登記股東之名稱及地址 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) 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) 2025 年 8 月 26 日 尊敬的 H 股股東 以 電 子 方 式 發 佈 公 司 通 訊 之 安 排 簡介 安排 1. 可供採取行動的公司通訊 3 本公司將以電子通訊方式（通過電子郵件）向 H 股股東個別地發送可供採取行動的公司通訊。如果本公司沒 有獲取 H 股股東的電子郵箱地址或其提供的電子郵箱地址無效 4，本公司將以印刷本形式向其發送可供採取 行動的公司通訊，連同一份索取 H 股股東有效電子郵箱地址的表格，以便將來以電子通訊方式發送可供採取 行動的公司通訊。 - 1 - 2. 公司通訊 本公司將在本公司網站（www.hengrui.com）及聯交所網站（www.hkexnews.h ...

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan to enhance employee motivation and protect investor interests, reflecting confidence in the company's future development prospects and fundamentals [1] Summary by Categories Company Actions - The company plans to repurchase its A-shares using its own funds, with a total amount not less than RMB 1 billion and not exceeding RMB 2 billion [1] - The repurchase price will not exceed RMB 90.85 per share [1] - The repurchased shares will be used for the A-share employee stock ownership plan [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8月26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：2025-132 ...

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. 中國上海 2025年8月26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。 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 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-13 ...

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8月26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 2025-13 ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 757.14%, followed by Hongye Futures (03678) at 249.45% and Andeli Juice (02218) at 240.33% [1][2]. - The top three companies with the highest deviation values are Andeli Juice (34.05%), Beijing Machinery (00187) (26.52%), and Hongye Futures (22.82%) [1][4]. Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Ningde Times (03750) at -16.36%, followed by Hengrui Medicine (01276) at 3.10% and Midea Group (00300) at 6.12% [1][3]. - The bottom three companies with the highest negative deviation values are BYD (01211) (-91.16%), Longpan Technology (02465) (-60.15%), and Northeast Electric (-44.28%) [1][5]. Group 3: Additional Insights on Premium and Deviation - The premium rates for the top ten AH shares range from 186.77% to 757.14%, indicating a strong market preference for certain stocks [2]. - The deviation values for the bottom ten AH shares show significant negative values, suggesting potential undervaluation or market correction opportunities [3][5].

Group 1: Core Insights - The innovative drug business has become the main driver of revenue growth for several listed pharmaceutical companies, with some companies reporting that innovative drug revenue accounts for over 50% of total revenue [1][3] - Traditional pharmaceutical companies are increasingly transforming into innovative drug companies, but international expansion primarily relies on external licensing rather than establishing independent overseas sales systems [1][5] Group 2: Company Performance - Heng Rui Pharmaceutical reported a revenue of 15.762 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with innovative drug sales and licensing income reaching 9.561 billion yuan, accounting for 60.66% of total revenue [3] - Han Sen Pharmaceutical's innovative drug and cooperative product sales reached approximately 6.145 billion yuan, a year-on-year increase of 22.1%, making up 82.7% of total revenue [3] - Yuan Da Pharmaceutical achieved a record revenue of approximately 6.11 billion HKD, with innovative and barrier products accounting for about 51% of total revenue, a nearly 15 percentage point increase year-on-year [4] Group 3: R&D Investment - Heng Rui Pharmaceutical invested 3.871 billion yuan in R&D in the first half of 2025, with over 48 billion yuan cumulatively invested, and more than 100 innovative products in clinical development [4] - Xian Sheng Pharmaceutical's R&D investment rate reached 28.7%, with over 10 billion yuan cumulatively invested over the past decade [4] Group 4: Internationalization and Licensing - Despite the growth in innovative drug revenue, the primary market for domestic pharmaceutical companies remains within China, with only one domestic drug making it to the global top 100 sales list [5] - Companies like Heng Rui Pharmaceutical and Xian Sheng Pharmaceutical are focusing on external licensing as a primary path for internationalization, with Heng Rui having completed 15 external licensing agreements [5]

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies, which may signal potential investment opportunities or shifts in market sentiment. Group 1: Increased Holdings - Shandong Molong (00568) saw the largest increase in Hong Kong Stock Connect holdings, rising by 3.41% to a total holding of 58.38% [2] - ZTE Corporation (00763) experienced a 2.52% increase, bringing its holding to 54.86% [2] - Lens Technology (06613) increased by 2.22%, with a current holding of 11.01% [2] - Other notable increases include Southern Hang Seng Technology (03033) at +2.08% (60.66%) and Beijing Jingcheng Machinery Electric Company (00187) at +1.35% (49.54%) [2] Group 2: Decreased Holdings - Hang Seng China Enterprises (02828) had the largest decrease, down by 2.31% to 1.02% [2] - The Tracker Fund of Hong Kong (02800) decreased by 0.74%, now holding 1.87% [2] - Li Jin Technology (00558) saw a reduction of 0.69%, with a holding of 14.36% [2] - Other significant decreases include Ping An Good Doctor (01833) at -0.65% (19.25%) and Beijing North Star Company (00588) at -0.59% (41.42%) [2] Group 3: Five-Day Changes - Over the last five trading days, ZTE Corporation (00763) had the highest increase in holdings at +7.26% (54.86%) [3] - Longpan Technology (02465) increased by 6.03% to 51.76% [3] - Tongyuan Kang Pharmaceutical-B (02410) rose by 5.38%, now at 14.68% [3] - Significant decreases included Dongyang Sunshine Pharmaceutical (06887) at -3.85% (44.05%) and Zhejiang Shibao (01057) at -2.73% (55.74%) [3] Group 4: Twenty-Day Changes - Longfei Optical Fiber and Cable (06869) had the largest increase over twenty days at +22.04% (56.07%) [4] - Meizhong Jiahe (02453) increased by 12.55% to 37.75% [4] - Other notable increases include Yimai Sunshine (02522) at +11.66% (40.40%) and Kanglong Chemical (03759) at +9.51% (59.33%) [4] - Decreases over twenty days included Chongqing Steel (01053) at -5.91% (32.47%) and Dongfang Electric (01072) at -5.60% (37.80%) [4]

Core Viewpoint - The article highlights the successful transformation of traditional pharmaceutical companies towards innovative drug development, driven by the implementation of drug procurement policies since 2018, which pressured companies reliant on generic drug revenues to adapt and innovate [3][7]. Group 1: Performance of Pharmaceutical Companies - Heng Rui Medicine reported a revenue of 15.762 billion yuan in the first half of 2025, a year-on-year increase of 15.88%, with a net profit of 4.45 billion yuan, up 29.67% [5]. - In the same period, Heng Rui's innovative drug sales and licensing income reached 9.561 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales alone at 7.570 billion yuan [6]. - Hansoh Pharmaceutical achieved approximately 6.145 billion yuan in innovative drug and cooperative product sales, a 22.1% increase, making up 82.7% of total revenue [7]. - Yuan Da Pharmaceutical reported a record revenue of approximately 6.11 billion HKD, with innovative and barrier products accounting for about 51% of total revenue, a nearly 15 percentage point increase year-on-year [7]. - Xiansheng Pharmaceutical's total revenue grew by 15.1% to 3.585 billion yuan, with innovative drug revenue reaching 2.776 billion yuan, a 26% increase, and accounting for 77.4% of total revenue [8]. Group 2: R&D Investments and Internationalization - Heng Rui Medicine invested 3.871 billion yuan in R&D in the first half of 2025, with cumulative R&D investments exceeding 48 billion yuan [9]. - Xiansheng Pharmaceutical reported an R&D investment rate of 28.7%, with over 10 billion yuan invested in the past decade [10]. - China National Pharmaceutical's innovative drug revenue accounted for 44.4% of total revenue, with plans to enhance its innovative drug business through acquisitions, including a recent 500 million USD acquisition of a Shanghai-based innovative drug company [10]. - The article notes that while many pharmaceutical companies are increasing R&D investments, their innovative drug sales are primarily focused on the domestic market, with limited international presence [11]. - Heng Rui has established 15 external authorization collaborations, emphasizing a strategy of combining independent R&D with international partnerships to enhance global market penetration [12]. - Xiansheng Pharmaceutical is accelerating its global layout with successful dual clinical trials in China and the U.S., aiming for sustainable growth through international collaborations [13].

Core Insights - The pharmaceutical industry is witnessing a significant transformation towards innovation, with many companies reporting that innovative drugs now account for over half of their revenues [1] Group 1: Company Performance - Heng Rui Medicine reported a revenue of 15.762 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with net profit reaching 4.45 billion yuan, up 29.67% [2] - Heng Rui's innovative drug sales and licensing income amounted to 9.561 billion yuan, representing 60.66% of total revenue, with innovative drug sales reaching 7.570 billion yuan [2] - Han Sen Pharmaceutical achieved approximately 6.145 billion yuan in innovative drug and cooperative product sales, a year-on-year increase of 22.1%, accounting for about 82.7% of total revenue [3] - Han Sen's total revenue for the first half of 2025 was 7.434 billion yuan, up 14.3%, with net profit of 3.135 billion yuan, a 15% increase [4] - Yuan Da Pharmaceutical reported a record revenue of approximately 6.11 billion HKD, with innovative and barrier products accounting for about 51% of total revenue, a nearly 15 percentage point increase year-on-year [4] - Xian Sheng Pharmaceutical's total revenue grew by 15.1% to 3.585 billion yuan, with adjusted net profit of 651 million yuan, up 21.1%, driven by innovative drug revenue [4] Group 2: R&D Investment - Heng Rui Medicine invested 3.871 billion yuan in R&D in the first half of 2025, with cumulative R&D investment exceeding 48 billion yuan [5] - Xian Sheng Pharmaceutical reported an R&D investment rate of 28.7%, with cumulative R&D investment exceeding 10 billion yuan over the past decade [5] Group 3: Market Expansion and Challenges - China National Pharmaceutical's innovative drug revenue accounted for 44.4% of total revenue, with plans to enhance its innovative drug business through acquisitions, including a recent acquisition of a Shanghai-based innovative drug company for 500 million USD [6] - Despite the growth in innovative drug sales, most companies are still primarily focused on the domestic market, with limited international presence [6][7] - Heng Rui has established 15 external licensing collaborations and is actively seeking partnerships with global pharmaceutical companies to enhance international market penetration [8] - Xian Sheng Pharmaceutical is accelerating its global layout, having achieved three self-researched products going overseas, with external licensing expected to be a sustainable growth source [8]