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7月31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 2025-11 ...

Group 1 - Tianyue Advanced, the world's second-largest silicon carbide substrate manufacturer, has passed the Hong Kong Stock Exchange hearing, while lithium battery giant XWANDA and AI inference chip service provider Yuntian Lifi have submitted their listing applications [1] - As of July 30, a total of 236 companies are queued for Hong Kong stock listings, with 42 A-share companies having submitted their applications [5][8] - In 2023, 10 companies successfully listed in Hong Kong, raising a total of HKD 88.286 billion, with CATL leading at HKD 41.006 billion, marking the largest IPO globally this year [2][4] Group 2 - The average cumulative increase for the 10 A+H shares listed this year is 38.55%, with notable performers including Jihong Co. at 117.71% and Hengrui Medicine at 79% [4] - The Hong Kong Stock Exchange has seen significant inflows, with over HKD 850 billion entering the market this year, surpassing the total for 2024 [12] - A growing number of A-share companies are choosing to list in Hong Kong due to supportive domestic policies and improved liquidity in the Hong Kong market [12][13]

高盛就保诚(02378.HK)发布研报称，预计保诚第二季新业务利润增长将加快，同比增长15%，上半年经 营自由盈余总额将录强劲增长。高盛微调预测，将H股目标价由147港元下调至134港元，重申"买入"评 级。预计香港市场将成为主要增长动力，中期而言，自2027财年起，保诚可达到40%或以上的OFSG分 派率，并将继续上升。 瑞银华宝：维持恒瑞医药买入评级 目标价87.3港元 智通财经7月31日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价: 交银国际：维持理想汽车中性评级 目标价103.7港元 交银国际就理想汽车(02015.HK)发布研报称，该公司新车型理想i8定价虽然优于预期，但在配置上较消 费者的预期或有落差，同时下半年有多款30万元级别六座SUV新车型上市，该价格带将成为红海市场。 该行维持全年销量预测56万辆，较2024年增长10.7%。 高盛：维持保诚买入评级 下调目标价至134港元 摩根大通：维持老铺黄金增持评级 目标价1249港元 摩根大通就老铺黄金(06181.HK)发布研报称，该公司新开精品店表现强劲，预计2025年下半年势头将持 续，受品牌价值、产品创新及市场对"国牌"的 ...

智通财经APP获悉，截止7月30日收盘，东北电气(00042)、弘业期货(03678)、复旦张江(01349)分列AH 溢价率前三位，溢价率分别为743.75%、227.43%、209.05%；宁德时代(03750)、恒瑞医药(01276)、招 商银行(03968)分列AH溢价率末三位，溢价率分别为-20.05%、-3.78%、2.23%。其中安德利果汁 (02218)、金力永磁(06680)、钧达股份(02865)的偏离值位居前三，分别为22.99%、20.11%、17.87%；另 外，东北电气(00042)、中州证券(01375)、国联民生(01456)的偏离值位居后三，分别 为-187.10%、-46.82%、-39.59%。 前十大AH股溢价率排行 前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.320 | 2.25 | 743.75% | -187.10% | | 弘业期货(03678) | 4.520 | 12.36 | 227.43% | -1.00 ...

Group 1 - The core viewpoint is that the large patient base for COPD and the limitations of traditional treatment options create a significant opportunity for innovative therapies, which are expected to reshape the treatment landscape and generate substantial market growth [1][2]. - COPD is a prevalent chronic disease in China, affecting approximately 100 million people, and is the third leading cause of death in 2021, highlighting the urgent need for better treatment options [1]. - The current awareness and standardized treatment rates for COPD in China are low, with only 0.9% awareness and 4.5% lung function testing rates, indicating a significant opportunity for improvement in diagnosis and treatment [1]. Group 2 - Recent approvals of innovative therapies, such as ensifentrine and dupilumab, have broken the long-standing absence of new mechanism drugs in the COPD field, leading to an accelerated iteration of treatment options [2]. - The FDA approved ensifentrine in June 2024 as the first new mechanism inhalation product for COPD maintenance treatment in over 20 years, representing a significant advancement in therapy [2]. - Merck's acquisition of Verona for approximately $10 billion underscores the value of innovative COPD treatments and the potential for further market expansion [2]. Group 3 - Chinese innovative pharmaceutical companies are actively developing key targets for COPD treatment, with notable progress in the PDE3/4 inhibitor space, exemplified by companies like Hengrui Medicine and China Biologic Products [3]. - Hengrui Medicine's innovative drug HRS-9821 has entered a collaboration agreement with GSK, which includes a $500 million upfront payment and a potential total deal value of around $12 billion, highlighting the global recognition of Chinese innovation [3]. - The ongoing development of various innovative pipelines in the COPD sector indicates a promising future for Chinese companies in securing external licensing opportunities [3].

Summary of the Conference Call for 恒瑞医药 Company Overview - **Company**: 恒瑞医药 (Hengrui Medicine) - **Industry**: Pharmaceutical Key Points and Arguments Financial Projections - 恒瑞医药 expects revenue for 2025, 2026, and 2027 to be 35.77 billion, 42.4 billion, and 50.8 billion RMB respectively, with net profit attributable to shareholders projected at 9.3 billion, 11.5 billion, and 13.7 billion RMB respectively, indicating strong growth potential [2][4][23] Strategic Partnerships - A significant collaboration with GSK was established, involving a $500 million upfront payment and $12 billion in milestone payments, covering PDE3/4 inhibitors and 11 preclinical projects in oncology, respiratory, and autoimmune inflammation, which will significantly enhance revenue in 2025 [2][4][7][23] Pipeline Development - 恒瑞医药 has over 30 pipelines with potential for external licensing, covering respiratory, oncology, and autoimmune fields, despite not leading in the PD-1 VGF and ADC sectors [2][3][8][22] Respiratory Sector Performance - The company has shown strong performance in the respiratory sector, with its PDE3/4 inhibitors being among the first to enter clinical trials in China, and the development of DPI formulations enhancing medication convenience [9][10][11] Competitive Landscape - The acquisition of the Firozane asset by Merck for $10 billion has extended the life of the COPD sector, benefiting Chinese companies and potentially prompting AstraZeneca to strengthen its presence in this area [12][18][19] Globalization Strategy - 恒瑞医药 is implementing a "less but better" strategy, focusing on high-quality innovative drugs for overseas development and has engaged in significant partnerships with multinational pharmaceutical companies [17][21] Future Development Potential - The company is expected to continue expanding its innovative pipeline, with 133 projects in development, including emerging technologies like AR Protec, CGT drugs, and mRNA cancer vaccines, which are anticipated to enter clinical stages in the coming years [17][21][22] BD (Business Development) Potential - 恒瑞医药's strong clinical data disclosure enhances its BD potential, with a mix of assets ready for licensing and those with internal data that may not yet be publicly disclosed, indicating a robust pipeline for future collaborations [21][22] Recent Developments - The recent partnership with GSK has validated 恒瑞医药's strong willingness for external licensing and strategic transformation, leading to an upward revision of the company's profit forecast for 2025 [23] Additional Important Insights - The company is actively participating in international conferences to showcase clinical data and promote business development collaborations, enhancing its global competitiveness [17][21] - The competitive landscape in the respiratory sector is evolving, with GSK being a leading player, and other companies like Roche and Sanofi also making significant moves [14][19]

Core Viewpoint - Heng Rui Medicine has entered into a significant agreement with GSK, involving an upfront payment of $500 million and a total potential value of $12 billion, which is expected to enhance its market position and innovation capabilities [1][2]. Group 1: Transaction Details - Heng Rui Medicine announced a deal with GSK, which includes a $500 million upfront payment and a total potential value of $12 billion [1]. - The agreement grants GSK exclusive global rights to the HRS-9821 project, a PDE3/4 inhibitor for chronic obstructive pulmonary disease (COPD), along with options for up to 11 additional projects [1][2]. - The potential total amount of the transaction could reach $12 billion if GSK exercises all options and achieves all milestones [1]. Group 2: Product and Market Potential - HRS-9821 is positioned as a potential best-in-class treatment for COPD, a condition affecting over 380 million people globally [1]. - Currently, the only competing product targeting the same pathway is Ensifentrine, which is expected to generate approximately $42 million in sales in 2024 [2]. - Heng Rui Medicine has over 90 innovative products in clinical development, with an estimated 47 new products and indications expected to be approved in the next three years [2]. Group 3: Market Reaction - Following the announcement, Heng Rui Medicine's A-shares surged, closing at 62.04 yuan per share, with a total market capitalization of 415.7 billion yuan, returning to levels last seen in July 2021 [3]. - The company's Hong Kong shares rose over 24.54%, closing at 84.75 HKD per share, marking a historical high [3].

Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.68% while the Hang Seng Tech Index fell by 0.24% [1] Market Performance - The Hang Seng Index closed at 25,562.13 points with a trading volume of 250.3 billion HKD, down from 281.8 billion HKD in the previous trading day [1] - The afternoon session saw a rebound in the market after an initial decline in the morning [1] Sector Performance - Innovative pharmaceuticals and large financial sectors performed well, while local real estate stocks strengthened in the afternoon [1] - Conversely, sectors such as solar energy, coal, and non-ferrous metals weakened [1] Notable Stocks - Contemporary Amperex Technology Co., Ltd. (宁德时代) surged by 6.24%, reaching a new high since its listing [1] - Hengrui Medicine (恒瑞医药) saw a significant increase of 24.54% after announcing a potential $12.5 billion licensing agreement with GSK [1] - China Ping An (中国平安) rose by 3.49% [1] - Yanzhou Coal Mining Company (兖矿能源) declined by 3.90% [1] - Ganfeng Lithium (赣锋锂业) fell by 6.66% [1]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of innovative pharmaceutical companies, driven by a major licensing deal announced by Heng Rui Pharmaceutical with GlaxoSmithKline (GSK) worth up to $12.5 billion [1] - Heng Rui Pharmaceutical's stock rose by 17.34% to HKD 79.85, while other companies like Sanofi Pharmaceutical and China Biologic Products also saw notable increases in their stock prices [1] - The global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with total upfront payments soaring to $11.8 billion, a 136% increase compared to the previous year [1] Group 2 - The article mentions that nearly 50% of the total transaction value and over 30% of the transaction volume involved China, indicating the country's significant role in the global pharmaceutical market [1] - There is a favorable policy environment for innovative drug development, with recent government reports and measures supporting the growth of innovative drugs and medical devices [1] - Southwest Securities emphasizes the importance of monitoring investment opportunities in the innovative drug sector, particularly in areas such as business development, research breakthroughs, commercialization, policy implementation, and exceeding performance expectations [1]

Market Overview - On July 28, A-shares experienced volatility, with the Shanghai Composite Index down 0.17% and the Shenzhen Component Index down 0.16% by midday [2] - The total market turnover reached 1.14 trillion CNY, showing slight growth compared to the previous day, with 3,057 stocks declining and 2,162 stocks rising [4] Sector Performance - Financial, pharmaceutical, aerospace, and communication equipment sectors showed strength, while coal and shipping sectors faced collective adjustments [4] - The pharmaceutical sector saw significant gains, with major companies like Heng Rui Pharmaceutical rising by 8% [8] Notable Stocks - Upward movement in the pharmaceutical sector included stocks like Erkang Pharmaceutical (+14.89%), Aidi Te (+14.41%), and Kewang Biological (+12.41%) [8] - Heng Rui Pharmaceutical announced a potential collaboration with GlaxoSmithKline worth up to 12.5 billion USD, which is expected to enhance its overseas market presence [9][10] Movie Sector Performance - The film sector also performed well, with stocks like Happiness Blue Sea and China Film reaching their daily limits [10][11] - The summer box office has surpassed 5 billion CNY, with daily box office records being broken [11] Company Spotlight: Upwind New Materials - Upwind New Materials became the first "10x stock" of 2025, with its price reaching a high of 77.44 CNY per share, marking a 17.23% increase [13][15] - The company’s market capitalization reached 30.1 billion CNY, with a cumulative increase of over 10 times this year [15] Company Spotlight: Juran Smart Home - Juran Smart Home faced a significant drop, with its stock price hitting a limit down of 8.23% following the reported death of its chairman [18][19]