Core Viewpoint - Heng Rui Medicine (01276) saw a stock increase of over 5%, reaching HKD 74.95, with a trading volume of HKD 55.6871 million, following the announcement of its antibody-drug conjugate (ADC) SHR-A1904 being included in the National Medical Products Administration's list of breakthrough therapies [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 lead to prioritized review resources and enhanced R&D guidance to accelerate clinical development and market entry [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 popular target in cancer drug development, with no similar ADC products approved globally [1]

Core Viewpoint - Heng Rui Medicine's stock rose over 5% following the announcement that its antibody-drug conjugate (ADC) SHR-A1904 has been included in the National Medical Products Administration's list of breakthrough therapies, aimed at treating CLDN18.2 positive advanced gastric or gastroesophageal junction adenocarcinoma [1] Company Summary - Heng Rui Medicine's SHR-A1904 is designed for patients who have previously received at least one line of systemic therapy and are positive for CLDN18.2 [1] - The inclusion in the breakthrough therapy program is based on the drug's potential clinical value for specific indications, which will lead to prioritized review resources and enhanced R&D guidance from the drug review center [1] Industry Summary - 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 popular target in cancer drug development, with no similar ADC products approved globally [1]

Core Insights - The GLP-1 (Glucagon-Like Peptide-1) drug class is evolving from a simple diabetes treatment to a comprehensive metabolic therapy, showing potential in weight loss, cardiovascular benefits, and fatty liver disease, leading to intensified competition among pharmaceutical companies [1][2]. Industry Developments - The GLP-1 drug development has transitioned from single-target to multi-target approaches, with drugs like Eli Lilly's Tirzepatide (GLP-1/GIP dual-target) and Innovent's Ma Shidu (GLP-1/GCG dual-target) gaining approval, enhancing metabolic control across various indicators [2][3]. - Chinese pharmaceutical companies are emerging as significant players, with Innovent's Ma Shidu showing promising Phase III clinical trial results for weight loss and liver fat reduction, while other companies like Hengrui and Zhongsheng are advancing their own dual-target and oral formulations [3][4]. Market Expansion - The future growth of the GLP-1 market is shifting from traditional Type 2 diabetes and obesity treatments to broader disease areas, including metabolic dysfunction-related fatty liver disease (MASH), with drugs like Semaglutide already approved for MASH treatment [4][5]. - The concept of "high-quality weight loss" is gaining traction, focusing on preserving muscle mass while reducing fat, with several companies developing combination therapies that include GLP-1 and muscle-preserving agents [5]. Competitive Landscape - The GLP-1 market is dominated by Novo Nordisk and Eli Lilly, with their combined revenue expected to grow from approximately $2.9 billion in 2015 to about $49.4 billion by 2024, indicating a robust growth trajectory [43]. - The sales of Tirzepatide are projected to surpass those of Semaglutide, with significant revenue growth observed in both diabetes and weight loss indications [46][48]. Clinical Advancements - Innovent's Ma Shidu achieved a 20.08% average weight reduction in a Phase III trial, significantly outperforming the placebo group, and demonstrated a 71.9% reduction in liver fat content among non-diabetic participants [32][33]. - Hengrui's dual-target drug HRS9531 has shown positive results in its Phase III trials, with its application for market approval accepted by the NMPA [37]. Future Trends - The GLP-1 industry is at a pivotal point of rapid technological iteration and expanding indications, with a clear trajectory towards more comprehensive, convenient, and personalized metabolic disease management solutions [6].

Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

- The report analyzes various thematic indices, including AI, Internet, Mainland Consumption, and Mainland Low Carbon, which are constructed by selecting top 50 stocks in terms of market cap and liquidity within each theme, and are adjusted semi-annually[1][4][5] - The indices are market-cap weighted and focus on specific sectors, such as AI and Internet indices focusing on technology-related fields, Mainland Consumption covering consumer themes, and Mainland Low Carbon emphasizing low-carbon economy-related businesses[1][4][5] - The indices show concentrated industry distribution, with Mainland Low Carbon heavily weighted in the electric power equipment sector, and the Internet index concentrated in communication and computer industries[6][7][8] - The indices exhibit high concentration in terms of weight, with the top 10 stocks accounting for a significant portion of the index weight, and a high proportion of private ownership among the top indices[11][13][14] - The indices tend to include large-cap stocks, with a significant portion of the index constituents having a market cap over 100 billion[14][19][20] - The AI and Internet indices have higher PB/PE ratios, reflecting market pricing for high growth, while Mainland Consumption and Mainland Low Carbon have lower valuations, indicating a thicker valuation cushion[21][22][23] - The indices have shown strong performance, with AI, Internet, and Mainland Low Carbon indices outperforming in recent years, driven by policy and technology cycles[24][27][28] - The indices' dividend rates have been increasing annually, with Mainland Consumption showing the most significant growth, and Mainland Consumption and Mainland Low Carbon having higher dividend yields compared to AI and Internet[38][39][40] - AI and Internet indices demonstrate stronger profitability with higher revenue and net profit growth rates, while Mainland Consumption has a higher ROE[40][42][43] Index Performance Metrics - **CS Artificial Intelligence Index**: Annualized return: 12.5%, Annualized volatility: 18.3%, Sharpe ratio: 0.68, Maximum drawdown: -25.4%[27][28][36] - **Internet Index**: Annualized return: 11.8%, Annualized volatility: 17.9%, Sharpe ratio: 0.65, Maximum drawdown: -24.7%[27][28][36] - **Mainland Consumption Index**: Annualized return: 9.2%, Annualized volatility: 15.4%, Sharpe ratio: 0.60, Maximum drawdown: -22.1%[27][28][36] - **Mainland Low Carbon Index**: Annualized return: 10.3%, Annualized volatility: 16.7%, Sharpe ratio: 0.63, Maximum drawdown: -23.5%[27][28][36]

Core Insights - The year 2025 marks a significant milestone for China's innovative pharmaceutical industry, characterized by intense interactions between capital and industry, with BD transaction totals exceeding $130 billion, setting a historical record and surpassing 50% of the global market share [1][5] - The market has experienced a rollercoaster ride, with a resurgence in the first half of the year followed by a collective pullback in the third quarter, highlighting the importance of distinguishing between companies driven by solid fundamentals versus those reliant on market sentiment [3][10] - The industry is transitioning from "scale expansion" to "value realization," indicating a shift towards more sustainable growth and resilience in the face of external uncertainties [1][12] BD Transactions - In 2025, China saw explosive growth in license-out transactions, with over 100 deals totaling more than $110 billion, including 15 transactions with upfront payments exceeding $100 million [5][6] - Notable milestone BD transactions include a $12.5 billion deal between 3SBio and Pfizer, and a $114 billion strategic partnership between Innovent Biologics and Takeda, marking a shift in traditional licensing models [5][6] - The total value of license-out transactions reached $130 billion, a year-on-year increase of over 150%, underscoring China's emergence as a key player in global pharmaceutical innovation [5][6] Market Dynamics - The traditional pharmaceutical companies are adapting and showing resilience, with firms like Hengrui Medicine and 3SBio successfully navigating the transition from generics to innovative drugs [4][10] - The industry is expected to continue its upward trajectory, supported by increased R&D investments, a growing number of clinical trials, and a dual payment system that enhances patient access to innovative therapies [10][11] - The anticipated "data validation year" in 2026 will see more Chinese innovative pipelines entering global clinical development, influencing market expectations for Chinese innovation [10][11] Future Outlook - The innovative pharmaceutical sector is poised for a more solid and resilient future, with a focus on delivering effective treatment solutions for patients and contributing to the global pharmaceutical landscape [12][13] - The ongoing demand for innovative assets from multinational corporations (MNCs) is expected to rise, driven by patent expirations and declining R&D efficiency, leading to a strategic focus on "in China for global" initiatives [6][7] - The industry is entering a new era characterized by value-driven growth, where the emphasis will be on the contribution of products to revenue rather than mere availability [7][9]

江苏恒瑞医药股份有限公司 章 程 | 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 | 控股股东和实际控制人 10 | | | 第三节 | 股东会的一般规定 | 11 | | 第四节 | 股东会的召集 | 13 | | 第五节 | 股东会的提案与通知 14 | | | 第六节 | 股东会的召开 | 15 | | 第七节 | 股东会的表决和决议 18 | | | 第五章 | 董事会 | 22 | | 第一节 | 董事的一般规定 | 22 | | 第二节 | 董事会 | 25 | | 第三节 | 独立董事 | 28 | | 第四节 | 董事会专门委员会 | 30 | | | 第六章高级管理人员 | 32 | | 第七章 | 财务会计制度、利润分配和审计 33 | | | 第一节 | 财务会计制度 | 33 | | 第二节 | 内部审计 | 3 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-213 江苏恒瑞医药股份有限公司 2025年第二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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事11人，出席11人； 2、 公司在任监事3人，出席3人； 3、 董事会秘书出席会议；公司高管列席会议。 二、 议案审议情况 | 1、出席会议的股东和代理人人数 | 3,521 | | --- | --- | | 股股东人数 其中：A | 3,520 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,761,447,926 | | 股股东持有股份总数 其中：A | 3,612,743,654 | | 境外上市外资股股东持有股份总数（H 股） | 148,704,272 | | 3、出 ...

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 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会的 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》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）、《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"）的委托， 指派刘向明律师、张秋子律师（以下简称"本所律师"）出席公司 2025 年第二次 临时股东会（以下简称"本次股东会"或"本次会议"），对本次股东 ...