Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 785.25%, Hongye Futures (03678) at 247.54%, and Andeli Juice (02218) at 235.17% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -13.42%, Hengrui Medicine (01276) at 2.98%, and Midea Group (00300) at 5.69% [1] - The article also lists the companies with the highest deviation values, with Jinli Permanent Magnet (06680) at 38.75%, Beijing Machinery (00187) at 24.13%, and Zhejiang Shibao (01057) at 20.83% [1] Group 2 - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 227.99% and Sinopec Oilfield Service (01033) at 217.95% [1] - The bottom ten AH stocks by premium rate include Zijin Mining (02899) at 5.95% and China Merchants Bank (03968) at 8.52% [1] - The article provides a detailed table of the top and bottom AH stocks, including their H-share prices, A-share prices, premium rates, and deviation values [1][2]

J P M O R G A N Asia Pacific Equity Research 25 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Hengrui - A 1H25 print continuing to suggest strong fundamentals; Maintain Neutral on valuation Hengrui delivered a solid print for 1H25 (our first ta ...

Core Insights - The article highlights the top and bottom AH share premium rates as of August 29, with Northeast Electric (00042) leading at 785.25% and Ningde Times (03750) at -13.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 785.25% with a deviation value of 5.90% [2] - Andeli Juice (02218) follows with a premium rate of 253.20% and a deviation value of 40.75% [2] - Hongye Futures (03678) ranks third with a premium rate of 246.76% and a deviation value of 17.02% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -13.55% with a deviation value of 6.61% [2] - Heng Rui Medicine (01276) shows a premium rate of 4.11% and a deviation value of 7.74% [2] - China Merchants Bank (03968) has a premium rate of 7.02% with a deviation value of 1.87% [2] Group 3: Top AH Share Deviation Values - Jinli Permanent Magnet (06680) leads with a deviation value of 42.99% and a premium rate of 121.34% [3] - Andeli Juice (02218) again appears with a deviation value of 40.75% [3] - Zhejiang Shibao (01057) has a deviation value of 25.37% [3] Group 4: Bottom AH Share Deviation Values - BYD Company (01211) has the lowest deviation value at -66.83% with a premium rate of 19.42% [3] - Longpan Technology (02465) follows with a deviation value of -46.69% [3] - Great Wall Motors (02333) has a deviation value of -22.48% [3]

Core Viewpoint - Heng Rui Medicine (01276) has shown a strong performance with a more than 5% increase in stock price following the release of its mid-term results, indicating positive market sentiment towards the company's growth prospects [1] Financial Performance - The company reported a 16% year-on-year increase in revenue for the first half of the year, with product sales revenue growing approximately 13% after excluding collaboration income, driven primarily by rapid growth in innovative drug sales [1] - The stock price rose by 5.02%, reaching 76.3 HKD, with a trading volume of 387 million HKD [1] Share Buyback and Employee Stock Plan - Heng Rui Medicine plans to repurchase shares worth approximately 1 to 2 billion HKD for an employee stock ownership plan [1] - The conditions for full unlocking of this plan include achieving over 25% annual growth in innovative drug sales from 2025 to 2027, filing 5 to 8 new NDAs (including new indications) each year, and nearly 20 new molecular entity INDs [1] Innovation and Growth Strategy - Huayuan Securities highlighted the continuous growth in the company's innovative revenue and a positive trend in its transformation towards innovation [1] - The company has achieved multiple significant business development (BD) deals, with international expansion becoming an important second growth curve [1] - Heng Rui Medicine's well-structured and high-quality innovation pipeline presents numerous potential transaction opportunities, and as the company accelerates its internationalization process, the pipeline is expected to contribute to normalized profits, providing new growth points [1]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 785.25%, Hongye Futures (03678) at 250.59%, and Andeli Juice (02218) at 244.32% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -18.40%, Hengrui Medicine (01276) at 3.92%, and China Merchants Bank (03968) at 7.34% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The top three companies with the highest deviation values are Jinli Permanent Magnet (06680) at 37.37%, Andeli Juice (02218) at 33.98%, and Fudan Zhangjiang (01349) at 22.87% [1] - Conversely, the bottom three companies with the lowest deviation values are BYD Company (01211) at -75.67%, Longpan Technology (02465) at -57.24%, and Changfei Optical Fiber Cable (06869) at -31.37% [1][2] - The article emphasizes the importance of monitoring these premium rates and deviation values as indicators of potential investment opportunities and market inefficiencies [1][2]

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

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） 於2025年9月16日（星期二）舉行之 2025年第一次臨時股東會適用的代表委任表格 本人╱吾等 （附註1） 為本人╱吾等的代表，代表本人╱吾等出席本公司謹訂於2025年9月16日（星期二）下午二時三十分假座中國上海市 浦東新區海科路1288號舉行的2025年第一次臨時股東會（及其任何續會），以審議並酌情通過上述大會通告所載的決 議並於該大會（及其任何續會）上代表本人 ╱ 吾等依照下列欄內所示以本人 ╱ 吾等的名義就有關決議投票表決。除 另有所指外，本代表委任表格所用詞彙與本公司日期為2025年8月26日的通函所界定者具有相同涵義。 | | 普通決議 | 贊成 | （附註4） | 反對 | （附註4） | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. | 審議並批准建議採納2025年A股員工持股計劃。 | | | | | | | | 2. | 審 ...

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通告的內容概不負責，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通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。 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年第一次臨時股東會通告 茲通告江蘇恒瑞醫藥股份有限公司（「本公司」）謹訂於2025年9月16日（星期二） 下午二時三十分假座中國上海市浦東新區海科路1288號舉行2025年第一次臨時股東會 （「股東會」）以處理下列事宜： 普通決議案 承董事會命 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 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 – 1 – 1 審議並批准建議採納2025年A股員工持股計劃； 2 審議並批准建議採納2025年A股員工持股計劃管理辦法； 3 審議並批准建議授權本公司董事會處理2025年A股員工持股計劃相關事項； 4. 委任安永會計師事務所為本公司國際核數師。 附註： 截至本通告日期，董事會成員包括(i)執行董事孫飄揚 ...

本通函僅作參考用途，並不構成提出收購、購買或認購本公司任何證券的邀請或要約。 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） (1) 建議採納2025年A股員工持股計劃 (2) 建議採納2025年A股員工持股計劃管理辦法 (3) 建議授權董事會處理2025年A股員工持股計劃相關事項 (4) 建議委任國際核數師 及 此乃要件 請即處理 閣下如對本通函有任何疑問，應諮詢 閣下的股票經紀、其他註冊證券商、銀行經理、律師、專業會計師 或其他專業顧問。 閣下如已將名下的江蘇恒瑞醫藥股份有限公司股份全部出售或轉讓，應立即將本通函連同隨附之代表委任 表格送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 2025年第一次臨時股東會通告 江蘇恒瑞醫藥股份有限 ...