Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The number of innovative drugs listed in China continues to grow, with domestic products accounting for approximately half of the total market share. The R&D capabilities for innovative drugs in China are also increasing, attracting global attention. Notably, the number and value of domestic innovative drug business development (BD) transactions have reached new highs, with ADC, bispecific antibodies, small nucleic acids, and CAR-T being the four key R&D directions to watch in 2026 [15][21][22] - The Chinese innovative drug market has seen a significant increase in the number of new drug applications (NDA), with domestic products making up a growing proportion. From 2017 to 2024, the number of innovative drugs listed in China rose from 41 to 92, with domestic products accounting for 50% of the total by 2024 [17][21] - The report highlights that the license-out transaction volume and total amount for Chinese companies reached $92.03 billion in the first three quarters of 2025, a 77% increase compared to the total for 2024. The upfront payment for license-out transactions has also surpassed the total financing amount in the primary market for the same period [22][25] Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a year-to-date increase of 14.29%, while the Hang Seng Healthcare Index has surged by 62.29% [3][8] - The report notes that the pharmaceutical sector has experienced fluctuations, with raw materials and medical devices showing positive growth [8] R&D Progress and Company Dynamics - The report provides an overview of the R&D progress for innovative and modified drugs, including approvals and clinical applications [5] - It lists key companies to watch in various sub-sectors, including innovative drugs, research services, and medical devices, with specific recommendations for companies like Innovent Biologics, Hengrui Medicine, and WuXi AppTec [11][12] Market Insights and Regulatory Observations - The report tracks the price-to-earnings ratio of the pharmaceutical index, noting that it is currently lower than historical averages [5] - It emphasizes the importance of the regulatory environment and market dynamics in shaping the future of the pharmaceutical industry [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 自願公告 與恒瑞醫藥訂立許可協議 翰森製藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈，於二零二五年十二月二十六日，本公司與江蘇恒瑞 醫藥股份有限公司（「許可人」）訂立許可協議（「許可協議」）。 根據許可協議，本公司獲得許可人的獨家許可，以於中國（不含香港、澳門及台 灣）開發、生產和商業化SHR6508（「該產品」），並有權根據許可協議條款進一步 分許可。本公司將向許可人支付三千萬元人民幣首付款，最高一點九億元人民幣 的潛在監管及商業里程碑付款，以及未來潛在產品淨銷售額的單位數百分比分級 特許權使用費。 該產品是一種鈣敏感受體(CaSR)變構調節劑，可提高受體對細胞外鈣的敏感性， 從而減少甲狀旁腺激素(PTH)的分泌。該產品目前處於III期臨床試驗階段，擬用 於治療需接受 ...

Group 1 - The company Heng Rui Medicine (600276.SH) has signed an exclusive licensing agreement with Hansoh Pharmaceutical Group Co., Ltd. to license its SHR6508 project [1] - SHR6508 is a novel calcium-sensing receptor allosteric modulator intended for the treatment of secondary hyperparathyroidism in adult patients undergoing hemodialysis, currently in Phase III clinical trials [1] - The company’s paricalcitol soft capsule product is expected to be approved for market launch by the National Medical Products Administration in November 2025 [1] Group 2 - Hansoh Pharmaceutical and its subsidiary, Jiangsu Hengrui Pharmaceutical Group Co., Ltd., are controlled by the spouse of the company's actual controller and chairman, Sun Piaoyang, making them related parties under listing rules [2] - Hansoh Pharmaceutical is a leading innovation-driven pharmaceutical company in China, focusing on major disease treatment areas such as oncology, anti-infection, central nervous system, metabolism, and autoimmune diseases [2]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-210 江苏恒瑞医药股份有限公司 关于关联交易的公告 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： 1、江苏恒瑞医药股份有限公司（以下简称"公司"）与翰森制药集团有限公 司（以下简称"翰森制药"）签署《独家许可协议》，将公司 SHR6508 项目有偿 许可给翰森制药；公司子公司成都盛迪医药有限公司（以下简称"成都盛迪"） 与翰森制药子公司江苏豪森药业集团有限公司（以下简称"豪森药业"）签署《商 业化服务框架协议》，委托豪森药业为公司帕立骨化醇软胶囊产品提供非独家商 业化服务。 2、上述两项交易已经公司独立董事专门会议、第九届董事会第二十二次会 议及第九届监事会第十五次会议审议通过，无须提交公司股东会审议。 3、过去 12 个月内，除已提交公司董事会审议通过的日常关联交易外，公司 未与翰森制药及其子公司发生其他关联交易。 4、公司不会因上述关联交易对关联方形成依赖。 公司及子公司分别与翰森制药及其子公司签署《独家许可协议》及《商业化 服务框架协 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-209 江苏恒瑞医药股份有限公司 第九届监事会第十五次会议决议公告 本公司监事会及全体监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。 赞成：3 票 反对：0 票 弃权：0 票 特此公告。 江苏恒瑞医药股份有限公司监事会 2025 年 12 月 28 日 江苏恒瑞医药股份有限公司（以下简称"公司"）第九届监事会第十五次会 议于 2025 年 12 月 26 日以通讯方式召开。本次会议应到监事 3 人，实到监事 3 人。会议召开符合《公司法》《公司章程》的规定。公司全体监事认真审议并通 过以下议案： 一、《关于签署独家许可协议暨关联交易的议案》（详细公告请见上海证券交 易所网站：http://www.sse.com.cn） 赞成：3 票 反对：0 票 弃权：0 票 二、《关于签署商业化服务框架协议暨关联交易的议案》（详细公告请见上海 证券交易所网站：http://www.sse.com.cn） ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-208 江苏恒瑞医药股份有限公司 第九届董事会第二十二次会议决议公告 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。 江苏恒瑞医药股份有限公司（以下简称"公司"）第九届董事会第二十二次 会议于 2025 年 12 月 26 日以通讯方式召开。本次会议应到董事 11 人，实到董事 11 人。会议召开符合《公司法》《公司章程》的规定。公司全体董事认真审议并 通过以下议案： 一、《关于签署独家许可协议暨关联交易的议案》（详细公告请见上海证券交 易所网站：http://www.sse.com.cn） 关联董事孙飘扬先生回避表决，其余 10 名董事参与表决。 本议案已经公司独立董事专门会议审议通过。 特此公告。 赞成：10 票 反对：0 票 弃权：0 票 关联董事孙飘扬先生回避表决，其余 10 名董事参与表决。 本议案已经公司独立董事专门会议审议通过。 二、《关于签署商业化服务框架协议暨关联交易的议案》（详细公告请见上海 证券交易所网站：http://www.sse.c ...

Core Viewpoint - Heng Rui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical Group to license its SHR6508 project, which is currently in Phase III clinical trials for treating secondary hyperparathyroidism in chronic kidney disease patients undergoing dialysis [1][2]. Group 1: Licensing Agreement - The company has entered into an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project [1]. - A commercialization service framework agreement has been signed between Chengdu Shengdi Pharmaceutical and Jiangsu Hengrui Pharmaceutical Group, allowing the latter to provide non-exclusive commercialization services for the company's paricalcitol soft capsule product [1]. Group 2: Product Details - SHR6508 is a novel calcium-sensing receptor allosteric modulator aimed at treating secondary hyperparathyroidism in adult patients with chronic kidney disease on dialysis, currently undergoing Phase III clinical trials [1]. - Paricalcitol is a synthetic vitamin D analog that suppresses parathyroid hormone (PTH) secretion by binding to the vitamin D receptor, thereby lowering serum PTH levels [1]. - The paricalcitol soft capsule is expected to receive approval from the National Medical Products Administration for market launch in November 2025 [1]. Group 3: Company Background - Hansoh Pharmaceutical is a leading innovation-driven pharmaceutical company in China, focusing on major disease treatment areas such as oncology, anti-infection, central nervous system, metabolism, and autoimmune diseases [2].

恒瑞医药公告，公司子公司成都盛迪医药有限公司与江苏豪森药业集团有限公司签署《商业化服务框架 协议》，委托豪森药业为公司帕立骨化醇软胶囊产品提供非独家商业化服务。 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Core Viewpoint - The GLP-1 class drugs, once hailed as "weight loss miracle drugs," are transitioning from high-priced innovative medications to more accessible healthcare products, with a significant price drop observed in the market as major pharmaceutical companies prepare for increased competition and the expiration of patents in 2026 [1][10][12]. Pricing Trends - The recent price reductions for semaglutide and tirzepatide are not isolated incidents but show systematic characteristics, with semaglutide's lowest price dropping to 329 yuan per injection for the diabetes version and 388 yuan for the weight loss version, marking a significant decrease from previous market prices [2][4]. - The price of tirzepatide has also shown downward movement, with the lowest price for the 2.4ml:10mg specification falling below 500 yuan for the first time, indicating a clear shift in pricing strategy [4]. Strategic Moves by Companies - Novo Nordisk and Eli Lilly are strategically lowering prices ahead of the 2026 patent expiration for semaglutide, aiming to establish price anchors and secure market share before the entry of domestic biosimilars and innovative drugs [1][11]. - Eli Lilly's tirzepatide is set to be included in the medical insurance system starting January 1, 2026, with pre-sale prices already established on e-commerce platforms, indicating a strategy to align with future insurance pricing [8][10]. Market Competition and Future Outlook - The market for GLP-1 weight loss drugs is expected to intensify, with predictions of a price war as more competitors enter the market, particularly in the biosimilar segment, which could see prices drop by an additional 20%-50% [10][12]. - The introduction of oral GLP-1 medications, such as semaglutide's oral version approved by the FDA, is anticipated to expand the market further, appealing to patients who prefer non-injection options [16][17]. Domestic Innovations - Domestic companies like Innovent Biologics and HengRui Medicine are positioned to challenge the original drug market with their innovative products, such as the dual-target drug MaShidu and HRS9531, which are expected to be approved in 2026 [13][14]. - The market is projected to evolve into a multi-product landscape with a price tiering system, where original drugs, innovative domestic products, and biosimilars coexist, driven by varying patient needs and treatment stages [18]. Unmet Market Needs - Despite the growing availability of GLP-1 drugs, the penetration rate among the obese population in China remains low at approximately 1%, indicating significant unmet demand in the market [18].