According to the Xiangcai Securities Research Report, the dosage of zebutinib in BeiGene is driving a multi-variety relay, and the scale effect is releasing an increase in the annual guidelines. In the first half of the year, net profit to mother was 3.271 billion yuan, up 627.15% year on year, and net profit to mother was 1,663 billion yuan in 2026Q2, up 205.50% year on year. Global sales of 2026H1 zebutinib were 16.127 billion yuan, up 28.7% year on year, of which US sales totaled 11.39 billion yuan, up 27.2% year on year. Zebutinib was the company's core revenue source. Net interest rates increased sharply year-on-year due to scale effects, and the company raised its annual revenue guidelines. The core product zebutinib continues to grow rapidly, and performance is being driven by multiple varieties. The company's ability to globalize has been verified, and profitability is expected to be released at an accelerated pace. We are optimistic about the company's long-term development. Maintain a “buy” rating.

According to the Xiangcai Securities Research Report, the dosage of zebutinib in BeiGene is driving a multi-variety relay, and the scale effect is releasing an increase in the annual guidelines. In the first half of the year, net profit to mother was 3.271 billion yuan, up 627.15% year on year, and net profit to mother was 1,663 billion yuan in 2026Q2, up 205.50% year on year. Global sales of 2026H1 zebutinib were 16.127 billion yuan, up 28.7% year on year, of which US sales totaled 11.39 billion yuan, up 27.2% year on year. Zebutinib was the company's core revenue source. Net interest rates increased sharply year-on-year due to scale effects, and the company raised its annual revenue guidelines. The core product zebutinib continues to grow rapidly, and performance is being driven by multiple varieties. The company's ability to globalize has been verified, and profitability is expected to be released at an accelerated pace. We are optimistic about the company's long-term development. Maintain a “buy” rating.