Market Overview - On November 19, Hong Kong stocks experienced narrowed volatility, opening high but trending downwards, fluctuating between 25,742 and 26,045 points. The Hang Seng Index closed at 25,830 points, down 99 points (0.4%) [1] - The Hang Seng Tech Index fell by 38 points (0.7%), closing at 5,606 points, with total market turnover slightly decreasing to HKD 211.4 billion [1] - Net inflow from the Hong Kong Stock Connect further decreased to HKD 6.59 billion [1] Company Performance - Xiaomi Group (1810 HK) reported a 22.3% year-on-year increase in revenue for Q3, but a 2.4% quarter-on-quarter decline, meeting expectations. However, concerns over rising memory costs and slowing smartphone demand pressured the company's gross margin, leading to a 4.8% drop in stock price [4] - The electric vehicle segment recorded quarterly profitability, but the outlook for the new energy vehicle industry has become increasingly pessimistic, compounded by the expiration of tax exemption policies next year [4] Industry Dynamics Automotive Sector - The overall new energy vehicle sector has been trending downwards, with companies like NIO and Li Auto experiencing declines of 0.3% to 2.6% [4] Pharmaceutical Sector - The Hang Seng Healthcare Index fell by 1.7%, but major companies saw limited declines. The National Medical Products Administration is expected to approve 43 innovative drugs by mid-2025, reflecting improved R&D capabilities among Chinese firms and government support for innovation [4] - BeiGene (6160 HK) announced positive clinical research results for its HER2-targeted bispecific antibody, leading to a 1.0% increase in its stock price [4] Renewable Energy and Utilities - The renewable energy sector showed mixed performance, with the photovoltaic segment continuing to decline. Companies like Xinyi Solar (968 HK) and Flat Glass Group (6865 HK) fell by 1.4% to 1.6% [5] - Some environmental stocks received support due to their high dividends and stable business models, with companies like China Everbright Environment (257 HK) and GCL-Poly Energy (1330 HK) rising by 1.2% to 2.0% [5]

Market Overview - On November 17, U.S. interest rate cut expectations cooled, leading to a decline in technology stocks, with major Asia-Pacific markets generally falling. The Hang Seng Index closed at 25,930 points, down 454 points (1.7%), breaching the psychological level of 26,000 points [1] - The Hang Seng Technology Index fell by 111 points (1.9%), closing at 5,645 points, with total market turnover increasing to 242.1 billion HKD [1] Company Specifics - Xpeng Motors (9868 HK) reported a total revenue of 20.38 billion HKD for Q3, a year-on-year increase of 102%. However, the company’s Q4 revenue guidance of 21.5 billion to 23 billion HKD, representing a year-on-year growth of 33.5%-42.8%, was below market expectations, leading to a 10.5% drop in its stock price [4] - Alibaba (9988 HK) saw a brief increase in stock price due to the launch of its Qianwen APP but ultimately closed down 0.2% [1] - Tencent (700 HK) and Kuaishou (1024 HK) also experienced declines of 2.0% and 3.2%, respectively [1] Industry Dynamics - The automotive sector saw a broad decline, particularly affecting Xpeng Motors due to concerns over future delivery growth amid the phasing out of new energy vehicle subsidies [4] - The healthcare sector, represented by the Hang Seng Healthcare Index, fell by 1.7%, but major companies did not experience significant declines. Notably, BeiGene (6160 HK) saw a 1.0% increase in stock price following positive clinical research results for its HER2-targeted therapies [5] - The renewable energy and utility sectors also faced declines, with stocks like Xinyi Solar (968 HK) and GCL-Poly Energy (3800 HK) dropping between 2.9% and 8.6% [5]

Core Viewpoint - BeiGene reported strong financial performance for the first half of 2025, achieving significant revenue growth and profitability, driven by product sales and effective cost management [1][2][3] Financial Performance - Total revenue for the first half of 2025 reached RMB 17.518 billion, a year-on-year increase of 46.0% [1] - Product revenue amounted to RMB 17.360 billion, reflecting a growth of 45.8% compared to the previous year [1] - Operating profit was RMB 799 million, and net profit attributable to shareholders was RMB 450 million, marking a turnaround from losses in the same period last year [1] - The company updated its revenue guidance for 2025, now expecting total revenue between RMB 35.8 billion and RMB 38.1 billion, with a gross margin forecast of 80% to 90% [1] Product Performance - The BTK inhibitor, Zanubrutinib (Brukinsa), achieved global sales of RMB 12.527 billion in the first half of 2025, a 56.2% increase year-on-year [3] - In the U.S. market, Zanubrutinib sales reached RMB 8.958 billion, up 51.7%, driven by strong demand across all indications [3] - The PD-1 inhibitor, Tislelizumab, generated sales of RMB 2.643 billion, a 20.6% increase, benefiting from new indications and increased hospital access in China [4] R&D Pipeline - The company is at a critical juncture in its R&D pipeline, expecting over 20 milestone events in the next 18 months across hematological and solid tumor indications [6] - BeiGene has advanced 15 new molecular entities into clinical trials from 2019 to 2023, with over 10 new entities entering trials in 2024 alone [6] - The company has established a robust global clinical development platform, conducting over 170 trials across 40 countries with more than 25,000 patients enrolled [6] Future Developments - In hematological oncology, BeiGene has three fully owned products, including Zanubrutinib and two candidates in Phase 3 trials, which are expected to meet unmet needs in chronic lymphocytic leukemia (CLL) [7] - In solid tumors, the company is advancing multiple products, including a CDK4 inhibitor for breast cancer and a PRMT5 inhibitor, with clinical trials expected to commence in the near future [8][9]

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） 海外監管公告 本公告乃百濟神州有限公司（BeOne Medicines Ltd., 「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條作出。 A 股代码：688235 A 股简称：百济神州 公告编号：2025-028 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 2025年半年度主要财务数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特别提示： 本公告所载的百济神州有限公司（以下简称"百济神州"或"公司"）2025 年半年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司 2025 年半年度报告中披露的数据为准，提请投资者注意投 ...