BIBEONE@EC2608A

Guotai Junan and DBS Maintain Buy Rating on BeiGene

BeiGene Achieves First Yearly Profit but Faces Slowing Growth

BeiGene Reports Profit of $286 Million in 2024, Reversing Previous Losses

BeiGene Announces 2025 Financial Report with 40% Revenue Growth

BEONE MEDICINES released FY2025 Q4 earnings on February 26 During-Market (BJT), actual revenue HKD 11.66 B (forecast HKD 11.32 B), actual EPS HKD 0.3132

BeiGene Expected to Release Q4 Earnings on Feb 26

Guopharma Completes First Delivery of BeiGene's New Product

Hong Kong Connect Innovative Drug ETF Pullback, Component Stocks Show Divergent Performance

BeiGene's Novel BCL2 Inhibitor Beyla® Obtains Conditional Approval from NMPA

National Medical Insurance Bureau Launches Innovative Drug Directory for Commercial Health Insurance

Macquarie Analyst Maintains Buy Rating on BeiGene

BeiGene Establishes A-Share Raising Fund Management System

UOB Securities Analysts Positive on BeiGene's Revenue Growth Potential

Two Drugs of BeiGene Entered the Commercial Insurance Innovative Drugs Directory

Brokers Adjust Ratings and Target Prices for Multiple Stocks

BeiGene's Q3 Total Revenue Reached 1.4 Billion USD, Up 41% YoY

BeiGene Adds Gene Editing Concept, Expanding Cell Therapy

Beyter Zhishen Reports Better-than-Expected Q3 2025 Earnings, Upgrading Full-Year Guidance

Beigene Reports Significant Q3 2025 Revenue Growth

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STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

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ASIAPAC FIN INV

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Hong Kong-listed Chinese pharmaceutical companies are poised for profitability due to rising drug sales and lucrative licensing deals. Innovent Biologics expects its first full-year profit of 984 million yuan in 2025, driven by a 45% revenue increase. BeOne reported a net profit of US$286.93 million, fueled by its successful blood cancer drug Brukinsa. Other firms like Jiangsu Hengrui and Hansoh Pharma are also projected to see significant profit growth. The trend of out-licensing early-stage drugs to global firms is strengthening, with investors increasingly interested in China's healthcare sector.

南华早报

BeOne Medicines

INNOVENT BIO

BEONE MEDICINES

HANSOH PHARMA

Hong Kong-listed Chinese drug firms set to turn corner on rising sales, deals

Guotai Haitong has reaffirmed its Buy rating for BeOne Medicines Ltd (6160), setting a price target of HK$212.09, while the stock closed at HK$192.30. The analyst consensus is a Strong Buy with an average target of HK$244.52, indicating a potential upside of 27.16%. Additionally, DBS also maintains a Buy rating with a higher price target of HK$290.00.

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Guotai Haitong Sticks to Their Buy Rating for BeOne Medicines Ltd (6160)

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BeOne Medicines Returns to Profit in 2025 on 40% Revenue Jump

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ALPS Medical Breakthrough

BeOne Medicines Returns to Profit in 2025 on 40% Revenue Jump

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BeOne Medicines announced its 2025 annual results, with a GAAP net profit of USD 287 million, turning around from a net loss of USD 645 million in the previous year. Total revenue reached USD 5.343 billion, a year-on-year increase of 40%. Earnings per share were 20 cents, with product revenue of USD 5.282 billion and global sales of USD 3.9 billion, growing by 49%. Free cash flow was USD 942 million. The guidance for fiscal year 2026 expects total revenue to be between USD 6.2 billion and USD 6.4 billion, with a GAAP gross margin expected to be at the high end of the 80% range

AASTOCKS

Yinhua CSI Innovative Drugs Industry ETF

Hwabao WP Hang Seng SCHK Innovative Drug Select ETF

China Universal 800 Health Care ETF

Penghua SSE STAR Biology and Medicine ETF

Huaan Hang Seng Biotech ETF

Tianhong CNI BIOMEDICINE ETF

Minsheng Royal CSI Biotechnology Theme ETF

Bosera Hang Seng SCHK Innovative Drug Select ETF

E Fund Hang Seng SCHK Innovative Drug ETF

E Fund CSI 300 Health Care ETF

China Southern Hang Seng Biotech ETF(QDII)

Guotai CSI Bio-medicine ETF

"Performance" BeOne Medicines achieved a GAAP net profit of USD 287 million for the year, turning a loss into a profit

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Beigene's total revenue for the full year of 2025 is expected to be USD 5.343 billion, a year-on-year increase of 40%. The flagship drug, Brukinsa, achieved global sales of USD 3.9 billion, maintaining its position as the leader in the field. The company's operating cash flow and net profit have both turned positive, completely bidding farewell to the "burning money" model. Looking ahead to 2026, with new drugs nearing commercialization, the total revenue guidance has been raised to USD 6.4 billion, entering a new phase of high-quality growth

- BeiGene reported its Q4 and full-year 2025 financial results, crossing breakeven and ending a prolonged cash burn period.  
- Total revenue for the year reached $5.343 billion, a 40% increase year-over-year, with a net profit of $287 million compared to a loss of $645 million in 2024.  
- The company forecasts total revenue of $6.2 to $6.4 billion for 2026, driven by upcoming blood cancer products and significant improvements in profitability.

Wallstreetcn

Ping An CSI Medicine and Medical Device Innovation ETF

Bosera Hang Seng Health Care ETF(QDII)

Penghua CSI HK Connect Health Care Composite ETF

ChinaAMC SSE Health Care ETF Initiating Fund

Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF

iShares Global Healthcare

ChinaAMC SSE STAR Biology and Medicine ETF

ChinaAMC Hang Seng Biotechnology Technology ETF(QDII)

Guotai SSE STAR Brand Name Drug ETF

Founder Fubon CSI Medicine and Medical Device Innovation ETF

ICBCCS SSE STAR Biology and Medicine ETF

ChinaAMC CSI Biotechnology Theme ETF

GF CSI HK Innovative Drugs Industry ETF(QDII)

China Merchants CSI Biotechnology Theme ETF

E Fund CSI Biotechnology Theme ETF

Beigene's Q4 revenue increased by 33% year-on-year, turning a profit for the full year, with Baiyueze achieving a record high of 1.1 billion in a single quarter｜Financial Report Insights

BeOne Medicines Ltd, a biopharmaceutical company based in Switzerland and listed in Hong Kong, has released its unaudited consolidated results for Q4 and audited results for the full year 2025. The company provided a cautious financial outlook for 2026, emphasizing that the guidance is preliminary and subject to change due to clinical and regulatory risks. The latest analyst rating for BeOne Medicines (HK:6160) is a Buy, with a price target of HK$290.00. The company focuses on hematology and innovative therapies, aligning its reporting with U.S. GAAP and international standards.

BeOne Medicines posts 2025 results and issues cautious 2026 outlook

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DONGFANG ELEC(01072) rose 15.52%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 62%. OMNIVISION(00501) rose 6.91%, with a trading turnover 175.0 Million HKD, and a year-to-date rose 4.8%. BEONE MEDICINES(06160) fell 9.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 8.4%. WUXI BIO(02269) fell 7.45%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 21.8%.

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Top 5 HK Stock Gainers/Losers (>100B) (2.26)

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ZHONGSHENG HLDG(00881) fell 10.76%, with a trading turnover 324.3 Million HKD, and a year-to-date fell 10.8%. DRINDA(02865) fell 9.32%, with a trading turnover 451.5 Million HKD, and a year-to-date rose 51.2%. CALB(03931) fell 9.26%, with a trading turnover 179.9 Million HKD, and a year-to-date fell 0.1%.

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Top 10 HK Stock Losers (2.26)

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Pharmaceutical stocks fell sharply, with WUXI XDC down about 9% and BEONE MEDICINES down about 9%. Technology stocks and automotive stocks also declined, with Bilibili down about 5% and XPeng down about 5%. Semiconductor stocks fell, with HUA HONG SEMI down about 5%

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Hua Hong

HUA HONG SEMI

The Hang Seng Index closed down 1.44%, the Hang Seng Tech Index fell 2.87%, and CATL dropped about 6%

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Hong Kong's biotech sector experienced a downturn with significant declines in key stocks. According to Jin10, BeiGenesaw a drop of over 9%, while WuXi Biologicsfell more than 7%. Other companies, including WuXi AppTecand Junshi Biosciences, also followed the downward trend. The sector's performance reflects broader market challenges impacting the innovative drug segment.

CoinLive

Huatai-PB Hang Seng Innovative Drugs Industry ETF(QDII)

WuXi Biologics

China Universal CNI HK Connect Innovative Drugs Industry ETF

WUXI BIO POFF-D

Hong Kong Biotech Stocks Decline as BeiGene and WuXi Biologics Lead Losses

BeiGene (ONC) will announce its Q4 earnings on February 26th, with a consensus EPS estimate of $1.30 and revenue estimate of $1.45B, reflecting a 31.8% year-over-year increase. In the past three months, EPS estimates have experienced no upward revisions and five downward revisions, while revenue estimates have seen one upward revision and two downward revisions.

BeiGene Q4 2025 earnings preview

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KNOWLEDGE ATLAS(02513) rose 42.72%, with a trading turnover 3.2 Billion HKD, and a year-to-date rose 523.9%. MINIMAX-WP(00100) rose 14.52%, with a trading turnover 3.5 Billion HKD, and a year-to-date rose 487.9%. JD HEALTH(06618) fell 6.27%, with a trading turnover 341.2 Million HKD, and a year-to-date rose 2.4%. BIDU-SW(09888) fell 6.25%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 1.9%.

- The Hang Seng Index fell by 1.1%, with a year-to-date increase of 3.1%, while the Hang Seng Tech Index decreased by 2.91% and is down 5.5% year-to-date.  
- Notable stocks include Zhizhi (02513), which rose by 42.72% with a turnover of 3.24 billion HKD, and MINIMAX-WP (00100), which gained 14.52% with a turnover of 3.53 billion HKD.  
- Conversely, JD Health (06618) and Baidu-SW (09888) declined by 6.27% and 6.25%, respectively, with year-to-date performances of 2.4% and -1.9%.

KNOWLEDGE ATLAS

CHINA RAILWAY

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JD HEALTH

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Top 5 HK Stock Gainers/Losers (>100B) (2.20)

On February 3rd, BeiGene experienced significant fluctuations throughout the day, opening high and then pulling back. Although funds were temporarily active, supporting a slight rebound, the overall trend showed weakness. Currently, the pharmaceutical sector is relatively mild, with some long-term funds testing the waters as the market rebounds. The main operators displayed clear hesitation and repetition, with the day's rhythm primarily characterized by strong fluctuations. Recently, the market has focused on news such as "new contracts flowing out of the CXO business," which has activated short-term funds related to pharmaceuticals. However, despite an increase in trading volume, the main funds are still primarily engaged in range trading, leading to intensified overall bullish-bearish divergence and a strong wait-and-see atmosphere. The MACD daily signal has shown some phase repair, but the resistance zone above the stock price and long-term pressure remain heavy, with no clear signs of sustained upward movement from the main operators. 

On the news front, there are currently no major disturbances in the pharmaceutical sector, and the rotation of themes and active funds have revealed structural opportunities. The intraday performance showed a high opening and pullback, with multiple tests of the 20-day line, where right-side funds dominated the intraday game. However, the volume cooperation is limited, restricting the rebound space, and the signals from large orders are scattered. 

Overall, a new round of regulatory details for the pharmaceutical industry is about to be released, becoming a key focus for the market and significantly impacting the sector's trend. The risk exposure cannot be ignored; if negative news arises or if the main operators significantly reduce their holdings, the pressure will intensify. It is recommended to continue monitoring policy dynamics and changes in hotspots within the pharmaceutical sector, dynamically managing positions to cope with uncertainties

Technical Forecast

BeOne Medicines (6160.HK): Range-bound fluctuations, cautious and repeated capital movements, the gaming in the pharmaceutical sector becomes complex before the new regulations

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CICC released a report predicting potential companies for inclusion in the Hang Seng Index's semi-annual adjustment, including Zijin Mining International, Beigene, YUM China, etc., along with the possible weight and capital inflow situation. At the same time, companies such as Standard Chartered and Swire Properties may be included in the Hang Seng Index as replacements due to the delisting of Hang Seng Bank

YUM China

YUM CHINA

In "Major Banks," CICC lists potential "blue-chip" companies for the Hang Seng Index's semi-annual adjustment (table)

China National Pharmaceutical Group announced that as the preferred distributor for BeiGene's new product "BaYueDa" in Beijing, it successfully completed the first order delivery for BeiGene yesterday (14th). The medication arrived at China National Pharmaceutical Group's logistics in the afternoon of the same day, and with the cooperation and coordination of relevant departments such as the procurement center, Beijing direct sales center, and China National Pharmaceutical Group logistics, it was delivered to the designated DTP pharmacy within 3 hours after arrival

Beigene's "BeYueDa" completes its first sale in Beijing

$Beigene(ONC.US)$Zai Lab(ZLAB.US)Trump administration plans to impose strict controls on Chinese pharmaceuticalsmp.weixin.qq.com/s/gihUP-...

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The Hang Seng Index opened higher, refreshing its nearly four-year high; Tencent's performance exceeded expectations, receiving collective bullish calls from major banks; Chip stocks strengthened on the logic of domestic substitution, with SMIC leading the gains; Ping An's stake increase in China Taiping H-shares ignited the insurance sector; Cryptocurrency concept stocks surged as Bitcoin hit a new high; In the pharmaceutical sector, Jingtai Holdings reported its first profit, rising over 11%, while East Buy saw a sudden 12% increase.

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Hot Trades in Hong Kong Stocks (8.14) | Hang Seng Index Hits Four-Year High at Opening, Morgan Stanley Says Foreign Capital Accelerated Inflows into Chinese Stock Market in July

BIBEONE@EC2608A(26180.HK)

Hong Kong-listed Chinese drug firms set to turn corner on rising sales, deals

Guotai Haitong Sticks to Their Buy Rating for BeOne Medicines Ltd (6160)

BeOne Medicines Returns to Profit in 2025 on 40% Revenue Jump

"Performance" BeOne Medicines achieved a GAAP net profit of USD 287 million for the year, turning a loss into a profit

Beigene's Q4 revenue increased by 33% year-on-year, turning a profit for the full year, with Baiyueze achieving a record high of 1.1 billion in a single quarter｜Financial Report Insights