On November 18, according to research reports from soochow, Beigene-U (688235.SH) experienced rapid growth in sales revenue in Q3, with positive operating cash flow. Total revenue in Q3 reached 1.002 billion USD (up 28% year-on-year, the same below), with revenues in Q1-Q3 2024 being 0.75/0.93/1 billion USD (Q3 increased by 7.6% quarter-on-quarter), contributing over 76% from the European and American markets. Among them, the global sales of Zepzelca reached 0.69 billion USD (+93%), and sales in the USA amounted to 0.504 billion USD (+87%), primarily benefiting from an increase in the use of this product among CLL patients. As of the end of the first three quarters, the GAAP net loss was 0.121 billion USD (0.215 billion USD in the same period last year), which met expectations. Considering the continued rapid growth in sales of the company’s core products, the forecast for the company's revenue in 2024/2025/2026 remains at 25.53 billion yuan, 34.06 billion yuan, and 42.38 billion yuan respectively. The company's catalysts are continuously materializing, the overseas market is further opening up, and growth certainty is high, maintaining a "buy" rating.