Tianfeng's research report points out that Beigene (688235.SH) achieved an adjusted operating profit of 65.6 million USD in the third quarter, marking two consecutive quarters of non-GAAP operating profit. In Q3, the core product Zebutinib showed growth in the USA and maintained rapid growth in Europe. Additionally, in October 2024, Tislelizumab received new approval in China for use in combination with platinum-based chemotherapy as a neoadjuvant treatment, and for continued monotherapy as adjuvant treatment for NSCLC after surgery. It has also received new approvals in Brazil, Singapore, Thailand, and Israel for indications in multiple tumor types including NSCLC and ESCC. The clinical trial data for the company's Sonrotoclax and BGB-16673 in hematologic tumors is excellent, with data from the phase I clinical trial CaDAnCe-101 for R/R CLL/SLL (which must have received cBTKi) to be announced at the 2024 ASH Annual Meeting, showing an overall ORR of 78%. Considering the advancement of multiple research projects to key clinical development stages, the 2024 net income attributable to the parent company is revised from -3.217 billion yuan to -4.001 billion yuan. The rating is maintained at "buy".