Group 1 - The core technology of "uniform particle size drug-loaded microspheres" developed by Suzhou Heng Rui Medical Devices Co., Ltd. has received patent authorization from the United States Patent and Trademark Office (USPTO) [1] - Liver cancer ranks sixth in incidence and third in mortality globally, with approximately 72% of cases occurring in Asia, particularly in China, which accounts for about 50% of global cases [1] - The early diagnosis rate for liver cancer is less than 30%, and the five-year survival rate for patients in mid to late stages is only 12%, with a postoperative recurrence rate as high as 50%-70% [1] Group 2 - The Ministry of Industry and Information Technology's "14th Five-Year Plan for the Development of the Medical Equipment Industry" emphasizes the localization of high-end interventional devices, aiming for domestic medical device performance to reach international standards by 2025 [2] - The patent authorization represents a significant response to national medical device strategies, primarily benefiting domestic liver cancer patients in need of better treatment options [2] - Heng Rui Medical's breakthrough technology is expected to lower the treatment threshold for D-TACE, facilitating its widespread application in domestic hospitals and reducing the need for patients to seek expensive imported materials [2] Group 3 - The core value of the patent authorization lies in overcoming the global challenge of "particle size uniformity" in drug-loaded microspheres, establishing a new global precision standard based on Chinese standards [2] - Heng Rui Medical aims to leverage this patent authorization to deepen its focus on the precision embolization field and accelerate the implementation of domestic innovative results in clinical settings [2] - The company seeks to transform cutting-edge technology into accessible treatment options for Chinese patients while providing superior "Chinese solutions" for global cancer patients [2]

Core Insights - Multiple domestic GLP-1 weight loss drug developers are targeting overseas markets and have established several licensing agreements with multinational companies, indicating that competition for Chinese GLP-1 weight loss drugs will extend to the global market [1][5] - The U.S. market, known for its strong payment capabilities, is becoming a key focus for Chinese weight loss drug companies as they accelerate their research and development efforts [1][6] Industry Developments - Companies such as Heng Rui Medicine, Cheng Yi Biology, East China Medicine, Gan Li Pharmaceutical, and Hansoh Pharmaceutical have entered the GLP-1 weight loss drug market, including next-generation oral small molecule drugs [1] - Recent breakthroughs include the approval of the dual receptor agonist Masitide injection by the National Medical Products Administration (NMPA) for long-term weight control in adults, marking it as the only domestic GLP-1 weight loss drug competing with international giants [3][5] Clinical Progress - Several companies have reported positive clinical data, with Heng Rui Medicine and its U.S. partner Kailera Therapeutics announcing successful Phase III trial results for their GLP-1/GIP dual receptor agonist HRS9531, with plans to submit a New Drug Application (NDA) [4] - The drug Ecnoglutide developed by Xianweida has submitted an NDA for weight management and type 2 diabetes indications, although it has not yet been approved [4][6] Market Potential - The global GLP-1 drug market is projected to exceed $60 billion by 2025, with the Chinese market expected to reach 20 billion RMB, growing at over 28% annually [6] - The U.S. market presents significant opportunities, with high profit margins for weight loss drugs, despite the current dominance of two major players, Eli Lilly and Novo Nordisk [6][7] Patient Engagement - A recent survey indicated that 63% of U.S. patients continued using the weight loss drug Semaglutide after one year, highlighting the growing acceptance and adherence to GLP-1 medications [7] - The expansion of insurance coverage for these drugs is expected to further increase the patient population eligible for GLP-1 weight loss treatments [7]

江苏恒瑞医药股份有限公司 第九届监事会第十二次会议决议公告 本公司监事会及全体监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2025-107 江苏恒瑞医药股份有限公司（以下简称"公司"）第九届监事会第十二次会议于2025年7月25日以通讯方 式召开。本次会议应到监事3人，实到监事3人。会议召开符合《公司法》《公司章程》的规定。公司全 体3名监事认真审议并通过了《关于收购控股子公司少数股东股权暨关联交易的议案》（详细公告见上 海证券交易所网站：http://www.sse.com.cn）： 赞成：2票 反对：0票 弃权：0票 关联监事袁开红先生回避表决，其余2名监事参与表决。 特此公告。 江苏恒瑞医药股份有限公司监事会 2025年7月25日 证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-106 江苏恒瑞医药股份有限公司 第九届董事会第十七次会议决议公告 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 ...

Group 1 - The core viewpoint of the articles highlights the ongoing trend of A-share companies listing in Hong Kong, with a focus on enhancing capital strength and international competitiveness through the "A+H" dual capital platform model [1][4][5] - In 2023, 40 A-share companies have announced plans to list in Hong Kong, significantly increasing from the previous year, with a notable presence of hard technology companies from the Sci-Tech Innovation Board [1][2] - Leading companies such as CATL, Hengrui Medicine, and others have successfully transitioned to the "A+H" model, reflecting a growing preference among international investors for high-quality companies [1][2][5] Group 2 - Lixun Precision's board approved the issuance of H-shares to enhance global strategic layout and improve overseas financing capabilities, with a market capitalization of approximately 278 billion yuan [2][3] - The trend of A-share companies listing in Hong Kong is supported by favorable policies and a recovering market, with the Hong Kong Stock Exchange attracting more domestic and international funds [5][6] - Hengrui Medicine's recent listing raised nearly 10 billion HKD, primarily for R&D and production facility expansion, while CATL raised over 35 billion HKD for international business expansion [6][5] Group 3 - The "A+H" listing model is seen as a way for hard technology companies to diversify financing channels, which is crucial for ongoing R&D investments and international business development [3][4] - The recent surge in IPOs is characterized by larger companies, with many having significant international revenue, indicating a strong demand for global market expansion [6][2] - The listing in Hong Kong is viewed as a critical step for companies to enhance their governance and operational transparency, further supporting their internationalization efforts [6][5]

Major Events - Guotai Junan Asset Management will absorb Haitong Asset Management as approved by Guotai Haitong [1] - Shikong Technology's actual controller is planning a change in control, leading to continued suspension of trading [1] - Fushun Special Steel's Jincheng Shazhou intends to acquire 5% of the company's shares at 5.6 CNY per share [1] - Xibu Materials' Wang Libo resigned from the position of vice chairman due to job changes [1] - Yitian Intelligent plans to establish a private equity fund with a professional institution [1] Performance - Tapa Group reported a net profit of 435 million CNY for the first half of the year, a year-on-year increase of 92.47% [2] - Qilu Bank's net profit for the first half of the year was 2.734 billion CNY, up 16.48% year-on-year [2] - Western Mining's net profit for the first half of the year reached 1.869 billion CNY, a 15% increase year-on-year [2] - Funiang Co.'s net profit for the first half of the year was 1.337 billion CNY, reflecting a year-on-year growth of 12.48% [2] - China Duty Free Group reported a net profit of 2.6 billion CNY for the first half of the year, a year-on-year decrease of 20.81% [2] Shareholding Changes - Softcom Power's shareholder plans to transfer 3% of the company's shares through inquiry [2] - Hu Lixia, a shareholder of Guoguang Co., plans to reduce holdings by no more than 3% [3] - Taiyuan Heavy Industry's controlling shareholder plans to increase holdings by 80 million to 160 million CNY [2]

Corporate Announcements - Sanfeng Intelligent's director Chen Wei has been placed under investigation, but the company's operations remain normal and unaffected [3] - Shanghai Pharmaceuticals plans to acquire a 10% stake in Shanghai Shihua Group Financial Company for 143 million yuan, increasing its ownership from 30% to 40% [4] - Western Gold intends to acquire 100% of Xinjiang Meisheng Mining for 1.655 billion yuan, with a premium of 1421.66% over book value; the target company is expected to commence production in the second half of 2025 [5] - Hengrui Medicine plans to acquire approximately 1.46% of Chengdu Shengdi Pharmaceutical from minority shareholders for 40.144 million yuan, increasing its stake to 97.37% [6] - Dongshan Precision has approved an investment of up to 1 billion USD for a high-end printed circuit board project to meet long-term demand in emerging markets [7] - ST Wanfang and Rebecca have both received notices from the China Securities Regulatory Commission regarding investigations into information disclosure violations, but their operations remain normal [8][9] Financial Performance - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a decrease of 20.81% year-on-year, with total revenue of 28.151 billion yuan, down 9.96% [13] - Digital Certification expects a loss of 80 to 96 million yuan for the first half of 2025, compared to a loss of 29.25 million yuan in the same period last year [14] - Western Mining reported a net profit of 1.869 billion yuan for the first half of 2025, an increase of 15% year-on-year, with total revenue of 31.619 billion yuan, up 27% [15] Major Contracts - ST Dongyi signed new orders worth 215 million yuan in the second quarter for its decoration business, with total uncompleted contracts amounting to 383 million yuan [17] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [18] Shareholder Actions - Huajin Technology's employee stock ownership platform plans to reduce its stake by up to 4% within three months [20] - Liuyuan Group intends to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.7 yuan per share [22]

本报告依据中国资产评估准则编制 江苏恒瑞医药股份有限公司拟收购成都盛迪医药有限公司 1.4587%股权涉及的股东部分权益价值 资产评估报告 苏华评报字[2025]第472号 (共1册,第1册) 江苏华信资产评估有限公司 二〇二五年六月二十六日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3232020009202500541 | | | --- | --- | --- | | 合同编号: | 2025-472 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 苏华评报字[2025]第472号 | | | 报告名称: | 股权涉及的股东部分权益价值 | 江苏恒瑞医药股份有限公司拟收购成都盛迪医药有限公司1.4587% | | 评估结论: | 40,015,058.40元 | | | 评估报告日: | 2025年06月26 ...

第一条 为规范江苏恒瑞医药股份有限公司（以下简称"公司"）内部审计 工作，提升内部审计工作质量，强化内部审计监督，筑牢公司风险防线，根据《中 华人民共和国公司法》《中华人民共和国审计法》《审计署关于内部审计工作的 规定》《上海证券交易所上市公司自律监管指引第1号——规范运作》《香港联 合交易所有限公司证券上市规则》等相关法律、法规和规范性文件，以及《江苏 恒瑞医药股份有限公司章程》（以下简称"《公司章程》"）的相关规定，结合 公司实际情况，制定本制度。 第二条 本制度适用于公司、各内部机构、所属公司和具有重大影响的参股 公司（以下统称"被审计单位"）。其中，所属公司包括分公司，全资子公司、 控股子公司，及其下属公司。 第三条 本制度所称内部审计，是指由公司内部审计机构或人员，对被审计 单位的财政财务收支、经济活动、内部控制、风险管理实施独立客观的监督、评 价和建议，以保障公司运营、促进完善治理、实现经营目标的活动。 第四条 本制度所称内部控制，是指公司董事会、审计委员会、高级管理人 员及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； 第五条 公司董事会应当对内 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-108 江苏恒瑞医药股份有限公司 关于收购控股子公司少数股东股权 暨关联交易的公告 本公司董事会、全体董事及相关股东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： 为优化控股子公司股权结构，江苏恒瑞医药股份有限公司（以下简称"公 司"）拟以现金 4,001.44 万元收购刘疆、周云曙、蒋素梅、孙绪根、卢正清、蒋 新华、袁开红、陈永江、吴玉霞合计持有的成都盛迪医药有限公司（以下简称"成 都盛迪"或"标的公司"）1.4587%股权，其他股东放弃优先购买权。本次交易完 成后，公司将持有成都盛迪 97.3866%股权，合并报表范围不会因本次股权收购 而发生变化。 本次交易构成关联交易，但是未构成《上市公司重大资产重组管理办法》 规定的重大资产重组，不需要经过有关部门批准。 本次交易已经公司独立董事专门会议、第九届董事会第十七次会议及第 九届监事会第十二次会议审议通过，无须提交公司股东会审议。 截至本公告日，公司在过去 12 个月内未发生与同一关联人进行的交易以 及与不同关联人 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-107 江苏恒瑞医药股份有限公司 第九届监事会第十二次会议决议公告 本公司监事会及全体监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"）第九届监事会第十二次会 议于 2025 年 7 月 25 日以通讯方式召开。本次会议应到监事 3 人，实到监事 3 人。会议召开符合《公司法》《公司章程》的规定。公司全体 3 名监事认真审议 并通过了《关于收购控股子公司少数股东股权暨关联交易的议案》（详细公告见 上海证券交易所网站：http://www.sse.com.cn）： 赞成：2 票 反对：0 票 弃权：0 票 关联监事袁开红先生回避表决，其余 2 名监事参与表决。 特此公告。 江苏恒瑞医药股份有限公司监事会 2025 年 7 月 25 日 ...