On August 12th, Guolong's research report stated that Beigene's second-quarter product sales increased by 66% to $0.921 billion, with sales of $1.67 billion in the first half of the year, exceeding the bank's expectations (equivalent to the bank's full-year forecast of 51.4 %). Among them, Zanubrutinib maintained strong sales, up 107% year-on-year, up 30% quarter-on-quarter to $0.637 billion, mainly due to the continuous increase in market share in the treatment of chronic lymphocytic leukemia (CLL) in the United States. The bank expects Zanubrutinib's market share to increase by the 2024 fiscal year, with sales reaching $2.6 billion, and reaching a sales peak of $5.6 billion by 2031. The bank pointed out that the company benefited from the rapid growth of product revenue, and its operating margin continued to improve. Its gross margin rose to 85% in the second quarter, mainly because Zanubrutinib is a high-margin product and has economies of scale. Considering the company's recent profits, strong product sales, the potential of future products, and its rich early R&D product line, the bank still regards Beigene as the preferred stock, raising its target price from $269.73 to $288.93 and maintaining a "buy" rating.