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]

Group 1 - The company, Heng Rui Medicine (01276.HK), has received approval from the National Medical Products Administration (NMPA) for the clinical trial of HRS-6093 tablets [1] - The clinical trials for HRS-6093 will commence shortly following the approval [1]

Core Viewpoint - Heng Rui Medicine (01276) announced that its subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration (NMPA) for the clinical trial of HRS-2162 injection, a new generation muscle relaxant antagonist [1] Group 1 - HRS-2162 injection is designed to counteract the pharmacological effects of muscle relaxants and rapidly restore muscle tone [1] - Currently, there are no similar products approved for marketing in both domestic and international markets [1] - The total research and development investment for the HRS-2162 injection project has reached approximately 28.25 million yuan [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) has received approval from the National Medical Products Administration for the clinical trial of HRS-6093 tablets, a novel and selective oral KRAS G12D inhibitor aimed at targeting KRAS G12D mutation proteins for anti-tumor effects [1] Group 1 - The company has announced the approval of a clinical trial for HRS-6093 tablets [1] - HRS-6093 is characterized as a new, efficient, and selective oral KRAS G12D inhibitor [1] - The drug specifically binds to KRAS G12D mutated proteins to exert anti-tumor effects [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) announced that its subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of HRS-2162 injection, a new generation muscle relaxant antagonist, which will soon commence clinical trials. Currently, there are no similar products approved for sale domestically or internationally [1]. Company Summary - Heng Rui Medicine's subsidiary has received a clinical trial approval for HRS-2162 injection [1]. - HRS-2162 is identified as a new generation muscle relaxant antagonist that can counteract the pharmacological effects of muscle relaxants and rapidly restore muscle tone [1]. - The absence of similar products in the market highlights a potential competitive advantage for Heng Rui Medicine [1].

Core Viewpoint - Heng Rui Medicine (01276) has received approval from the National Medical Products Administration for clinical trials of HRS-6093, a novel oral KRAS G12D inhibitor, which is expected to have significant anti-tumor effects [1] Group 1 - The clinical trial approval for HRS-6093 indicates a strategic advancement in the company's oncology pipeline [1] - HRS-6093 is a selective and efficient oral inhibitor specifically targeting the KRAS G12D mutation, which is crucial for certain cancer treatments [1] - Currently, there are no similar products approved for market in both domestic and international markets, highlighting a potential competitive advantage for the company [1] Group 2 - The total research and development investment for the HRS-6093 project has reached approximately 29.84 million yuan [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：600276 证券简称：恒瑞医药 公告编号：临 2025-12 ...

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.