Yuanta Securities: Maintains a "buy" rating on BEONE MEDICINES (06160) as it achieves profitability in its first year with visible commercialization effects.

Yuanta Securities released a research report stating that it maintains a "buy" rating for BEONE MEDICINES (06160). According to the latest guidance provided by the company, the firm has adjusted its profit forecasts accordingly. The firm predicts that the company's net profit attributable to shareholders for the years 2026-2028 will be 2.47 billion yuan, 4.15 billion yuan, and 5.56 billion yuan, respectively, with year-on-year growth rates of +73%, +68%, and +34%. The corresponding earnings per share (EPS) will be 2.4 yuan, 4.1 yuan, and 5.5 yuan, with H-shares corresponding to P/E ratios of 70x, 42x, and 31x. The company's commercialization has already been effective. Key points of Yuanta Securities: Company Performance Update The company released its 2025 performance update, achieving a total operating revenue of 38.21 billion yuan, a year-on-year increase of 40.4%. Product revenue was 37.77 billion yuan, with a year-on-year growth of 39.9%. The company achieved a net profit attributable to shareholders of 1.42 billion yuan, meeting expectations. In Q4 alone, the company achieved revenue of 10.61 billion yuan, a year-on-year increase of 31.3%, with a net profit of 280 million yuan. Zebutinib as the main driving force, with steady growth of Tislelizumab The company's revenue in 2025 achieved a growth rate of over 40%, mainly due to the global sales of its self-developed product Zebutinib (BTK inhibitor capsule for the treatment of lymphoma and leukemia) reaching 28.1 billion US dollars, a year-on-year increase of 48.8%. The largest market, the US, achieved sales of 20.2 billion US dollars, a year-on-year increase of 46%. Sales in Europe were 4.27 billion US dollars, a year-on-year increase of 66%, while sales in China totaled 2.47 billion yuan, a year-on-year increase of 18.6%. In addition, the sales of Tislelizumab (PD-1 monoclonal antibody injection for the treatment of gastric, esophageal, and lung cancers) reached 5.3 billion yuan, a year-on-year increase of 19%, mainly due to new indications approved in China and an increase in hospital admissions. 2026 Operating Guidance The company also released its 2026 operating guidance, forecasting that revenue for 2026 will be between 43.6 billion and 45 billion yuan (approximately a year-on-year increase of 14% to 18%). The gross profit margin will be at a high level of 80%, and GA...