宏观动态： 根据国家统计局数据，10月在国庆中秋假期，以及以旧换新政策的带动下，社会消费品零售总额4.6万亿元，同比+2.9%。 1-10 月份，社会消费品零售总额 41.2 万亿元，同比+4.3%，增速比去年同期高 0.8 百分点。 行业动态： 汽车：小米集团（1810 HK）第三季收入同比+22.3%，环比-2.4%，符合预期；由于财务费用及公允价值收益，净利润高 于市场预期。另一方面，投资者担心记忆体成本上涨，叠加手机需求放缓，对公司毛利率带来压力。虽然电动车业务录 得季度盈利，但近期市场对新能源汽车行业明年展望渐趋悲观，叠加明年购置税减免政策到期等，小米周三下跌 4.8%。 整体新能源汽车板块近期走势持续向下，蔚小理周三下跌 0.3%-2.6%，强有力上升催化剂暂未出现。 2025 年 11 月 20 日 星期四 ➢ 每日大市点评 11 月 19 日，周三港股波幅收窄，高开后向下，全天在 25,742 – 26,045 点间波动。投资者较为审慎，恒生指数缺乏强 有力返弹，最终收报 25,830 点，下跌 99 点（0.4%）；恒生科技指数下跌 38 点（0.7%），收报 5,606 点；全天大市成交 ...

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 ...