证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-054 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司福建盛迪医 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 HRS9531 注射液的《药物临床试验批准通知书》，将于近期开展临床试验。现将 相关情况公告如下： 一、药物的基本情况 药物名称：HRS9531 注射液 剂 型：注射剂 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2026 年 1 月 7 日受理的 HRS9531 注射液临床试验申请符合药品注册的有关要求，同意 本品开展临床试验。申请的适应症：用于降低动脉粥样硬化性心血管疾病患者的 主要心血管不良事件风险。 二、药物的其他情况 HRS9531 注射液是以 HRS9531 为主要活性成分，具有全球自主知识产权的新 型靶向抑胃肽受体（GIPR）和胰高血糖素样肽-1 受体（GLP-1R）的双激动剂， 可在体内调节糖脂代谢、抑制食欲和增强胰岛素敏感性，从而起到改善血糖和减 轻体重的效果。对于降低动脉粥样硬化性心血管疾病患者的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 31.63 billion RMB in 2025, representing a year-on-year growth of 13.0%, with a net profit attributable to shareholders of 7.71 billion RMB, up 21.7% year-on-year [1] - The company expects a significant acceleration in innovative drug revenue starting in 2026, projected to exceed 30% growth, driven by the inclusion of multiple innovative drugs in the national medical insurance [1][2] - The company has a strong pipeline with 8 innovative drugs and 6 new indications approved in 2025, and anticipates further approvals in the coming years [2] Financial Performance - In 2025, the company reported a decline in the overall revenue from generic drugs, which impacted the overall performance, but innovative drug revenue reached 16.34 billion RMB, growing 26.1% year-on-year [1] - The company’s net profit margin improved to 24.4% in 2025, an increase of 1.8 percentage points year-on-year, with expectations for continued improvement in 2026 as innovative drug revenue increases [3] - The company’s expenses as a percentage of sales, management, and R&D decreased in 2025, contributing to the improved net profit margin [3] Business Development (BD) Contributions - The company has completed 12 BD transactions from 2023 to 2025, totaling nearly 28 billion USD, which is expected to provide ongoing cash flow [4] - The company has over 30 products in clinical development that are among the top three globally for their targets, indicating potential for double-digit growth in BD revenue [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026-2028 is 9.78 billion RMB, 12.62 billion RMB, and 16.64 billion RMB respectively, with corresponding EPS of 1.47 RMB, 1.90 RMB, and 2.51 RMB [5] - The company is valued at 591.8 billion RMB and 650.9 billion HKD, with target prices set at 89.16 RMB and 98.06 HKD [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a revenue of 31.63 billion RMB in 2025, representing a year-on-year growth of 13.0%, with a net profit attributable to shareholders of 7.71 billion RMB, up 21.7% year-on-year [1] - The company expects a significant acceleration in innovative drug revenue growth starting in 2026, projected to exceed 30% due to multiple innovative drugs being included in the national medical insurance [1][2] - The company has maintained a strong focus on cost efficiency, resulting in a decrease in expense ratios and a notable increase in net profit margins [3] Revenue and Profitability - In 2025, the company reported innovative drug revenue of 16.34 billion RMB, a 26.1% increase year-on-year, with the contribution from innovative drugs expected to rise significantly in the coming years [1][2] - The company anticipates net profit attributable to shareholders of 9.78 billion RMB in 2026, 12.62 billion RMB in 2027, and 16.64 billion RMB in 2028, reflecting a compound annual growth rate of over 30% [5][11] Cost Management - The company successfully reduced its sales, management, and R&D expense ratios in 2025, leading to an increase in net profit margin to 24.4%, up 1.8 percentage points year-on-year [3] Business Development (BD) Contributions - The company has completed 12 BD transactions from 2023 to 2025, totaling nearly 28 billion USD, which is expected to provide ongoing cash flow [4] - The company has over 30 products in clinical development that are among the top three globally for their respective targets, indicating strong future BD revenue potential [4] Valuation and Forecast - The company is valued at 591.8 billion RMB for A-shares and 650.9 billion HKD for H-shares, with target prices set at 89.16 RMB and 98.06 HKD respectively [5][12]

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 2026年3月25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 2026-05 ...

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。 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 2026年3月25日 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） 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。 2025 年环境、社会及管治报告摘要 证券代码：600276 证券简称： ...

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 2026年3月25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：2026-052 ...

倘分紅派息記錄日公司總股本發生變化，公司擬維持每股分配比例不變，並相應調整分配總額。 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 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，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 江蘇恒瑞醫藥股份有限公司 | | 股份代號 | 01276 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 10 股 2 RMB | | 股東批准日期 | 2026年4月16日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設 ...

環境、社會及管治報告 2025 江蘇恒瑞醫藥股份有限公司 科技爲本 爲人類創造健康生活 江蘇恒瑞醫藥股份有限公司 公司地址: 江蘇省連雲港經濟技術開發區昆侖山路7號 服務熱線: 400-828-3900 目錄 CONTENTS | 關於本報告 | 03 | | --- | --- | | 管理層致辭 | 05 | | 關於恒瑞醫藥 | 07 | | 2025年恒瑞醫藥所獲榮譽獎項 | 11 | | 亮點ESG績效 | 13 | 合規為要 恒築治理基石 | 強化治理效能 | 17 | | --- | --- | | 築牢合規底線 | 23 | 低碳為本 恒護碧水藍天 | 環境合規管理 | 35 | | --- | --- | | 資源使用 | 39 | | 排放物管理 | 44 | | 踐行綠色辦公 | 49 | | 應對氣候變化 | 51 | | 生物多樣性保護 | 58 | | 主要適用法律法規清單 | 129 | | --- | --- | | 上海證券交易所指引索引 | 132 | | 香港交易所《環境、社會及 管治報告守則》指引索引 | 133 | | GRI索引 | 143 | 成長為道 恒育人才沃 ...

Financial Performance - Total revenue for 2025 reached RMB 31,629,416, an increase of 13.4% compared to RMB 27,984,605 in 2024[10] - Gross profit for 2025 was RMB 27,266,760, reflecting a gross margin of approximately 86.2%[10] - Net profit attributable to shareholders for 2025 was RMB 7,711,055, up 21.8% from RMB 6,336,527 in 2024[10] - The company’s EBITDA for 2025 was RMB 8,879,057, an increase from RMB 7,442,791 in 2024[10] - The proposed final dividend per share for 2025 is RMB 2.0, consistent with the previous year[10] - The company reported a significant loss of -$4.394 billion in the latest quarter, reflecting ongoing challenges in the market[1] - Revenue increased by 13.0% from RMB 27,984.6 million for the year ending December 31, 2024, to RMB 31,629.4 million for the year ending December 31, 2025, primarily due to growth in innovative drug sales and licensing income[92] - Sales cost rose by 13.4% from RMB 3,848.2 million for the year ending December 31, 2024, to RMB 4,362.7 million for the year ending December 31, 2025, driven by increased drug sales[93] - Gross profit increased by 13.0% from RMB 24,136.4 million for the year ending December 31, 2024, to RMB 27,266.8 million for the year ending December 31, 2025, with a stable gross margin of 86.2%[94] - Net profit margin improved from 22.6% for the year ending December 31, 2024, to 24.4% for the year ending December 31, 2025, due to growth in gross profit and improved cost efficiency in selling, general, and administrative expenses[94] Research and Development - R&D expenses for 2025 amounted to RMB 8,723,852, representing a 6% increase from RMB 8,227,838 in 2024[10] - The company has invested significantly in R&D, with expenditures reaching $2,183 million this quarter, reflecting a commitment to innovation[13] - The R&D pipeline includes 15 products under NDA review and 28 products entering Phase III trials, indicating a robust development strategy[32] - The company is committed to enhancing its R&D innovation system and improving efficiency and success rates while managing higher R&D risks due to increasing competition and regulatory standards[85] - The company has established 15 R&D centers globally and initiated the first overseas clinical trials for 5 innovative drug assets during the reporting period[73] - The company is focusing on important pathological targets and pathways related to autoimmune diseases, utilizing various drug modalities including small molecules and monoclonal antibodies[76] Product Pipeline and Innovation - The company has received approval for 24 first-class innovative drugs and 5 second-class new drugs in China, maintaining a leading position in innovation[12] - The company aims to expand its pipeline, which is currently ranked second globally according to Citeline[12] - The pipeline includes multiple products in various clinical stages, with a focus on oncology and infectious diseases, indicating a diverse research strategy[15] - The company is actively pursuing orphan drug designations from the FDA and EMA for several of its candidates, which could provide market exclusivity[13] - The company is advancing multiple drug candidates, including SHR7280 and HRS5580, targeting various conditions such as GNB infections and pain management[13] - The company is focusing on expanding its product pipeline, with several candidates in Phase II and III clinical trials, including treatments for asthma and chronic pain[13] - The company is developing multiple drugs targeting obesity and diabetes, including GLP-1/GIP and insulin-based therapies, with ongoing clinical trials in China[70] Market Expansion and Strategic Partnerships - The company is exploring strategic partnerships and potential acquisitions to enhance its market presence and accelerate product development[13] - The company has established a commercialization network covering over 25,000 hospitals and more than 200,000 offline retail pharmacies across over 30 provincial-level administrative regions in China[55] - The company is focused on accelerating the commercialization of innovative products and expanding overseas licensing partnerships to enhance growth[30] - The company is actively pursuing international markets, with several drugs under review in the US and Europe, indicating potential for global revenue growth[66] - The company has formed partnerships with renowned multinational pharmaceutical companies such as Merck KGaA, MSD, and GSK for overseas business expansion[73] Corporate Governance - The company has established four specialized committees within the board to provide strategic guidance and enhance corporate governance standards[132] - The board believes that high corporate governance standards are crucial for protecting shareholder interests and enhancing corporate value[132] - The company has mechanisms in place to ensure board independence, including a nomination committee with a majority of independent non-executive directors[143] - The company has established a code of conduct for directors' securities transactions, confirming compliance since the listing date until December 31, 2025[135] - The board consists of 11 members, including 6 executive directors, 1 non-executive director, and 4 independent non-executive directors, ensuring a strong independent element for effective decision-making[136] Employee and Diversity Initiatives - The company aims to increase the proportion of female employees to 45% by 2030, with ongoing support for women's career development through initiatives like the Women's Leadership Program[185] - By 2025, the percentage of female employees is projected to reach 45.6%, marking a stable growth of 0.7% from the previous year[183] - A total of 13,800 employees participated in diversity training during the reporting period, accumulating 6,900 hours of training[181] - The company has adopted a policy to eliminate all forms of bias and discrimination, fostering a fair and trustworthy work environment[181] Risk Management - The company has established a comprehensive risk management system to identify, assess, monitor, and mitigate various operational, financial, and legal risks[195] - The internal control policies and guidelines have been implemented to identify internal control deficiencies and conduct internal audits regularly, with oversight from the audit committee[197] - The company’s risk management policies are aligned with the regulations of the Shanghai Stock Exchange and Hong Kong Stock Exchange, covering risk management, related transactions, financial reporting, and information disclosure[199]

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 31,629.42 million, a 13.4% increase from RMB 27,984.61 million in 2024[8] - Gross profit for the same period was RMB 27,266.76 million, reflecting a gross margin of approximately 86.2%[8] - Net profit attributable to shareholders for 2025 was RMB 7,711.06 million, up 21.8% from RMB 6,336.53 million in 2024[8] - Basic earnings per share for 2025 were RMB 1.19, compared to RMB 1.00 in 2024, marking a 19% increase[8] - The EBITDA for 2025 was reported at RMB 8,879.06 million, showing a growth of 19.4% from RMB 7,442.79 million in 2024[8] - The company reported a significant increase in revenue, with a year-over-year growth of 25% to reach $1.5 billion[11] - The company reported a net loss of $5 million, a decrease from a loss of $10 million in the previous quarter[11] - The company reported a significant loss of -$4,394 million in the latest quarter, reflecting ongoing challenges in the market[1] - Revenue increased by 13.0% from RMB 27,984.6 million for the year ending December 31, 2024, to RMB 31,629.4 million for the year ending December 31, 2025, driven by growth in innovative drug sales and licensing income[90] - Gross profit rose by 13.0% from RMB 24,136.4 million for the year ending December 31, 2024, to RMB 27,266.8 million for the year ending December 31, 2025, with a stable gross margin of 86.2%[92] Research and Development - Research and development expenses increased to RMB 8,723.85 million, representing 27.6% of total revenue[8] - The company has received approval for 7 Class 1 innovative drugs during the reporting period, bringing the total to 24 approved in China[17] - The R&D pipeline includes 15 products under NDA review and 28 products entering Phase III trials, indicating a robust development strategy[30] - The company is focusing on the development of new products, particularly in the oncology sector, with several candidates in late-stage clinical trials[1] - The company is committed to addressing unmet medical needs in chronic diseases, as evidenced by its diverse pipeline[33] - The company is exploring new technologies and drug combinations to enhance treatment efficacy, such as combining therapies for advanced non-small cell lung cancer[35] - The company is advancing multiple drug candidates in various stages of clinical trials, including treatments for small cell lung cancer and advanced liver cancer in China[62] - The company is developing multiple drugs targeting obesity and diabetes, including GLP-1/GIP and insulin-based therapies, with ongoing clinical trials in China[68] - The company has established 15 R&D centers globally and initiated the first overseas clinical trials for 5 innovative drug assets during the reporting period[71] - The company is actively pursuing partnerships and collaborations to enhance its research and development capabilities in oncology[60] Market Expansion and Strategy - Market expansion plans include entering three new countries by the end of the fiscal year[11] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for this purpose[11] - The company is focusing on expanding its pipeline with multiple candidates targeting various conditions, including obesity and autoimmune diseases[33] - The company is actively pursuing regulatory approvals in the US and Europe for several of its drug candidates, indicating a strategic focus on international market expansion[64] - The company aims to leverage its innovative therapies to capture a larger share of the growing healthcare market in China[68] - The company has established a commercialization network covering over 25,000 hospitals and more than 200,000 offline retail pharmacies across over 30 provincial-level administrative regions in China[53] Corporate Governance - The board of directors is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[130] - The company has established four specialized committees to provide strategic guidance, including the Audit Committee and the Remuneration and Assessment Committee[130] - The board consists of 11 members, including 6 executive directors, 1 non-executive director, and 4 independent non-executive directors, ensuring a strong independent element for effective decision-making[134] - The company has mechanisms in place to ensure board independence, including the appointment and evaluation of independent non-executive directors[141] - The company has established a performance evaluation and assessment system linking management compensation to operational performance, with the remuneration and assessment committee responsible for setting and reviewing compensation policies[154] Employee Engagement and Diversity - The company aims to increase the proportion of female employees to 45% by 2030, with ongoing support for women's career development through initiatives like the Women's Leadership Program[183] - By 2025, the percentage of female employees, including senior management, is expected to reach 45.6%, reflecting a stable growth of 0.7% from the previous year[181] - The company has implemented a diversity policy that resulted in 13,800 employees participating in diversity training, accumulating 6,900 hours of training during the reporting period[179] - The proportion of minority employees reached 4% by 2025, while the percentage of foreign employees stood at 0.43%[181] Risk Management - The company has established a robust risk management system addressing potential risks across various business aspects, including R&D, clinical trials, production, procurement, sales, inventory management, financial reporting, and compliance[193] - The company’s compliance management framework includes a compliance committee led by directors and senior management, ensuring adherence to applicable policies and regulations[195] - The company regularly reviews its dividend policy and cannot guarantee the payment of dividends at any specific amount during any given period[188]