Core Insights - Heng Rui Pharmaceutical reported a net profit increase of 47.28% year-on-year for the fiscal year 2024, driven by significant external licensing fees contributing nearly a quarter of total profits [1][3][4] Financial Performance - The company achieved an operating revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, with a net profit attributable to shareholders of 6.337 billion yuan [3] - Two major external licensing payments, approximately 1.6 billion euros and 1.0 billion USD, contributed about 1.683 billion yuan to the profit, accounting for nearly 25% of total profits [3][4] Revenue Breakdown - Revenue from generic drugs slightly declined, while sales from innovative drugs increased by 30.60%, making up over 50% of total revenue [5][6] - The sales of generic drugs faced pressure from centralized procurement, with a reported decrease of 844 million yuan in sales from specific products [6] Research and Development - Heng Rui's R&D investment reached 8.228 billion yuan, with 29.40% of sales revenue allocated to R&D, and about 20% of R&D expenses capitalized [7][8] - The company is shifting its R&D focus from oncology to chronic diseases, with 47 innovative pipelines in non-oncology areas, surpassing the number of oncology products [8] Leadership Changes - The appointment of Feng Ji as the new president is expected to align with the company's internationalization strategy and enhance its capabilities in chronic disease treatment [2][8]

Core Insights - The report highlights the ongoing recovery in the A-share market, with a focus on sectors such as technology, healthcare, and renewable energy, indicating a shift towards growth-oriented investments as the economy stabilizes [5][9][10]. Domestic Market Performance - The Shanghai Composite Index closed at 3,350.13 with a slight increase of 0.05%, while the Shenzhen Component Index closed at 10,513.12, up by 0.09% [3]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext are at 14.24 and 37.51 respectively, suggesting a favorable environment for medium to long-term investments [9][10]. International Market Performance - Major international indices showed mixed results, with the Dow Jones down by 0.67% and the S&P 500 down by 0.45%, while the Nikkei 225 increased by 0.62% [4]. Industry Analysis - The AI industry is experiencing rapid growth, with significant investments in computing power infrastructure, particularly in data centers and AI servers, driven by the increasing demand for AI applications [14][25]. - The electrical equipment sector is expected to see continued valuation recovery, supported by a rebound in manufacturing activity, as indicated by a manufacturing PMI of 50.2% in February 2025 [18][20]. - The renewable energy sector, particularly wind and solar power, is witnessing increased demand, with a notable rise in installed capacity and government support for infrastructure development [36][33]. Key Economic Policies - Recent government policies aim to enhance price governance mechanisms and promote sustainable development in public utilities, which may positively impact sectors like energy and utilities [5][8]. - The National Development and Reform Commission has initiated plans to support the high-quality development of the heat pump industry, indicating a focus on energy efficiency and innovation [5][8]. Investment Recommendations - Investors are advised to focus on sectors with strong fundamentals and stable earnings, such as traditional engineering machinery and renewable energy, while also considering opportunities in emerging technologies like AI and robotics [31][35].

Group 1 - The National Medical Products Administration has shortened the approval time for influenza vaccine batch release from 60 working days to 45 working days, aiming to accelerate vaccine market entry and better meet seasonal demand [1] - This adjustment is expected to encourage batch release institutions to enhance their capabilities and optimize processes, promoting efficient development in the vaccine industry [1] Group 2 - Heng Rui Medicine appointed Feng Ji as the new president and COO, while the former president Dai Hongbin was promoted to vice chairman, indicating a strategic upgrade within the company [2] - Feng Ji brings over 30 years of experience in the pharmaceutical industry, including significant management experience at AstraZeneca, which may strengthen the company's global innovation and chronic disease pipeline expansion [2] - The leadership change aligns with the company's dual-driven strategy of "innovation + internationalization," injecting momentum into pipeline commercialization and global market breakthroughs [2] Group 3 - WuXi AppTec has sold 50.8 million shares of WuXi AppTec's subsidiary, accounting for approximately 4.23% of the total share capital, with a transaction value of about HKD 2.178 billion, representing 3.43% of the company's audited net assets [3] - This divestment signals a strategic shift towards a light-asset model, focusing on core contract development and manufacturing organization (CDMO) business [3] - The cash inflow may serve as a reserve for future challenges, particularly in light of the current valuation adjustments in the antibody-drug conjugate sector [3] Group 4 - Xiangyu Medical's portable exoskeleton rehabilitation robot is expected to obtain certification within the year, having entered the small batch production phase [4] - The company has established a brain-computer interface laboratory and is developing a product system that includes EEG machines and mental health products, with some expected to receive medical device registration by the second half of the year [4] - This development indicates Xiangyu Medical's growing presence in the rehabilitation sector, potentially capturing market share and driving industry growth [4]

Group 1 - The annual general meeting of Jiangsu Hengrui Medicine Co., Ltd. is scheduled for April 28, 2025, at 14:30 [1][3] - The meeting will utilize the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the same day [1][3] - Shareholders can vote through both on-site and online methods, ensuring broader participation [3][5] Group 2 - The agenda includes proposals for the company's dividend return plan for the next three years (2025-2027), the reappointment of the auditing firm for 2025, and the review of executive compensation for 2024 [2][4] - The proposals have been approved in previous board meetings held on March 28, April 2, and announced on March 31 and April 3 [2][4] - Shareholders with conflicts of interest are required to abstain from voting on relevant proposals [2] Group 3 - Shareholders must register to attend the meeting, providing necessary documentation such as stock account cards and identification [6][7] - Registration will take place on April 18, 2025, from 9:30 to 16:00 at the company's securities affairs department [7] - The company will offer a reminder service to shareholders via SMS to encourage participation [5][6]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to relevant laws and regulations [1][2] - Jiangsu Hengrui Pharmaceuticals Co., Ltd. was established as a joint-stock company approved by the Jiangsu Provincial Government in 1997 and listed on the Shanghai Stock Exchange in 2000 [1][2] Business Objectives and Scope - The company's business objective is to focus on a primary industry while diversifying operations to optimize asset allocation and enhance operational efficiency, particularly in the production of anti-tumor and anesthetic drugs [3][4] - The registered business scope includes the manufacturing of various pharmaceutical forms, including tablets, injections, and biological products, as well as the research and development of medical devices [4] Shares - The company issues shares in the form of stocks, with a par value of RMB 1 per share, and has a total approved issuance of 132.85 million shares [6][18] - The company’s shares are categorized into A shares and H shares, with specific regulations governing their issuance and transfer [6][18] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, and they are obligated to comply with laws and the company’s articles of association [13][38] - Shareholders holding more than 5% of voting shares must report any pledges of their shares to the company [17] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for convening and conducting these meetings [19][41] - Shareholders can propose agenda items for meetings, and the company must notify shareholders of meeting details in advance [53][56] Legal Compliance - The company must adhere to legal requirements regarding shareholder meetings, including the verification of shareholder identities and the legality of meeting procedures [66][68] - Legal opinions will be sought to ensure compliance with laws during shareholder meetings [46]

Core Points - The board of directors of Jiangsu Hengrui Medicine Co., Ltd. held its 14th meeting of the 9th session on April 2, 2025, and all 9 directors were present, confirming compliance with the Company Law and Articles of Association [1][2]. Group 1: Board Elections - The board elected Mr. Dai Hongbin as the vice chairman and Ms. Feng Ji as a director, with terms lasting until the current board's term ends [1][2]. - Mr. Dai Hongbin has been with the company since July 2000, holding various positions including General Manager since May 2022 [1]. - Ms. Feng Ji has over 30 years of experience in various management roles, including significant positions at AstraZeneca and has been appointed as the General Manager (CEO) and Chief Operating Officer [2][3]. Group 2: Resolutions Passed - The election of the vice chairman and director received 8 votes in favor, with no opposition or abstentions [2]. - The proposal to appoint Ms. Feng Ji as General Manager (CEO) was unanimously approved with 9 votes in favor [3]. - Amendments to the Articles of Association and the proposal to convene the 2024 annual shareholders' meeting will be submitted for approval at the upcoming shareholders' meeting [3].

江苏恒瑞医药股份有限公司 章 程 | | | | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东会 6 | | 第一节 | 股东 6 | | 第二节 | 股东会的一般规定 8 | | 第三节 | 股东会的召集 10 | | 第四节 | 股东会的提案与通知 11 | | 第五节 | 股东会的召开 12 | | 第六节 | 股东会的表决和决议 15 | | 第五章 | 董事会 18 | | 第一节 | 董事 18 | | 第二节 | 董事会 21 | | 第六章 | 总经理（总裁）及其他高级管理人员 24 | | 第七章 | 监事会 25 | | 第一节 | 监事 25 | | 第二节 | 监事会 26 | | 第八章 | 财务会计制度、利润分配和审计 27 | | 第一节 | 财务会计制度 27 | | 第二节 | 内部审计 30 | | 第三节 | 会计师事务所的聘任 31 | | 第九章 | 通知和 ...

江苏恒瑞医药股份有限公司 公司章程（草案） 江苏恒瑞医药股份有限公司 章 程 （草案） （H 股发行上市后适用） | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东会 7 | | 第一节 | 股东 7 | | 第二节 | 股东会的一般规定 10 | | 第三节 | 股东会的召集 12 | | 第四节 | 股东会的提案与通知 13 | | 第五节 | 股东会的召开 15 | | 第六节 | 股东会的表决和决议 18 | | 第五章 | 董事会 21 | | 第一节 | 董事 21 | | 第二节 | 董事会 25 | | 第六章 | 总经理（总裁）及其他高级管理人员 28 | | 第七章 | 监事会 29 | | 第一节 | 监事 29 | | 第二节 | 监事会 30 | | 第八章 | 财务会计制度、利润分配和审计 31 | | 第一节 | 财务会计制度 31 | | 第二节 | 内部审计 35 | ...

| 现行章程及章程（草案）条款 | | | | | 拟修订为 | | | --- | --- | --- | --- | --- | --- | --- | | 《公司章程》第一百〇五条 董事会由 | | | 9 名董 | | 《公司章程》第一百〇五条 | 董事会由 9-13 | | 事组成，设董事长 1 | | 人，可设副董事长 | 1 人。 | | 名董事组成，设董事长 1 | 人，可设副董事长 1 | | | | | | 人。 | | | | 《公司章程（草案）》第一百〇六条 | | | 董事会 | | 《公司章程（草案）》第一百〇六条 | 董事会 | | 由 名董事组成，设董事长 1 | 9-11 | | 人，可设副 | 由 9-13 | 名董事组成，设董事长 | 1 人，可设副 | | 董事长 | | 1 人。 | | 董事长 | 1 人。 | | 除上述修订内容外，其他条款内容保持不变，最终以工商登记机关核准的内 容为准。 本章程修正案尚需提交公司 2024 年年度股东会审议。 特此公告。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-046 江苏恒瑞医药股份有限公司 公司章 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：2025-047 江苏恒瑞医药股份有限公司 关于召开 2024 年年度股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024 年年度股东会 (二) 股东会召集人：董事会 召开的日期时间：2025 年 4 月 28 日 14 点 30 分 召开地点：公司会议室（上海市浦东新区海科路 1288 号） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 28 日 至 2025 年 4 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日 ...