Group 1: China Telecom Performance - China Telecom reported a net profit of RMB 33.01 billion for 2024, representing a year-on-year growth of 8.4% [3] - The company's total revenue for 2024 was RMB 529.4 billion, an increase of 3.1% compared to the previous year [3] - Service revenue reached RMB 482 billion, up 3.7% year-on-year, while EBITDA was RMB 140.8 billion, growing by 2.9% [3] - The board proposed a cash dividend distribution of 72% of the net profit, with a final dividend of RMB 0.0927 per share [3] Group 2: Rongsheng Development Debt Restructuring - Rongsheng Development announced plans to restructure its debt to mitigate financial risks and promote healthy development [3] - The company aims to implement a debt-for-equity swap by leveraging its quality assets, including stakes in light-asset subsidiaries [3] - The restructuring will address both financial and operational debts, with a focus on enhancing light-asset operational capabilities [3] Group 3: Dual杰 Electric Major Contract - Dual杰 Electric signed two significant contracts with a total value of RMB 1.555 billion, accounting for approximately 44.35% of its audited revenue for 2023 [4] - The contracts involve the procurement of 35kV box substations and the EPC general contracting for a 3 million kW photovoltaic base project [4] - The execution of these contracts is expected to positively impact the company's future operating performance [4] Group 4: Heng Rui Pharmaceutical Licensing Agreement - Heng Rui Pharmaceutical entered into a licensing agreement with Merck for its Lp(a) oral small molecule project, including the lead compound HRS-5346 [4] - The agreement includes an upfront payment of USD 200 million and potential milestone payments up to USD 1.77 billion, along with sales royalties based on performance outside Greater China [4] - This deal is anticipated to expand the overseas market for HRS-5346 and enhance the company's innovative brand and international performance [4] Group 5: Hongbao Li Project Update - Hongbao Li's epoxy propylene comprehensive technology renovation project is expected to enter trial production by the end of 2025 [5] - The project has received necessary approvals and completed various design and construction phases, with equipment procurement underway [6] Group 6: Yongding Co. Clarification - Yongding Co. clarified that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils [7] - The production of high-temperature superconducting tapes is limited, with expected revenue contribution of less than 1% to the overall income in 2024 [7]

Core Viewpoint - Heng Rui Medicine has signed an overseas licensing agreement with Merck Sharp & Dohme, potentially earning up to 1.28 billion yuan (approximately 177 million USD) in milestone payments for its oral small molecule project HRS-5346, aimed at treating lipoprotein(a) disorders [2][3]. Group 1: Licensing Agreement Details - The agreement includes an upfront payment of 200 million USD and milestone payments that could total up to 1.77 billion USD, along with sales royalties based on HRS-5346's performance outside Greater China [2][3]. - The licensing agreement is expected to take effect in the second quarter of 2025, which will help expand HRS-5346's overseas market presence [2][3]. Group 2: Product Information - HRS-5346 is currently undergoing Phase II clinical trials in China and is designed to inhibit lipoprotein(a), a unique type of lipoprotein associated with atherosclerosis and other cardiovascular issues [3][4]. - There are currently no similar products approved for sale in domestic or international markets, and preclinical data indicates that HRS-5346 can effectively improve lipoprotein disorders with good safety profiles [4][5]. Group 3: Industry Context - Heng Rui Medicine has been actively pursuing international expansion, with multiple overseas licensing agreements for various products, indicating a strategic shift towards global markets [6][7]. - The Chinese biopharmaceutical industry is witnessing a significant increase in overseas licensing agreements, with the total upfront payments in 2024 expected to exceed 4.94 billion USD, highlighting the growing competitiveness of Chinese pharmaceutical companies on a global scale [7].

Core Viewpoint - HengRui Medicine has entered into a collaboration with Merck to license its oral small molecule project targeting lipoprotein(a) [Lp(a)], with a maximum transaction value of $1.97 billion [1][2] Group 1: Agreement Details - The agreement allows Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 outside Greater China [1] - HengRui will receive an upfront payment of $200 million and is eligible for up to $1.77 billion in milestone payments related to development, regulatory, and commercialization [1] - The agreement is subject to approval under U.S. regulations and is expected to take effect in the second quarter of 2025 [1] Group 2: Product Information - HRS-5346 is an investigational oral small molecule inhibitor of Lp(a), currently undergoing Phase II clinical trials in China [2] - Elevated Lp(a) levels are a common genetic lipid disorder, affecting over 1.4 billion people globally, and are an independent risk factor for atherosclerotic cardiovascular diseases [2] - Targeting Lp(a) with lipid-lowering therapies represents a significant breakthrough in the prevention and treatment of cardiovascular diseases [2] Group 3: Impact on Company - The signing of this agreement is expected to broaden the overseas market for HRS-5346 and enhance HengRui's innovative brand and international performance [2]

Macro Dynamics - The Ministry of Commerce is guiding local departments to expedite the formulation of pilot work plans for automotive circulation consumption reform [1] - The Ministry of Foreign Affairs calls on the U.S. to stop interfering in Venezuela's internal affairs and to lift unilateral sanctions [2] Automotive Industry - In February 2025, sales of Chinese brand passenger cars reached 1.282 million units, a month-on-month decrease of 12.1% but a year-on-year increase of 62%, accounting for 70.6% of total passenger car sales [3] Economic Data - In Guangdong, the industrial added value above designated size grew by 2.8% year-on-year in January-February 2025, with the manufacturing sector increasing by 3.5% [4] - New energy vehicles saw a production increase of 50.9%, while industrial robots and service robots grew by 31.1% and 26.0%, respectively [4] Financial Institutions - China Merchants Bank reported a revenue of 337.488 billion yuan for 2024, a year-on-year decrease of 0.48%, while net profit increased by 1.22% to 148.391 billion yuan [6] - Xinda Securities reported a net profit of 1.365 billion yuan for 2024, a year-on-year decrease of 6.95% [8] Company Developments - China Life became the first insurance member of the Shanghai Gold Exchange and completed its first gold inquiry transaction [7] - Heng Rui Pharmaceutical signed a licensing agreement with Merck for the HRS-5346 project, potentially earning up to 1.77 billion USD in milestone payments [14] - XPeng Motors is planning five range-extended models, including sedans and SUVs, with the first model expected to be produced in the second half of this year [15] - Kuaishou reported a total revenue of 126.9 billion yuan for 2024, an increase of 11.8% year-on-year [16] - Nezha Auto announced a debt-to-equity swap agreement with 134 core suppliers totaling over 2 billion yuan [17] - Rio Tinto's CEO stated that global lithium demand could increase to 4-5 million tons annually in the future [18]

Group 1: Share Buybacks and Equity Transfers - Chipone Microelectronics plans to transfer 8.41% of its shares at a price no less than 85.71 CNY per share [1] - China First Heavy Industries' controlling shareholder intends to transfer 4% of the company [1] - Guoli Co., Ltd. plans to repurchase shares worth between 30 million to 50 million CNY, with a repurchase price not exceeding 73.47 CNY per share [1] Group 2: Investment Cooperation and Business Developments - Heng Rui Medicine has reached a licensing agreement with Merck, potentially receiving up to 1.77 billion USD in milestone payments [2] - China Energy Conservation Investment Corporation is investing approximately 470 million CNY in a 100 MW photovoltaic power generation project [3] - Shuangjie Electric has signed significant contracts totaling 1.555 billion CNY for daily operations [4] - Rongsheng Development is planning to restructure its debts [5] - Runhe Materials intends to invest 400 million CNY in a high-end organic silicon materials project in Zhuhai [6] - Guojijiang Precision Engineering plans to establish a company with an investment of 380 million CNY for a functional diamond material project [7] - Jiazhe New Energy is investing in a 100 MW/400 MWh shared energy storage project in Heilongjiang, with an estimated total investment of about 410 million CNY [7] - Wanrun Co., Ltd. has signed a project cooperation letter of intent with Sinopec Catalyst Co., Ltd. [7] Group 3: Performance Changes - Dalian Heavy Industry expects a net profit growth of 12.22% to 36.77% year-on-year in Q1 2025 [8] - Tailin Microelectronics anticipates a net profit of around 35 million CNY in Q1 2025, representing an approximate 894% year-on-year increase, achieving the best quarterly financial performance in its history [8] - CNOOC Services expects a 4.1% year-on-year net profit growth in 2024 and plans to distribute a dividend of 2.306 CNY per share [9]

恒瑞医药: 恒瑞医药关于与Merck Sharp & Dohme LLC签署HRS-5346项目授权许可协议的公告 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-029 江苏恒瑞医药股份有限公司 关于与 Merck Sharp & Dohme LLC 签署 HRS-5346 项目授权许可协议的公告 被许可人：Merck Sharp & Dohme LLC （一）许可范围 根据协议，恒瑞授予默沙东在全球范围内（大中华地区除外）开发、生产 和商业化 HRS-5346 的独家权利。 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。 江苏恒瑞医药股份有限公司（以下简称"恒瑞"或"公司"）与 Merck Sharp & Dohme 公司（以下简称"MSD"或"默沙东"）达成协议，将恒瑞的脂 蛋白（a）Lp（a）口服小分子项目（包括名为 HRS-5346 的先导化合物）有偿 许可给 MSD，MSD 将获得 HRS-5346 在大中华地区以外的全球范围内开发、生产 和商业化的独家权利。 一、许可产品基本信息 HRS-53 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-029 江苏恒瑞医药股份有限公司 关于与 Merck Sharp & Dohme LLC 签署 HRS-5346 项目授权许可协议的公告 （一）许可范围 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。 江苏恒瑞医药股份有限公司（以下简称"恒瑞"或"公司"）与 Merck Sharp & Dohme 公司（以下简称"MSD"或"默沙东"）达成协议，将恒瑞的脂 蛋白（a）[Lp（a）]口服小分子项目（包括名为 HRS-5346 的先导化合物）有偿 许可给 MSD，MSD 将获得 HRS-5346 在大中华地区以外的全球范围内开发、生产 和商业化的独家权利。 一、许可产品基本信息 HRS-5346 是一种在研的 Lp（a）口服小分子抑制剂，目前正在中国进行Ⅱ 期临床试验。Lp（a）升高是一种遗传决定的疾病，也是心血管疾病的独立危险 因素。全球约有 14 亿人 Lp（a）水平升高。 二、交易对方基本信息 默沙东（Merck Sharp & Dohme），在美国和加拿大 ...

数据统计显示，中证沪港深张江自主创新50指数近一个月下跌6.62%，近三个月上涨7.11%，年至今上 涨10.05%。 据了解，中证沪港深张江自主创新50指数从沪港深三地市场中选取50只业务涉及生物医药、集成电路、 人工智能、高端装备制造、节能环保、新材料等产业的张江高新区上市公司证券作为指数样本，以反映 沪港深三地市场张江高新区新兴产业上市公司证券的整体表现。该指数以2014年12月31日为基日，以 1000.0点为基点。 中证沪港深张江自主创新50指数上涨0.03%，前十 大权重包含中芯国际等 从中证沪港深张江自主创新50指数持仓样本的行业来看，信息技术占比67.98%、医药卫生占比 20.15%、工业占比6.75%、通信服务占比2.12%、原材料占比1.69%、房地产占比0.89%、可选消费占比 0.42%。 金融界3月24日消息，上证指数上涨0.15%，中证沪港深张江自主创新50指数 (SHS张江50，931596)上涨 0.03%，报1485.13点，成交额293.43亿元。 从指数持仓来看，中证沪港深张江自主创新50指数十大权重分别为：韦尔股份（11.04%）、中芯国际 （9.85%）、中微公司（ ...

Core Viewpoint - Heng Rui Medicine has received a Complete Response Letter (CRL) from the FDA regarding its application for the combination of Carrelizumab and Apatinib for the first-line treatment of unresectable or metastatic hepatocellular carcinoma, indicating further responses are needed regarding production site inspections [1][2] Group 1: FDA Response and Approval Process - The FDA's CRL indicates that there are deficiencies and risks that need to be addressed, but it does not specify the exact reasons for the delay [1] - Heng Rui Medicine received its first CRL in May 2024, citing production site inspection deficiencies and travel restrictions affecting necessary biological research monitoring [1] - The company has actively responded to the FDA's new improvement requests and is in close communication with the agency [2] Group 2: Clinical Research and Market Context - The application is based on positive results from an international multicenter Phase III clinical study (CARES-310), which has already led to approval in China for the same treatment indication in 2023 [2] - The combination of Carrelizumab and Apatinib has shown the longest median overall survival (mOS) data among approved treatment options for unresectable or metastatic hepatocellular carcinoma [2]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-027 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 强直性脊柱炎以慢性炎症和脊柱关节结构损伤为特征，既往治疗如非甾体抗 炎药（NSAID）虽可缓解患者的疼痛，但改善疾病活动性和延缓疾病进展的效果 并不理想，常面临起效慢、应答不足、无法阻止结构损伤等难题[1,2]。此外，传 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）上市，适应症为：用于对 一种或多种 TNF 抑制剂疗效不佳或不耐受的活动性强直性脊柱炎（AS）成人患者。 这标志着强直性脊柱炎口服靶向治疗领域首次实现了中国原研。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：CXHS2300071 处方药/非处方药：处方药 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，本 品符合药品注册的有关要求，批准注册，发给药品注册证书。 ...