Core Viewpoint - Heng Rui Medicine is positioned as a leading domestic innovative pharmaceutical company, focusing on research, production, and promotion of high-quality drugs, with significant growth potential driven by innovation and internationalization [3][4]. Group 1: Company Overview - Established in 1970, Heng Rui Medicine specializes in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [3]. - The company has achieved leading performance and market capitalization in the domestic pharmaceutical sector, despite concerns about future growth [3]. Group 2: Market Dynamics - The peak impact of centralized procurement for generic drugs has passed, with only two products, Sevoflurane and Iodine-131, still facing procurement risks, which are expected to have limited effects [3][4]. - Heng Rui is actively promoting its formulation export business, which is anticipated to become a new growth point for its generic drug operations [3]. Group 3: Innovation and R&D - From 2021 to 2024, Heng Rui is expected to receive approvals for 11 innovative products, including promising drugs like Hecuqipar and Darsylin [4]. - The company’s innovative drug revenue is projected to reach 15.3 billion, 19.2 billion, and 24 billion yuan in 2025, 2026, and 2027 respectively, with a compound annual growth rate exceeding 20% from 2024 to 2027 [4]. Group 4: Internationalization Strategy - Heng Rui's internationalization has evolved from initial formulation exports to overseas clinical trials and licensing agreements, enhancing its global influence [4]. - By mid-2025, the company has initiated 20 clinical trials overseas and is seeking collaborations with leading global pharmaceutical companies [4]. Group 5: Financial Projections - Revenue projections for Heng Rui are 34.57 billion, 37.73 billion, and 43.31 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth rates of 23.5%, 9.1%, and 14.8% respectively [5]. - The net profit attributable to the parent company is expected to be 9.999 billion, 11.109 billion, and 12.821 billion yuan for the same years, with growth rates of 57.8%, 11.1%, and 15.4% respectively [5].

在这背后，恒瑞医药研发投入不菲。2023年、2024年及2025年上半年，恒瑞医药的研发费用合计达 147.65亿元，这两年半，公司累计盈利150.89亿元。 药企龙头恒瑞医药（600276.SH、01276.HK）又达成一笔创新药对外BD（商务拓展或合作）。 9月24日晚间，恒瑞医药公告，与Glenmark Specialty S.A（下称"Glenmark"）达成协议，将公司具有自 主知识产权的1类创新药瑞康曲妥珠单抗（SHR-A1811），有偿许可给Glenmark。本次交易的首付款和 里程碑款最高可达11.11亿美元。 长江商报记者注意到，9月初，恒瑞医药就达成了一笔对外BD。粗略计算，9月两笔对外授权，交易总 价值最高或达21.99亿美元。 最近两年来，在创始人孙飘扬回归后，恒瑞医药的创新药表现强劲，"借船出海"模式成效显著。2025年 上半年，公司创新药销售及许可收入占营业收入比重达60.66%。 再签11.11亿美元BD大单 恒瑞医药再签创新药BD（对外授权）大单。 9月24日，恒瑞医药发布公告，宣布与Glenmark签署授权许可协议，将其自主研发的1类创新药瑞康曲妥 珠单抗（SHR-A1811 ...

Group 1 - The pharmaceutical sector in both A-shares and Hong Kong stocks experienced a collective decline on September 26 [1] - In A-shares, Sunflower dropped by 10%, while Guangsheng Tang and Aosaikang fell over 8%. Other companies like Jimin Health, Hanyu Pharmaceutical, Wanbangde, Hengrui Medicine, and Huiyu Pharmaceutical also saw declines [1] - In Hong Kong stocks, WuXi AppTec decreased by over 5%, BeiGene fell by more than 4%, and Fosun Pharma dropped nearly 2% [1]

Group 1 - The chemical pharmaceutical sector experienced a decline at the beginning of trading on September 26, with Sunflower falling over 10% [1] - Aokang saw a drop of more than 8%, while other companies such as Shutaishen, Hengrui Medicine, Yiming Medicine, and Yuandong Biology also faced declines [1]

格隆汇9月26日｜港股市场药品股普跌，其中，康龙化成(300759)、恒瑞医药(600276)、百济神州跌超 3%，药明生物、泰格医药(300347)、康方生物等跌超2%。当地时间9月25日，美国总统特朗普宣布，自 10月1日起，美国将对多类进口产品实施新一轮高额关税，其中对任何品牌或专利的医药产品征收100% 的关税。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1: Market Overview - The overall market shows a mixed performance with the ChiNext Index leading the gains among major indices, up 1.58% to 3235.76 points, while the Shanghai Composite Index slightly declined by 0.01% to 3853.30 points [7][10] - The total trading volume in the market reached 23917.71 billion, with 1474 companies rising and 3875 companies falling [7][10] - The market is characterized by a "strong Shenzhen, weak Shanghai" trend, with large-cap stocks outperforming small-cap stocks [10] Group 2: Industry Dynamics - The national broadcasting and television service industry is projected to reach a total revenue of 1.49 trillion yuan in 2024, reflecting a growth of 61.96% compared to the end of the 13th Five-Year Plan [23][24] - The industrial feed production in China reached 29.36 million tons in August 2025, marking a year-on-year increase of 3.8% [25][26] Group 3: Company Updates - Weili Medical (603309.SH) received a medical device registration certificate for its sterile double-lumen laryngeal mask airway, which is intended for emergency ventilation support [27] - Heng Rui Medicine (600276.SH) signed a licensing agreement with Glenmark Specialty for the development and commercialization of its innovative drug, with an upfront payment of 18 million USD and potential milestone payments up to 1.093 billion USD [29][30] - Tianci Materials (002709.SZ) entered into a cooperation agreement with Ruipu Lanjun for the procurement of at least 800,000 tons of electrolyte products by the end of 2030 [32]

Investment Rating - The report suggests a positive investment outlook for the small nucleic acid drug industry, highlighting its significant growth potential and advantages over traditional therapies [2]. Core Insights - The small nucleic acid drug technology is maturing, offering notable advantages such as shorter development cycles, a rich array of targets, lasting effects, and higher success rates in research and development [2]. - The global market for small nucleic acid drugs has grown from $2.7 billion in 2019 to $4.6 billion in 2023, with a compound annual growth rate (CAGR) of 14.3%. It is projected to reach $46.7 billion by 2033, growing at a CAGR of 26.1% from 2023 [2][41]. - Domestic companies are rapidly entering the market, focusing on chronic diseases rather than the traditional rare disease approach, with several products in clinical trials [2][63]. Summary by Sections 1. Introduction to Small Nucleic Acid Drugs - Small nucleic acid drugs include antisense oligonucleotides (ASO), small interfering RNA (siRNA), and aptamers, which are designed to target mRNA and regulate gene expression [8][12]. 2. Development and Commercialization of Small Nucleic Acid Drugs - The report outlines the historical development of small nucleic acid drugs, noting significant advancements post-2014 due to improved delivery systems [11][34]. - The market is currently dominated by ASO, which holds 62.5% of the market share, while siRNA has rapidly gained traction with a 36.7% share [18]. 3. Overview of Domestic and International Companies - Key domestic companies include Rebio, Shengnuo Pharmaceutical, and others, focusing on chronic diseases like cardiovascular issues and hepatitis B [2][63]. - International leaders such as Alnylam and Ionis are recognized for their pioneering work in the small nucleic acid drug space [2]. 4. Investment Analysis and Recommendations - The report recommends focusing on companies with proprietary technology platforms and advantageous pipelines, such as Rebio and Shengnuo Pharmaceutical [2].

Core Insights - Heng Rui Medicine has licensed its innovative drug SHR-A1811 to Glenmark Specialty for $18 million upfront and potential milestone payments up to $1.093 billion [1][4] - This marks the second significant overseas deal for Heng Rui Medicine in September, following a $65 million licensing agreement with Braveheart Bio for HRS-1893, with potential milestone payments up to $1.013 billion [1][6] Group 1 - The licensing agreement allows Glenmark Specialty exclusive rights to develop and commercialize SHR-A1811 outside of several specified countries, including China and the US [2][4] - SHR-A1811 is an antibody-drug conjugate targeting HER2, designed to induce apoptosis in tumor cells by releasing toxins within them [4][5] - The drug is set to be approved in China by May 2025 for treating adults with advanced non-small cell lung cancer (NSCLC) with HER2 mutations [4][5] Group 2 - SHR-A1811 has received orphan drug designation from the FDA for use in gastric cancer and has multiple indications under review, including breast cancer [5] - Heng Rui Medicine emphasizes a strategy of combining independent research and international collaboration to enhance its global market presence [5][6] - Glenmark Pharmaceuticals, the parent company of Glenmark Specialty, operates in over 80 countries and focuses on innovative and generic pharmaceuticals [6]

周四（9月25日），AH市场主要股指分化，医药板块共振回暖。 A股方面，恒瑞医药、百利天恒等创新药龙头领涨制药板块，全市场唯一药ETF（562050）成功续涨； 两大医疗龙头迈瑞医疗、药明康德发力助攻，规模最大医疗ETF（512170）场内逆市涨0.78%两连阳。 | (435 | 名称 | 涨跌幅 | | 两日图 | | --- | --- | --- | --- | --- | | 562050 | GETF | 0.35% | 5 | Product | | 512170 | 医疗ETF | 0.78% | STATE AND THE FORM OF THE FORM OF THE FORM OF THE FOR | 10 | 港股通创新药板块全天红盘震荡，高人气港股通创新药ETF（520880）盘初一度冲高1.6%，场内最终收 涨0.48%终结两连跌，放量成交3.05亿元。场内延续溢价交易状态，显示买盘资金依然强势。 37只成份股涨跌参半，云顶新耀、君实生物领涨超4%，MIRXES-B、博安生物调整居前。多只权重股 收红，百济神州、康方生物涨逾1%。BD大单加持，恒瑞医药港股涨2.57%。 二级市场方 ...

Core Viewpoint - HengRui Medicine has signed a licensing agreement with Glenmark Specialty for the innovative drug SHR-A1811, expanding its market reach and enhancing its global presence in cancer treatment [1][3]. Group 1: Licensing Agreement Details - The agreement allows Glenmark Specialty to license SHR-A1811, an antibody-drug conjugate targeting HER2, which is designed to induce apoptosis in tumor cells [1]. - Glenmark Specialty will pay an upfront fee of $18 million to HengRui, with potential milestone payments related to registration and sales reaching up to $1.093 billion [2]. Group 2: Clinical Development and Approvals - SHR-A1811 has received approval for use in adult patients with unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC) with HER2 mutations, marking it as the first Chinese-developed ADC for this indication [1]. - Multiple clinical studies are ongoing, with SHR-A1811 receiving orphan drug designation from the FDA for use in gastric cancer and related conditions, and a new indication for breast cancer under priority review by the National Medical Products Administration [2]. Group 3: Strategic Implications - The agreement is expected to broaden the overseas market for SHR-A1811, providing high-quality treatment options for global patients and enhancing HengRui's innovative brand and international performance [3]. - The company aims to strengthen international cooperation while maintaining a focus on independent research and development, facilitating rapid transformation of research outcomes into marketable products [3].