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"）核准签发的《药品注册证书》，批准公司自 主研发的 1 类创新药硫酸艾玛昔替尼片（SHR0302 片）新增适应症，用于对局部 外用治疗或其他系统性治疗应答不充分或不耐受的中重度特应性皮炎成人患者。 现将相关情况公告如下： 一、 药品的基本情况 药品名称：硫酸艾玛昔替尼片 剂型：片剂 规格：4mg 注册分类：化学药品 1 类 受理号：CXHS2300097 处方药/非处方药：处方药 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-053 江苏恒瑞医药股份有限公司 关于获得药品注册证书的公告 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。 公司高度重视药品研发，并严格控制药品研发、制造及销售环节的质量及安 全。药品获得批件后生产和销售容易受到一些不确定性因素的影响。敬请广大投 资者谨慎决策，注意防范投资风险。 特此公告。 江苏恒瑞医药股份有限公司董事会 审批结论：根据《中华人民共和国药品管理办法》及有关规定，经审查 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-054 江苏恒瑞医药股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日发布 公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营 成果、财务状况，公司计划于 2025 年 4 月 16 日下午 15:00-16:00 举行 2024 年 度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播结合网络互动形式召开，公司将针对 2024 年 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2025 年 4 月 16 日下午 15:00-16:00 会议召开地点：上证路演中心 江苏恒瑞医药股份有限公司 关于召开 2024 年度业绩暨现金分红说明会的公告 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。 重要内容提示 会议内容：恒瑞医药 2024 年度业绩暨现金分红说明会 ...

恒瑞医药(600276.SH)公告称，截至2025年4月9日，公司通过集中竞价交易方式累计 回购股份832.45万 股，占总股本的0.13%，累计回购金额为3.64亿元（不含交易费用）。自4月初以来，公司已累计回购股 份147.08万股，累计回购金额7033.07万元（不含交易费用）。 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-052 江苏恒瑞医药股份有限公司 关于股份回购进展公告 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。 2024 年 5 月 15 日，江苏恒瑞医药股份有限公司（以下简称"公司"）第九届 董事会第八次会议审议通过了《关于以集中竞价交易方式回购公司股份方案的议 案》，同意公司使用自有资金，以集中竞价交易方式回购公司股份用于实施员工 持股计划。回购价格不超过人民币 67.38 元/股（含），回购资金总额不低于人民 币 6 亿元且不超过 12 亿元。回购期限为自董事会审议通过回购股份方案之日起 12 个月以内。截至 2025 年 4 月 9 日上午收盘，公司通过集中竞价交易方式累计 回购股份 8,324,544 股，占公司总股本的比例为 0.13%，累计回购金额为 363,837,671.80 元（不含交易费用）。自 4 月初以来，公司已累计回购股份 1,470,800 股，累计回购金额 70,330,651.00 元（不含交易费用）。 基于对自身可持续发展的信心及 ...

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology industry [5]. Core Viewpoints - The report highlights the increasing external uncertainties following the US-China tariff conflict and expresses optimism towards domestic circulation and safe-haven assets in the pharmaceutical sector [2][20]. - The demand for blood products is relatively inelastic, and the recent tariff increases may lead to a short-term rise in imported albumin prices, benefiting domestic companies. The blood products industry is characterized by rigid demand and strategic resource attributes, suggesting a favorable competitive landscape for domestic alternatives [21]. - The report emphasizes the shift from "efficiency-first" to "safety-first" in supply chains, driven by the need for supply chain security, which may catalyze domestic replacements in high-end medical devices and scientific instruments [22][24]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index rose by 1.20%, outperforming the CSI 300 index by 2.57 percentage points and the ChiNext index by 3.55 percentage points, ranking third among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Medical Health Index increased by 1.32%, surpassing the Hang Seng Index by 3.49 percentage points [1][16]. Company Updates - Recent developments include the new listing application for SHR2554 tablets by Heng Rui Medicine and clinical application advancements for several products from Heng Rui Medicine and Lepu Biopharma [27]. Investment Strategy - The report suggests focusing on three main directions: policy support for hospital payments (innovative drugs and devices), expansion of public demand (blood products, home medical devices, weight loss drug supply chains), and an upward cycle for overseas payments (heparin, respiratory joint inspections) [24]. Key Company Profit Forecasts and Valuations - Key companies such as Mindray Medical, United Imaging, and Yuyue Medical are highlighted with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating a "Buy" recommendation [4]. Important Database Updates - The cumulative total number of hospital diagnoses showed a year-on-year increase of 13.29%, with significant growth in tertiary hospitals [30]. - The pharmaceutical manufacturing industry reported a year-on-year revenue decline of 3.4% for the first two months of 2025, with total revenue of 369.43 billion yuan [60].

Policy Developments - Shenzhen has issued measures to support the development of innovative drugs and medical devices, focusing on areas such as nucleic acid drugs, protein and peptide drugs, cell drugs, and small molecule innovative drugs, with a total of 32 specific measures proposed [1] Drug Approvals - Eli Lilly's application for the new drug imlunestrant, a selective estrogen receptor degrader for treating ER+ and HER2- advanced breast cancer, has been accepted by China's National Medical Products Administration [2] - Heng Rui Medicine's SHR0302 (aimatinib), a JAK1 inhibitor, has received approval for a new indication for treating moderate to severe atopic dermatitis in adults and adolescents aged 12 and above [3] Capital Market Activities - Kehua Bio has signed an investment cooperation agreement to establish a medical device and testing reagent production base and an innovation center in Xi'an, covering approximately 90 acres [4] - TianKang Bio plans to introduce external investors through a capital increase, with two investors subscribing to a total of RMB 27.5 million for new registered capital [6] Research and Development - Innovent Biologics has announced that its tumor pipeline products ICP-248, ICP-723, and ICP-B05 have been selected for presentation at the 2025 ASCO Annual Meeting [5] - Pian Zai Huang has signed a technology transfer contract worth RMB 13.58 million for a new traditional Chinese medicine, which aligns with the trend of innovation in the TCM industry [8] Financial Reports - Sunshine Nuohua reported a revenue of RMB 1.078 billion for 2024, a year-on-year increase of 15.7%, but a net profit of RMB 177 million, down 3.98% [9] - David Medical's revenue for 2024 was RMB 527.03 million, a decrease of 14.76%, with a net profit decline of 61.21% [10] - Bai O Tai reported a revenue of RMB 743 million for 2024, a 5.44% increase, but a net loss of RMB 510 million, compared to a loss of RMB 395 million in the previous year [11]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has completed the first lock-up period of its 2023 employee stock ownership plan, with all shares sold or transferred, indicating a significant step in its employee incentive strategy [1][4]. Group 1: Employee Stock Ownership Plan Implementation - The company held board and supervisory meetings on November 3, 2023, and a temporary shareholders' meeting on November 23, 2023, to approve the 2023 employee stock ownership plan [1]. - On December 27, 2023, the company received a transfer confirmation for 11.5 million shares to the employee stock ownership plan account at a price of 23.85 yuan per share [2]. - The first meeting of the employee stock ownership plan holders was held on December 27, 2023, where a management committee was established to oversee the plan [2]. Group 2: Lock-up Period and Share Transfer - A total of 4.1605 million shares were unlocked during the first lock-up period, accounting for 0.065% of the company's total share capital [4]. - As of April 8, 2025, 2.5961 million shares were transferred non-traditionally to the plan holders, while 1.5644 million shares were sold through centralized bidding [4]. Group 3: Drug Registration and New Indications - The company’s subsidiary, Suzhou MSD Biopharmaceutical Co., Ltd., received a drug registration certificate for its innovative drug, Fuanqi Zhuan Injection, for a new indication in treating adult patients with active ankylosing spondylitis [7]. - The drug is classified as a Class 1 therapeutic biological product and is prescribed for patients with inadequate response to conventional treatments [7][8]. - The approval of this new indication is significant given the prevalence of ankylosing spondylitis in China, with nearly 4 million patients [8]. Group 4: Drug Development and Market Potential - Fuanqi Zhuan is a recombinant humanized monoclonal antibody targeting IL-17A, which plays a crucial role in the inflammatory process of ankylosing spondylitis [9]. - The global market for IL-17A inhibitors is competitive, with several other products already approved, indicating a substantial market opportunity for Fuanqi Zhuan [9][10]. - The company has invested approximately 65.135 million yuan in the development of Fuanqi Zhuan, highlighting its commitment to advancing innovative treatments [10].

Wind数据显示，4月7日、8日全天北向资金合计买卖总额分别为2291.85亿元、2692.69亿元，而在清明 节前一周（3月31日至4月3日）北向资金日均买卖总额仅为1573.56亿元。4月8日，沪深股通前五大活跃 个股分别是贵州茅台、宁德时代、比亚迪、招商银行、恒瑞医药。 ...

Group 1 - The core index, the China Securities Chuangxin Quality Growth Index, rose by 0.92% to 6368.71 points, with a trading volume of 370.183 billion yuan [1] - Over the past month, the index has decreased by 8.87%, by 3.80% over the last three months, and by 7.25% year-to-date [1] - The index selects listed companies with high return on equity across various industries, providing diverse investment options for investors [1] Group 2 - The top ten weighted stocks in the index include Kweichow Moutai (9.8%), BYD (2.99%), Wuliangye (2.56%), Dongfang Fortune (2.51%), and others [1] - The index's holdings are primarily from the Shanghai Stock Exchange (53.96%) and Shenzhen Stock Exchange (46.04%) [1] - The industry composition of the index shows that consumer staples account for 20.20%, industrials for 17.60%, and financials for 10.81%, among others [2] Group 3 - The index samples are adjusted four times a year, specifically in March, May, September, and November on the next trading day after the second Friday [2] - Weight factors are adjusted in accordance with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Special circumstances may lead to temporary adjustments of the index, including the removal of samples that are delisted or undergo mergers and acquisitions [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve an EPS of 1.06/1.17 CNY for 2025-26, with a new forecast of 1.42 CNY for 2027. The target price is set at 56.18 CNY based on a PE ratio of 53 for 2025 [2] - The company reported a significant revenue increase of 22.63% year-on-year for 2024, reaching 27.985 billion CNY, and a net profit increase of 47.28%, totaling 6.337 billion CNY [9] - The company is actively advancing its internationalization efforts, with several products receiving FDA approval and significant licensing agreements contributing to revenue growth [9] Financial Information Summary - Revenue (in million CNY): - 2023A: 22,820 - 2024A: 27,985 (22.6% YoY growth) - 2025E: 31,684 (13.2% YoY growth) - 2026E: 35,553 (12.2% YoY growth) - 2027E: 40,900 (15.0% YoY growth) [4] - Net Profit (in million CNY): - 2023A: 4,302 - 2024A: 6,337 (47.3% YoY growth) - 2025E: 6,759 (6.7% YoY growth) - 2026E: 7,477 (10.6% YoY growth) - 2027E: 9,060 (21.2% YoY growth) [4] - EPS (in CNY): - 2023A: 0.67 - 2024A: 0.99 - 2025E: 1.06 - 2026E: 1.17 - 2027E: 1.42 [4] - Gross Margin: - 2023A: 84.6% - 2024A: 86.2% - 2025E: 84.5% - 2026E: 84.9% - 2027E: 85.4% [4] - Net Margin: - 2023A: 18.9% - 2024A: 22.6% - 2025E: 21.3% - 2026E: 21.0% - 2027E: 22.2% [4]