Core Insights - Jiangsu Hengrui Medicine Co., Ltd. has received the acceptance notification from the National Medical Products Administration for the marketing authorization application of Fluorouracil Capsules [1] - The drug is intended for first-line treatment of metastatic castration-resistant prostate cancer with DNA repair gene defects, in combination with Abiraterone and Prednisone or Prednisolone [1] Group 1 - The drug name is Fluorouracil Capsules, and it is in capsule form with acceptance number CXHS2500129 [1] - The application is currently in the submission phase, with Jiangsu Hengrui Medicine as the applicant [1] - The proposed indication is for use in combination with Abiraterone and Prednisone or Prednisolone for treating DRD+ metastatic castration-resistant prostate cancer [1] Group 2 - A Phase III clinical trial (SHR3162-III-305) for Fluorouracil in combination with Abiraterone and Prednisone has met its predefined efficacy standards [2] - The study is a randomized, double-blind, placebo-controlled international multicenter trial involving 496 patients across 132 centers [2] - Results indicate a significant and clinically meaningful improvement in imaging progression-free survival for the Fluorouracil and Abiraterone-Prednisone group compared to the placebo group [2]

智通财经APP讯，恒瑞医药(01276)发布2025年前三季度业绩，该集团取得营业收入231.88亿元，同比增 加14.85%;归属于上市公司股东的净利润57.51亿元，同比增加24.5%;基本每股收益0.89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。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-168 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"）收到国家药品监督 管理局（以下简称"国家药监局"）下发的《受 ...

格隆汇10月27日丨恒瑞医药(01276.HK)公告，江苏恒瑞医药股份有限公司(以下简称"公司")于2025年10 月28日发布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三季度经营成 果、财务状况，公司计划于2025年11月4日(星期二)下午16:00-17:00举行2025年第三季度业绩说明会， 就投资者关心的问题进行交流。 ...

Group 1 - The core viewpoint of the article is that 恒瑞医药 (Hengrui Medicine) reported a significant increase in both revenue and net profit for the third quarter of 2025 compared to the same period last year [1] - The company's revenue for the third quarter was approximately RMB 74.27 billion, representing a year-on-year increase of 12.72% [1] - The net profit for the third quarter was approximately RMB 13.01 billion, showing a year-on-year increase of 9.53% [1] Group 2 - For the first three quarters of 2025, the company's revenue reached approximately RMB 231.88 billion, which is a year-on-year increase of 14.84% [1] - The net profit for the first three quarters was approximately RMB 57.51 billion, reflecting a year-on-year increase of 24.5% [1] - The basic earnings per share for the third quarter was reported at RMB 0.2 [1]

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 证券代码：600276 证券简称：恒瑞医药 江苏恒瑞医药股份有限公司 2025 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不 ...

（於中華人民共和國註冊成立的股份有限公司） 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 （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10月27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 2025-1 ...

Financial Performance - Total operating revenue for Q3 2025 reached RMB 7,426,888,299.87, representing a year-on-year increase of 12.72%[9] - Net profit attributable to shareholders for the same period was RMB 1,301,063,153.19, reflecting a growth of 9.53% compared to the previous year[9] - The company reported a net profit excluding non-recurring gains and losses of RMB 1,316,501,209.75, which is a 16.89% increase year-on-year[9] - Operating profit for the first three quarters of 2025 reached ¥6.62 billion, a 24.3% increase from ¥5.35 billion in the same period of 2024[29] - Net profit for the first three quarters of 2025 was ¥5.76 billion, up 24.7% compared to ¥4.62 billion in 2024[29] - The company reported a total comprehensive income of ¥5.78 billion for the first three quarters of 2025, compared to ¥4.60 billion in 2024, reflecting a 25.6% increase[30] Cash Flow - The net cash flow from operating activities surged to RMB 4,809,977,038.87, marking a significant increase of 209.78% year-to-date[10] - Cash flow from operating activities for the first three quarters of 2025 was ¥9.11 billion, significantly higher than ¥4.59 billion in 2024, representing a 98.5% increase[34] - The company’s operating cash inflow totaled ¥26.97 billion in the first three quarters of 2025, up from ¥20.55 billion in 2024, marking a 31.5% increase[34] - Cash and cash equivalents as of September 30, 2025, were CNY 40.36 billion, significantly higher than CNY 24.82 billion at the end of 2024, representing a growth of 62.5%[24] - Total cash and cash equivalents at the end of the first three quarters of 2025 amounted to ¥39.77 billion, compared to ¥21.46 billion at the end of 2024, indicating a 85.5% increase[35] - Cash inflow from financing activities in the first three quarters of 2025 was ¥10.78 billion, compared to ¥799 million in 2024, showing a substantial increase[35] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 68,327,540,485.78, up 36.29% from the previous year[13] - Total assets as of September 30, 2025, were CNY 68.33 billion, up from CNY 50.14 billion at the end of 2024, marking an increase of 36.2%[25] - Total liabilities as of September 30, 2025, were CNY 8.30 billion, compared to CNY 4.05 billion at the end of 2024, reflecting a growth of 105.5%[25] - The company's equity attributable to shareholders increased to CNY 59.50 billion as of September 30, 2025, from CNY 45.52 billion at the end of 2024, an increase of 30.7%[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 397,258, with no preferred shareholders reported[19] - The number of shareholders holding ordinary shares totaled 397,258, with 397,246 being A-share holders as of the report date[21] - The company has no related party relationships or concerted actions among the top ten shareholders[21] Expenses - Total operating costs for the first three quarters of 2025 were CNY 16.92 billion, up from CNY 15.09 billion in 2024, reflecting a growth of 12.1%[28] - Research and development expenses for the first three quarters of 2025 amounted to CNY 4.95 billion, compared to CNY 4.55 billion in 2024, indicating an increase of 8.9%[28] Investment Activities - The company reported a net investment loss of CNY 40.82 million for the first three quarters of 2025, compared to a loss of CNY 31.42 million in the same period of 2024[28] - The company received cash from investment activities totaling ¥188 million in the first three quarters of 2025, down from ¥251 million in 2024[34] Earnings Per Share - Basic earnings per share for the reporting period were RMB 0.20, up 5.26% year-on-year[10] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.89, an increase from ¥0.73 in 2024[30] Return on Equity - The weighted average return on equity decreased by 0.24 percentage points to 2.51% for the reporting period[10]

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][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Sinopec Oilfield Service (01033) at 247.50% and Hongye Futures (03678) at 235.59% [1][2] - The top three stocks with the highest deviation values are Shandong Molong (00568) at 49.33%, Northeast Electric (00042) at 23.99%, and Sinopec Oilfield Service (01033) at 20.12% [1][3] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -17.62%, China Merchants Bank (03968) at 0.46%, and Heng Rui Medicine (01276) at 0.64% [1][2] - The bottom three stocks with the lowest deviation values are Shanghai Electric (02727) at -23.60%, China National Foreign Trade Transportation (00598) at -16.42%, and First Tractor Company (00038) at -16.03% [1][3] Group 3: Additional Insights - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the volatility and investment potential in the AH market [2][3]

Summary of Jiangsu Hengrui Conference Call Company Overview - **Company**: Jiangsu Hengrui (1276.HK) - **Industry**: Biopharmaceuticals Key Points Financial Performance - **3Q25 Product Sales Growth**: Estimated to be in the low-teens percentage range year-over-year, with single-digit growth quarter-over-quarter compared to 2Q25 [4][9] - **Net Profit Growth**: Expected to show low-teens percentage growth in 3Q25, with a significant increase in net profits projected at RMB 8,546 million, a 34.9% year-over-year increase [12] - **Revenue Estimates**: Projected revenue for FY25 is RMB 32,121 million, reflecting a 14.8% year-over-year growth [12] Business Development (BD) Outlook - **BD Income**: Anticipated to include a €15 million upfront payment from Merck for GnRH and a portion of the US$500 million upfront payment from GSK related to PDE3/4 [4][9] - **Collaboration Revenue**: Expected to grow significantly, with estimates of RMB 3,741 million for FY25, a 38.5% increase year-over-year [12] Oncology Portfolio Strength - **ESMO 2025 Highlights**: Hengrui showcased 46 oncology projects, with SHR-A1811 (HER2 ADC) demonstrating significant progression-free survival (PFS) improvement in advanced HER2+ breast cancer [5][14] - **SHR-A1811 Results**: Reported median PFS of 30.6 months compared to 8.3 months for the control group, with a competitive profile against Enhertu [15][16] Market Position and Valuation - **Valuation Metrics**: Hengrui A and H shares are trading at 42x and 45x 2026 estimated EPS, with a projected EPS CAGR of 25% from 2024 to 2027 [6] - **Price Target**: Set at HK$86.00, indicating a 13% upside from the current price of HK$76.30 [7] Upcoming Catalysts - **Key Events**: NRDL negotiation in October-November, Phase 3 readout for HRS9531 (GLP-1/GIP injectable) at Obesity Week, and potential new BD deals [6][9] Risks and Considerations - **Upside Risks**: More-than-expected out-licensing deals and faster-than-expected drug sales growth [25] - **Downside Risks**: Potential setbacks in pipeline progress and adverse impacts from VBP on specific drugs [25] Additional Insights - **Pipeline Depth**: Hengrui's pipeline is noted for its depth and breadth, which supports its premium valuation compared to Chinese biopharma peers [6] - **Market Cap**: Current market capitalization is approximately RMB 435.74 billion [7] This summary encapsulates the critical insights from the conference call, focusing on Jiangsu Hengrui's financial performance, business development outlook, oncology portfolio strength, market position, upcoming catalysts, and associated risks.