Core Viewpoint - The company, Jiangsu Hengrui Medicine Co., Ltd., has received a notice from the National Medical Products Administration (NMPA) regarding the acceptance of its drug application for injection of Rukang Trastuzumab, which is now included in the priority review process [1] Group 1 - The drug name is Rukang Trastuzumab for injection [1] - The dosage form is an injection [1] - The acceptance number for the application is CXSS2600018 [1] Group 2 - The application is currently in the listing phase [1] - The applicant for the drug is Suzhou Merdia Biopharmaceutical Co., Ltd., a subsidiary of the company [1] - The proposed indication is for the treatment of adult patients with HER2-positive colorectal cancer who have failed treatment with oxaliplatin, fluorouracil, and irinotecan [1]

本次新适应症申报是基于一项随机、开放、阳性药物对照、多中心设计的Ⅲ 期临床试验，该研究旨在 评估瑞康曲妥珠单抗(SHR-A1811)对比标准治疗方案在经奥沙利铂、氟尿嘧啶类和伊立替康治疗失败的 HER2阳性晚期结直肠癌受试者中的有效性和安全性，并探索该药物的免疫原性及药代动力学特征。本 研究由上海高博肿瘤医院李进院长和浙江大学医学院附属第二医院袁瑛教授共同担任主要研究者，全国 40家中心共同参与。主要终点为独立影像评审委员会(IRC)依据RECIST v1.1 评估的无进展生存期 (PFS)。研究结果显示，与标准治疗方案相比，瑞康曲妥珠单抗能显著延长HER2 阳性晚期结直肠癌患 者的PFS，降低疾病进展或死亡风险。总生存期(OS)数据目前观察到获益趋势。 智通财经APP讯，恒瑞医药(01276)发布公告，近日，江苏恒瑞医药股份有限公司(以下简称"公司")子公 司苏州盛迪亚生物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")下发的《受理通知 书》，公司注射用瑞康曲妥珠单抗的药品上市许可申请获受理，且已被纳入优先审评程序。 ...

恒瑞医药公告要点解读 核心事项 恒瑞医药子公司苏州盛迪亚的注射用瑞康曲妥珠单抗新适应症上市申请获国家药监局受理，并纳入优先 审评程序。 国内尚无HER2靶向药获批用于HER2阳性结直肠癌，存在未满足临床需求 关键信息 同类产品2024年全球销售额合计约65.57亿美元 新适应症：治疗经奥沙利铂、氟尿嘧啶和伊立替康治疗失败的HER2阳性结直肠癌成人患者 该项目累计研发投入约17.73亿元（未经审计） 已获批适应症：2025年5月已获批用于HER2激活突变的晚期非小细胞肺癌 临床数据：基于III期临床试验，结果显示较标准治疗方案显著延长PFS，降低疾病进展或死亡风险 市场情况： ...

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 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-024 江苏恒瑞医药股份有限公司 关于药品上市许可申请获受理并纳入优先审评程序 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公 ...

Core Viewpoint - The company, Hengrui Medicine, has received acceptance for its drug application for injection of Rukang Qutuzumab, which is now included in the priority review process by the National Medical Products Administration [1] Group 1: Drug Approval - The company's subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., has received the acceptance notice for the drug listing application [1] - The injection of Rukang Qutuzumab is expected to be approved for market launch in China by May 2025 [1] - The drug is indicated for adult patients with unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC) who have HER2 (ERBB2) activating mutations and have previously received at least one systemic therapy [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-024 一、药品的基本情况 药品名称：注射用瑞康曲妥珠单抗 剂型：注射剂 受理号：CXSS2600018 申报阶段：上市 申请人：苏州盛迪亚生物医药有限公司 拟定适应症（或功能主治）：本品适用于治疗经奥沙利铂、氟尿嘧啶和伊立 替康治疗失败的 HER2 阳性结直肠癌成人患者。 江苏恒瑞医药股份有限公司 关于药品上市许可申请获受理并纳入优先审评程序 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司苏州盛迪亚 生物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"）下发的 《受理通知书》，公司注射用瑞康曲妥珠单抗的药品上市许可申请获受理，且已 被纳入优先审评程序。现将相关情况公告如下： 在经奥沙利铂、氟尿嘧啶类和伊立替康治疗失败的 HER2 阳性晚期结直肠癌受试 者中的有效性和安全性，并探索该药物的免疫原性及药代动力学特征。本研究由 上海高博肿瘤医院李进院长和浙江大学医学院附属第二医院袁瑛 ...

Core Viewpoint - The company announced that its subsidiary, Suzhou Merrion Biopharmaceutical Co., Ltd., has received a "Notice of Acceptance" from the National Medical Products Administration for the marketing authorization application of injection Rituximab, which has been accepted into the priority review process [1] Group 1 - The drug has been approved in China since May 2025 for the treatment of specific lung cancer [1] - The new indication is for the treatment of adult patients with HER2-positive colorectal cancer who have failed treatment with oxaliplatin and other therapies [1] - Cumulative R&D investment in related projects has reached approximately 1.773 billion yuan [1]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1] - Zhejiang Shibao (01057) follows with a premium rate of 347.33%, H-share at 5.810 HKD and A-share at 21.7 CNY [1] - Sinopec Oilfield Service (01033) ranks third with a premium rate of 304.44%, H-share at 0.900 HKD and A-share at 3.04 CNY [1] Group 2: Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.97%, with H-share priced at 513.500 HKD and A-share at 368.82 CNY [1] - China Merchants Bank (03968) has a premium rate of -3.80%, H-share at 49.220 HKD and A-share at 39.53 CNY [1] - Heng Rui Medicine (01276) shows a minimal premium rate of -0.35%, with H-share at 69.050 HKD and A-share at 57.45 CNY [1] Group 3: Top Deviation Values - Sinopec Oilfield Service (01033) leads in deviation value at 26.29%, indicating a significant difference from its average premium rate [1] - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 22.66% [1] - Longpan Technology (02465) ranks third with a deviation value of 19.24% [1] Group 4: Bottom Deviation Values - Junda Co., Ltd. (02865) has the lowest deviation value at -66.46%, indicating a substantial drop from its average premium rate [1] - Zhejiang Shibao (01057) follows with a deviation value of -42.67% [1] - Yangtze Optical Fibre and Cable (06869) shows a deviation value of -33.26% [1]

Core Viewpoint - China's innovative pharmaceutical industry is entering a period of significant achievement, with 76 innovative drugs approved in 2025, over 80% of which are domestically produced, and total licensing transaction amounts exceeding $130 billion, setting a historical record [1] Group 1: Company Transformation - Heng Rui Medicine, originally a generics giant, has successfully transitioned to innovative drugs, with innovative drug revenue surpassing 60% of total revenue [1] - The company faced challenges starting in 2020 when the implementation of national drug procurement policies marked the end of high-profit margins for generics, leading to a decline in revenue and profit in 2021 and 2022 [2] - The management recognized the necessity for transformation due to shrinking profit margins in traditional generics and increasing competition, prompting a shift towards clinically differentiated innovations [2] Group 2: Leadership and Strategy - After stepping back for a year and a half, Sun Piaoyang returned to lead Heng Rui Medicine in July 2021, focusing on innovation and international expansion [3][4] - Upon his return, Sun made significant cuts to generics R&D projects, reallocating resources to innovative drug development, and expanded the R&D pipeline into diverse therapeutic areas [4] - The company adopted a differentiated R&D strategy, achieving notable successes in the ADC platform with over ten new ADC molecules approved for clinical trials [4] Group 3: Operational Changes - The company underwent a major restructuring, reducing the sales force by nearly 50% from 17,100 in 2020 to 8,910 by the end of 2024, while also streamlining its organizational structure [5][6] - The shift from a marketing-driven to a research-driven model was a key focus of the internal transformation [6] Group 4: Internationalization Efforts - In 2024, domestic revenue accounted for 86.81% of total revenue, while international revenue was only 2.56%, highlighting the need for greater international presence [6] - The "borrow a boat to go to sea" strategy was implemented to enhance international competitiveness, resulting in significant overseas licensing deals, including five overseas BD authorizations in 2023 totaling over $4 billion [6][7] - By 2025, Heng Rui had achieved 13 overseas licensing collaborations with a total transaction amount nearing $14 billion, further diversifying its international partnerships [7] Group 5: Financial Performance - In the first half of 2025, revenue from innovative drugs and licensing exceeded 60%, reaching 60.66%, while international revenue increased to 2.568 billion yuan, accounting for 16.29% of total revenue [7]

Company News - Beijing Capital International Airport Co., Ltd. (00694.HK) expects a net loss of approximately RMB 6.0 billion to RMB 7.6 billion in 2025, a year-on-year reduction of about 45.3% to 56.8%, benefiting from the recovery in aviation market demand and enhanced cost control [1] - Times Electric (03898.HK) anticipates total operating revenue of approximately RMB 28.761 billion in 2025, a year-on-year increase of 15.46%, with a net profit of about RMB 4.105 billion, up 10.88% year-on-year [1] - Hong Kong Tong Holdings (00032.HK) issued a profit warning, expecting a year-on-year increase in profit attributable to shareholders to approximately HKD 660 million for the fiscal year 2025 [1] - Datang Environment Industry Group (01272.HK) issued a profit warning, expecting pre-tax profit to rise to approximately RMB 700 million to RMB 710 million in 2025 [1] Power Generation - Datang New Energy (01798.HK) completed power generation of 3.272 million MWh in January, a year-on-year increase of 6.69% [2] - Longyuan Power (00916.HK) achieved power generation of 7.1627 million MWh in January, a year-on-year growth of 12.05%, with wind power generation increasing by 8.11% and solar power generation rising by 42.25% [2] - Jiangshan Holdings (00295.HK) reported total power generation of approximately 18.3 thousand MWh in January, a year-on-year decrease of 22.13% [4] Real Estate - Yuexiu Property (00123.HK) reported contract sales of approximately RMB 4.201 billion in January, a year-on-year decline of about 36.4% [2] - Poly Real Estate (01238.HK) recorded total contract sales of approximately RMB 470 million in January, a year-on-year decrease of 31.98% [2] - Greenland Hong Kong (00337.HK) reported contract sales of approximately RMB 508 million in January, a year-on-year increase of about 287.79% [3] Other Developments - CloudTop New Drug (01952) received approval for the new drug application of Vedolizumab for treating moderate to severe ulcerative colitis in adults in China [4] - Zhonghang Science and Technology (02357.HK) plans to invest RMB 58 million to acquire a 10% stake in Zhonghang Jierui [4] - Kelun-Biotech (06990.HK) received approval for the fourth indication of its core product TROP2ADC for treating 2L+ HR+/HER2- breast cancer [4] Financing and Buyback Activities - Kingsoft Corporation (03888.HK) repurchased approximately 1.1142 million shares for about HKD 29.9994 million, with repurchase prices ranging from HKD 26.8 to HKD 27 [7] - Geely Automobile (00175.HK) repurchased approximately 1.665 million shares for about HKD 27.1612 million, with repurchase prices between HKD 15.94 and HKD 16.44 [7] - October Rice Field (09676.HK) repurchased 780,000 shares for approximately HKD 7.3357 million, with repurchase prices between HKD 9.3 and HKD 9.46 [7] - China Galaxy (06881.HK) completed the issuance of corporate bonds totaling RMB 6 billion [7]