Core Insights - The company has received approval from the National Medical Products Administration for clinical trials of several new drugs, including SHR-4394, HRS-5041 tablets, Zemeituzumab tablets, and Rivolumab tablets [1][2] Group 1: SHR-4394 - SHR-4394 is a self-developed biopharmaceutical intended for the treatment of prostate cancer, with no similar products approved for sale domestically or internationally [1] - The total R&D investment for SHR-4394 has reached approximately 38.4 million yuan [1] Group 2: HRS-5041 Tablets - HRS-5041 is a new, efficient, and selective AR PROTAC small molecule aimed at treating prostate cancer, showing significant degradation effects on wild-type and most mutant AR proteins [1] - There are currently no similar products approved for sale domestically or internationally, with a total R&D investment of about 92.66 million yuan [1] Group 3: Zemeituzumab Tablets - Zemeituzumab is a new, efficient, and selective oral EZH2 inhibitor approved for the treatment of adult patients with relapsed or refractory peripheral T-cell lymphoma (R/R PTCL) who have received at least one line of systemic therapy [2] - Similar products include Tazemetostat and Valemetostat, with Tazverik's global sales projected to be approximately 51 million dollars in 2024 [2] - The total R&D investment for Zemeituzumab has reached about 217 million yuan [2] Group 4: Rivolumab Tablets - Rivolumab is a second-generation AR inhibitor with stronger AR inhibition and no agonistic effects, approved for the treatment of high-burden metastatic hormone-sensitive prostate cancer (mHSPC) patients [2] - Competing products include Enzalutamide, Apalutamide, and Darolutamide, with global sales of similar products projected to be around 11.037 billion dollars in 2024 [2] - The total R&D investment for Rivolumab has reached approximately 697 million yuan [2]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of multiple drugs, indicating progress in its oncology treatment pipeline [1] Group 1: Drug Approvals - Jiangsu Heng Rui Medicine Co., Ltd. and its subsidiaries have been granted clinical trial approval for SHR-4394, HRS-5041 tablets, Zemeituo Sita tablets (SHR-2554), and Ruvelamine tablets [1] - The approval is based on compliance with the requirements for drug registration as per the Drug Administration Law of the People's Republic of China [1] Group 2: Clinical Trials - The clinical trials will focus on the safety, tolerability, and efficacy of SHR-4394 or HRS-5041 in combination with anti-tumor treatment in participants with prostate cancer [1] - The trials are categorized as multi-center and open-label Phase II studies [1]

江蘇恒瑞醫藥股份有限公司 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） Jiangsu Hengrui Pharmaceuticals Co., Ltd. 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-005 江苏恒瑞医药股份有限公司 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1月9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。 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。 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 ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.81%, 18.09%, and 16.45% respectively [1][2] - The companies with the largest increase in short positions are Lens Technology (06613), Shangmei Co., Ltd. (02145), and Youran Dairy (09858), with increases of 2.38%, 0.97%, and 0.64% respectively [1][2] - The companies with the largest decrease in short positions are Sanhua Intelligent Control (02050), SenseTime-W (00020), and Ganfeng Lithium (01772), with decreases of -1.93%, -1.22%, and -1.06% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Hengrui Medicine (01276) at 15.21%, ZTE Corporation (00763) at 14.26%, and Ping An Insurance (02318) at 14.10% [2] - The companies with the most significant increase in short ratios also include China Merchants Bank (03968) at 7.77% and Laopu Gold (06181) at 4.27% [2] - The companies with the most significant decrease in short ratios also include Zhongchuang Zhiling (00564) at 4.15% and Weichai Power (02338) at 4.93% [2]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 785.25%, Zhejiang Shibao (01057) at 448.59%, and Nanjing Panda Electronics (00553) at 286.79% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -10.95%, China Merchants Bank (03968) at -1.58%, and Heng Rui Medicine (01276) at -0.35% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The deviation values for the top three companies are led by Zhejiang Shibao (01057) at 113.76%, Nanjing Panda Electronics (00553) at 79.68%, and Goldwind Technology (02208) at 69.37% [1] - The companies with the lowest deviation values include Northeast Electric (00042) at -93.22%, Chenming Paper (01812) at -28.66%, and CICC (03908) at -22.09% [1][2] - The article notes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Summary of Key Points Core Viewpoint - The Hong Kong IPO market in 2025 demonstrated remarkable vitality, attracting 119 companies and raising a total of HKD 285.6 billion, marking a year-on-year increase of 224%, making it the largest fundraising market globally [2][6]. Group 1: Listing Overview - A total of 119 companies successfully listed on the Hong Kong Stock Exchange in 2025, with 118 on the main board and 1 on the GEM board [3]. - The listing methods diversified, including 1 introduction listing, 2 SPAC reverse mergers, and 2 GEM transfers to the main board, indicating a more flexible approach to listing [3][6]. Group 2: Fundraising Scale - The total fundraising amount for the 114 effective listings (excluding special listings) reached HKD 285.87 billion, a significant increase of 226% compared to 2024, with a growth of over HKD 198 billion [6]. - 19 companies achieved dual listings (A+H), raising a total of HKD 141.9 billion, accounting for 50% of the total fundraising [9]. Group 3: Industry Distribution - The healthcare sector led with 20 listings (nearly 17% of total), reflecting strong capital demand from innovative pharmaceutical and medical service companies [11]. - The consumer retail sector had 14 listings, primarily from tea and food chain brands, driven by the recovery in consumer spending [11]. - The industrial materials and technology sectors each had 10 listings, focusing on high-end manufacturing and hard technology, respectively [11]. Group 4: Regional Distribution - The majority of listings were concentrated in the eastern coastal economic belt, particularly in the Yangtze River Delta, which accounted for over 30 listings [14]. - Other regions like Guangdong, Beijing, and Fujian had around 10 listings each, while listings from central and western regions were minimal [14]. Group 5: Market Outlook - The Hong Kong market is expected to benefit from external factors such as the Federal Reserve's interest rate cuts and stable RMB exchange rates, enhancing its attractiveness to global capital [17]. - The outlook for 2026 suggests a shift from liquidity-driven growth to profit-driven growth, with sectors like AI, renewable energy, and biomedicine showing long-term potential [17].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [5]. Core Insights - The company has received approval for its innovative drug, Ruira Fup α, which is a dual-function fusion protein targeting PD-L1 and TGF-βRII, marking it as the first of its kind to be approved in the market [5][8]. - The company has a robust pipeline with over 300 new drugs under development, and it is expected to launch 7 new drugs by 2025, with Ruira Fup α being approved at the start of 2026 [8]. - The company is actively pursuing business development (BD) transactions, with expected revenues from these deals exceeding USD 16 billion, which will significantly enhance profitability [8]. - Projected net profits for the company are estimated at RMB 10.1 billion, RMB 9.1 billion, and RMB 10.4 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 59.3%, -9.9%, and 14.5% [10]. Financial Summary - The company’s revenue is projected to grow from RMB 22.82 billion in 2023 to RMB 45.40 billion by 2027, reflecting a strong growth trajectory [12]. - The earnings per share (EPS) are expected to be RMB 1.52, RMB 1.37, and RMB 1.57 for the years 2025, 2026, and 2027 respectively, with a notable increase in 2025 [10]. - The company’s net profit margin is projected to be 18.5% in 2025, decreasing to 16.5% in 2026, and recovering to 17.5% in 2027 [10].

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Zhejiang Shibao (01057) at 433.39%, and Hongye Futures (03678) at 275.07% [1] - The bottom three companies with the lowest AH premium rates are Ningde Times (03750) at -12.17%, Hengrui Medicine (01276) at -1.77%, and China Merchants Bank (03968) at -0.48% [1] - The article also lists the top three companies with the highest deviation values: Zhejiang Shibao (01057) at 104.40%, Goldwind Technology (02208) at 57.76%, and Nanjing Panda Electronics (00553) at 27.70% [1] Group 2 - The companies with the lowest deviation values include Northeast Electric (00042) at -95.85%, Chenming Paper (01812) at -26.90%, and Nanhua Futures (02691) at -19.11% [2] - The top ten AH stocks by premium rate include Sinopec Oilfield Service (01033) at 266.67% and Fudan Zhangjiang (01349) at 242.24% [1] - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) at 4.34% and Weichai Power (02338) at 7.12% [1]

瑞拉芙普α注射液是公司自主研发并具有知识产权的抗PD-L1/TGF-βRII双功能融合蛋白，本品能够通过 特异性阻断PD-1/PD-L1的相互作用，同时中和肿瘤微环境中的TGF-β，发挥抗肿瘤作用。经查询，国内 外尚无同类产品获批上市。截至目前，瑞拉芙普α注射液相关项目累计研发投入约71,130万元。 全球胃癌年新发病例近百万，死亡病例逾65.5万例。我国晚期胃癌患者占比高，预后不佳，疾病诊疗形 势更为严峻。免疫治疗是当前晚期胃癌一线标准治疗措施之一，然而目前免疫单抗治疗对于患者长期生 存改善有限，尤其在胃癌肝转移人群等难治性人群中表现不佳，患者亟待革新治疗方案以改善预后。 格隆汇1月7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")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")的通知，批准公司自主 研发的1类创新药瑞拉芙普α注射液上市。 ...

全球胃癌年新发病例近百万，死亡病例逾65.5万例。我国晚期胃癌患者占比高，预后不佳，疾病诊疗形 势更为严峻。免疫治疗是当前晚期胃癌一线标准治疗措施之一，然而目前免疫单抗治疗对于患者长期生 存改善有限，尤其在胃癌肝转移人群等难治性人群中表现不佳，患者亟待革新治疗方案以改善预后。 瑞拉芙普α注射液是公司自主研发并具有知识产权的抗 PD-L1/TGF-βRII 双功能融合蛋白，本品能够通 过特异性阻断PD-1/PD-L1的相互作用，同时中和肿瘤微环境中的TGF-β，发挥抗肿瘤作用。经查询，国 内外尚无同类产品获批上市。截至目前，瑞拉芙普α注射液相关项目累计研发投入约71130万元。 智通财经APP讯，恒瑞医药(01276)发布公告，近日，公司子公司苏州盛迪亚生物医药有限公司收到国家 药品监督管理局的通知，批准公司自主研发的1类创新药瑞拉芙普α注射液上市。 ...