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 证券代码：600276 证券简称：恒瑞医药 江苏恒瑞医药股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不 ...

（於中華人民共和國註冊成立的股份有限公司） 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. 江蘇恒瑞醫藥股份有限公司 （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10月27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 2025-1 ...

Financial Performance - Total operating revenue for Q3 2025 reached RMB 7,426,888,299.87, representing a year-on-year increase of 12.72%[9] - Net profit attributable to shareholders for the same period was RMB 1,301,063,153.19, reflecting a growth of 9.53% compared to the previous year[9] - The company reported a net profit excluding non-recurring gains and losses of RMB 1,316,501,209.75, which is a 16.89% increase year-on-year[9] - Operating profit for the first three quarters of 2025 reached ¥6.62 billion, a 24.3% increase from ¥5.35 billion in the same period of 2024[29] - Net profit for the first three quarters of 2025 was ¥5.76 billion, up 24.7% compared to ¥4.62 billion in 2024[29] - The company reported a total comprehensive income of ¥5.78 billion for the first three quarters of 2025, compared to ¥4.60 billion in 2024, reflecting a 25.6% increase[30] Cash Flow - The net cash flow from operating activities surged to RMB 4,809,977,038.87, marking a significant increase of 209.78% year-to-date[10] - Cash flow from operating activities for the first three quarters of 2025 was ¥9.11 billion, significantly higher than ¥4.59 billion in 2024, representing a 98.5% increase[34] - The company’s operating cash inflow totaled ¥26.97 billion in the first three quarters of 2025, up from ¥20.55 billion in 2024, marking a 31.5% increase[34] - Cash and cash equivalents as of September 30, 2025, were CNY 40.36 billion, significantly higher than CNY 24.82 billion at the end of 2024, representing a growth of 62.5%[24] - Total cash and cash equivalents at the end of the first three quarters of 2025 amounted to ¥39.77 billion, compared to ¥21.46 billion at the end of 2024, indicating a 85.5% increase[35] - Cash inflow from financing activities in the first three quarters of 2025 was ¥10.78 billion, compared to ¥799 million in 2024, showing a substantial increase[35] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 68,327,540,485.78, up 36.29% from the previous year[13] - Total assets as of September 30, 2025, were CNY 68.33 billion, up from CNY 50.14 billion at the end of 2024, marking an increase of 36.2%[25] - Total liabilities as of September 30, 2025, were CNY 8.30 billion, compared to CNY 4.05 billion at the end of 2024, reflecting a growth of 105.5%[25] - The company's equity attributable to shareholders increased to CNY 59.50 billion as of September 30, 2025, from CNY 45.52 billion at the end of 2024, an increase of 30.7%[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 397,258, with no preferred shareholders reported[19] - The number of shareholders holding ordinary shares totaled 397,258, with 397,246 being A-share holders as of the report date[21] - The company has no related party relationships or concerted actions among the top ten shareholders[21] Expenses - Total operating costs for the first three quarters of 2025 were CNY 16.92 billion, up from CNY 15.09 billion in 2024, reflecting a growth of 12.1%[28] - Research and development expenses for the first three quarters of 2025 amounted to CNY 4.95 billion, compared to CNY 4.55 billion in 2024, indicating an increase of 8.9%[28] Investment Activities - The company reported a net investment loss of CNY 40.82 million for the first three quarters of 2025, compared to a loss of CNY 31.42 million in the same period of 2024[28] - The company received cash from investment activities totaling ¥188 million in the first three quarters of 2025, down from ¥251 million in 2024[34] Earnings Per Share - Basic earnings per share for the reporting period were RMB 0.20, up 5.26% year-on-year[10] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.89, an increase from ¥0.73 in 2024[30] Return on Equity - The weighted average return on equity decreased by 0.24 percentage points to 2.51% for the reporting period[10]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Sinopec Oilfield Service (01033) at 247.50% and Hongye Futures (03678) at 235.59% [1][2] - The top three stocks with the highest deviation values are Shandong Molong (00568) at 49.33%, Northeast Electric (00042) at 23.99%, and Sinopec Oilfield Service (01033) at 20.12% [1][3] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -17.62%, China Merchants Bank (03968) at 0.46%, and Heng Rui Medicine (01276) at 0.64% [1][2] - The bottom three stocks with the lowest deviation values are Shanghai Electric (02727) at -23.60%, China National Foreign Trade Transportation (00598) at -16.42%, and First Tractor Company (00038) at -16.03% [1][3] Group 3: Additional Insights - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the volatility and investment potential in the AH market [2][3]

Summary of Jiangsu Hengrui Conference Call Company Overview - **Company**: Jiangsu Hengrui (1276.HK) - **Industry**: Biopharmaceuticals Key Points Financial Performance - **3Q25 Product Sales Growth**: Estimated to be in the low-teens percentage range year-over-year, with single-digit growth quarter-over-quarter compared to 2Q25 [4][9] - **Net Profit Growth**: Expected to show low-teens percentage growth in 3Q25, with a significant increase in net profits projected at RMB 8,546 million, a 34.9% year-over-year increase [12] - **Revenue Estimates**: Projected revenue for FY25 is RMB 32,121 million, reflecting a 14.8% year-over-year growth [12] Business Development (BD) Outlook - **BD Income**: Anticipated to include a €15 million upfront payment from Merck for GnRH and a portion of the US$500 million upfront payment from GSK related to PDE3/4 [4][9] - **Collaboration Revenue**: Expected to grow significantly, with estimates of RMB 3,741 million for FY25, a 38.5% increase year-over-year [12] Oncology Portfolio Strength - **ESMO 2025 Highlights**: Hengrui showcased 46 oncology projects, with SHR-A1811 (HER2 ADC) demonstrating significant progression-free survival (PFS) improvement in advanced HER2+ breast cancer [5][14] - **SHR-A1811 Results**: Reported median PFS of 30.6 months compared to 8.3 months for the control group, with a competitive profile against Enhertu [15][16] Market Position and Valuation - **Valuation Metrics**: Hengrui A and H shares are trading at 42x and 45x 2026 estimated EPS, with a projected EPS CAGR of 25% from 2024 to 2027 [6] - **Price Target**: Set at HK$86.00, indicating a 13% upside from the current price of HK$76.30 [7] Upcoming Catalysts - **Key Events**: NRDL negotiation in October-November, Phase 3 readout for HRS9531 (GLP-1/GIP injectable) at Obesity Week, and potential new BD deals [6][9] Risks and Considerations - **Upside Risks**: More-than-expected out-licensing deals and faster-than-expected drug sales growth [25] - **Downside Risks**: Potential setbacks in pipeline progress and adverse impacts from VBP on specific drugs [25] Additional Insights - **Pipeline Depth**: Hengrui's pipeline is noted for its depth and breadth, which supports its premium valuation compared to Chinese biopharma peers [6] - **Market Cap**: Current market capitalization is approximately RMB 435.74 billion [7] This summary encapsulates the critical insights from the conference call, focusing on Jiangsu Hengrui's financial performance, business development outlook, oncology portfolio strength, market position, upcoming catalysts, and associated risks.

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for its innovative oral diabetes medication, marking a significant advancement in the treatment of type 2 diabetes in China [1] Group 1: Product Information - The approved product is named Henggeli Jing Ruige Liting Metformin Sustained-Release Tablets (I) and (II) [1] - It is the first self-developed fixed-dose combination of three oral hypoglycemic agents in China [1] - The product is classified as a chemical drug of category 2.3, with specifications of 5/50/750 mg and 10/100/1000 mg [1] Group 2: Indications and Usage - The approved indication for the product is to improve blood sugar control in adult patients with type 2 diabetes who have inadequate blood sugar control with metformin hydrochloride, in conjunction with diet and exercise [1] - It is categorized as a prescription drug [1]

Company Summary - Heng Rui Medicine has received approval from the National Medical Products Administration for its HR20031 tablet, which is the first self-developed oral hypoglycemic combination drug in China [1] - The HR20031 tablet combines three active ingredients: empagliflozin, regaglitazone, and metformin, aimed at improving blood sugar control in adults with type 2 diabetes who have inadequate control with metformin alone [2] - The total R&D investment for the HR20031 project has reached approximately 189.24 million yuan [2] Industry Summary - Diabetes has become the third most serious chronic disease affecting human health, following cancer and cardiovascular diseases [2] - According to the International Diabetes Federation, the diabetes prevalence rate among Chinese adults (ages 20-79) is 13.79%, with approximately 148 million patients, making China the country with the highest number of diabetes patients [2] - The clinical medication adherence for type 2 diabetes patients is poor, with only 50.1% achieving adequate blood sugar control [2] - The HR20031 tablet aims to simplify the treatment regimen by reducing the number of medications needed, thereby improving patient adherence [2] - Currently, there are no similar combination drugs approved for sale in China, while a comparable product, TRIJARDY XR, is available internationally [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. 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） 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10月24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。 海外監管公告 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-165 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 本公告乃根 ...

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Viewpoint - Heng Rui Medicine's subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of injectable SHRA1811, a drug targeting HER2-positive breast cancer [1][2]. Group 1: Clinical Trial Approval - The clinical trial application for injectable SHRA1811 was accepted on July 31, 2025, and meets the requirements for drug registration, allowing the initiation of clinical trials [1]. - The trial will be a randomized, open-label, multi-center Phase III study comparing SHRA1811 with Docetaxel + Carboplatin + Trastuzumab + Pertuzumab for neoadjuvant treatment of early or locally advanced HER2-positive breast cancer [1]. Group 2: Product Mechanism and Market Context - Injectable SHRA1811 binds to HER2-expressing tumor cells, inducing apoptosis through the release of toxins in the lysosomes of tumor cells, which enhances anti-tumor efficacy [2]. - Similar products currently available in the market include Roche's Ado-trastuzumab emtansine and AstraZeneca's Fam-trastuzumab deruxtecan, both of which are already marketed in China [2]. - The global sales of similar products are projected to reach approximately $6.557 billion in 2024, with a cumulative R&D investment of about 141.475 million yuan for injectable SHRA1811 [2].