Core Viewpoint - Heng Rui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac drug HRS-1893, which is currently in Phase III clinical trials, utilizing the "NewCo" model to expand internationally [1][2]. Group 1: Licensing Agreement Details - The agreement allows Braveheart Bio to develop, produce, and commercialize HRS-1893 globally, excluding China, with Heng Rui receiving a total of $75 million upfront, including $32.5 million in cash and $32.5 million in equity [1]. - Heng Rui is also entitled to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties, bringing the total potential value of the agreement to $1.088 billion [1]. Group 2: Product Information - HRS-1893 is a highly selective Myosin small molecule inhibitor that normalizes myocardial contractility, reduces left ventricular hypertrophy, and improves diastolic compliance [2]. - The drug has undergone multiple clinical trials, with Phase I data recently presented at the 2025 European Society of Cardiology (ESC) Congress, and Phase III trials for obstructive hypertrophic cardiomyopathy have been initiated in China [2]. Group 3: Company Strategy and Performance - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration, aiming to strengthen international partnerships to enhance the efficient translation of research outcomes into the global drug innovation network [2]. - The company has completed a total of 16 licensing agreements to date, contributing nearly 2 billion yuan in revenue from licensing transactions in the first half of the year [3].

Core Insights - Heng Rui Medicine has entered into an agreement with Braveheart Bio to license its innovative drug HRS-1893, which is currently in Phase III clinical development for the treatment of obstructive hypertrophic cardiomyopathy (oHCM) [1][2] Group 1 - HRS-1893 is a Myosin selective inhibitor that reduces excessive myocardial contraction by inhibiting ATPase activity, thereby decreasing left ventricular hypertrophy and improving diastolic relaxation [1] - The licensing agreement grants Braveheart Bio exclusive rights to develop, manufacture, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [2] Group 2 - Braveheart Bio will pay a total of $75 million to Heng Rui, which includes a $65 million upfront payment (comprising $32.5 million in cash and $32.5 million in equity) and a $10 million milestone payment upon completion of technology transfer [2] - Heng Rui is eligible to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with sales royalties based on HRS-1893's performance outside the specified regions [2]

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） 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9月5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 2025-141 （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 )刊發了有關本公司與Braveheart ...

Group 1 - The company, Heng Rui Medicine, announced a share buyback of approximately 2.73 million A-shares at a cost of about 18.31 million yuan on September 4, 2025 [1]

Group 1 - The company, Heng Rui Medicine (01276.HK), announced a share buyback on September 4, 2025, spending RMB 18.3139 million to repurchase 270,000 A-shares [1] - The buyback price ranged from RMB 67.75 to RMB 67.97 per share [1]

公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年9月5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（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份 ...

Core Viewpoint - Heng Rui Medicine's subsidiary, Ruishi Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of the RSS0393 ointment, which is a PDE4 small molecule inhibitor designed to alleviate tissue damage and inflammation [1] Group 1: Product Development - RSS0393 ointment is independently developed by the company and targets atopic dermatitis [1] - The ointment works by inhibiting PDE4 activity in various cells, which helps in reducing inflammation [1] - The total R&D investment for the RSS0393 ointment project has reached approximately 28.5 million yuan [1] Group 2: Market Context - Competing products in the market include ARCUTIS's roflumilast cream (ZORYVE®), Pfizer's crisaborole ointment (EUCRISA®), and Otsuka's difamilast ointment (MOIZERTO®) [1] - Roflumilast cream and difamilast ointment are projected to have a combined global sales of approximately 254 million USD in 2024 [1] - Crisaborole ointment has already been approved for sale in the domestic market [1]

Company News - Sun Hung Kai Properties (00016.HK) reported a revenue of HKD 79.721 billion for the fiscal year 2025, an increase of 11.5% year-on-year; net profit reached HKD 19.277 billion, up 1.2% year-on-year [2] - Sincere Watch International (00732.HK) recorded a net operating revenue of approximately HKD 11.011 billion for the first eight months, a decrease of 5.5% year-on-year; in August, the net operating revenue was about HKD 1.445 billion, down 6.5% year-on-year [2] Financial Activities - China Construction Bank (00939.HK) announced that CCB Financial Leasing plans to increase its capital by HKD 3 billion to CCB Shipping and Aviation [3] Pharmaceutical Developments - Heng Rui Medicine (01276.HK) received approval to conduct clinical trials for RSS0393 ointment, which can alleviate tissue damage and inflammation related to atopic dermatitis [4] - Heng Rui Medicine (01276.HK) also received approval for clinical trials of HRS-4729 injection, a tri-agonist for GLP-1R/GIPR/GCGR [4] Real Estate Sales Performance - China Overseas Land & Investment (00688.HK) reported a contracted sales amount of HKD 150.331 billion for the first eight months, a decline of 16.5% year-on-year; August contracted sales were HKD 18.33 billion, down 0.7% year-on-year [5] - Sunac China (01918.HK) recorded a contracted sales amount of approximately HKD 30.47 billion for the first eight months, a decrease of 13% year-on-year; August contracted sales were HKD 5.39 billion, down 26.7% year-on-year [5] - China Overseas Grand Oceans Group (00081.HK) reported a contracted sales amount of HKD 20.783 billion for the first eight months, a decline of 10.6% year-on-year; August contracted sales were HKD 2.133 billion, an increase of 6.1% year-on-year [5] - Gemdale Corporation (00535.HK) reported a total contracted sales of approximately HKD 7.588 billion for the first eight months, a decrease of 39% year-on-year; August contracted sales were HKD 608 million, down 52.9% year-on-year [5] - Hongyang Real Estate (01996.HK) reported a contracted sales amount of HKD 3.506 billion for the first eight months, a decrease of 42.2% year-on-year; August contracted sales were HKD 299 million, down 48.5% year-on-year [5] - Ronshine China Holdings (03301.HK) reported a contracted sales amount of approximately HKD 2.7 billion for the first eight months, a decline of 46.4% year-on-year; August contracted sales were about HKD 130 million, down 87.9% year-on-year [5] Share Buyback Activities - HSBC Holdings (00005.HK) repurchased 2.01 million shares at a cost of approximately HKD 200 million, with prices ranging from HKD 98.75 to HKD 100.3 [6] - Midea Group (00300.HK) repurchased 310,000 shares at a cost of approximately HKD 25.849 million, with prices ranging from HKD 83.3 to HKD 83.5 [6] - Hang Seng Bank (00011.HK) repurchased 210,000 shares at a cost of approximately HKD 23.799 million, with prices ranging from HKD 112.9 to HKD 113.7 [6] - MGM China Holdings (02282.HK) repurchased 1 million shares at a cost of approximately HKD 15.687 million, with prices ranging from HKD 15.58 to HKD 15.97 [6] Shareholding Changes - Kanglong Chemical (03759.HK) completed a share reduction plan, with a total of 26.6729 million shares reduced [6] - Sinopec Limited (00386.HK) canceled 67.624 million shares that had been repurchased [6]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of HRS-4729 injection, a novel triple receptor agonist aimed at improving metabolic regulation and weight loss [1] Group 1: Product Development - HRS-4729 injection is a self-developed peptide drug targeting GLP-1R, GIPR, and GCGR receptors, which enhances energy expenditure and lipid metabolism compared to dual-target drugs [1] - The drug aims to suppress appetite and promote fat oxidation, potentially leading to better weight loss and reduced liver fat [1] - As of now, there are no similar products approved for market release domestically or internationally [1] Group 2: Financial Investment - The cumulative research and development investment for HRS-4729 injection has reached approximately 39.62 million yuan [1]

Group 1 - The company announced its first share buyback of 270,000 A-shares through centralized bidding on September 4, 2025 [1] - The repurchased shares account for 0.004% of the company's total share capital [1] - The highest transaction price was 67.97 CNY per share, while the lowest was 67.75 CNY per share, with a total payment of 18,313,920 CNY (excluding transaction fees) [1] Group 2 - The buyback complies with relevant laws and regulations as well as the company's established share repurchase plan [1]