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 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 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8月25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 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 743.75%, Hongye Futures (03678) at 241.98%, and Andeli Juice (02218) at 236.37% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -16.43%, Heng Rui Medicine (01276) at 1.82%, and Midea Group (00300) at 4.90% [1] - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Andeli Juice (02218) at 32.29%, Jinli Permanent Magnet (06680) at 22.19%, and Beijing Machinery (00187) at 20.80% [1] - The companies with the lowest deviation values include BYD Company (01211) at -98.36%, Northeast Electric (00042) at -64.84%, and Longpan Technology (02465) at -51.92% [1][2] - The article emphasizes 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 Hengrui Medicine Conference Call Company Overview - **Company**: Hengrui Medicine (600276.SS) - **Industry**: Pharmaceuticals, specifically focusing on innovative drugs and licensing Key Points Industry and Company Performance - **Sustainable Collaboration Income**: Hengrui's management indicated that business development (BD) revenue is expected to become a sustainable income source, with over 100 clinical-stage assets and more than 20 new projects entering clinical stages annually [1][2] - **Overseas Development Progress**: The company reported smooth progress in overseas development for licensed assets, including: - **HRS9531 (GLP-1/GIP)**: Global phase 3 clinical trial initiation planned by Kailera, pending FDA discussions - **SHR-1905 (TSLP mAb)**: GSK has commenced phase 2 studies - **HRS-1167 (PARP1)**: Merck KGaA has started phase 1b clinical trials - **SHR-4849 (DLL3 ADC)**: IND application filed with the FDA [1] Sales and Growth Targets - **Innovative Drug Sales Targets**: Hengrui aims for domestic innovative drug sales to reach RMB 15.3 billion, RMB 19.2 billion, and RMB 24 billion for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate (CAGR) of over 25% [2] - **Sales Team Restructuring**: The company is optimizing its sales team structure, establishing a specialized team for biologic drugs, and expects a gradual decline in selling expenses as a percentage of product sales over the next two years [2] Financial Projections - **Earnings Estimates Revision**: Post-results, earnings estimates were revised by 0%, +24%, and +25% for 2025, 2026, and 2027 respectively, driven by anticipated growth in collaboration income [3] - **Price Target Update**: The 12-month price target was adjusted to RMB 77.57 from RMB 70.26, reflecting updated earnings estimates [3] Valuation and Risks - **Valuation Methodology**: The price target is based on a long-term exit P/E valuation for the generics business and a risk-adjusted DCF for innovative drugs, with key risks including: - Slower ramp-up of innovative drugs post-NRDL listing - Potential failures in late-stage R&D programs - Higher-than-expected R&D and administrative expenses for global expansion - Greater-than-expected price cuts for generics and innovative drugs [4][8] Financial Metrics - **Market Capitalization**: RMB 414.5 billion / $57.7 billion - **Revenue Projections**: Expected revenues for 2025, 2026, and 2027 are RMB 27.98 billion, RMB 33.76 billion, and RMB 38.04 billion respectively [9] Additional Insights - **R&D Expenditure**: Management noted that R&D expenditure is expected to remain around 30% of total revenue, indicating a strong commitment to innovation [2] - **Collaboration with GSK**: A recent collaboration with GSK on PDE3/4i and 11 early-stage assets includes an upfront payment of $500 million, which will be recognized based on fulfillment progress [1] This summary encapsulates the essential insights from the conference call regarding Hengrui Medicine's strategic direction, financial outlook, and industry positioning.

Group 1: Hang Seng Index Changes - China Telecom (00728), JD Logistics (02618), and Pop Mart (09992) will be included in the Hang Seng Index, increasing the number of constituent stocks from 85 to 88 [1][4]. - All changes will take effect after the market closes on September 5, 2025, and will be effective from September 8, 2025 [4]. Group 2: Hang Seng China Enterprises Index - Pop Mart will be included in the Hang Seng China Enterprises Index, maintaining the total number of constituent stocks at 50 [3]. Group 3: Hang Seng Composite Index Changes - China Foods (00506) and Jiangsu Hengrui Medicine (600276) will be added to the Hang Seng Composite Index, while companies like Crown City Watch and Jewelry (00256) and Sipai Health (00314) will be removed. The total number of constituent stocks will increase from 502 to 504 [8][9].

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。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 孫飄揚先生 中國上海 2025年8月22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。 （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 二、说明会召开的时间、地点 会议召开时间：2025 年 9 月 1 日下 ...

Group 1 - The top three companies with the highest short positions as of August 15 are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 14.92%, 14.41%, and 13.40% respectively [1][2] - The companies with the largest absolute increase in short positions are Heng Rui Medicine (01276), Yao Cai Securities (01428), and Modern Animal Husbandry (01117), with increases of 2.49%, 1.34%, and 1.31% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), WuXi AppTec (02359), and Fourth Paradigm (06682), with decreases of -2.98%, -2.67%, and -2.28% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Ping An Insurance (02318) at 12.46%, Green Leaf Pharmaceutical (02186) at 12.36%, and Vanke Enterprises (02202) at 12.13% [2] - The companies with the most significant increases in short ratios include Heng Rui Medicine (01276) from 0.51% to 2.99%, Yao Cai Securities (01428) from 3.47% to 4.81%, and Modern Animal Husbandry (01117) from 4.74% to 6.05% [2] - The companies with the most significant decreases in short ratios include Ganfeng Lithium (01772) from 13.32% to 10.34%, WuXi AppTec (02359) from 17.59% to 14.92%, and Fourth Paradigm (06682) from 2.74% to 0.46% [2][3]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 757.14%, Andeli Juice (02218) at 241.27%, and Hongye Futures (03678) at 236.23% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -17.71%, Hengrui Medicine (01276) at 0.88%, and Midea Group (00300) at 6.01% [1] - The article also lists the top three companies with the highest deviation values, which are Andeli Juice (02218) at 39.59%, Beijing Machinery (00187) at 28.23%, and Kaisen New Energy (01108) at 18.28% [1] Group 2 - The article provides a detailed table of the top ten AH stocks by premium rate, showing significant premiums for companies like Northeast Electric and Andeli Juice [1] - It also includes a table of the bottom ten AH stocks by premium rate, indicating negative premiums for companies like Ningde Times and Hengrui Medicine [2] - The deviation values for the top ten AH stocks are presented, with Andeli Juice leading, indicating a significant difference from their average premium rates over the past 30 days [2]

Investment Rating - The report assigns a neutral rating to the company with a target price of HKD 70.40, indicating a potential downside of 9.4% from the current closing price of HKD 77.75 [6][11]. Core Insights - The company has experienced significant growth in innovative drug sales, with a year-on-year revenue increase of 16% in 1H25, driven by a 23% increase in innovative drug sales, which now account for 55% of product sales revenue [6][12]. - The management plans to increase R&D investment while keeping the total R&D expenditure as a percentage of total revenue below 30% [6]. - The company has achieved several business development (BD) milestones, including the approval of six innovative drugs in 1H25 and expectations to launch 47 new products and indications from 2025 to 2027 [6][12]. Summary by Sections Financial Performance - In 1H25, the company reported a revenue of approximately RMB 20 billion from collaboration income, up from RMB 14 billion in 1H24 [6]. - The gross margin improved by 0.4 percentage points to 86.6%, with a notable decrease in selling, general, and administrative (SG&A) expenses and R&D expense ratios [6][12]. - The projected revenue for 2025 is RMB 32,543 million, with a net profit forecast of RMB 7,698 million [12]. Business Development - The company has successfully completed three overseas agreements in 2025, including a deal with GSK valued at approximately USD 12 billion [6]. - The management's targets for the employee stock ownership plan include achieving over 25% annual growth in innovative drug sales and submitting 5-8 new drug applications each year from 2025 to 2027 [6]. Valuation - The report raises the revenue forecast for 2025-2027 by about 2% and the net profit forecast by 7-8% to reflect the contributions from various BD transactions and expected improvements in profit margins [6][12]. - The DCF valuation model indicates a fair value of HKD 70.40 per share, with no premium or discount applied to the Hong Kong shares compared to A-shares [6][7].

8月20日，恒瑞医药（股票代码：600276.SH；01276.HK）发布2025年半年度报告。报告显示，2025年 上半年，公司实现营业收入157.61亿元，同比增长15.88%；归属于上市公司股东的净利润44.50亿元， 同比增长29.67%；经营性现金流净额达43.00亿元，同比增长41.80%。营收、净利及经营性现金流净额 均创往年同期新高，业绩进入爆发增长期。公司持续加大创新力度，维持较高的研发投入，报告期内公 司研发投入38.71亿元，其中费用化研发投入32.28亿元。 为了增强团队凝聚力及公司核心竞争力，充分发挥长效激励机制，恒瑞医药还同时公告将回购10-20亿 元的股份，用于实行新的员工持股计划，2025年激励规模不超过1400万股。 创新药销售引领业绩增长，对外许可成常态化业务 从业绩角度来看，持续的高强度研发投入加快公司转型升级步伐，公司迈入了创新药丰收期，创新药收 入持续提升。2025年上半年公司创新药销售及许可收入95.61亿元，占公司营业收入比重60.66%，其中 创新药销售收入75.70亿元。瑞维鲁胺、达尔西利、恒格列净等医保内创新药优异的临床数据在实践中 得到广泛验证，临床价值获 ...

Summary of Hengrui Medicine Earnings Call Company Overview - **Company**: Hengrui Medicine (600276.SS) - **Industry**: Pharmaceuticals, Biotech & Medtech Key Financial Highlights - **2Q Revenue**: Rmb8.6 billion, representing a **12.5% year-over-year (y/y)** increase [1] - **Product Sales**: Approximately Rmb7.1 billion, up **15% y/y**, accelerating from **11% y/y** in 1Q25 [1] - **1H Product Sales Growth**: **13% y/y**, comparable to Hansoh (+13.2% y/y) and outperforming Sino Biopharm (+11% y/y) [1] - **Earnings**: Rmb2.6 billion for 2Q, a **25% y/y** increase, exceeding expectations [3] - **Core Product Sales Profits**: Approximately Rmb1.34 billion, growing **56% y/y** [3] - **R&D Expenses**: Decreased by **7% y/y**, constituting **20% of total sales** compared to **24% in 2Q24** [3] Product and Market Dynamics - **Innovative Drugs Growth**: Over **20% growth** in novel drugs contributing to overall sales [1] - **Generic Sales**: Slight growth in 1H, but domestic portfolio under pressure due to regional Value-Based Pricing (VBP) [1] - **Export Performance**: Exports of bupivacaine liposome and nab-pac to the U.S. market helped mitigate risks [1] Collaboration and Licensing - **Collaboration Income**: Rmb1.5 billion booked from licensing-out deals, including a deal with Merck [2] - **Future Income Potential**: Additional payments expected from deals with Merck KGaA and GSK, potentially doubling collaboration income for FY25 to around Rmb5.7 billion (+110% y/y) [2] Operational Efficiency - **Gross Margin**: Stable at **87.8%** in 2Q25, same as 2Q24 [3] - **Selling Expenses**: Reduced to **34%** of product sales in 2Q25 from **35%** in 2Q24, indicating improved efficiency [3] Strategic Focus Areas - **Upcoming Earnings Call**: Scheduled for August 21, 2025, focusing on overseas R&D, internal pipeline assets, and commercialization strategies for new drugs [8] - **Pipeline Development**: Increased cash balance from Rmb24.8 billion at YE24 to Rmb36.1 billion at 1H25, providing flexibility for pipeline development and acquisitions [7] Risks and Valuation - **Price Target**: Rmb70.26 with an **11.8% upside** from current price of Rmb62.85 [10] - **Key Risks**: Include slower ramp-up of innovative drugs, potential failures in late-stage R&D, and higher-than-expected expenses for global expansion [9] Conclusion Hengrui Medicine demonstrates strong financial performance with significant growth in innovative drug sales and collaboration income. The company is strategically positioned for future growth, although it faces risks related to R&D and market dynamics.