Core Viewpoint - Heng Rui Medicine (01276.HK) announced that its subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of HRS-2162 injection, a new generation muscle relaxant antagonist, which will soon commence clinical trials. Currently, there are no similar products approved for sale domestically or internationally [1]. Company Summary - Heng Rui Medicine's subsidiary has received a clinical trial approval for HRS-2162 injection [1]. - HRS-2162 is identified as a new generation muscle relaxant antagonist that can counteract the pharmacological effects of muscle relaxants and rapidly restore muscle tone [1]. - The absence of similar products in the market highlights a potential competitive advantage for Heng Rui Medicine [1].

Core Viewpoint - Heng Rui Medicine (01276) has received approval from the National Medical Products Administration for clinical trials of HRS-6093, a novel oral KRAS G12D inhibitor, which is expected to have significant anti-tumor effects [1] Group 1 - The clinical trial approval for HRS-6093 indicates a strategic advancement in the company's oncology pipeline [1] - HRS-6093 is a selective and efficient oral inhibitor specifically targeting the KRAS G12D mutation, which is crucial for certain cancer treatments [1] - Currently, there are no similar products approved for market in both domestic and international markets, highlighting a potential competitive advantage for the company [1] Group 2 - The total research and development investment for the HRS-6093 project has reached approximately 29.84 million yuan [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-129 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 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。 受 理 号：CXHL2500467 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 5 月 13 日受理的 HRS-2162 注射液临床试验申请符合药品注册的有关要求，同 意本品开展"用于拮抗罗库溴铵和顺阿曲库铵诱导的神经肌肉阻滞"适应症的临 床试验。 二、药物的其他情况 HRS-2162 注射液是新一代肌松药拮抗剂，可拮抗肌松药的药理作用，快速 恢复肌张力。目前国内外尚无同类产品获批上市。截至目前，HRS-2162 注射液 相关项目累计研发投入约 2,825 万元。 三、风险提示 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司福建盛迪医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）核准签发关于 HRS-2162 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。现 将相关情况公告如 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-128 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）核准签发关于 HRS-6093 片的《药物临床试 验批准通知书》，将于近期开展临床试验。现将相关情况公告如下： 一、药物的基本情况 药物名称：HRS-6093 片 剂 型：片剂 申请事项：临床试验 受 理 号：CXHL2500549、CXHL2500550 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 6 月 9 日受理的 HRS-6093 片临床试验申请符合药品注册的有关要求，同意本 品单药在携带 KRAS G12D 突变的实体瘤中开展临床试验。 二、药物的其他情况 HRS-6093 片是一种新型、高效、选择性的口服 KRAS G12D 抑制剂，能够特 异性结合 KRAS G12D 突变蛋白，发挥抗肿瘤作用。经查 ...

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for the clinical trial of HRS-6093 tablets, a novel and efficient oral KRASG12D inhibitor that specifically targets the KRASG12D mutation protein to exert anti-tumor effects [1] Company Summary - The company is set to initiate clinical trials for HRS-6093 tablets in the near future following regulatory approval [1] - HRS-6093 is characterized as a new, selective oral medication aimed at treating tumors associated with the KRASG12D mutation [1]

Core Insights - The international investment community is increasingly focused on Chinese biotech companies, driven by innovation, cost advantages, and supportive policies [1][4] - Morgan Stanley has played a significant role in facilitating major IPOs and refinancing projects in the biotech sector, highlighting the growing interest and investment in this area [1][3] Group 1: IPO and Market Performance - Hong Kong has become the world's second-largest biotech financing center, with 12 healthcare companies successfully listed in the first half of 2025, raising a total of $2.5 billion [2] - Among these, 8 biotech companies raised a total of $890 million through the Hong Kong Stock Exchange's Chapter 18A, designed to attract innovative biotech firms [2] - The average first-day gain for these newly listed companies was 23.1%, indicating strong market performance and investor interest [2] Group 2: Refinancing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion by the end of July, with notable projects including WuXi AppTec's $980 million share placement, the largest in the Hong Kong medical sector in four years [3] - The refinancing activities reflect a robust demand for biotech stocks, with the issuance scale for Innovent Biologics being increased by 10% due to market demand [3] Group 3: Global Expansion of Chinese Biotech - Chinese biotech companies are increasingly pursuing international clinical registrations and market entries, with a notable rise in overseas clinical trial registrations [4][5] - The gap in innovation capabilities between Chinese and U.S. biotech firms has narrowed significantly, with research indicating a reduction from 10 years to 3.7 years [5] - The cost advantages in clinical trials, particularly in Phase III trials, allow Chinese companies to maintain high investment returns [5] Group 4: Strategic Collaborations and Licensing - Chinese biotech firms are forming strategic partnerships with international giants, exemplified by the $12.5 billion deal between Hengrui Medicine and GlaxoSmithKline [6] - The licensing-out model is becoming more prevalent, with significant transactions such as the $1.25 billion upfront payment for a PD-1/VEGF bispecific antibody deal [6] Group 5: Future Outlook and Challenges - The Chinese biotech sector is expected to continue its growth trajectory, with a focus on innovative technologies such as mRNA, ADC, and gene editing [7] - However, challenges remain, including complex international regulations, intellectual property issues, and cultural differences in global operations [8] - Recommendations for overcoming these challenges include building international talent teams, enhancing communication with regulatory bodies, and optimizing government support for innovation [8]

Group 1 - The chemical pharmaceutical sector increased by 2.53% on August 25, with Shutaishen leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable gainers in the chemical pharmaceutical sector included: - Buzoushen (300204) with a closing price of 61.00, up 16.17% and a trading volume of 445,500 shares [1] - Haichen Pharmaceutical (300584) with a closing price of 58.95, up 13.61% and a trading volume of 217,200 shares [1] - Changshan Pharmaceutical (300255) with a closing price of 53.25, up 12.84% and a trading volume of 683,900 shares [1] Group 2 - The chemical pharmaceutical sector experienced a net outflow of 426 million yuan from institutional investors, while retail investors saw a net inflow of 509 million yuan [2] - The top stocks by net inflow from retail investors included: - Anglikang (002940) with a net inflow of 163 million yuan, representing 22.87% of its trading volume [3] - Haichen Pharmaceutical (300584) with a net inflow of 132 million yuan, representing 10.90% of its trading volume [3] - Lingkang Pharmaceutical (603669) with a net inflow of 64.68 million yuan, representing 37.53% of its trading volume [3]

恒瑞医药最新一期业绩显示，截至2025中报，公司营业总收入157.61亿元、同比增长15.88%，归属净利 润44.50亿元，同比增长29.67%，扣非净利润42.73亿元，同比增长22.43%，流动比率13.495、速动比率 12.750、资产负债率6.14%。 天眼查商业履历信息显示，江苏恒瑞医药股份有限公司，成立于1997年，位于连云港市，是一家以从事 医药制造业为主的企业。企业注册资本637900.2274万人民币，实缴资本6190万人民币。公司法定代表 人为孙飘扬。 资金流向方面，今日主力资金净流入1.92亿元，占比成交额3.46%。其中，超大单净流入4.38亿元、占 成交额7.9%，大单净流出24641.35万元、占成交额4.44%，中单净流出流出5440.84万元、占成交额 0.98%，小单净流出13757.55万元、占成交额2.48%。 金融界消息 截至2025年8月25日收盘，恒瑞医药（600276）报收于66.26元，上涨1.97%，换手率 1.33%，成交量84.92万手，成交金额55.52亿元。 通过天眼查大数据分析，江苏恒瑞医药股份有限公司共对外投资了37家企业，参与招投标项目500 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's innovative achievements are driving revenue growth, with both internal development and external licensing progressing simultaneously [12] - In the first half of 2025, the company achieved revenue of 15.76 billion yuan (up 15.88% year-on-year) and a net profit attributable to shareholders of 4.45 billion yuan (up 29.67% year-on-year) [12][14] - The company has a robust R&D pipeline with over 100 self-innovated products in clinical development and more than 400 clinical trials ongoing domestically and internationally [13] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 157.61 billion yuan, a year-on-year increase of 15.88%, and a net profit of 44.50 billion yuan, up 29.67% year-on-year [12][14] - The second quarter alone saw revenue of 85.56 billion yuan (up 12.53% year-on-year) and a net profit of 25.76 billion yuan (up 24.88% year-on-year) [12] Innovation and Licensing - Revenue from innovative drugs and licensing reached 95.61 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales contributing 75.70 billion yuan [12] - The company confirmed licensing agreements with MSD and IDEAYA, receiving upfront payments of 200 million USD and 75 million USD, respectively [12] - A new agreement with GSK for overseas licensing of HRS-9821 and up to 11 projects will yield an upfront payment of 500 million USD [12] R&D Pipeline - The company has a deep R&D pipeline with over 100 innovative products in clinical development and 400 clinical trials ongoing [13] - Six Class 1 innovative drugs were approved for market in the first half of 2025, with multiple new indications also receiving approval [13] Future Projections - Revenue projections for 2025-2027 are 315.41 billion yuan, 353.04 billion yuan, and 403.88 billion yuan, with year-on-year growth rates of 12.71%, 11.93%, and 14.40% respectively [14] - Net profit projections for the same period are 73.07 billion yuan, 81.92 billion yuan, and 94.24 billion yuan, with growth rates of 15.31%, 12.11%, and 15.04% respectively [14]

Core Viewpoint - Heng Rui Medicine's stock price has shown significant growth this year, with a 45.14% increase, indicating strong market performance and investor interest [2]. Company Overview - Jiangsu Heng Rui Medicine Co., Ltd. is primarily engaged in the research, production, and sales of pharmaceuticals, focusing on oncology and covering various therapeutic areas including pain management and cardiovascular diseases [2]. - The company's revenue composition includes oncology (52.12%), neuroscience (15.33%), imaging agents (9.82%), and other therapeutic areas [2]. Financial Performance - For the first half of 2025, Heng Rui Medicine reported a revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, up 29.67% year-on-year [3]. - The company has distributed a total of 9.30 billion yuan in dividends since its A-share listing, with 3.57 billion yuan distributed in the last three years [4]. Stock Market Activity - As of August 25, Heng Rui Medicine's stock price was 66.33 yuan per share, with a market capitalization of 440.25 billion yuan [1]. - The stock has seen a net inflow of 123 million yuan from major funds, indicating strong buying interest [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 364,700, while the average circulating shares per person increased by 12.70% [3]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 14.3 million shares [4].