江苏恒瑞医药股份有限公司 关于回购公司 A 股股份的进展公告 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。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-001 2025 年 12 月，公司通过上海证券交易所交易系统以集中竞价交易方式回购股 份 0 股。截至 2025 年 12 月 31 日，公司本次股份回购方案累计通过上海证券交易 所交易系统以集中竞价交易方式回购股份 889.87 万股，已回购股份占公司总股本 的比例为 0.13%，购买的最高价为人民币 70.00 元/股，最低价为人民币 59.32 元/ 股，已支付的总金额为人民币 59,521.63 万元（不含交易费用）。 上述回购符合相关法律法规的规定及公司既定的回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公 ...

Group 1 - The core point of the article is the appointment of Zhou Yunshu, a former senior executive at Heng Rui Medicine, as the president of Xiansheng Pharmaceutical Group, although the company later clarified that this information is not entirely accurate and no formal internal appointment has been made yet [1][3] - Zhou Yunshu has a long history with Heng Rui Medicine, having joined the company in 1995 and serving in various leadership roles, including general manager and chairman [4] - Zhou resigned from his positions at Heng Rui Medicine in July 2021 due to health reasons, and he was later involved in an insider trading case, resulting in a fine from the China Securities Regulatory Commission [4] Group 2 - Xiansheng Pharmaceutical is a well-established domestic pharmaceutical company focusing on areas such as neuroscience, oncology, and autoimmune diseases, and is also undergoing a transformation towards innovation [4] - In the first half of 2025, Xiansheng Pharmaceutical reported revenues of 3.585 billion yuan and a net profit attributable to shareholders of 604 million yuan, representing year-on-year growth of 15.14% and 32.20%, respectively [4] - The company's innovative drug business generated revenue of 2.776 billion yuan, a year-on-year increase of 26%, accounting for 77.4% of total revenue [4] - In 2025, Xiansheng Pharmaceutical announced three business development transactions, including licensing agreements for several drug candidates with AbbVie and other companies [5]

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].

Core Viewpoint - Heng Rui Medicine is demonstrating a commitment to transparency and value creation, with a focus on long-term growth through a robust research pipeline and improved financial performance [1][19]. Financial Performance - Heng Rui Medicine's mid-year report shows record high revenue and net profit, with a significant increase in net profit compared to previous years [1]. - The company has a strong cash reserve of over 20 billion, ranking 124th in A-shares, indicating a solid financial foundation [34]. - The growth in current assets from 2019 to 2024 includes an increase of 99.66 billion in cash and cash equivalents, accounting for approximately 77% of the total increase in current assets [36][15]. Strategic Initiatives - The company has shifted its strategy to enhance profitability through overseas licensing agreements, which offer higher profit margins compared to domestic sales [26][6]. - Heng Rui Medicine's focus on maintaining a high gross margin from licensing income is expected to improve overall profitability [6][26]. Market Position - The company has redefined its market position and core competencies in its recent reports, showcasing a comprehensive development of its research pipeline [1]. - Despite challenges in the domestic market, Heng Rui Medicine is exploring new avenues for growth, indicating resilience and adaptability in its business model [26][5]. Return on Equity (ROE) Insights - The company's ROE has been primarily driven by net profit margins, with a historical equity multiplier around 1.1. If the equity multiplier were increased to 1.5 or 2, the ROE could potentially rise to 14.91% or 19.88%, respectively [38][17]. - The company has faced challenges in maintaining ROE above 15%, particularly in recent years, but is exploring strategies to enhance this metric [38][39].

Core Viewpoint - In 2025, the pharmaceutical sector in the A-share market is actively engaging in stock buybacks, with many companies opting to destroy the repurchased shares, contrasting with the more subdued actions in the liquor sector [1][10]. Group 1: Buyback Activities - A total of 38 leading pharmaceutical companies participated in stock buybacks, with 6 companies spending over 500 million yuan, and the largest spending 1 billion yuan [1][3]. - WuXi AppTec, a major player in the pharmaceutical outsourcing industry, announced a buyback plan of 1 billion yuan, completing 497 million yuan by April 2025 [2][5]. - Hengrui Medicine, a leader in innovative drugs, announced a buyback plan of 2 billion yuan, having already repurchased 535 million yuan worth of shares by August 2025 [3][6]. - Other notable companies include Jingxin Pharmaceutical, which planned to spend 700 million yuan and has already spent 609 million yuan, and several others like New Harmony, Jiuzan Medical, and Nengte Technology, each spending over 500 million yuan [3][9]. Group 2: Purpose and Impact of Buybacks - The primary purpose of these buybacks is to cancel the repurchased shares, effectively reducing the total share capital and increasing the value of remaining shares for shareholders [4][10]. - This strategy is viewed as a strong signal of management's confidence in the company's future, especially during periods of low market sentiment [5][10]. - The buyback actions are seen as a more tangible commitment to shareholder value compared to merely announcing intentions to stabilize stock prices [4][10]. Group 3: Financial Health and Market Position - The companies engaging in these buybacks, such as WuXi AppTec and Hengrui Medicine, possess strong market positions and cash flows, allowing them to undertake such financial maneuvers [6][10]. - The buyback trend is not as prevalent in the liquor sector, indicating a potential difference in financial strategies and market confidence between the two industries [6][10]. - The buyback prices set by companies reflect a calculated approach, ensuring that they are responsible with shareholder funds [8][10].

Core Insights - The article discusses the successful international pricing strategy of Chinese innovative drug Yili Shu, which is priced at approximately $4,600 in the U.S. compared to its domestic price of 2,388 yuan, indicating a shift in the global valuation of Chinese innovative drugs [3][4][5] - The recognition of the value of Chinese innovative drugs in the global market is attracting multinational pharmaceutical companies to engage more deeply in the development of this industry [3][4] Group 1: Pricing and Market Strategy - Yili Shu's pricing in the U.S. reflects its integration into the global mainstream market value pricing system, moving beyond cost-based pricing [3][4] - The core of product pricing in the U.S. is based on clinical value, safety, and convenience rather than domestic costs, leading to significant price differences across markets [5] - The essence of premium pricing lies in the product's replicability and sustainability in supply and usage, rather than a one-time high price [5][6] Group 2: International Collaboration and Growth - By 2025, the total amount of foreign licensing for Chinese innovative drugs is expected to reach a historical high, with a shift from single product licensing to joint research and development [3][8] - The partnership between Heng Rui Pharmaceutical and GSK, involving a potential total amount of $12 billion, highlights the growing recognition of the global competitiveness of Chinese innovative drugs [8] - The NewCo model is emerging as a new path for Chinese innovative drug companies to enter international markets, allowing for better decision-making and sharing of long-term benefits [8][9] Group 3: Challenges and Future Directions - The Chinese innovative drug industry is transitioning from merely entering the U.S. and European markets to establishing a sustainable competitive presence [9][10] - Key challenges include developing a comprehensive intellectual property defense system, ensuring long-term compliance efficiently, and understanding cultural and commercial differences in the global market [9][10] - Future trends indicate a shift from selling products to exporting technological capabilities, with a focus on joint development and early involvement in global research decisions [10]

Core Viewpoint - The article highlights the unprecedented surge in business development (BD) activities in China's biotech sector, with the total amount of domestic innovative drug licensing exceeding $100 billion by November 18, 2025, marking a doubling compared to 2024. This trend reflects the increasing global competitiveness and value of Chinese pharmaceutical assets, while also prompting a deeper examination of transaction quality and product value realization post-agreement [1][2]. Summary by Sections BD Market Dynamics - The BD market in China is experiencing a significant boom, with a projected compound annual growth rate (CAGR) for external BD activities expected to remain in double digits over the next five years, despite a forecasted decline in growth rate [2]. - Key characteristics of future transactions include an increase in late-stage pipeline contributions and a shift from pure technology transfer to models involving "licensing + co-development + commercialization" [2]. Major Transactions - Notable transactions in 2025 include: - Hengrui Medicine's collaboration with GSK, involving a total potential amount of approximately $120 billion, with an upfront payment of $500 million [3]. - Innovent Biologics' agreement with Takeda, with a potential total of $114 billion and an upfront payment of $1.2 billion [3]. - A record-setting deal between 3SBio and Pfizer, with an upfront payment of $12.5 billion and potential milestone payments reaching $48 billion [5][6]. Global Interest in Chinese Biotech - Chinese innovative drugs are gaining significant traction in global markets, with multinational corporations increasingly sourcing early-stage innovation pipelines from China due to cost-effectiveness and potential efficacy [7][8]. - The trend indicates a shift where Chinese biotech firms are evolving from technology providers to value co-creators in the global pharmaceutical landscape [7]. Transaction Models - The dominant transaction model remains "License-out," which accounted for 91% of upfront payments and 99% of total amounts in related transactions in the first half of the year [10]. - NewCo models are gaining popularity, allowing companies to inject parts of their product pipelines into newly formed entities with foreign capital, reflecting a flexible asset operation strategy [10][11]. Future Outlook - The BD market is expected to continue thriving, driven by the need for multinational companies to replenish their pipelines as many blockbuster drugs face patent expirations, creating a significant market opportunity [15]. - Emerging technologies, particularly in ADCs and bispecific antibodies, are anticipated to dominate future BD transactions, with a notable interest in metabolic and autoimmune products [16][17]. Challenges and Considerations - Despite the growth, challenges remain in ensuring compliance with international standards and protecting intellectual property during global collaborations [13]. - The market is expected to stabilize, with a rational return to expectations regarding BD transactions, as the industry matures and the focus shifts from explosive growth to sustainable value creation [17].

Core Viewpoint - Heng Rui Medicine (01276) has seen a stock price increase of over 5% following the announcement that its self-developed antibody-drug conjugate (ADC) SHR-A1904 has been officially included in the breakthrough therapy list by the National Medical Products Administration (NMPA) [1] Group 1: Company Developments - The ADC SHR-A1904 targets Claudin18.2 (CLDN18.2) and is intended for the treatment of locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma in patients who have previously received at least one line of systemic therapy [1] - The inclusion in the breakthrough therapy program is based on the potential clinical value of the drug for specific indications, which will allow for prioritized review resources and enhanced R&D guidance from the drug review center [1] Group 2: Industry Context - Gastric cancer is a highly prevalent malignancy in China, with new cases and deaths in 2020 accounting for approximately 44% and 48.6% of global totals, respectively, indicating a significant unmet clinical need [1] - The CLDN18.2 target is highly expressed in various gastrointestinal tumors and is currently a hot target in tumor drug development, with no similar ADC products approved globally [1]

Group 1 - The core viewpoint of the news is that Hong Kong's innovative drug concept stocks experienced a collective rise, indicating positive market sentiment in the pharmaceutical sector [1] Group 2 - Jingtai Holdings (02228) saw an increase of 6.13%, with a latest price of 10.040 and a total market capitalization of 43.206 billion [2] - Hengrui Medicine (01276) rose by 4.63%, with a latest price of 74.550 and a total market capitalization of 494.803 billion [2] - SiHuan Pharmaceutical (00460) increased by 4.07%, with a latest price of 1.280 and a total market capitalization of 11.707 billion [2] - Innovent Biologics (01801) experienced a rise of 3.34%, with a latest price of 78.800 and a total market capitalization of 135.599 billion [2] - WuXi Biologics (02269) increased by 3.18%, with a latest price of 32.440 and a total market capitalization of 133.916 billion [2] - China National Pharmaceutical Group (01177) rose by 3.07%, with a latest price of 6.370 and a total market capitalization of 119.506 billion [2] - BeiGene (06160) saw an increase of 2.68%, with a latest price of 184.100 and a total market capitalization of 283.639 billion [2] - Kingstar Bio (01548) rose by 2.66%, with a latest price of 12.750 and a total market capitalization of 27.874 billion [2] - Genscript Biotech (01952) increased by 2.49%, with a latest price of 37.900 and a total market capitalization of 13.4 billion [2] - WuXi AppTec (02359) saw a rise of 2.13%, with a latest price of 100.800 and a total market capitalization of 300.763 billion [2]

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong's innovative drug concept stocks, indicating a positive trend in the sector [2] - Jingtai Holdings experienced a surge of over 6%, reflecting strong investor interest and confidence in the company [2] - Hengrui Medicine saw an increase of over 5%, suggesting robust performance and market positioning [2] - Four Seasons Pharmaceutical rose by more than 4%, indicating a favorable market response [2] - Innovent Biologics and WuXi Biologics both increased by over 3%, showcasing the overall strength of the innovative drug sector [2] - BeiGene's stock rose by over 2%, further contributing to the positive sentiment in the market [2]