Company News - Yuanshan Group (00551.HK) reported a cumulative operating income of approximately $6.017 billion for the first nine months, a decrease of 1% year-on-year [2] - Baoshan International (03813.HK) recorded a cumulative operating income of 12.903 billion yuan for the first nine months, down 7.7% year-on-year [2] - Longyuan Power (00916.HK) achieved a cumulative power generation of 56,546,706 MWh in the first nine months, a decline of 0.53% year-on-year; excluding the impact of thermal power, there was a year-on-year increase of 13.81%, with wind power up 5.30% and solar power up 77.98% [2] Financial Performance - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 317 million tons for the first nine months, an increase of 5.56% year-on-year [3] - New China Life Insurance (01336.HK) expects net profit attributable to shareholders for the first three quarters to be between 29.986 billion yuan and 34.122 billion yuan, representing a year-on-year growth of 45% to 65% [3] - Jiangshan Holdings (00295.HK) reported a total power generation of approximately 238,787 MWh for the first nine months, a decrease of 4.83% year-on-year [3] - Morning News Technology (02000.HK) reported an unaudited revenue of 270 million HKD for the first nine months, down 7.6% year-on-year [3] - Dekang Agriculture and Animal Husbandry (02419.HK) sold approximately 7.5509 million pigs in the first nine months, with sales revenue of approximately 14.277 billion yuan [3] Drug Approvals and Developments - Hengrui Medicine (01276.HK) received a clinical trial approval notice for SHR-A2102, a targeted Nectin-4 antibody-drug conjugate (ADC) developed in-house; global sales for similar products are expected to reach approximately $1.949 billion in 2024 according to EvaluatePharma [3] - Hutchison China MediTech (00013.HK) plans to announce FRUSICA-2 registration study data at the 2025 European Society for Medical Oncology annual meeting [3] - CSPC Pharmaceutical Group (01093.HK) had its new drug application for Idaglutide α injection accepted by the National Medical Products Administration [3] Corporate Actions - Huazhen Medical (01931.HK) announced the acquisition of U.S. properties and the establishment of a U.S. subsidiary, ETHK BANK, to promote stablecoins and intellectual property securitization in the U.S. [3] - Lihigh Holdings (08472.HK) plans to invest 24 million HKD in cryptocurrency and commodities [3] - Hisense Home Appliances (00921.HK) and its subsidiaries subscribed to a financial product from Jingu Trust worth 1.739 billion HKD [3] Real Estate Performance - New Town Development (01030.HK) reported cumulative contract sales of 15.050 billion yuan for the first nine months, a decrease of 52.72% year-on-year [3] - Longfor Group (00960.HK) achieved total contract sales of 50.75 billion yuan in the first nine months [3] - CIFI Holdings Group (00884.HK) reported cumulative contract sales of approximately 13.06 billion yuan for the first nine months [3] - Ronshine China Holdings (03301.HK) reported contract sales of 3 billion yuan for the first nine months, down 45.3% year-on-year [3] - Yuzhou Group (01628.HK) reported cumulative sales of 4.913 billion yuan for the first nine months [3] - Yida China (03639.HK) reported contract sales of approximately 572 million yuan for the first nine months, down 24.74% year-on-year [3] Financing and Buyback Activities - Geely Automobile (00175.HK) was approved to issue debt financing instruments totaling no more than 10 billion yuan [3] - HSBC Holdings (00005.HK) repurchased 1.58 million HKD worth of shares at prices ranging from 102.2 to 103.77 HKD [3] - Xiaomi Group-W (01810.HK) repurchased 400 million HKD worth of shares at prices ranging from 47.82 to 50.55 HKD [3] - Shoucheng Holdings (00697.HK) repurchased 890 million HKD worth of shares at prices ranging from 2.21 to 2.27 HKD [3]

Core Viewpoint - Heng Rui Medicine (01276) has received approval from the National Medical Products Administration for clinical trials of SHR-A2102, a targeted antibody-drug conjugate (ADC) [1] Group 1: Product Development - SHR-A2102 is a self-developed ADC targeting Nectin-4, with a payload of topoisomerase I inhibitor (TOP1i) [1] - Nectin-4 is highly expressed in tumors, correlating with tumor progression and poor prognosis [1] Group 2: Market Context - Currently, there is one similar product approved globally, Enfortumab vedotin (brand name: Padcev), with projected global sales of approximately $1.949 billion in 2024 [1] - The cumulative R&D investment for SHR-A2102 has reached approximately 225 million yuan [1]

Core Viewpoint - Recently, the company announced that its subsidiaries received approval from the National Medical Products Administration for clinical trials of three drug candidates, indicating progress in its oncology pipeline [1][2][3] Group 1: Drug Candidates - SHR-A2102 is a targeted antibody-drug conjugate (ADC) developed by the company, which targets Nectin-4 and has a payload of a topoisomerase I inhibitor. It is noted that Nectin-4 is highly expressed in tumors, correlating with tumor progression and poor prognosis. Currently, there is one similar product approved globally, Enfortumab vedotin, with projected global sales of approximately $1.949 billion in 2024. The cumulative R&D investment for SHR-A2102 is about 225 million yuan [1] - SHR-1802 is a humanized monoclonal antibody developed by the company that activates and promotes anti-tumor T cell responses. There are currently no similar products approved in the domestic market. The cumulative R&D investment for SHR-1802 is approximately 62.09 million yuan [2] - Adebali monoclonal antibody injection is a humanized anti-PD-L1 monoclonal antibody that blocks the PD-1/PD-L1 pathway, reactivating the immune system's anti-tumor activity. It was approved for market in February 2023 for first-line treatment of extensive-stage small cell lung cancer. Similar products like Atezolizumab, Avelumab, and Durvalumab have been approved in the U.S., with combined global sales projected to be around $9.648 billion in 2024. The cumulative R&D investment for Adebali is approximately 939 million yuan [3]

Core Viewpoint - 恒瑞医药's subsidiary received approval for clinical trials of SHR-1905 injection, targeting atopic dermatitis, which may present a significant market opportunity given the success of similar products like Tezepelumab [1] Company Summary - 江苏恒瑞医药股份有限公司's subsidiary, 广东恒瑞医药有限公司, has been granted a clinical trial approval notice by the National Medical Products Administration for SHR-1905 injection [1] - The clinical trial application for SHR-1905 was accepted on July 17, 2025, and meets the requirements for drug registration [1] - SHR-1905 is a monoclonal antibody targeting thymic stromal lymphopoietin (TSLP), designed to block the release of inflammatory cytokines and inhibit downstream inflammatory signaling [1] Industry Summary - The global market for similar products, such as Tezepelumab (AstraZeneca/Amgen, marketed as Tezspire), is projected to generate approximately $1.22 billion in sales in 2024 [1] - The total research and development investment for SHR-1905 has reached approximately 209.62 million yuan [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-A2102, a targeted antibody-drug conjugate aimed at Nectin-4, indicating progress in its oncology pipeline [1][2] Group 1: Clinical Trial Approval - The company’s subsidiaries have been granted a clinical trial approval notice for SHR-A2102, which will soon commence trials [1] - The clinical trial is a multi-center, open-label Phase II study focusing on the safety, tolerability, and efficacy of SHR-A2102 in combination with other anti-tumor treatments for patients with advanced solid tumors [1] Group 2: Product Details - SHR-A2102 is a self-developed antibody-drug conjugate targeting Nectin-4, with a payload of topoisomerase I inhibitor [2] - Nectin-4 is highly expressed in tumors, correlating with tumor progression and poor prognosis [2] - Currently, there is one similar product approved globally, Enfortumab vedotin, projected to have global sales of approximately $1.949 billion in 2024 [2] - The cumulative R&D investment for SHR-A2102 has reached approximately 224.84 million yuan [2]

Core Viewpoint - 恒瑞医药's subsidiary received approval for clinical trials of SHR-1905 injection, targeting atopic dermatitis, which may present a significant market opportunity given the success of similar products like Tezepelumab [1] Group 1: Clinical Trial Approval - The company announced that its subsidiary, Guangdong Heng Rui Pharmaceutical Co., Ltd., received the clinical trial approval notice from the National Medical Products Administration for SHR-1905 injection [1] - The clinical trial application for SHR-1905 was accepted on July 17, 2025, and meets the requirements for drug registration [1] Group 2: Product Information - SHR-1905 injection is a monoclonal antibody targeting thymic stromal lymphopoietin (TSLP), which can block the release of inflammatory cytokines and inhibit downstream inflammatory signaling [1] - The product aims to improve inflammatory conditions and control disease progression [1] Group 3: Market Context - Tezepelumab, a similar product developed by AstraZeneca/Amgen, has been approved and is projected to generate approximately $1.22 billion in global sales in 2024 [1] - The cumulative R&D investment for SHR-1905 injection has reached approximately 209.62 million yuan [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of three new drug candidates, indicating a significant advancement in its oncology pipeline [1][2][3] Group 1: Drug Candidates - SHR-A2102 is a targeted antibody-drug conjugate (ADC) developed by the company, which targets Nectin-4 and has shown a strong correlation with tumor progression and poor prognosis. The global sales of a similar product, Enfortumab vedotin, are projected to be approximately $1.949 billion in 2024. The cumulative R&D investment for SHR-A2102 is about 225 million yuan [1] - SHR-1802 is a humanized monoclonal antibody that activates and promotes anti-tumor T cell responses. Currently, there are no similar products approved in the domestic market. The cumulative R&D investment for SHR-1802 is approximately 62.09 million yuan [2] - Adebali monoclonal antibody injection is a humanized anti-PD-L1 monoclonal antibody that reactivates the immune system's anti-tumor activity. It was approved for use in combination with carboplatin and etoposide for first-line treatment of extensive-stage small cell lung cancer in February 2023. Similar products like Atezolizumab and Durvalumab have combined global sales projected to be around $9.648 billion in 2024. The cumulative R&D investment for Adebali is about 939 million yuan [3]

Core Viewpoint - Company subsidiary Guangdong Hengrui Medicine Co., Ltd. has received approval from the National Medical Products Administration for the clinical trial of SHR-1905 injection, targeting atopic dermatitis [1] Group 1: Clinical Trial Approval - The clinical trial application for SHR-1905 injection was accepted on July 17, 2025, and meets the requirements for drug registration [1] - The approval allows the company to conduct clinical trials for atopic dermatitis [1] Group 2: Product Information - SHR-1905 injection is a monoclonal antibody targeting thymic stromal lymphopoietin (TSLP), which can block the release of inflammatory cytokines and inhibit downstream inflammatory signaling [1] - The product aims to improve inflammatory conditions and control disease progression [1] Group 3: Market Context - A similar product, Tezepelumab (AstraZeneca/Amgen, marketed as Tezspire), has been approved and is projected to generate global sales of approximately $1.22 billion in 2024 [1] - The cumulative R&D investment for SHR-1905 injection has reached approximately 209.62 million yuan [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) has received approval from the National Medical Products Administration for clinical trials of three drugs, indicating progress in its research and development pipeline [1] Group 1 - The company’s subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., has been granted approval for the clinical trial of SHR-A2102 [1] - Shanghai Heng Rui Medicine Co., Ltd. has received approval for the clinical trial of Adalimumab injection [1] - Shanghai Shengdi Medicine Co., Ltd. has been authorized to conduct clinical trials for SHR-1802 [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 中國上海 2025年10月13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 ...