Core Viewpoint - Heng Rui Medicine announced that the third lock-up period of its employee stock ownership plan will expire on November 7, 2025 [2] Group 1 - The company is Jiangsu Heng Rui Medicine Co., Ltd. [2] - The announcement was made on the evening of November 7 [2]

Core Viewpoint - Heng Rui Medicine (01276) announced that its subsidiary, Shanghai Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-4610 injection, an innovative anti-tumor drug developed by the company [1] Group 1 - SHR-4610 injection has shown good anti-tumor activity in preclinical animal models and is intended for the treatment of advanced solid tumors [1] - The total research and development investment for the SHR-4610 injection project has reached approximately 7.36 million yuan [1]

Group 1 - Core viewpoint: Heng Rui Medicine's subsidiary, Shanghai Shengdi Pharmaceutical, has received approval from the National Medical Products Administration for the clinical trial of SHR-4610 injection, which will commence shortly [1][2] Group 2 - Drug name: SHR-4610 injection [2] - Dosage form: Injection [2] - Application matter: Clinical trial [2] - Acceptance number: CXSL2500686 [2] - Approval conclusion: The clinical trial application for SHR-4610 injection, accepted on August 8, 2025, meets the requirements for drug registration, allowing the drug to be tested in late-stage solid tumors [2]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of HRS-2430 injection, which will be conducted soon [1] Group 1: Drug Information - Drug Name: HRS-2430 Injection [1] - Dosage Form: Injection [1] - Application Matter: Clinical Trial [1] - Acceptance Numbers: CXHL2500810, CXHL2500811 [1] - Approval Conclusion: The clinical trial application for HRS-2430 injection, accepted on August 4, 2025, meets the requirements for drug registration and is approved for clinical trials in general anesthesia induction and maintenance, as well as sedation and anesthesia in non-tracheal intubation surgeries/procedures [1]

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11月7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 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | ...

Core Viewpoint - Heng Rui Medicine (01276) announced the transfer of 13.51 million A-shares, which were repurchased, to an employee stock ownership plan on November 7, 2025 [1] Group 1 - The company will transfer a total of 13.51 million A-shares to the employee stock ownership plan [1]

Core Viewpoint - Heng Rui Medicine (600276)(01276) announced that on November 7, 2025, it will transfer 13.51 million repurchased A-shares to an employee stock ownership plan [1] Group 1 - The company has repurchased a total of 13.51 million A-shares [1] - The transfer of shares is aimed at supporting the employee stock ownership plan [1] - The date of the transfer is set for November 7, 2025 [1]

Investment Rating - The industry investment rating is "Positive" and the specific company rating for 恒瑞医药 (Hengrui Medicine) is "Buy" [2][55]. Core Insights - The 2025 drug directory negotiations have concluded successfully, with the new basic medical insurance drug directory and the first commercial insurance innovative drug directory expected to be released in December [10]. - Novo Nordisk and Eli Lilly have reached an agreement with the U.S. government to significantly reduce the prices of GLP-1 drugs starting in 2026, enhancing drug accessibility for patients [11]. - Blackstone has invested $700 million in the development of sac-TMT, a significant ADC drug [12]. - Fosun Pharma's MEK inhibitor, Luwomei, is set for priority review for a new indication [13]. Industry News - The negotiations for the 2025 drug directory have been successfully completed, with 120 companies participating [10]. - The new drug pricing agreements aim to improve patient affordability and access, with specific price reductions outlined for various drugs [11]. - The market performance of the pharmaceutical sector shows a slight increase, with the pharmaceutical index rising by 0.32% during the week [46]. Company Announcements - 百济神州 (BeiGene) reported a revenue of 27.595 billion yuan for the first three quarters of 2025, a year-on-year increase of 44.2% [29]. - 晶泰控股 (Jintai Holdings) announced a strategic partnership with Eli Lilly to enhance the development of AI-driven bispecific antibodies [30]. - 恒瑞医药 (Hengrui Medicine) has a drug under review for priority approval for treating patients with paroxysmal nocturnal hemoglobinuria [31]. - 百利天恒 (Baili Tianheng) has its HER2 ADC drug included in the list of breakthrough therapy products [32]. Market Review - The SW pharmaceutical industry’s price-to-earnings ratio (TTM) is 29.97, with a valuation premium of 133% compared to the CSI 300 index [50]. - The overall market performance for the week shows mixed results, with most sub-sectors experiencing gains, particularly traditional Chinese medicine [46]. Weekly Strategy - The report suggests focusing on pharmaceutical companies related to the drug directory negotiations and those showing improved fundamentals and performance reversals, particularly in the CXO and medical device sectors [55].

Group 1 - Core viewpoint: Heng Rui Medicine has received approval for clinical trials of SHR-4610 injection from the National Medical Products Administration [1] - The revenue composition for Heng Rui Medicine in 2024 is 89.37% from pharmaceutical manufacturing and 10.63% from other businesses [1] - As of the report date, Heng Rui Medicine's market capitalization is 408.7 billion yuan [1]

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"）2022 年员工持股计划第 三个锁定期已于 2025 年 11 月 7 日届满，根据中国证监会《关于上市公司实施员 工持股计划试点的指导意见》以及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，现将本员工持股计划第三个锁定期届满及解锁情 况公告如下： 一、本员工持股计划的实施进展 1、2022 年 8 月 19 日，公司召开第八届董事会第二十二次会议与第八届监 事会第十七次会议，并于 2022 年 9 月 8 日召开 2022 年第一次临时股东大会，审 议通过了公司 2022 年员工持股计划，具体内容详见公司于 2022 年 8 月 20 日、 2022 年 9 月 9 日披露于上海证券交易所网站（www.sse.com.cn）的相关公告。 2、2022 年 11 月 7 日，公司收到中国证券登记结算有限责任公司出具的《过 户登记确认书》，公司回购专用证券账户（B882253860）中所持有的 1,200 万股 ...