Beigene: The operating revenue is expected to be between RMB 35.2 billion and RMB 38.1 billion in 2025. The strong growth expectation in revenue is mainly attributed to the leading position of Baiyueze® in the United States and the continued expansion in Europe and other key global markets. At the same time, based on the improvement in the company's product portfolio and production efficiency, the gross margin is expected to be in the median range of 80% to 90% in 2025. The total R&D expenses, sales, and management expenses are expected to be between RMB 29.5 billion and RMB 31.9 billion in 2025
