Group 1 - The company, Heng Rui Medicine, has received conditional approval from the National Medical Products Administration for its innovative drug, Zemeituosita Tablets (SHR2554), which is intended for adult patients with relapsed or refractory peripheral T-cell lymphoma (R/RPTCL) who have previously undergone at least one line of systemic therapy [1] - Zemeituosita Tablets is noted as the first independently developed EZH2 inhibitor in China [1]

Core Viewpoint - Heng Rui Medicine's subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., has received a notice of acceptance from the National Medical Products Administration for the drug listing application of HRS9531 injection, indicating progress in the company's product pipeline [1] Group 1: Product Information - HRS9531 injection is intended for long-term weight management in adults with a body mass index (BMI) of ≥28 kg/m² (obesity) or ≥24 kg/m² (overweight) with at least one weight-related comorbidity, such as hyperglycemia, hypertension, dyslipidemia, obstructive sleep apnea, or fatty liver [1]

Group 1 - The core point of the article is that Heng Rui Medicine has received conditional approval from the National Medical Products Administration for its self-developed innovative drug, SHR2554 tablets, for adult patients with relapsed or refractory peripheral T-cell lymphoma who have previously undergone at least one line of systemic therapy [1] Group 2 - SHR2554 tablets are the first self-developed EZH2 inhibitor in China, representing a new, efficient, and selective oral EZH2 inhibitor [2] - The global sales of Tazverik, an EZH2 inhibitor developed by Epizyme, are projected to reach approximately $51 million in 2024 [2] - The cumulative R&D investment for SHR2554 tablets has reached approximately 213 million yuan [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. （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 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） 孫飄揚先生 中國上海 2025年9月1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 2025-134 ...

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9月1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 2025-133 ...

FF301 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01276 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 258,197,600 | RMB | | 1 RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | 1 RMB | | 258,197,600 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 785.25%, Hongye Futures (03678) at 247.54%, and Andeli Juice (02218) at 235.17% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -13.42%, Hengrui Medicine (01276) at 2.98%, and Midea Group (00300) at 5.69% [1] - The article also lists the companies with the highest deviation values, with Jinli Permanent Magnet (06680) at 38.75%, Beijing Machinery (00187) at 24.13%, and Zhejiang Shibao (01057) at 20.83% [1] Group 2 - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 227.99% and Sinopec Oilfield Service (01033) at 217.95% [1] - The bottom ten AH stocks by premium rate include Zijin Mining (02899) at 5.95% and China Merchants Bank (03968) at 8.52% [1] - The article provides a detailed table of the top and bottom AH stocks, including their H-share prices, A-share prices, premium rates, and deviation values [1][2]

Summary of Hengrui - A Conference Call Company Overview - **Company**: Hengrui - **Industry**: Pharmaceuticals - **Market Cap**: Approximately $57.83 billion [11] Key Financial Highlights - **1H25 Performance**: Strong fundamentals with solid innovative product sales and out-licensing deals [2] - **Revenue Estimates**: - FY24A: Rmb 27,985 million - FY25E: Rmb 32,366 million - FY26E: Rmb 35,285 million [24] - **Adjusted EPS Growth**: - FY25E: Rmb 1.35 (up from Rmb 1.23) - FY26E: Rmb 1.46 [7][12] - **Price Target**: Increased to Rmb 69 (from Rmb 52) based on a 48x P/E for FY26E [2][5] Core Business Insights - **Innovative Pipeline**: - 4 innovative drugs under NDA review in China - 18 new molecules in Phase 3 development (6 in oncology) - Approximately 30 in Phase 2 (16 in oncology) [2] - **Out-Licensing Strategy**: - Licensing income expected to become a recurring revenue component, estimated to reach ~Rmb 6 billion by 2033 [19] - Management highlighted successful global development of out-licensed assets, including trials by partners like GSK and IDEAYA [9] - **Global Expansion**: - Strategy to conduct clinical development and commercialization overseas independently [18] - Establishment of a global commercial and strategy team to evaluate market opportunities [18] Operational Efficiency - **R&D and S&M Expenses**: - R&D expense ratio expected to remain below 30% - S&M expense ratio anticipated to decline as product sales increase [19] - **Efficiency Improvements**: Focus on improving operational efficiency rather than expanding the S&M team significantly [19] Valuation and Risks - **Valuation Methodology**: DCF valuation with a terminal growth rate of 4% and WACC of 9.6% [21] - **Key Risks**: - Downside risks include potential rejection of PD-1 marketing application by the FDA and underperformance of ADC program clinical data [22] - Upside risks include stronger-than-expected sales growth and earnings [22] Market Performance - **Stock Performance**: - Year-to-date increase of 41.6% - 12-month relative performance of 13.6% [11] Conclusion - **Investment Rating**: Neutral due to high current valuation compared to peers, despite strong fundamentals and growth potential [12][20]

Core Insights - The article highlights the top and bottom AH share premium rates as of August 29, with Northeast Electric (00042) leading at 785.25% and Ningde Times (03750) at -13.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 785.25% with a deviation value of 5.90% [2] - Andeli Juice (02218) follows with a premium rate of 253.20% and a deviation value of 40.75% [2] - Hongye Futures (03678) ranks third with a premium rate of 246.76% and a deviation value of 17.02% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -13.55% with a deviation value of 6.61% [2] - Heng Rui Medicine (01276) shows a premium rate of 4.11% and a deviation value of 7.74% [2] - China Merchants Bank (03968) has a premium rate of 7.02% with a deviation value of 1.87% [2] Group 3: Top AH Share Deviation Values - Jinli Permanent Magnet (06680) leads with a deviation value of 42.99% and a premium rate of 121.34% [3] - Andeli Juice (02218) again appears with a deviation value of 40.75% [3] - Zhejiang Shibao (01057) has a deviation value of 25.37% [3] Group 4: Bottom AH Share Deviation Values - BYD Company (01211) has the lowest deviation value at -66.83% with a premium rate of 19.42% [3] - Longpan Technology (02465) follows with a deviation value of -46.69% [3] - Great Wall Motors (02333) has a deviation value of -22.48% [3]

Core Viewpoint - Heng Rui Medicine (01276) has shown a strong performance with a more than 5% increase in stock price following the release of its mid-term results, indicating positive market sentiment towards the company's growth prospects [1] Financial Performance - The company reported a 16% year-on-year increase in revenue for the first half of the year, with product sales revenue growing approximately 13% after excluding collaboration income, driven primarily by rapid growth in innovative drug sales [1] - The stock price rose by 5.02%, reaching 76.3 HKD, with a trading volume of 387 million HKD [1] Share Buyback and Employee Stock Plan - Heng Rui Medicine plans to repurchase shares worth approximately 1 to 2 billion HKD for an employee stock ownership plan [1] - The conditions for full unlocking of this plan include achieving over 25% annual growth in innovative drug sales from 2025 to 2027, filing 5 to 8 new NDAs (including new indications) each year, and nearly 20 new molecular entity INDs [1] Innovation and Growth Strategy - Huayuan Securities highlighted the continuous growth in the company's innovative revenue and a positive trend in its transformation towards innovation [1] - The company has achieved multiple significant business development (BD) deals, with international expansion becoming an important second growth curve [1] - Heng Rui Medicine's well-structured and high-quality innovation pipeline presents numerous potential transaction opportunities, and as the company accelerates its internationalization process, the pipeline is expected to contribute to normalized profits, providing new growth points [1]