www.grandall.com.cn 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层（210036） 5、7-8F/Block B, 309# Hanzhongmen Street, Nanjing, China Tel: 86-25-89660900 Fax: 86-25-89660966 国浩律师（南京）事务所 关于 基于上述，本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的 精神，对与出具本法律意见书有关的资料和事实进行了核查，现发表法律意见如 下： 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会的 法律意见书 致：江苏恒瑞医药股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东 大会规则》"）、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》(以 下简称"《监管指引第 1 号》")及《江苏恒瑞医药股份有限公司章程》（以下简称 "《公司章程》"）的规定，国浩律师（南京）事务所（以下简称"本所"）接受江 苏恒瑞医药股份有限公司（以下简称"公司"）的 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2024-112 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 3,257 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,666,126,990 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.7953 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长孙飘扬先生主持会议，以现场投票和网 络投票相结合的方式进行表决。会议的召集、召开和表决符合《公司法》和《公 司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2024 年 9 月 6 日 (二) 股东大会召开的地点：公司会议室（上海市浦东新区海科路 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2024-111 江苏恒瑞医药股份有限公司 关于药物上市许可申请获受理的提示性公告 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。 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"）下发的《受理通知书》，公司提交的硫酸艾 玛昔替尼片药物上市许可申请获国家药监局受理。现将相关情况公告如下： 一、 药物的基本情况 药物名称：硫酸艾玛昔替尼片（SHR0302 片） 剂型：片剂 受理号：CXHS2400089 申报阶段：上市 申请人：江苏恒瑞医药股份有限公司 （OLUMIANT®）和 Sun Pharmaceutical Industries 的 Deuruxolitinib 片等，但 尚未有国内企业自研的 JAK1 抑制剂获批上市。除斑秃适应症外，SHR0302 片已 有三项适应症上市许可申请获得国家药监局受理，分别为成人和 12 岁及以上青 少年中度至重度特应性皮炎、强直性脊柱炎和中重度活动性类风湿关节炎。经查 询 Eval ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2024-110 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。 重要内容提示： 至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： | 回购方案首次披露日 | 2024/5/16 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 60,000 万元~120,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 258.32 万股 | | 累计已回购股数占总股本比例 | 0.04% | | 累计已回购金额 | 10,288.34 万元 | | 实际回购价格区间 | 39.00 元/股~40.77 元/股 | 一、 回购股份的基本情况 江苏恒瑞医药股份有限公司（以下简称"公司"）于 2024 年 5 月 15 日召开 第九届董事会第八 ...

江苏恒瑞医药股份有限公司 2024 年第一次临时股东会会议资料 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会 会议资料 二〇二四年八月 上海 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会会议资料 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会文件目录 | 2024 1 | 年第一次临时股东会会议议程 | | | --- | --- | --- | | 年员工持股计划（草案） 2 | 议案一、公司 2024 | | | 年员工持股计划管理办法 29 | 议案二、公司 2024 | | | 议案三、关于提请股东会授权董事会办理公司 | | 2024 年员工持股计划相关事宜的 | | 48 | 议案 | | | 议案四、公司章程修正案 50 | | | | 议案五、关于修订公司部分制度的议案 62 | | | 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会会议资料 江苏恒瑞医药股份有限公司 2024 年第一次临时股东会会议议程 1 一、董事长致欢迎词，并介绍本次会议事项； 二、审议以下事项： 1、关于《江苏恒瑞医药股份有限公司 2024 年员工持股计划（草案）》及其摘要 的议案 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a robust performance in its 2024 interim report, achieving a revenue of 13.601 billion yuan, representing a year-on-year growth of 22%. Excluding the BD upfront payment of 160 million euros, the estimated organic growth rate is approximately 11% [6] - The revenue from innovative drugs reached 6.612 billion yuan, a year-on-year increase of 33%. Key products such as Rivoceranib, Darsylin, and Henggrelin saw significant revenue growth due to increased hospital admissions. The sales of other innovative drugs also contributed positively [6] - The company’s net profit attributable to shareholders was 3.432 billion yuan, reflecting a year-on-year increase of 48.67% [6] - The company is actively advancing its innovative drug clinical trials, with multiple products progressing through various clinical phases and new indications being approved [6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a gross profit margin of 86.23%, an increase of 2.07 percentage points year-on-year. The sales expense ratio decreased by 3.98 percentage points to 28.96%, and the management expense ratio fell by 1.07 percentage points to 8.63% [6] - The company’s R&D investment for the first half of 2024 was 3.860 billion yuan, with a research expense ratio of 22.34%, an increase of 1.47 percentage points year-on-year [6] Earnings Forecast - The company is projected to achieve net profits of 6.674 billion yuan, 6.283 billion yuan, and 7.718 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 55.1%, -5.9%, and 22.8% respectively. The estimated EPS for these years is 1.05 yuan, 0.98 yuan, and 1.21 yuan [7][8] - The company is valued using the PEG method, with a target PE ratio of 44-54 times for 2024, corresponding to a reasonable value range of 45.73 to 57.17 yuan [7] Market Position and Strategy - The company is recognized as a leader in the domestic innovative drug sector and is enhancing its sales model by improving its medical and market systems, reducing frontline sales personnel, and establishing new sales teams [6][7]

2024 年 8 月 26 日 公司研究 对外授权收入快速推动业绩，创新药业务出海未来可期 ——恒瑞医药（600276.SH）2024 年半年报点评 要点 事件：公司发布 2024 年半年报，实现营业收入 136.0 亿元，同比+21.8%；归 母净利润 34.3 亿元，同比+48.7%；扣非归母净利润 34.9 亿元，同比+55.6%； 业绩超出我们此前预期。 点评： 创新转型持续，对外授权实现大额收入：24H1, 公司创新药业务实现收入 66.12 亿元，同比增长 33%。公司仿制药业务收入仍略有下滑，主要是集采影响导致。 公司持续加大创新研发投入，24H1 研发投入 38.60 亿元，其中费用化研发投 入 30.38 亿元，同比增长 30.3%。其中，瑞维鲁胺、达尔西利、恒格列净等产 品进入医保后可及性提高,因而实现了收入快速增长，体现了公司持续押注创新 药带来的不菲收获。此外，24H1 公司确认了 Merck Healthcare 的 1.6 亿欧元 对外许可首付款为收入，成为公司业绩增长的新动力，也表明公司创新能力得到 国际药企的认可。 稳步推进国际化，多途径实现药物出海：随着公司创新能力的持续加强 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced rapid growth in innovative drug revenue, with overseas expansion becoming a second growth engine [4][5] - In the first half of 2024, the company achieved operating revenue of 13.6 billion yuan, a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 3.43 billion yuan, up 48.7% [3] - The innovative drug revenue reached 6.612 billion yuan, reflecting a 33% year-on-year growth despite challenges such as intensified competition and price reductions [4][5] Summary by Sections Financial Performance - The company reported a total revenue of 13.6 billion yuan in the first half of 2024, with a net profit of 3.43 billion yuan [3] - The innovative drug segment contributed significantly to revenue, with a total of 6.612 billion yuan, marking a 33% increase year-on-year [4] - The company has recognized a 160 million euro upfront payment from Merck Healthcare as revenue, further boosting performance metrics [4] Market Position - The company has faced pressure from the national drug procurement policy, with sales of certain products declining [4] - The stock is currently priced at 43.62 yuan, with a market capitalization of approximately 278.25 billion yuan [4] Future Outlook - Revenue projections for 2024-2026 are estimated at 26.3 billion, 30.1 billion, and 34.3 billion yuan, respectively, with net profits expected to reach 5.6 billion, 6.5 billion, and 7.7 billion yuan [5][6] - The report anticipates a continuous increase in the proportion of innovative drugs, with overseas sales becoming a significant growth driver [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant revenue increase of 21.8% year-on-year, reaching 13.6 billion yuan in the first half of 2024, with a net profit attributable to shareholders of 3.43 billion yuan, up 48.7% [2] - The revenue from innovative drugs grew by 33% year-on-year, totaling 6.612 billion yuan, supported by a 1.6 billion euro upfront payment from Merck [2] - The approval of the innovative drug Fumaric Acid Teglazid in the first half of 2024 and the potential approval of eight additional innovative drugs in the second half are expected to drive future growth [2] - The company has entered into a licensing agreement for its GLP-1 product portfolio with Hercules, with a total transaction value of approximately 6.035 billion USD [2] Summary by Sections Financial Performance - The company achieved a gross margin of 86.2% (+2 percentage points) and a net margin of 25.2% (+4.7 percentage points) in the first half of 2024 [2] - The R&D expense ratio was 22.3% (+1.5 percentage points), while the sales expense ratio decreased to 29% (-4 percentage points) [2] - The forecasted net profit for 2024-2026 is projected to be 5.41 billion, 6.56 billion, and 7.87 billion yuan, respectively, with corresponding PE ratios of 50X, 41X, and 34X [3] Market Position and Growth Potential - The company is positioned as a leading choice for investment in domestic innovative pharmaceuticals, with an increasing proportion of revenue from innovative drugs and accelerated innovation upgrades [3] - The internationalization of innovative drugs is expected to undergo a qualitative change, enhancing the company's market presence [3] Future Outlook - The company has 10 clinical trials progressing to Phase III and 20 to Phase II, indicating a robust pipeline for future product launches [2] - The licensing agreement with Hercules for the GLP-1 product portfolio is expected to significantly contribute to revenue growth and international market expansion [2]