《每日经济新闻》记者表示："这个项 目还处于早期阶段，目前没有能对外交流的信息。"同日，长春高新董秘办相关人士进一步说明："目前该药 物只是拿到了临床试验的批准，暂未开始进行临床研究。上市时间还不确定，后续从临床试验、上市申报再 到最终获批上市还需较长时间。" 这种审慎并非多余。创新药研发素有"双十定律"之称——即耗时10年、投入10亿美元，且失败率极高。目前 GenSci141仅获批开展临床试验，距离真正的商业化落地还有临床I-III期及上市审批等多道关卡。 曾几何时，国内儿童用药长期依赖进口，从生长激素到罕见病药物，跨国药企占据绝对主导地位;如今，以 长春高新、百济神州、信达生物等为代表的创新药企， ...