格隆汇7月31日丨恒瑞医药(01276.HK)公告，近日，江苏恒瑞医药股份有限公司(以下简称"公司")及子公 司成都盛迪医药有限公司收到国家药品监督管理局(以下简称"国家药监局")核准签发关于HRS-5041片的 《药物临床试验批准通知书》，将于近期开展临床试验。 HRS-5041是公司开发的新型、高效、选择性的AR-PROTAC(雄激素受体-蛋白降解靶向嵌合体)小分子， 拟用于治疗前列腺癌。HRS-5041对野生型及各类突变体的AR蛋白有显著的降解作用，与二代AR抑制 剂相比，有克服耐药的潜力。经查询，目前国内外暂无同类产品获批上市。截至目前，HRS-5041片相 关项目累计研发投入约6,919万元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 孫飄揚先生 中國上海 2025年7月31日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-111 江苏恒瑞医药股份有限公司 关于获得药物临床 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年7月31日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-11 ...

Summary of the Conference Call for 恒瑞医药 Company Overview - **Company**: 恒瑞医药 (Hengrui Medicine) - **Industry**: Pharmaceutical Key Points and Arguments Financial Projections - 恒瑞医药 expects revenue for 2025, 2026, and 2027 to be 35.77 billion, 42.4 billion, and 50.8 billion RMB respectively, with net profit attributable to shareholders projected at 9.3 billion, 11.5 billion, and 13.7 billion RMB respectively, indicating strong growth potential [2][4][23] Strategic Partnerships - A significant collaboration with GSK was established, involving a $500 million upfront payment and $12 billion in milestone payments, covering PDE3/4 inhibitors and 11 preclinical projects in oncology, respiratory, and autoimmune inflammation, which will significantly enhance revenue in 2025 [2][4][7][23] Pipeline Development - 恒瑞医药 has over 30 pipelines with potential for external licensing, covering respiratory, oncology, and autoimmune fields, despite not leading in the PD-1 VGF and ADC sectors [2][3][8][22] Respiratory Sector Performance - The company has shown strong performance in the respiratory sector, with its PDE3/4 inhibitors being among the first to enter clinical trials in China, and the development of DPI formulations enhancing medication convenience [9][10][11] Competitive Landscape - The acquisition of the Firozane asset by Merck for $10 billion has extended the life of the COPD sector, benefiting Chinese companies and potentially prompting AstraZeneca to strengthen its presence in this area [12][18][19] Globalization Strategy - 恒瑞医药 is implementing a "less but better" strategy, focusing on high-quality innovative drugs for overseas development and has engaged in significant partnerships with multinational pharmaceutical companies [17][21] Future Development Potential - The company is expected to continue expanding its innovative pipeline, with 133 projects in development, including emerging technologies like AR Protec, CGT drugs, and mRNA cancer vaccines, which are anticipated to enter clinical stages in the coming years [17][21][22] BD (Business Development) Potential - 恒瑞医药's strong clinical data disclosure enhances its BD potential, with a mix of assets ready for licensing and those with internal data that may not yet be publicly disclosed, indicating a robust pipeline for future collaborations [21][22] Recent Developments - The recent partnership with GSK has validated 恒瑞医药's strong willingness for external licensing and strategic transformation, leading to an upward revision of the company's profit forecast for 2025 [23] Additional Important Insights - The company is actively participating in international conferences to showcase clinical data and promote business development collaborations, enhancing its global competitiveness [17][21] - The competitive landscape in the respiratory sector is evolving, with GSK being a leading player, and other companies like Roche and Sanofi also making significant moves [14][19]

目前，与HRS-9821同靶点的产品，仅有由英国制药公司Verona Pharma首创的Ensifentrine（恩塞芬 汀），其2024年6月在美国获批，用于慢性阻塞性肺病的维持治疗。2024年恩塞芬汀销售额约为4200万 美元。值得注意的是，2025年7月9日，默沙东称将以100亿美元收购Verona Pharma，从而取得了恩塞芬 汀这款药物。 当日，恒瑞医药A股港股均大涨，A股市值时隔四年重返4000亿元。 据公告，恒瑞医药已将HRS-9821项目除中国大陆和港澳台以外的全球独家权利有偿许可给了GSK；同 时有偿许可的还有至多11个项目的全球独家许可选择权。 作为交易的对价，GSK将向恒瑞医药支付5亿美元的首付款；如果GSK对所有项目都行使了选择权、所 有里程碑均已实现，这笔交易的潜在总金额将达到120亿美元。此外，恒瑞还有权向GSK收取相应的分 梯度的销售提成。 本次交易的核心资产HRS-9821，是一款已获批进行临床试验的PDE3/4抑制剂，可用于治疗慢性阻塞性 肺病。据世界卫生组织数据，全球受慢阻肺影响的人数超过3.8亿。 恒瑞医药称，HRS-9821具有成为同类最佳的潜质。截至目前，HRS-9 ...

Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.68% while the Hang Seng Tech Index fell by 0.24% [1] Market Performance - The Hang Seng Index closed at 25,562.13 points with a trading volume of 250.3 billion HKD, down from 281.8 billion HKD in the previous trading day [1] - The afternoon session saw a rebound in the market after an initial decline in the morning [1] Sector Performance - Innovative pharmaceuticals and large financial sectors performed well, while local real estate stocks strengthened in the afternoon [1] - Conversely, sectors such as solar energy, coal, and non-ferrous metals weakened [1] Notable Stocks - Contemporary Amperex Technology Co., Ltd. (宁德时代) surged by 6.24%, reaching a new high since its listing [1] - Hengrui Medicine (恒瑞医药) saw a significant increase of 24.54% after announcing a potential $12.5 billion licensing agreement with GSK [1] - China Ping An (中国平安) rose by 3.49% [1] - Yanzhou Coal Mining Company (兖矿能源) declined by 3.90% [1] - Ganfeng Lithium (赣锋锂业) fell by 6.66% [1]

【导读】 A 股午前突发跳水，上纬新材新晋 "10 倍股 " 中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯 ~ 7 月 28 日上午， A 股震荡走高，午前忽然跳水。截至午间收盘，上证指数跌 0.17% ，深 证成指跌 0.16% ，创业板指涨 0.1% 。 全市场半日成交额为 1.14 万亿元，较上日略有放量；全市场 3057 只个股下跌， 2162 只 个股上涨。 盘面上，上午金融、制药、航天军工、通信设备等板块走强， PEEK 材料、稀土、稳定币等 概念股持续活跃；煤炭、航运板块集体调整，钢铁、贵金属、光伏玻璃等回调。 | 多元金融 1.01% | 发电设备 0.76% | 通信设备 0.68% | 券商 0.38% | | --- | --- | --- | --- | | 包装 0.37% | 商业服务 0.25% | 陆路运输 -1.29% | 航空 -1.32% | | 石油天然气 -1.33% | 贵金属 -1.55% | 互联网 -1.57% | 钢铁 -1.71% | | 日用化工 -1.91% | 海运 -1.93% | 软饮料 -2.39% | 煤炭 -2.79% ...

Market Overview - The Hang Seng Index (HSI) opened up 70 points and peaked at nearly 300 points before retracting gains, closing up 0.40% at 25,490.45 points [1] - The Hang Seng Tech Index fell by 0.59%, closing at 5,644.52 points [1] - Total market turnover reached HKD 149.725 billion [1] Sector Performance - The financial sector, including Chinese securities firms and insurance companies, showed strong performance [1] - Innovative drug concepts also performed well, contributing to the overall market gains [1] - Conversely, sectors such as coal and non-ferrous metals experienced declines [1] Notable Stocks - China Tobacco Hong Kong (06055.HK) surged by 13.78% after reaching an agreement with China Tobacco International to maintain its position in the domestic duty-free cigarette business [1] - China Ping An (02318.HK) increased by 3.21% [1] - Hengrui Medicine (01276.HK) rose by 15.43% [1] - China Shenhua (01088.HK) saw a decline of 1.85% [1]

Core Viewpoint - Heng Rui Medicine's stock surged over 10% following the announcement of a significant overseas licensing deal with GSK, marking a key step in the company's international expansion strategy [1][2] Group 1: Financial Details - The agreement with GSK involves the global exclusive rights to the innovative drug HRS-9821 and up to 11 additional research projects, excluding mainland China and Hong Kong/Macau, with an upfront payment of $500 million [1] - The potential total revenue for Heng Rui could reach approximately $12 billion if all project options are exercised and milestones are achieved, along with tiered royalties on overseas sales [1] - Since 2018, Heng Rui has completed 14 licensing deals involving 17 molecular entities, with a total potential transaction value of about $14 billion and upfront payments exceeding $600 million [2] Group 2: Strategic Implications - The collaboration with GSK is seen as a validation of Heng Rui's innovative drug development capabilities and enhances its brand influence and overseas performance [1][2] - Heng Rui's product matrix includes a strong focus on oncology, with 10 marketed products, 4 under review, and several in development, particularly highlighting the HER2 ADC drug SHR-A1811, which has received 8 breakthrough therapy designations [1] - The dual strategy of "independent innovation + overseas licensing" is accelerating Heng Rui's integration into the global innovative drug industry chain [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [12]. Core Insights - The company has entered into an agreement with GSK for the global exclusive rights to the HRS-9821 project and up to 11 additional projects, which is expected to significantly enhance profits. GSK will pay an upfront fee of $500 million, with potential milestone payments totaling approximately $12 billion based on successful development and sales [6][9]. - HRS-9821 is a potential best-in-class PDE3/4 inhibitor currently in Phase I clinical development for treating chronic obstructive pulmonary disease (COPD). The global market for similar products is growing, with a significant patient population in China [9]. - The company has accelerated its business development (BD) transactions, indicating a recognition of its innovative research capabilities by large multinational pharmaceutical companies. This is expected to lead to a revaluation of its pipeline [9]. - The profit forecast for 2025 has been raised due to the upfront payment, with projected net profits of RMB 10.1 billion, reflecting a year-on-year increase of 59.3% [9][11]. Financial Summary - The company’s projected net profits for 2025-2027 are RMB 10.1 billion, RMB 8.75 billion, and RMB 10.4 billion, respectively, with year-on-year growth rates of 59.3%, -13.3%, and 18.9% [11]. - Earnings per share (EPS) are expected to be RMB 1.52, RMB 1.32, and RMB 1.56 for the years 2025-2027, with corresponding year-on-year growth rates of 52.1%, -13.3%, and 18.9% [11]. - The company’s revenue is projected to grow from RMB 36.06 billion in 2025 to RMB 45.40 billion in 2027, with a steady increase in operating profit [14].