证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-044 江苏恒瑞医药股份有限公司 第九届董事会第二十四次会议决议公告 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。 江苏恒瑞医药股份有限公司（以下简称"公司"）第九届董事会第二十四次 会议于 2026 年 3 月 25 日以现场结合通讯方式召开。本次会议应到董事 11 人， 实到董事 11 人。会议召开符合《公司法》《公司章程》的规定。公司全体董事认 真审议并通过以下议案： 一、《公司 2025 年度董事会工作报告》 赞成：11 票 反对：0 票 弃权：0 票 二、《公司 2025 年年度报告》 同意按中国境内相关法律法规要求编制的本公司 2025 年年度报告全文及摘 要（详见上海证券交易所网站：http://www.sse.com.cn）。同意按《香港联合交 易所有限公司证券上市规则》等要求编制的本公司 2025 年年度报告及 2025 年年 度业绩公告。 赞成：11 票 反对：0 票 弃权：0 票 本议案已经公司董事会审计委员会审议通过。 三、《公司 2 ...

Financial Performance - The total operating revenue for 2025 reached ¥31.63 billion, an increase of 13.02% compared to ¥27.98 billion in 2024[22]. - The total profit for the year was ¥8.71 billion, reflecting a growth of 21.45% from ¥7.17 billion in the previous year[22]. - The net profit attributable to shareholders was ¥7.71 billion, up 21.69% from ¥6.34 billion in 2024[22]. - The net profit after deducting non-recurring gains and losses was ¥7.41 billion, a 20.00% increase from ¥6.18 billion in 2024[22]. - Cash flow from operating activities amounted to ¥11.24 billion, representing a significant increase of 51.36% compared to ¥7.42 billion in 2024[22]. - The net assets attributable to shareholders at the end of 2025 were ¥61.27 billion, a 34.61% increase from ¥45.52 billion at the end of 2024[22]. - Total assets at the end of 2025 reached ¥69.87 billion, marking a 39.36% increase from ¥50.14 billion in 2024[22]. - Basic earnings per share increased by 19.00% to CNY 1.19 in 2025 from CNY 1.00 in 2024[24]. - The company reported a net cash flow from operating activities of CNY 4.810 billion in the third quarter of 2025[28]. - The company reported a significant increase in financing activities, with net cash flow from financing activities rising by 601.85% to ¥7.78 billion, primarily due to the issuance of H shares[158]. Research and Development - The company has a diverse R&D pipeline in oncology, metabolic and cardiovascular diseases, and neuroscience, focusing on unmet clinical needs[36]. - The company aims to develop multi-target therapies and combination sequential therapies to achieve high response rates and long-lasting efficacy[37]. - The company has established a comprehensive electronic project management platform that covers the entire drug development cycle, from target discovery to real-world data presentation[40]. - The company has submitted IND applications for several candidates after thorough preclinical validation, indicating a strong commitment to regulatory compliance[42]. - The company is actively conducting clinical trials at qualified medical institutions, ensuring adherence to GCP standards and monitoring product safety and efficacy[42]. - The company has a structured approach to clinical trial design and management, ensuring high data quality and regulatory compliance throughout the process[42]. - The company has established a comprehensive quality management policy covering all aspects of raw material procurement and production, ensuring compliance with GMP standards[46]. - The company has implemented a digital supplier relationship management system to manage the entire lifecycle of raw material procurement[46]. - The company has a strong emphasis on research in oncology, metabolic and cardiovascular diseases, and neuroscience, with a significant number of candidates targeting these areas[38]. - The company has 28 self-developed innovative molecules entering clinical stages, covering various disease treatment areas including oncology and chronic diseases[80]. Product Development and Pipeline - The company has a robust pipeline with a healthy cycle of products in various stages of development, ensuring a continuous flow of innovative solutions[184]. - The company is developing multiple drug candidates targeting various conditions, including SHR-1819 for chronic spontaneous urticaria and SHR-1139 for ulcerative colitis, both in China[119]. - The company is focusing on expanding its oncology portfolio with several combination therapies in development, including those targeting PD-L1 and HER2[102]. - The company is developing new formulations, such as oral GLP-1 for obesity and injectable GLP-1 for type 2 diabetes[101]. - The company is exploring treatments for autoimmune diseases, with candidates like SHR-2173 for lupus nephritis and systemic lupus erythematosus[103]. - The company is targeting rare diseases with specific therapies, including HRS-5965 for IgA nephropathy[102]. - The company is committed to addressing unmet medical needs in pediatric populations with drugs like SHR-1819 for atopic dermatitis[102]. - The company is leveraging advanced technologies in drug development, including ADCs (antibody-drug conjugates) for targeted cancer therapies[102]. - The company has multiple ongoing clinical trials for innovative drugs targeting various cancers, including HER2-positive metastatic breast cancer and advanced non-small cell lung cancer[107]. - The company is developing a combination therapy for first-line treatment of small cell lung cancer and advanced liver cancer, with trials ongoing in China[108]. Market Expansion and Strategy - The company is committed to global expansion and exploring innovative international cooperation models to benefit patients worldwide[50]. - The company is actively pursuing market expansion strategies in China, focusing on innovative therapies for chronic and complex diseases[101]. - The company is exploring opportunities for market expansion and potential mergers and acquisitions to strengthen its position in the pharmaceutical industry[58]. - The company has established a clinical research and collaboration center in Boston, USA, and has initiated multiple overseas clinical trials across Phases I to III[85]. - The company has completed 12 overseas business expansion transactions in 2023, with a potential total transaction value exceeding $27 billion, enhancing its global influence and industry recognition[153]. - The company is actively exploring partnerships with leading global pharmaceutical companies to maximize the commercial value of its products[153]. - The company is committed to aligning its strategies with national policies that promote innovation and support for new drug development[60]. - The company has received approval for multiple new drugs targeting various cancers, including HER2-positive breast cancer and advanced non-small cell lung cancer (NSCLC) with specific genetic mutations[54]. - The company is expanding its product line with new treatments for chemotherapy-induced nausea and vomiting, targeting patients undergoing highly emetogenic chemotherapy[54]. - The company is focusing on enhancing patient outcomes through targeted therapies and personalized medicine approaches in oncology[55]. Regulatory and Compliance - The company has successfully passed compliance management system certifications, becoming one of the first in the pharmaceutical industry to achieve this[73]. - The company has received over 70 regulatory designations for expedited pathways, including 9 from the US and Europe, enhancing its global clinical trial capabilities[146]. - The company has submitted 15 new drug/new indication applications (NDA/BLA) during the reporting period, indicating a strong pipeline of innovative products[126]. - The company has published 1,027 peer-reviewed papers in top international journals, with a cumulative impact factor of approximately 8,043 during the reporting period[126]. - The company has established a strong end-to-end clinical development capability, covering over 5,000 clinical researchers and conducting more than 400 clinical trials for over 100 innovative drugs[145]. Talent and Organizational Development - The company successfully recruited 660 core talents by 2025, with over 200 holding master's or doctoral degrees from renowned institutions, significantly enhancing its international and high-potential talent reserve[94]. - The company is committed to building a global talent pipeline through systematic campus recruitment projects, increasing the proportion of talents with overseas education backgrounds[94]. - The company has launched various employee activities and leadership forums to strengthen corporate culture and enhance organizational cohesion[96]. - The company is focused on accelerating internal talent development through targeted training programs for different levels of key personnel[94]. - The company has established a dual-channel career development and long-term incentive plan to reward high performers continuously[96]. Industry Trends and Challenges - The pharmaceutical industry in China is characterized by high investment, high risk, and strict regulation, with rapid growth driven by increasing healthcare demand and aging population[58]. - The competitive landscape in the pharmaceutical industry remains challenging, with increasing market saturation and the need for differentiation in product offerings[58]. - The government has emphasized the importance of the biopharmaceutical industry, implementing policies to support innovation and high-quality development in the sector[59]. - The demand for innovative treatment solutions in metabolic disorders is increasing due to the need for better efficacy and safety profiles[132]. - The global dementia patient population is estimated to be 58.3 million in 2023, with Alzheimer's disease accounting for 60% to 70% of these cases, highlighting a critical need for disease-modifying therapies[136].

江苏恒瑞医药股份有限公司 2025 年度利润分配方案及提请股东会授权董事会 制定 2026 年中期分红方案的公告 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-048 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： 每股分配比例：每股派发现金股利 0.2 元（含税）。 本次利润分配股本以分红派息登记日股本（扣除公司股份回购专用证券 账户持有股数）为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 公司董事会提请股东会授权董事会根据股东会决议在符合利润分配的条 件下制定其他具体的 2026 年中期分红方案。 本年度现金分红比例低于 30%的简要原因说明：第一，公司所处行业为 医药行业，医药行业具有高投入、高风险、创新药研发周期长且成本高昂的特性， 尤其是公司目前正处于仿制药向创新药转型的关键阶段，需大量资金投入国内外 临床试验及创新药研发；第二，公司目前正在广东、北京、天津等地 ...

Group 1 - The Shanghai 50 ETF (510050) opened at 2.911 yuan, with an increase of 0.38% on March 25 [1][2] - Major holdings in the Shanghai 50 ETF include Kweichow Moutai, which rose by 0.20%, Ping An Insurance up by 0.65%, Zijin Mining up by 4.04%, and others like China Merchants Bank and Industrial Bank showing slight increases [1][2] - The Shanghai 50 ETF has a performance benchmark of the Shanghai 50 Index, managed by Huaxia Fund Management Co., with a return of 397.48% since its inception on December 30, 2004, and a recent one-month return of -6.98% [1][2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Group 1 - The Shanghai 50 ETF Dongcai (530050) opened with a gain of 0.63%, priced at 1.116 yuan [1][2] - Major holdings in the Shanghai 50 ETF include Kweichow Moutai, which rose by 0.56%, Ping An of China up by 0.92%, Zijin Mining increasing by 2.19%, and others like China Merchants Bank and Industrial Bank showing modest gains [1][2] - The performance benchmark for the Shanghai 50 ETF is the return rate of the Shanghai 50 Index, managed by Dongcai Fund Management Co., with a return of 10.52% since its establishment on November 18, 2024, and a recent one-month return of -7.98% [1][2]

Group 1 - The Shanghai Stock Exchange 50 ETF Tianhong (530000) opened with a gain of 0.69%, priced at 1.322 yuan [1][2] - Major holdings in the ETF include Kweichow Moutai, which rose by 0.56%, Ping An Insurance up by 0.92%, Zijin Mining up by 2.19%, and others such as China Merchants Bank and Industrial Bank showing slight increases [1][2] - The performance benchmark for the ETF is the Shanghai 50 Index return, managed by Tianhong Fund Management Co., with a return of 29.97% since its establishment on September 4, 2024, and a recent one-month return of -7.95% [1][2]

Group 1 - The core point of the news is the performance of the Huazhang 50 ETF (510190), which opened at 4.126 yuan with a gain of 0.93% on March 24 [1][2] - Major stocks held by the Huazhang 50 ETF include Kweichow Moutai, which rose by 0.56%, Ping An of China by 0.92%, Zijin Mining by 2.19%, and others showing positive gains [1] - The Huazhang 50 ETF has a benchmark performance index of the SSE 50 Index, managed by Huazhang Fund Management Co., with a return of 56.51% since its establishment on November 18, 2010, and a recent one-month return of -7.87% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for the stocks mentioned [3]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The oral administration of drugs for retinal diseases shows promising prospects, particularly with a focus on HaiXi New Drug's developments [3][4] - The pharmaceutical market has seen a decline of 2.77% from March 16 to March 20, with innovative drugs showing signs of recovery, suggesting a potential valuation correction [5][27] - The global number of patients with eye diseases has increased from 1.7 billion in 2018 to 2.3 billion in 2023, with projections to reach 2.8 billion by 2032, indicating a growing market [8][20] - The market for wet age-related macular degeneration (wAMD) drugs is expected to grow from $5.8 billion in 2023 to $10.6 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.9% [11][20] - HaiXi New Drug's HXP056 aims to address the unmet needs in retinal disease treatment through oral administration, with clinical trials expected to start in June 2025 [20][24] Summary by Sections 1. Retinal Disease Oral Administration Prospects - The market for retinal diseases is expanding, with existing therapies showing low adherence due to the inconvenience of intravitreal injections [8][15] - The number of patients in China with eye diseases is projected to rise from 308.8 million in 2018 to 380.3 million by 2024, with a slower growth rate thereafter [8] - HXP056 is positioned to be the first oral treatment for wAMD, DME, and RVO, overcoming significant technical challenges [20][24] 2. Industry Perspective - The pharmaceutical index has experienced a decline of 2.77% recently, with a total decline of 2.90% year-to-date [27][36] - The report emphasizes a dual investment framework focusing on "technology innovation" and "performance/valuation recovery" for the year [46][47] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with significant advancements in innovation and international market presence [46][47]

Summary of Key Points from the Conference Call on China's Silver Economy: Healthcare & Insurance Industry Overview - **Industry Focus**: The report centers on the healthcare and insurance sectors in China, particularly in the context of the aging population and the emerging "Silver Economy" [1][2][12]. Core Insights and Arguments - **Demographic Shift**: China is experiencing a rapid demographic transformation, with the population aged 65 and above expected to exceed 224 million by 2025, accounting for nearly 16% of the total population. This shift is significantly faster than in other major economies [12][13]. - **Healthcare Expenditure Growth**: Non-reimbursable healthcare expenditure is projected to grow from RMB 3.2 trillion in 2025 to RMB 6.5 trillion by 2035, reflecting a CAGR of 7.2%. This growth is driven by increased healthcare spending among older adults and the inadequacy of public healthcare funding [2][22]. - **Commercial Insurance Expansion**: The commercial insurance sector is expected to capture a larger share of healthcare expenditure, potentially covering 18% by 2035, up from 7% in 2024. This shift will add approximately RMB 2 trillion in funding to the healthcare system [28][29]. Key Beneficiaries - **Healthcare Sector**: - **Chronic Disease Management**: Online and offline chronic disease management services are crucial for elderly care delivery [3][40]. - **Innovative Pharma & Biotech**: Companies focusing on age-related disease treatments are positioned for growth, with innovative drug sales expected to grow at a CAGR of 15% by 2035 [4][29]. - **Advanced Medtech**: Firms providing solutions for physiological decline are also set to benefit [3][40]. - **Insurance Sector**: - **Commercial Long-Term Care Insurance (LTCI)**: The rollout of a nationwide LTCI system in 2026 presents significant opportunities for insurers, with premiums expected to grow at a CAGR of 12% from 2024 to 2030 [5][36]. Additional Important Insights - **Funding Gap**: The gap between total healthcare demand and public funding is widening, creating substantial market opportunities for commercial insurers and healthcare providers [21][25]. - **Health Literacy Increase**: The rise in health literacy among the elderly population is expected to drive demand for higher-quality healthcare services and innovative therapies [43]. - **Digital Health Ecosystem**: The integration of AI-driven platforms with traditional healthcare services is reshaping chronic disease management, enhancing patient engagement and care delivery [48][49]. Benefited Stocks - **Insurance Companies**: PICC P&C, China Life, CPIC are identified as key players in the insurance sector [6][36]. - **Healthcare Services**: Companies like Ali Health, Fangzhou, Gushengtang, and Aier Eye Hospital are positioned to benefit from the growing demand for healthcare services [6][40]. - **Pharma/Biotech**: Hengrui, Innovent, and Ribo are highlighted for their focus on innovative treatments for age-related diseases [6][40]. - **MedTech**: MicroPort is noted for its advancements in medical technology relevant to aging populations [6][40]. Conclusion - The aging population in China presents a multi-decade growth opportunity for both the healthcare and insurance sectors. The structural changes in demographics, coupled with increasing health awareness and technological advancements, are set to reshape the landscape of healthcare and insurance in the country [1][12][36].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The innovative drug sector is experiencing significant funding support, with a total of approximately 700 billion RMB raised in the A-share and Hong Kong markets from January 1, 2024, to March 21, 2026, to support R&D investments [15] - The BD (Business Development) income has become a crucial funding source for innovative drug research, with total contracts reaching 57.1 billion USD as of March 21, 2026, indicating a strong trend in the Chinese innovative drug market [18] - The report highlights a positive outlook for the innovative drug sector, particularly in small nucleic acid therapies, and suggests a ranking of preferred sub-sectors: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [8][11] Summary by Sections Industry Performance - The A-share pharmaceutical index has seen a decline of 2.77% this week and 2.90% year-to-date, underperforming the CSI 300 by 0.59% and 1.54% respectively [8] - The Hong Kong biotechnology index has increased by 0.48% this week and decreased by 0.97% year-to-date, outperforming the Hang Seng Technology Index by 2.60% and 10.63% respectively [8] Funding and Investment - From January 1, 2024, to March 21, 2026, the A-share pharmaceutical sector raised 11.8 billion RMB through equity financing and 2.5 billion RMB through convertible bonds [15] - The report emphasizes that the current funding situation in the pharmaceutical sector is robust, with most companies maintaining over one year of R&D funding coverage [18] R&D Progress and Company Developments - Several companies have made significant advancements in their R&D pipelines, including KX-826 for hair loss treatment and ABSK061 for achondroplasia, which received orphan drug designation from the FDA [8] - The report suggests specific companies to watch based on various therapeutic areas, including innovative drugs, ADCs, and small nucleic acids [11] Market Insights - The report notes that the overall market for pharmaceuticals is currently undervalued, with the pharmaceutical index trading at a P/E ratio of 35.19, which is 3.22 times lower than its historical average [8]