FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年9月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant disparities in market valuations between A-shares and H-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 831.03%, followed by Hongye Futures (03678) at 230.41% and Andeli Juice (02218) at 228.12% [1] - The top three stocks with the highest deviation values are Northeast Electric (45.11%), Changfei Optical Fiber (31.64%), and Zhaoyan Pharmaceutical (23.42%) [1][3] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -14.38%, followed by Heng Rui Pharmaceutical (01276) at -3.45% and Zijin Mining (02899) at 3.06% [2] - The bottom three stocks with the lowest deviation values are Longpan Technology (-21.76%), Fudan Zhangjiang (-20.80%), and COSCO Shipping Energy (-19.62%) [2][5] Group 3: Additional Insights - The top ten AH stocks by premium rates show a significant range, with the lowest premium rates indicating potential undervaluation in the market [1][2] - The deviation values provide insight into how current premium rates compare to historical averages, suggesting potential investment opportunities or risks [3][5]

Major Events - Jinfang Pharmaceutical-B (02595) received a subscription rate of 2662.79 times for its public offering in Hong Kong, raising approximately HKD 1.67 billion from the global offering [1] - Heng Rui Pharmaceutical (01276) announced that its SHR-1501 injection has been included in the list of proposed breakthrough therapy products [1] - Shanghai Pharmaceuticals (02607) successfully passed the consistency evaluation for the generic drug Nicorandil tablets [1] - Qutech Technology (01478) plans to sell 51.08% of its stake in India for INR 5.53 billion [1] - Boleton (01333) signed a procurement contract for energy storage system equipment with Guoxia Technology [1] - Hongye Futures (03678) shareholders Suhao Huihong and Hongye Logistics collectively reduced their holdings by 5.9482 million shares [1] - Shangu Holdings (00412) responded to concerns about concentrated shareholding, stating that the company can comply with public shareholding regulations [1] - Changfei Optical Fiber and Cable (06869) experienced unusual stock price fluctuations, with its hollow core fiber business not yet significantly impacting financial data [1] - Sanhua Intelligent Control (02050) reported abnormal trading fluctuations in A-shares, confirming no undisclosed significant matters or ongoing major planning [1] Operating Performance - China Pacific Insurance (02601) reported that its life insurance premium income for the first eight months reached CNY 217.05 billion, a year-on-year increase of 13.2% [1] - Datang Renewable (01798) completed a power generation volume of 2.1691 million MWh in August, representing a year-on-year increase of 27.5% [1]

Core Viewpoint - The innovative drug sector in Hong Kong has become a market focus again, with significant stock price increases following a prolonged period of adjustment and low valuations [2][3]. Group 1: Market Performance - Beihai Kangcheng-B (01228.HK) has surged nearly 19 times, while other companies like Deqi Pharmaceutical-B (06996.HK) and Hengrui Medicine (01276.HK) have also shown impressive gains, with some stocks increasing over four times [2]. - The overall profitability of the Hong Kong innovative drug sector has significantly improved in 2025, with many companies reporting substantial increases in net profit [6][7]. Group 2: Policy Support - The Chinese government has included "innovative drugs" in key emerging industries, with policies introduced to support the development of innovative drugs, including price management and financing [3]. - In June 2025, the National Healthcare Security Administration and the National Health Commission launched measures to support the high-quality development of innovative drugs, providing robust policy backing [3]. Group 3: Company Performance - Hengrui Medicine reported a 29.67% increase in net profit to 4.45 billion RMB in the first half of the year, achieving record highs in revenue and profit [4]. - Baijie Shenzhou's net profit increased by 115.63% to 450 million RMB, marking its first half-year profit, primarily due to the strong performance of its core product [5]. Group 4: Financing Trends - Many innovative drug companies are launching placement financing plans to raise funds for ongoing research and daily operations, driven by improved stock prices [8][10]. - As of 2025, nearly 60 companies in the Hong Kong medical and biopharmaceutical sectors have announced placement financing plans, with innovative drug companies being the main contributors [8]. Group 5: Future Outlook - The innovative drug sector is expected to continue its rapid development, supported by favorable external conditions and ongoing policy support [12][14]. - The recent interest rate cuts by the Federal Reserve may facilitate easier financing for innovative drug companies, which is crucial for those yet to achieve commercialization [13].

Core Viewpoint - Heng Rui Medicine (01276) announced that its subsidiary, Guangdong Heng Rui Medicine Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-1139 injection, which is expected to begin soon [1] Group 1: Product Development - SHR-1139 injection is a self-developed biological product aimed at treating ulcerative colitis, expected to enhance treatment by inhibiting inflammatory responses and maintaining epithelial barriers [1] - Currently, there are no similar drugs approved for marketing domestically or internationally [1] Group 2: Financial Investment - The cumulative research and development investment for the SHR-1139 injection project has reached approximately 71.28 million yuan [1]

Core Viewpoint - Heng Rui Medicine's subsidiary Shanghai Heng Rui Medicine Co., Ltd. has announced that its injectable SHR-1501 has been included in the list of proposed breakthrough therapeutic varieties by the National Medical Products Administration's Drug Review Center, with a public announcement period of 7 days [1] Group 1: Product Information - SHR-1501 is a self-developed interleukin-15 (IL-15) fusion protein with intellectual property rights, designed to stimulate the proliferation of T cells, B cells, and NK cells in the body [1] - The product enhances the immune response in the bladder when used in conjunction with BCG, achieving a synergistic anti-tumor effect [1] - Unlike IL-2, IL-15 does not stimulate the proliferation of regulatory T cells or induce T cell apoptosis [1] Group 2: Market Context - The foreign counterpart of SHR-1501, Nogapendekin Alfa Inbakicept (marketed as Anktiva), has already been approved for sale in the United States [1] - Currently, there are no approved products targeting the same pathway in the domestic market [1] Group 3: Financial Investment - The cumulative research and development investment for injectable SHR-1501 has reached approximately 102.18 million yuan [1]

Core Viewpoint - Heng Rui Medicine's subsidiary, Shanghai Heng Rui Medicine Co., Ltd., has announced that its injectable SHR-1501 has been included in the list of proposed breakthrough therapeutic varieties by the National Medical Products Administration's Drug Review Center, with a public announcement period of 7 days [1] Group 1 - SHR-1501 is a proprietary interleukin-15 (IL-15) fusion protein developed by the company [1] - The drug stimulates the proliferation of T cells, B cells, and NK cells in the body, enhancing the immune system's ability to eliminate foreign substances such as tumors [1] - When used in conjunction with BCG, SHR-1501 significantly enhances the immune response within the bladder, achieving a synergistic anti-tumor effect [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-3045 injection, a self-developed biological product aimed at treating rheumatoid arthritis [1] Company Summary - The SHR-3045 injection is designed to suppress immune cell function, reduce inflammation, and improve clinical symptoms in rheumatoid arthritis treatment [1] - The total research and development investment for the SHR-3045 injection project has reached approximately 35.54 million yuan [1] Industry Summary - Currently, there are no similar drugs approved for market use domestically or internationally [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) has received approval from the National Medical Products Administration for clinical trials of SHR-1139 injection, a self-developed biological product aimed at treating ulcerative colitis through mechanisms that inhibit inflammation and maintain epithelial barrier [1] Group 1 - The approval notification for SHR-1139 injection was issued to Guangdong Heng Rui Medicine Co., Ltd., a subsidiary of the company [1] - The clinical trials for SHR-1139 injection are expected to commence shortly [1] - SHR-1139 injection is designed to enhance treatment efficacy in ulcerative colitis by targeting inflammation and epithelial barrier maintenance [1]

SHR-1139 注射液是公司自主研发的一种治疗用生物制品，预期可在溃疡性结肠炎治疗过程中,通过抑制 炎症反应和维持上皮屏障等机制协同增效。经查询，目前国内外尚无同类药物获批上市。截至目前， SHR-1139 注射液相关项目累计研发投入约 7,128 万元。 智通财经APP讯，恒瑞医药(01276)公布，近日，公司子公司广东恒瑞医药有限公司收到国家药品监督管 理局核准签发关于 SHR-1139 注射液的《药物临床试验批准通知书》，将于近期开展临床试验。 ...