Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 203,000 A-shares at a total cost of 1,283.52 million yuan [1] - The buyback price per share is set between 63.2 and 63.28 yuan [1]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 30, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between A-shares and H-shares [1][2] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium rate of 900.00% and a deviation value of 70.95% [1] - Sinopec Oilfield Service (01033) with a premium rate of 248.72% and a deviation value of 18.50% [1] - Hongye Futures (03678) with a premium rate of 243.15% and a deviation value of 11.02% [1] - The bottom three stocks with the lowest AH premium rates are: - Contemporary Amperex Technology (03750) with a premium rate of -16.96% and a deviation value of -0.91% [1] - China Merchants Bank (03968) with a premium rate of 0.64% and a deviation value of -2.65% [1] - Heng Rui Medicine (01276) with a premium rate of 5.43% and a deviation value of 8.09% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Northeast Electric (00042) with a deviation value of 70.95% [1] - Shandong Molong (00568) with a deviation value of 26.59% [1] - Changfei Optical Fiber (06869) with a deviation value of 26.29% [1] - The stocks with the lowest deviation values are: - Shanghai Electric (02727) with a deviation value of -18.83% [2] - First Tractor Company (00038) with a deviation value of -17.75% [2] - COSCO Shipping Energy Transportation (01138) with a deviation value of -13.58% [2]

Core Viewpoint - The article highlights the significant advancements and promising results of the GLP-1/GIP dual receptor agonist HRS9531 developed by Heng Rui Medicine, particularly in weight loss and its upcoming clinical trial presentations [6][8]. Financial Performance - In the first three quarters of 2025, Heng Rui Medicine reported a revenue of 23.188 billion yuan, representing a year-on-year growth of 14.85% - The net profit attributable to shareholders was 5.751 billion yuan, showing a year-on-year increase of 24.50% - Research and development expenses for the same period reached 4.945 billion yuan, indicating a strong commitment to innovation [6]. Drug Development and Clinical Trials - Heng Rui Medicine has made significant progress in drug application submissions, with 13 new drug applications accepted by the National Medical Products Administration in the first three quarters of 2025, including 8 in the third quarter - The clinical trial for HRS9531 showed positive topline results, with a 19.2% average weight loss in the 6mg dosage group over 48 weeks, demonstrating good safety [6][8]. Upcoming Events - Heng Rui Medicine, in collaboration with Kailera Therapeutics, will present data from the GEMINI-1 clinical trial at the American Obesity Society's annual meeting from November 4 to 7, 2025, focusing on the efficacy of HRS9531 in overweight or obese populations [8].

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback of approximately 442.77 million yuan to repurchase 70,000 A-shares on October 29, 2025 [1] Group 1 - The company plans to spend around 442.77 million yuan for the buyback [1] - The total number of A-shares being repurchased is 70,000 [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Buyback Details - The company plans to repurchase 70,000 A shares at a total cost of RMB 4.4277 million [1] - The buyback price per share is set between RMB 62.9 and RMB 63.58 [1]

公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年10月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包 ...

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 900.00%, Sinopec Oilfield Service (01033) at 246.25%, and Hongye Futures (03678) at 245.50% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.52%, China Merchants Bank (03968) at -1.95%, and Heng Rui Medicine (01276) at 1.24% [1][2] - The companies with the highest deviation values are Northeast Electric (00042) at 73.25%, Shandong Molong (00568) at 39.97%, and Changfei Optical Fiber (06869) at 27.40% [1][3] - The companies with the lowest deviation values are Shanghai Electric (02727) at -16.60%, Tianjin Chuangye Environmental Protection (01065) at -16.50%, and First Tractor Company (00038) at -14.81% [1][3] Summary of Top AH Premium Rates - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [2] - Sinopec Oilfield Service (01033): H-share at 0.800, A-share at 2.31, premium rate at 246.25%, deviation at 17.04% [2] - Hongye Futures (03678): H-share at 4.000, A-share at 11.54, premium rate at 245.50%, deviation at 14.12% [2] Summary of Bottom AH Premium Rates - CATL (03750): H-share at 560.500, A-share at 400, premium rate at -14.52%, deviation at 1.38% [2] - China Merchants Bank (03968): H-share at 49.800, A-share at 40.77, premium rate at -1.95%, deviation at -5.47% [2] - Heng Rui Medicine (01276): H-share at 75.600, A-share at 63.9, premium rate at 1.24%, deviation at 3.98% [2] Summary of Top Deviation Values - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [3] - Shandong Molong (00568): H-share at 4.200, A-share at 7.92, premium rate at 125.95%, deviation at 39.97% [3] - Changfei Optical Fiber (06869): H-share at 40.040, A-share at 92.92, premium rate at 177.97%, deviation at 27.40% [3] Summary of Bottom Deviation Values - Shanghai Electric (02727): H-share at 4.780, A-share at 9.63, premium rate at 141.21%, deviation at -16.60% [3] - Tianjin Chuangye Environmental Protection (01065): H-share at 4.490, A-share at 6.32, premium rate at 68.60%, deviation at -16.50% [3] - First Tractor Company (00038): H-share at 7.940, A-share at 13.07, premium rate at 97.23%, deviation at -14.81% [3]

Core Viewpoint - Heng Rui Pharmaceutical is transitioning from its previous identity as a "generic drug king" to focus on innovative drugs, showing significant growth in revenue and net profit in its recent quarterly report, driven by the success of innovative drugs and major international collaborations [1][3]. Financial Performance - For the first three quarters of 2025, Heng Rui reported a revenue of 23.188 billion yuan, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.5% [3][4]. - The operating cash flow for the period surged by 98.68% to 9.11 billion yuan, attributed to increased sales and cash from overseas licensing agreements [2][4]. Innovation and R&D - Heng Rui's R&D expenses reached 4.945 billion yuan in the first three quarters, with total R&D investment exceeding 50 billion yuan [4][5]. - The company has 24 approved innovative drugs and 5 new drugs, with 13 new drug applications accepted by the National Medical Products Administration in the first three quarters [5]. Market Position and Competition - Heng Rui lost its title as "pharmaceutical king" in A-shares to BeiGene, with a market cap lagging by approximately 16.8 billion yuan as of late October 2023 [6]. - The competition between Heng Rui and BeiGene highlights differing strategies, with Heng Rui focusing on a "fast-follow" approach while BeiGene emphasizes original innovation [6]. Impact of Price Cuts and Market Challenges - The introduction of centralized procurement has significantly impacted Heng Rui's traditional generic drug business, leading to a sharp decline in revenue from key products [7][9]. - The company's revenue fell for the first time in 2021, with a notable drop in net profit due to price reductions on key drugs after entering the medical insurance list [9][10]. Internationalization Strategy - Heng Rui's international revenue has remained low, with overseas sales not exceeding 800 million yuan from 2017 to 2024, contrasting sharply with BeiGene's international success [11]. - The company is now pursuing a business development (BD) strategy to enhance its international presence, achieving significant licensing deals in 2023 [12][13]. Recent Developments - In 2023, Heng Rui completed five overseas licensing deals worth over $4 billion, including a notable agreement with GlaxoSmithKline for global rights to certain projects [12][13]. - The increase in contract liabilities indicates a substantial influx of cash from overseas licensing agreements, which may positively impact future performance [13][14].

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "triple resonance" recovery, driven by continuous optimization of the industrial chain and active policy and capital injection [1][12] - The third-quarter reports from leading innovative pharmaceutical companies reflect this trend and serve as an important window for observing industry dynamics and future development prospects [1] Company Performance - Heng Rui Medicine reported a revenue of 23.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [1] - The company maintained high R&D investment, with R&D expenses reaching 4.945 billion yuan in the first three quarters, totaling over 50 billion yuan cumulatively [1] - East China Pharmaceutical achieved a revenue of 32.664 billion yuan, a 3.77% increase, and a net profit of 2.748 billion yuan, up 7.24% [2] Innovation and R&D Progress - Heng Rui has received approval for 24 first-class innovative drugs and 5 second-class new drugs in China, with 13 new drug applications accepted by the National Medical Products Administration in the first three quarters [3][4] - East China Pharmaceutical has achieved breakthroughs in first-in-class innovative drugs and is advancing over 90 innovative drug pipeline projects [4] - The new round of "National Major Special Projects for Innovative Drug Development" aims to enhance the country's drug research capabilities and transition from imitation to innovation [6] Market Dynamics and Challenges - The domestic innovative drug market is at a critical stage of "quantity increase and quality change," with increasing pressure on payment systems and a shift in market demands from "availability" to "quality" [7][11] - The concentration of popular drug targets in China is high, with the top 20 targets accounting for 41%, compared to 28% in the U.S., indicating a need for more diverse innovation [5] Business Development and International Collaboration - In 2025, business development (BD) transactions in the innovative drug sector have become a focal point, with Heng Rui entering significant collaborations with GSK and other companies [8][9] - The total value of BD transactions in the first half of the year reached $63.55 billion, surpassing the total for 2024, indicating growing international recognition of domestic R&D capabilities [9] Capital Market Trends - The Hong Kong stock market has seen a resurgence in biotech financing, with 59 companies listed in the first eight months of 2025, raising a net amount of 134.466 billion HKD [13] - Despite the recovery, the primary market for healthcare financing has shown a decline, with a 14% decrease in the number of financing transactions compared to the previous year [14]

Summary of the Conference Call for 恒瑞医药 (Hengrui Medicine) Company Overview - **Company**: 恒瑞医药 (Hengrui Medicine) - **Industry**: Pharmaceutical Key Financial Performance - **Revenue**: - Total revenue for the first three quarters of 2025 reached 231.9 billion CNY, a year-on-year increase of 14.9% - Q3 revenue was 74.3 billion CNY, up 12.7% year-on-year [2][5] - **Net Profit**: - Net profit attributable to shareholders for the first three quarters was 57.5 billion CNY, a 24.5% increase year-on-year - Q3 net profit was 13 billion CNY, up 9.5% year-on-year [2][5] - **Cash Flow**: - Operating cash flow for the first three quarters was 91.1 billion CNY, an increase of 45.2 billion CNY year-on-year - Q3 cash inflow was 48.1 billion CNY, up 15.5 billion CNY year-on-year [2][5] Product and Market Developments - **Innovative Drugs**: - Sales of innovative drugs accounted for 55% of total product sales, with rapid growth in products like 瑞维鲁胺 (Revelizumab), 达尔西利 (Darsylin), and 恒格列净 (Henggrelin) [2][5] - The company has launched 24 first-class innovative drugs and 5 second-class innovative drugs in China [3] - **Licensing Income**: - Significant increase in licensing income, with confirmed upfront payments totaling 290 million USD from collaborations with companies like艾迪尔 (Ediar), 默沙东 (Merck), and 默克 (Merck) [2][5] - **Clinical Research**: - Over 20 international clinical studies initiated, with 8 new drug applications accepted by CDE and 48 drugs receiving clinical approval [3][4] Strategic Initiatives - **Self-Immunity Field**: - Deepening layout in self-immunity with differentiated products like 洒露丝抗体 (Sarlutamab) and a focus on dual and triple antibody platforms [6][7] - **Metabolic Field**: - Progress in GLP-1, GIP peptide, and GLP-1 small molecule projects, with Clara securing 600 million USD in financing for further clinical development [8] - **Internationalization Strategy**: - Active internationalization through partnerships and collaborations, with a focus on global clinical research and regulatory compliance [11] Challenges and Adjustments - **Market Competition**: - Adjustments made to integrate non-oncology businesses into a biopharmaceutical division to enhance operational efficiency and manage the influx of new products [12] - **Cost Management**: - Increased management expenses due to talent acquisition and currency losses impacting net profit margins [23][24] Future Outlook - **Healthcare Negotiations**: - Preparing for upcoming healthcare negotiations, aiming to enhance accessibility and affordability of innovative drugs [16] - **Research and Development**: - Continued investment in R&D platforms, including AI technology, to improve drug discovery and development efficiency [22] - **Global Expansion**: - Plans to establish overseas commercial teams and production bases to strengthen international market presence by 2026 [21] Additional Insights - **Clinical Data Presentation**: - Significant data presented at ADA 2025, showing a 20% weight loss in a 48-week trial for the small molecule drug 9,531, indicating its potential in obesity management [9][10] - **BD Strategy**: - Strong focus on business development (BD) with over 15 licensing deals totaling more than 27 billion USD, showcasing the company's innovative capabilities [20] This summary encapsulates the key points from the conference call, highlighting the financial performance, product developments, strategic initiatives, challenges, and future outlook for 恒瑞医药.