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公告的內容概不負責，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公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。 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） 孫飄揚先生 中國上海 2026年3月13日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 一、药品的基本情况 证券代码：600276 证券简称：恒瑞医药 公告编号 ...

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公告的內容概不負責，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公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 Jiangsu Hengrui Pharmaceuticals Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2026年3月13日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-03 ...

承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 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公告的內容概不負責，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公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。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 孫飄揚先生 中國上海 2026年3月13日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-03 ...

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。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-039 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 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"）的通知，批准公司自主研发的 1 类创新药海 曲泊帕乙醇胺片新增适应症。现将相关情况公告如下： 一、药品的基本情况 药品名称：海曲泊帕乙醇胺片 剂型：片剂 规格：2.5mg、5mg 注册分类：化学药品 2.4 类 受理号：CXHS2400104、CXHS2400105 处方药/非处方药：处方药 批准的适应症：本品联合免疫抑制治疗适用于 15 岁及以上初治重型再生障 碍性贫血（SAA）患者。 二、药品的已获批适应症情况 海曲泊帕乙醇胺片于 2021 年获批上市两个适应症：1.本品适用于既往对糖 皮质激素、免疫球蛋白等治疗反应不佳的慢性原发免疫性血小板减少症（ITP） 成人患者。2.本品适用于对免疫抑制治疗（IST）疗效不佳的重型再生障碍性贫 血（SAA）成人 ...

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"）下发的《受理通知书》，公司舒地胰岛素诺 利糖肽注射液的上市许可申请获国家药监局受理。现将相关情况公告如下： 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-037 江苏恒瑞医药股份有限公司 关于药品上市许可申请获受理的提示性公告 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。 二、药品的临床试验情况 此次申报上市，是基于两项舒地胰岛素诺利糖肽注射液（研发代号：HR17031） 在成人 2 型糖尿病（T2DM）患者中开展的多中心、随机、开放、阳性药平行对照 的关键Ⅲ期临床研究（研究编号 HR17031-301、HR17031-302）。两项研究分别 针对在口服降糖药治疗血糖控制不佳及基础胰岛素治疗血糖控制不佳的 T2DM 患 者，评价舒地胰岛素诺利糖肽注射液和对照药物的有效性和安全性。HR17031-301 研究由北京大学人民医院纪立农教授担任主要研究者，全国共启动 54 家中心， 随机入组 401 例受试者； ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-038 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"）子公司上海恒瑞医 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 盐酸伊立替康脂质体注射液（Ⅱ）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、药品的基本情况 药品名称：盐酸伊立替康脂质体注射液（Ⅱ） 剂 型：注射剂 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 12 月 25 日受理的盐酸伊立替康脂质体注射液（Ⅱ）临床试验申请符合药品注 册的有关要求，同意开展本项临床试验。具体为：HR070803 联合奥沙利铂、5- 氟尿嘧啶、亚叶酸钙对比吉西他滨联合卡培他滨用于胰腺癌术后辅助治疗的随 机、开放、平行对照、多中心Ⅲ期临床研究。 二、药品的其他情况 盐酸伊立替康是喜树碱的半合成衍生物。喜树碱可特异性地与拓扑 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 2.64% from February 27, 2026, to March 12, 2026, which is approximately 1.81 percentage points lower than the index [11]. - Most sub-sectors within the industry recorded negative returns during the same period, with in vitro diagnostics and medical consumables showing positive growth of 3.49% and 1.71%, respectively, while medical R&D outsourcing and medical devices experienced declines of 4.85% and 4.25% [12]. - Approximately 31% of stocks in the industry recorded positive returns, while 69% experienced negative returns, with notable performers including Shengjitang, which saw a weekly increase of 38.81% [13][16]. - The overall industry valuation has decreased, with the SW pharmaceutical and biotechnology industry index's PE (TTM) at approximately 49.25 times, which is 3.63 times higher than the CSI 300 index [17][25]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 2.64% from February 27, 2026, to March 12, 2026 [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and medical consumables performing better [12]. - About 31% of stocks in the industry had positive returns, with significant fluctuations in individual stock performances [16]. 2. Industry News - A new procurement regulation was issued by the Jiangxi Medical Insurance Bureau, aiming to unify the procurement of drugs and medical consumables within county-level medical communities, addressing issues of fragmented management and weak bargaining power [23]. - The Jiangsu Provincial Government released an action plan to promote the development of the brain-computer interface industry, targeting the establishment of several innovative products and companies by 2030 [22]. 3. Company Announcements - Huadong Medicine announced that its subsidiary received FDA approval for a new drug clinical trial, which is a significant milestone for the company [24]. 4. Industry Outlook - The report suggests that the investment risk-reward ratio is improving in the innovation drug sector, recommending attention to various segments including medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, and traditional Chinese medicine [25][26].

Investment Rating - The report assigns a rating of "Buy" for the company [4]. Core Insights - The company is expected to experience strong organic growth in innovative drug sales starting in 2026, driven by the addition of 10 new drugs and new indications for 5 existing products under medical insurance reimbursement [10][17]. - The company has a rich pipeline of drugs, with 31 new drug candidates entering clinical trials in 2025, significantly outpacing competitors [23][24]. - The report forecasts net profits for the company to reach 82.69 billion, 101.24 billion, and 116.35 billion yuan for the years 2025, 2026, and 2027 respectively, with a target price of 87.21 yuan based on a 57x P/E ratio for 2026 [10][13]. Financial Summary - Total revenue is projected to grow from 22,820 million yuan in 2023 to 43,969 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.2% [3]. - Net profit attributable to the parent company is expected to increase from 4,302 million yuan in 2023 to 11,635 million yuan in 2027, with a notable growth rate of 30.5% in 2025 [3]. - Earnings per share (EPS) is forecasted to rise from 0.65 yuan in 2023 to 1.75 yuan in 2027 [3]. Pipeline and Clinical Development - The company is set to enter a data-rich period in 2026, with numerous clinical trials expected to yield results, including several assets that are anticipated to complete Phase I trials [10][24]. - The company has a strong focus on innovative drugs, with a significant number of candidates in advanced stages of development, including dual antibodies and small molecule inhibitors [24][26]. - The report highlights the company's competitive edge in research and development efficiency, which is a key factor for multinational corporations choosing to partner with the company [23][24].

Investment Rating - The report assigns a rating of "Buy" for the company [4]. Core Insights - The company is expected to experience strong organic growth in innovative drug sales starting in 2026, driven by the addition of 10 new drugs and new indications for 5 existing products under medical insurance reimbursement [10][17]. - The company has a rich pipeline of drugs, with 31 new drug candidates entering clinical trials in 2025, significantly outpacing competitors [23][24]. - The report forecasts net profits for the company to reach 82.69 billion, 101.24 billion, and 116.35 billion yuan for the years 2025, 2026, and 2027 respectively, with a target price of 87.21 yuan based on a 57x P/E ratio for 2026 [10][13]. Financial Summary - Total revenue is projected to grow from 22,820 million yuan in 2023 to 43,969 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.2% [3]. - Net profit attributable to shareholders is expected to increase from 4,302 million yuan in 2023 to 11,635 million yuan in 2027, with a notable growth rate of 30.5% in 2025 [3]. - Earnings per share (EPS) is forecasted to rise from 0.65 yuan in 2023 to 1.75 yuan in 2027 [3]. Pipeline and Clinical Development - The company is set to enter a data readout phase in 2026, with multiple assets expected to complete Phase I clinical trials and report results [10][24]. - The company has a diverse range of innovative drug candidates, including ADCs, small molecules, and siRNA therapies, which are in advanced stages of development [24][26]. - The report highlights that the company will have 2-3 overseas pipeline candidates entering global registration clinical trials in 2026, contributing to milestone revenues [10][24].

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 26,500 points, with geopolitical uncertainties causing volatility in international oil prices and potential capital outflows from Asian markets [2] - The Chinese government has slightly lowered its economic growth target for the year to a range of 4.5% to 5%, aligning with expectations, while the overall economic data remains stable [2] - The HSI has formed a head-and-shoulders pattern since January, recently testing support at 25,000 points, with a short-term rebound resistance around the 50-day moving average at approximately 26,500 points [2] Sector Focus - AI Stocks: The semiconductor industry is experiencing rapid growth due to intensive upgrades in AI large models [3] - The People's Bank of China emphasizes the need for a cautious and orderly advancement of AI applications in the financial sector, aiming to enhance digital and intelligent development momentum [6] Company News - Cathay Pacific reported a 9.5% increase in profits last year, exceeding expectations [3] - Guohua Technology is set to raise up to 3.3 billion HKD through its IPO starting today [3] - Several companies, including Oriental Overseas and Li Auto, are expected to announce their earnings today [3] Economic Indicators - The U.S. Consumer Price Index (CPI) rose by 2.4% year-on-year in February, meeting expectations [7] - The U.S. fiscal deficit surpassed 1 trillion USD as of February, although it has decreased significantly compared to the previous year [7] - The International Energy Agency (IEA) member countries agreed to release 400 million barrels of oil reserves to address market disruptions caused by geopolitical tensions [8] Investment Recommendations - There are suggestions to lower the eligibility threshold for investors in the Hong Kong Stock Connect program to enhance market liquidity and attract international capital [6]