江苏恒瑞医药股份有限公司 2024 年年度股东会会议资料 上海 江苏恒瑞医药股份有限公司 2024 年年度股东会会议资料 江苏恒瑞医药股份有限公司 2024 年年度股东会文件目录 | 2024 年年度股东会会议议程 | | | 1 | | --- | --- | --- | --- | | 议案一、公司 2024 年度董事会工作报告 | | | 2 | | 议案二、公司 2024 年年度报告全文及摘要 | | | 28 | | 议案三、公司 2024 年度监事会工作报告 | | | 29 | | 议案四、关于公司未来三年（2025—2027 | | 年度）股东分红回报规划的议案 | 32 | | 议案五、公司 年度财务决算报告 | 2024 | | 35 | | 议案六、公司 年度利润分配预案 | 2024 | | 42 | | 议案七、关于续聘公司 2025 | | 年度审计机构、内部控制审计机构并决定其报酬的 | 议 | | 案 | | | 43 | | 议案八、关于公司董事、高级管理人员 | | 2024 年度薪酬执行情况的议案 | 44 | | 议案九、关于公司监事 2024 | | 年度薪酬执行情况 ...

Investment Rating - The report rates the pharmaceutical industry as "Overweight," indicating that the industry is expected to outperform the overall market [3][27]. Core Insights - The pharmaceutical sector experienced a decline of 0.4% this week, while the Shanghai Composite Index rose by 1.2%. The pharmaceutical index ranked 24th among 31 sub-industries [4][5]. - A commentary from People's Daily emphasized the need to ensure profit margins for pharmaceutical companies and pharmacies to maintain the long-term supply of quality and affordable medications [14]. - Eli Lilly announced the successful Phase 3 clinical trial of its oral GLP-1 receptor agonist, Orforglipron, which showed a reduction in HbA1c levels by 1.3% to 1.6% after 40 weeks of treatment [15]. - President Trump signed an executive order aimed at lowering prescription drug prices, potentially reducing prices by up to 60% for certain medications [16]. - The report suggests investment in companies involved in the development of small molecule GLP-1 drugs, including Hengrui Medicine, East China Pharmaceutical, and others [4]. Market Performance - The overall valuation of the pharmaceutical sector is currently at 24.2 times PE (2025E), ranking 6th among 31 primary industries [4][8]. - The performance of various sub-sectors this week includes: - Raw materials: -0.0% - Chemical preparations: +0.6% - Traditional Chinese medicine: +0.6% - Blood products: -4.4% - Vaccines: -1.5% [8][10]. Key Events - The commentary from People's Daily on April 18 highlighted the importance of ensuring profit margins for pharmaceutical companies and pharmacies [14]. - Eli Lilly's successful Phase 3 trial of Orforglipron is a significant development in diabetes treatment, with plans for regulatory submissions by the end of the year [15]. - The executive order signed by President Trump aims to adjust drug price negotiations, expanding the scope of price reductions for various medications [16]. Valuation of Key Companies - The report includes a valuation table for key companies in the pharmaceutical sector, with notable companies and their respective PE ratios and market capitalizations [20][21]. - For example, Mindray Medical has a market cap of 263.2 billion yuan with a PE ratio of 20 for 2024E, while Hengrui Medicine has a market cap of 306.2 billion yuan with a PE ratio of 48 for 2024E [20].

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of HRS-1167, a second-generation PARP inhibitor developed in-house, indicating potential for both monotherapy and combination therapy in treating more patients [1] Company Summary - Heng Rui Medicine (600276.SH) announced the receipt of the clinical trial approval notice for HRS-1167 from the National Medical Products Administration [1] - HRS-1167 is a PARP1 small molecule inhibitor with higher selectivity and stronger affinity compared to first-generation PARP inhibitors [1] - The drug is currently in the early stages of clinical development and has the potential to treat a broader patient population as both a standalone and combination therapy [1] Industry Summary - The approval of HRS-1167 marks a significant step in the development of second-generation PARP inhibitors within the pharmaceutical industry [1] - The drug must undergo clinical trials and receive further review and approval from the National Medical Products Administration before it can be manufactured and marketed [1]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [7]. Core Insights - The report highlights the emergence of the "Protein Degradation 2.0" era, focusing on domestic companies involved in this field [12][18]. - The pharmaceutical sector is expected to experience a structural bull market in 2025, driven by supportive policies for commercial health insurance and innovation in drug development [14]. Summary by Sections Recent Review - During the week of April 14-18, the Shenwan Pharmaceutical Index decreased by 0.36%, outperforming the ChiNext Index but underperforming the CSI 300 Index [12]. - The market showed a recovery with small-cap innovative drugs performing well, while the overall pharmaceutical sector remained volatile [13]. Future Outlook - Short to medium-term strategies focus on self-sufficiency in research instruments and upstream components, deepening the exploration of innovative drugs, and identifying high-growth companies based on Q1 reports [14]. - By 2025, a positive trading atmosphere is anticipated, with structural growth likely in the pharmaceutical sector [14]. Investment Strategy - **Pharmaceutical Style Rhythm**: Key companies include innovative drug firms such as Sanofi, BeiGene, and others focusing on self-sufficiency like BGI Genomics and others [15]. - **Pharmaceutical Industry Logic**: Emphasis on innovative drugs with commercial potential, self-sufficiency in medical devices, and new technologies like AI in medicine [16]. Protein Degradation Sector - The report discusses the rapid advancement in the targeted protein degradation (TPD) field, with over 95 projects in clinical development globally, including 35 in China [24]. - Notable domestic companies in the TPD space include Innovent Biologics, BeiGene, and others, with several new drugs recently approved for clinical trials [26][25]. Subsector Performance - The innovative drug index decreased by 0.60% during the week, while the generic drug sector saw a 1.80% increase, indicating a shift in market focus [36]. - The traditional Chinese medicine index outperformed the overall pharmaceutical index, highlighting a potential area for investment [43]. Key Events - The report notes significant events such as the approval of innovative drugs by companies like CanSino Biologics and the performance of various pharmaceutical firms in their quarterly reports [41][34].

Group 1 - The China Strategic Emerging Industries Index (New Emerging Index, 000171) closed up 0.14% at 1115.03 points, with a trading volume of 58.941 billion yuan [1] - Over the past month, the index has decreased by 11.00%, down 3.58% over the last three months, and down 5.99% year-to-date [1] - The index includes 100 representative listed companies from sectors such as energy conservation and environmental protection, new generation information technology, biotechnology, high-end equipment manufacturing, new energy, new materials, new energy vehicles, digital creativity, and high-tech services [1] Group 2 - The top ten weights in the index are: Dongfang Caifu (7.95%), BYD (6.47%), Hengrui Medicine (4.45%), Huichuan Technology (4.15%), Northern Huachuang (4.02%), Haiguang Information (3.41%), Luxshare Precision (3.05%), Mindray Medical (2.75%), Wanhua Chemical (2.47%), and Zhongji Xuchuang (2.37%) [1] - The market segments of the index holdings show that the Shenzhen Stock Exchange accounts for 59.48%, while the Shanghai Stock Exchange accounts for 40.52% [1] Group 3 - The industry composition of the index holdings includes: Information Technology (27.70%), Industrial (19.27%), Healthcare (14.92%), Communication Services (13.72%), Consumer Discretionary (9.66%), Financials (7.95%), Materials (6.13%), Utilities (0.34%), and Consumer Staples (0.31%) [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the New Emerging Index include: Huaxia Strategic Emerging Index ETF Connect A, Huaxia Strategic Emerging Index ETF Connect C, and Huaxia Strategic Emerging Index ETF [2]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Stable Index experiencing a slight decline of 0.03% to close at 11,128.3 points, with a trading volume of 51.95 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Stable Index has decreased by 1.24% over the past month, increased by 2.50% over the last three months, and has declined by 1.06% year-to-date [1] - The index is based on a sample space from the Shanghai 180 and 380 indices, focusing on securities with varying risk exposures to macroeconomic conditions [1] Group 2: Index Holdings - The top ten weighted stocks in the Shanghai 180 Stable Index include Kweichow Moutai (11.91%), China Merchants Bank (6.3%), and Yangtze Power (4.32%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange [2] Group 3: Sector Allocation - The sector distribution of the index holdings is as follows: Financials (33.92%), Consumer Staples (16.25%), Industrials (13.93%), Materials (8.52%), Utilities (7.52%), Healthcare (6.48%), Energy (5.49%), Consumer Discretionary (3.81%), Communication Services (3.80%), and Information Technology (0.28%) [2] Group 4: Index Adjustment - The index samples are adjusted biannually, typically on the second Friday of June and December, with a sample adjustment limit of 30% [2] - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [2]

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 HRS9531 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 相关情况公告如下： 一、 药物的基本情况 药物名称：HRS9531 注射液 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-060 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。 剂 型：注射剂 申请事项：临床试验 受 理 号：CXHL2500155、CXHL2500156、CXHL2500157 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 2 月 6 日受理的 HRS9531 注射液临床试验申请符合药品注册的有关要求，同意 开展阻塞性睡眠呼吸暂停合并肥胖的临床试验。 二、药物的其他情况 HRS9531 注射液是以 HRS9531 为主要活性成分，具有全球自主知识产权的新 型口服靶向抑胃肽受体（G ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-059 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。 SHR-4658 注射液为公司自主研发的 1 类创新药。临床前数据显示，SHR-4658 可显著改善心力衰竭动物的心脏功能，且安全性良好。经查询，目前国内外尚无 同类药物获批上市。截至目前，SHR-4658 注射液累计研发投入约 3,161 万元。 一、药物的基本情况 药物名称：SHR-4658 注射液 剂 型：注射剂 申请事项：临床试验 受 理 号：CXSL2500067 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 1 月 21 日受理的 SHR-4658 注射液临床试验申请符合药品注册的有关要求，同 意本品开展心力衰竭的临床试验。 二、药物的其他情况 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、北京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 ...

Core Viewpoint - Heng Rui Medicine's subsidiary has received approval for clinical trials of HRS9531 injection, a novel dual agonist targeting GIPR and GLP-1R, aimed at improving blood sugar levels and reducing weight [1] Group 1: Company Developments - Heng Rui Medicine (600276.SH) announced that its subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., has received the Drug Clinical Trial Approval Notice from the National Medical Products Administration [1] - The clinical trials for HRS9531 injection will commence shortly [1] Group 2: Product Details - HRS9531 injection is a new oral dual agonist with global intellectual property rights, targeting gastric inhibitory polypeptide receptor (GIPR) and glucagon-like peptide-1 receptor (GLP-1R) [1] - The drug is designed to regulate glucose and lipid metabolism, suppress appetite, and enhance insulin sensitivity, thereby improving blood sugar levels and aiding in weight loss [1] Group 3: Financial Investment - The cumulative research and development investment for the HRS9531 project has reached approximately 256 million yuan [1]

Group 1 - The core index, the CSI 800 Relative Growth Index, closed at 3310.48 points, with mixed performance among the three major A-share indices [1] - The CSI 800 Relative Growth Index has seen a decline of 7.47% over the past month, a slight decrease of 0.06% over the last three months, and a year-to-date drop of 2.46% [2] - The index is designed to reflect the performance of securities with prominent growth characteristics within the CSI 800 Index, using a free-float market capitalization weighted approach [2] Group 2 - The top ten holdings of the CSI 800 Relative Growth Index include Kweichow Moutai (7.31%), CATL (4.43%), and BYD (2.35%) among others [2] - The market capitalization distribution shows that the Shanghai Stock Exchange accounts for 57.23% and the Shenzhen Stock Exchange for 42.77% of the index [2] Group 3 - The industry composition of the CSI 800 Relative Growth Index includes 22.38% in industrials, 22.26% in information technology, and 14.68% in consumer staples, among others [3] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers or acquisitions [3]