Summary of Hengrui Medicine (600276.SS) R&D Day Takeaway Company Overview - **Company**: Hengrui Medicine (600276.SS) - **Industry**: Pharmaceuticals, specifically focusing on oncology, metabolism, and respiratory treatments Key Points Pipeline Strategy - Hengrui aims to develop **best-in-disease treatments** by leveraging its resources as a large pharmaceutical company [4] - The oncology pipeline includes: - A **one-stop solution** for breast cancer treatment covering various subgroups with drugs like HER2 TKI, HER2 ADC, CDK4/6i, SERD, and PARPi [4] - Enrollment of **95,000+ patients** in clinical trials for adjuvant therapy across six cancer indications [4] - Research on **10+ indications** for SHR-A1811 (HER2 ADC) and SHR-A2101 (Nectin-4 ADC) in phase 1 [4] - Development of **precision treatments** for pancreatic cancer targeting mutations such as KRAS and MTAP [4] Metabolism Portfolio - Hengrui is addressing obesity with a comprehensive solution that includes: - **HRS-9531** (GLP-1/GIP injection) with a filed NDA, targeting patients with BMI 35+ [4] - **HRS-9531 oral peptide** in phase 2, aiming for better tolerability [4] - **HRS-7535** (oral GLP-1 small molecule) in development as a cost-effective option [4] - **HRS-4729** (GLP-1/GIP/GCGR injection) in phase 1, focusing on weight loss and liver fat reduction [4] Respiratory Pipeline - Hengrui has established a pipeline for respiratory diseases, including: - **SHR-1905** (twice-yearly TSLP mAb) in phase 3 for type 1 and type 2 inflammation [5] - **HRS-9821** (PDE3/4i) in phase 1, offering convenient powder inhalation [5] Global Expansion Strategy - Hengrui is pursuing a **collaboration strategy** for global expansion while building its clinical operation capabilities [6] - Significant progress noted in the **NewCo Kailera** for the GLP-1 portfolio, including: - Completion of phase 1 bridging study for HRS-9531 in Australia and plans for a phase 3 global trial by the end of 2025 [6] - Establishment of a leadership team and hiring of over **150 employees** for operations [6] - Raising **US$600 million** to fund the global phase 3 trial and portfolio expansion [6] Financial Outlook - **Price Target**: Rmb76.11 with a current price of Rmb61.62, indicating an upside of **23.5%** [8] - **Market Cap**: Rmb393.1 billion / $55.6 billion [8] - **Revenue Forecast**: Expected to grow from Rmb27,984.6 million in 2024 to Rmb41,883.6 million by 2027 [8] - **Key Risks**: - Slower ramp-up of innovative drugs post NRDL listing [6] - Potential failure in key late-stage R&D programs [6] - Higher-than-expected R&D and administrative expenses for global expansion [6] - Greater-than-expected price cuts for generics and innovative drugs [6] Technological Advancements - Continuous upgrading of technology platforms, including: - Development of **RIPTAC** for addressing drug resistance [7] - Enhancements in **siRNA** and peptide platforms for better patient compliance [7] - Exploration of innovative linkers and payloads for targeted delivery [7] Conclusion Hengrui Medicine is strategically positioned in the pharmaceutical industry with a robust pipeline across oncology, metabolism, and respiratory treatments. The company's focus on global expansion through collaborations and technological advancements presents significant growth potential, albeit with inherent risks associated with R&D and market dynamics.

Summary of Key Points from 恒瑞医药 Conference Call Company Overview - 恒瑞医药 (Hengrui Medicine) focuses on innovation and internationalization, targeting areas such as oncology, metabolism, cardiovascular, autoimmune, and degenerative diseases. The company has completed 12 licensing transactions since 2023, totaling nearly $28 billion [2][3]. Core Strategies and Innovations - The company has established and iterated platforms for cell therapy, nucleic acid drugs, gene therapy, and protein degradation agents, emphasizing innovative modules to create differentiated treatment solutions [2][6]. - In oncology, 恒瑞医药 has developed a four-pronged collaborative innovation therapy approach, including immunotherapy (PD-1, cytokines, cell therapy), targeted chemotherapy (ADC, peptide-nuclide conjugates), supportive care, and precision medicine (KRAS inhibitors) [2][9]. - In the metabolic disease sector, 恒瑞医药 has multiple oral diabetes products on the market and plans to launch a weight-loss drug, 9,531, by 2026, which has shown promising clinical efficacy and safety [2][10]. Financial and Market Performance - 恒瑞医药 has invested over 50 billion RMB in R&D, successfully launching 24 class 1 innovative drugs. The company has over 100 self-developed new drugs in clinical development and has conducted over 400 clinical trials globally [3][4]. - The sales proportion of innovative drugs increased from 34% in 2021 to 55% in the first half of 2025, with an expected growth rate of over 25% by 2027 [4][11]. Clinical Research and International Expansion - The company has made significant progress in clinical research and internationalization, including the establishment of a new R&D center in Boston and partnerships for drug development [4][20]. - 恒瑞医药 aims to expand its market presence in non-oncology fields, with a focus on cardiovascular and autoimmune diseases, and has established a biopharmaceutical division to support this growth [15][19]. Future Development Goals - 恒瑞医药 plans to launch 47 new products by 2027, with at least five new products expected to be approved by 2026. The company aims to enhance its global presence and achieve sustainable overseas financial returns [12][21]. - The company is also focused on addressing unmet clinical needs in chronic kidney disease (CKD) and has developed a comprehensive pipeline of treatments targeting various aspects of the disease [40][35]. Emerging Trends and Challenges - The prevalence of diabetes and obesity in China is rising rapidly, with significant implications for public health. 恒瑞医药 is positioned to leverage this trend by developing innovative diabetes and weight management solutions [51][56]. - The company is exploring new treatment paradigms, including combination therapies and novel drug delivery methods, to improve patient adherence and outcomes [10][57]. Conclusion - 恒瑞医药 is strategically positioned to capitalize on its innovative drug development and international expansion efforts, with a strong focus on addressing unmet medical needs across various therapeutic areas. The company's commitment to R&D and market diversification is expected to drive future growth and enhance its competitive edge in the global pharmaceutical landscape [2][12][19].

Core Viewpoint - The recent adjustments to the national basic medical insurance directory and the introduction of the commercial insurance innovative drug directory mark significant steps towards enhancing access to innovative treatments in China, particularly for high-cost therapies like CAR-T drugs [2][6]. Summary by Sections National Basic Medical Insurance Directory Adjustments - A total of 114 new drugs were added to the basic medical insurance directory, including 50 first-class innovative drugs [2]. - The total number of drugs in the basic medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3]. - New inclusions cover various fields such as oncology, chronic diseases, mental health, and pediatric medications, with several rare disease treatments also added [3]. Commercial Insurance Innovative Drug Directory - The commercial insurance innovative drug directory aims to include high-innovation drugs that exceed the basic insurance scope but offer significant clinical value and patient benefits [6]. - A total of 121 drugs underwent formal review for the commercial insurance directory, with 24 entering price negotiation, ultimately resulting in 19 drugs from 18 companies being included [6]. - Notable inclusions are five CAR-T therapies, which previously cost over one million yuan per injection, making them unaffordable for many patients [6]. Performance of Pharmaceutical Companies - Several leading pharmaceutical companies have reported their successes in the 2025 national medical insurance negotiations, with Heng Rui Pharmaceutical having 20 drugs included, contributing 7.554 billion yuan to their total revenue [5]. - Innovent Biologics announced that 7 of its new drugs were included in the updated national medical insurance directory, with 12 of its 17 innovative drugs now covered [5]. Specific Drug Inclusions - The directory includes drugs for Alzheimer's disease, such as the monoclonal antibodies from Eisai and Eli Lilly, and several rare disease treatments [7]. - Some high-profile drugs, like Novo Nordisk's semaglutide and Bristol-Myers Squibb's nivolumab, were not included despite passing the formal review [8]. Implementation Timeline - The new directory is set to be officially implemented nationwide on January 1, 2026 [9].

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has successfully included several of its products in the National Medical Insurance Directory, which is expected to enhance the accessibility of its medications and potentially increase sales revenue [1] Group 1: Inclusion of Products - The following products have been newly included in the National Medical Insurance Directory: injection of Rukang Qutuzumab, Apixaban Famitinib Capsules, injection of Funaqi Zhumab, Sulfate Amasitinib Tablets, injection of Phosphorola Pitant Palonosetron, injection of Ruikasi Dantab, Acetate Abiraterone Tablets (II), Liposomal Irinotecan Injection (II), and Regaglitin Metformin Tablets (I)/(II), as well as Perfluorohexyl Octane Eye Drops [1] - New indications for the following products have also been successfully added: injection of Karilizumab, Fluorouracil Capsules, and injection of Fumaric Acid Tegafur [1] - The following products have successfully renewed their contracts to remain in the National Medical Insurance Directory: Maleate Pyrotinib Tablets, Hecorapam Ethanolamine Tablets, Phosphate Regaglitin Tablets, injection of Tanshinone IIA, and Sulfate Pevonedistat Injection [1] Group 2: Adjustments and Management - The indications for Methoxamine Apatinib Tablets and Bupivacaine Liposome Injection have been newly added and adjusted to regular directory management [1]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has successfully included several of its products in the National Medical Insurance Directory, which is expected to enhance market access and potentially increase sales revenue for the company [1] Group 1: Inclusion of Products - The following products have been newly included in the National Medical Insurance Directory: - Injection of Rukang Qutuzumab - Apixaban Famitinib Capsules - Injection of Funaqi Qutuzumab - Sulfate of Amagatin Tablets - Injection of Phosphororapitant Palonosetron - Injection of Ruikaxizumab - Acetate of Abiraterone Tablets (II) - Liposomal Injection of Irinotecan (II) - Regaglitin Metformin Tablets (I)/(II) - Perfluorohexyl Octane Eye Drops [1] - The following products have successfully added new indications to the National Medical Insurance Directory: - Injection of Karilizumab - Fluorouracil Capsules - Injection of Fumaric Acid Tegafur [1] - The following products have successfully renewed their contracts to remain in the National Medical Insurance Directory: - Maleate of Pyrotinib Tablets - Hecorapam Ethanolamine Tablets - Phosphate of Regaglitin Tablets - Injection of Tofisopam - Injection of Sulfapegfilgrastim [1] Group 2: Adjustments and Management - The following products have had new indications added and adjusted to regular directory management: - Mesylate of Apatinib Tablets - Liposomal Injection of Bupivacaine [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12月7日 、馮佶 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 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- ...

Group 1 - The top three companies with the highest short position ratios are Vanke Enterprises (02202) at 22.40%, COSCO Shipping Holdings (01919) at 16.93%, and ZTE Corporation (00763) at 15.67% [1][2] - The companies with the largest absolute increase in short position ratios are UBTECH Robotics (09880) with an increase of 3.27%, Vanke Enterprises (02202) with an increase of 2.80%, and SUTENG (02498) with an increase of 1.62% [1][2] - The companies with the largest absolute decrease in short position ratios are China Civil Aviation Information Network (00696) with a decrease of -5.36%, Beijing Enterprises Water Group (00371) with a decrease of -2.98%, and China Resources Pharmaceutical Group (03320) with a decrease of -1.79% [1][3] Group 2 - The top ten companies with the highest short position ratios include Heng Rui Medicine (01276) at 15.64%, Ping An Insurance (02318) at 13.35%, and Dongfang Electric (01072) at 13.01% [2] - The companies with the largest increase in short position ratios also include Dongfeng Motor Group (00489) with an increase of 1.37% and Dongfang Electric (01072) with an increase of 1.36% [2] - The companies with the largest decrease in short position ratios also include China Everbright Bank (06818) with a decrease of -1.63% and Xiehe New Energy (00182) with a decrease of -1.09% [3][4]

朱国新是恒瑞医药今年引入的第二位跨国药企核心高管，或将 成为这家公司的7号人物。 作者： 刘晓诺 封图：图虫创意 想出海的"医药一哥"，正不断引进有海外经验的"船长"和"大副"。 2025年12月3日，恒瑞医药（600276.SH/01276.HK）宣布提名聘任朱国新为高级副总裁。公开信 息显示，加入恒瑞之前，朱国新曾是跨国公司礼来的新药研发中心副总裁。 胡新辉任副总裁与首席技术官。据公开资料，2005—2018年，胡新辉曾在葛兰素史克、默沙东、 强生、罗氏上海研发中心等多家跨国药企任职。此后，他先后担任云顶新耀（01952.HK）首席技 术官、凯莱英（002821.SZ/06821.HK）首席技术官兼首席商务官。 孙志刚任副总裁与首席质量官。加入恒瑞医药之前，他是绿叶制药（02186.HK）集团高级副总 裁。他曾在美国FDA工作近12年，负责药品质量审评和GMP现场检查等工作。 尹航任副总裁与肿瘤事业部总经理。他曾任职于诺和诺德，2019年加入礼来中国，2021年8月起任 礼来肿瘤事业部副总裁，直至2025年9月离任。 此外，10月10日，恒瑞医药控股的互联网医疗公司医朵云也迎来新高管：前阿斯利康中国副总裁 ...

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at a premium of 900.00% and Ningde Times (03750) at the bottom with a premium of -4.97% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 900.00% with a deviation value of 33.66% [1][4] - Hongye Futures (03678) follows with a premium of 268.44% and a deviation value of 3.75% [2][4] - Sinopec Oilfield Service (01033) ranks third with a premium of 264.47% and a deviation value of 0.08% [1][2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -4.97% with a deviation value of 5.61% [3][5] - China Merchants Bank (03968) has a premium of -3.09% and a deviation value of -2.65% [3][5] - Heng Rui Medicine (01276) shows a premium of 0.15% with a deviation value of -3.16% [3][5] Group 3: Top Deviation Values - Northeast Electric (00042) leads with a deviation value of 33.66% [1][4] - Guanghetong (00638) has a deviation value of 30.36% [4] - Beijing Jingcheng Machinery (00187) follows with a deviation value of 23.74% [4] Group 4: Bottom Deviation Values - GAC Group (02238) has the lowest deviation value at -24.07% [5] - Jiangsu Ninghu Highway (00177) shows a deviation value of -18.32% [5] - Shenzhen Expressway (00548) has a deviation value of -11.27% [5]

一位上市创新药企董事长对经济观察报说："朱国新应该算华人在跨国药企中位子比较高的人了。这个人口碑相当不错，年纪也正当年，应该是1968-1969年 出生。我觉得对今天的恒瑞是一个很好的选择。" 朱国新是恒瑞医药今年引入的第二位跨国药企核心高管。4月，冯佶成为恒瑞医药近年引进的首位跨国药企中国区"一把手"。 她生于1970年，曾就职于上海仁济医院、诺华和安万特。此后，冯佶在阿斯利康工作20多年，曾担任中国区总经理、亚洲区区域副总裁、全球商业洞察与卓 越业务高级副总裁等职务。 10月，恒瑞医药还官宣了三位新任副总裁，均有海外背景： 胡新辉任副总裁与首席技术官。据公开资料，2005—2018年，胡新辉曾在葛兰素史克、默沙东、强生、罗氏上海研发中心等多家跨国药企任职。此后，他先 后担任云顶新耀（01952.HK）首席技术官、凯莱英（002821.SZ/06821.HK）首席技术官兼首席商务官。 经济观察报 记者 刘晓诺 想出海的"医药一哥"，正不断引进有海外经验的"船长"和"大副"。 2025年12月3日，恒瑞医药（600276.SH/01276.HK）宣布提名聘任朱国新为高级副总裁。公开信息显示，加入恒瑞之前，朱国 ...