首次全年盈利得益于强劲的BTK销售额

First full-yearprofitabilitydriven byrobust BTK sales Target Price(Previous TPUp/DownsideCurrent Price BeOne’s strong commercial momentum and ongoing cost discipline continue totranslateinto improving profitability,notwithstanding management’s FY26revenue guidance of US$6.2–6.4bn, which is modestly below our prior estimateof US$6.6bn. We continue to see substantial upside for Zanubrutinib (Zanu) togain market share in theglobal BTKmarket driven by new patient prescriptions. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Strong4Q25 momentum,led by Zanu.BeOne reported FY25 totalrevenue of US$5.34bn (+40% YoY), modestly abovethe high end of itsUS$5.1–5.3bn guidance range and broadly in line with our prior full-yearforecast of US$5.44bn. Zanu delivered US$3.93bn in global FY25 sales(+49% YoY). In 4Q25, Zanu sales rose 10% QoQ to US$1.15bn, continuingto outperform ibrutinib(-4% QoQ) and acalabrutinib (+5% QoQ). Zanuremains the leader in new patient starts in the US across both 1L and R/RCLL (c. 50% share of new prescriptions) and has become the top-sellingBTK inhibitor globally on a quarterly revenue basis. As of 4Q25,sales of Andy WANG(852) 3657 6288andywang@cmbi.com.hk First full-year profitability achieved in FY25.Following its first-everquarterly GAAP profit in 1Q25, BeOne sustained its profitability trajectorythrough FY25, delivering its first full-year GAAP net income of US$287mn,underpinned by robust top-line growth and improved operating leverage.Operatingefficiency also strengthened,with the SG&A-to-sales ratiodecliningto 39.4%(vs.48.5%in FY24)and the R&D-to-sales ratiomoderating to 40.6% (vs. 51.7% in FY24). Management guided FY26 Multiple near-term catalysts.We anticipate multiple near-term catalyststhat, if positive, willdriveBeOne’s valuationupside. On the regulatory front,the NDA for sonroticlax (BCL-2) in R/R MCL is under FDA review with aPDUFA date in 1H26; approval would unlock global commercializationfollowing its prior approval in China for R/R MCL andR/RCLL. In the breastcancer franchise, we expect theCompany to initiate a Ph3 trial for its CDK4iin 1L HR+ breast cancer in 1H26, alongside the presentation of Ph1 data(1L and later-line) at a medical conference. Additionally, we look for Ph1data releases for B7-H4 ADCand GPC3 x 4-1BBbsAbin 1H26, withthe Source: FactSet MaintainBUY.Whilewe have slightly lowered 2026revenueforecast toalign with management’s guidance,this impact is offset by the strengthenednet cash position followingthe sale of tarlatamab royalties.We maintainTP Source:Company data, CMBIGM Source:Companydata, CMBIGM Source:Company data, CMBIGM Disclosures& Disclaimers Analyst Certification Theresearch analyst who is primary responsible for the content of this research report, in whole or in part, certifies that withrespect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect hisor her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirmsthat neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4)have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a whollyownedsubsidiary of China Merchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s