Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has announced that its drug SHR-A1904 has been included in the list of breakthrough therapeutic drugs by the National Medical Products Administration (NMPA) of China, which is a significant milestone for the company in the oncology sector [1][2]. Group 1: Drug Information - Drug Name: SHR-A1904, a targeted antibody-drug conjugate (ADC) aimed at Claudin18.2, with a registration classification of Class 1 [1][2]. - Indication: It 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]. - Development Investment: The cumulative R&D investment for SHR-A1904 has reached approximately 174 million yuan [2]. Group 2: Market Context - Gastric cancer is a significant health issue globally, ranking fifth in incidence and fourth in mortality, with about 60% of cases occurring in East Asia. In China alone, there were 479,000 new cases and 374,000 deaths in 2020, accounting for 44% and 48.6% of global gastric cancer cases, respectively [2]. - SHR-A1904 is the first of its kind targeting Claudin18.2, with no similar products approved globally to date [2]. Group 3: Clinical Trial Approval - The company has also received approval for clinical trials of another drug, SHR-A2102, which is a targeted ADC against Nectin-4. This drug will undergo trials in combination with other therapies for advanced solid tumors and esophageal cancer [5][6]. - The cumulative R&D investment for SHR-A2102 has reached approximately 248 million yuan [6].

Group 1: Market Overview - The Hong Kong IPO market in 2025 experienced a record-breaking number of applications, with 269 companies submitting IPO requests, the highest for the same period in history [3] - A total of 99 companies successfully listed on the Hong Kong Stock Exchange, doubling the 50 companies from 2024, indicating a strong recovery from previous years [3] - The total amount raised through IPOs exceeded HKD 250 billion, nearly three times the total from 2024, positioning Hong Kong among the top three global IPO fundraising markets, following Nasdaq and the New York Stock Exchange [3] Group 2: Key Drivers - The "A+H" model was a central driver of the IPO frenzy, with 83 A-share companies initiating plans to list in Hong Kong, and 19 successfully completing dual listings, contributing significantly to the total fundraising [6] - Major companies involved included industry leaders like CATL, which raised approximately USD 5.2 billion, and innovative pharmaceutical firms like Hansoh Pharmaceutical [6] Group 3: Industry Distribution - The IPO market was predominantly driven by technology and healthcare sectors, with 108 technology companies (40.15%) and 49 healthcare companies (18.22%) among the applicants, together accounting for nearly 60% of the total [7] - Industrial and consumer sectors followed, with industrial companies at 13.75% and consumer discretionary companies at 13.01%, indicating a diverse range of sectors seeking capital [7] - The emergence of "specialized and innovative" companies was noted, driven by optimized listing rules from the Hong Kong Stock Exchange, attracting firms from cutting-edge fields like AI and biotechnology [7] Group 4: Market Dynamics - Despite the robust primary market, the secondary market exhibited a high rate of IPO failures, with 23.18% of new stocks experiencing a drop on their first day, increasing to around 35% within a month [8] - Notable cases included Hantang Aitai, which saw a 46.25% drop on its first day, highlighting the disparity between high valuations and uncertain business models [10] - The market is recalibrating its valuation system, favoring companies with core technologies and clear profit paths while being critical of those with unproven business models [10] Group 5: Role of Cornerstone Investors - Cornerstone investors played a crucial role in the IPO landscape, with an average subscription rate of 45.2%, significantly up from 33.2% in 2023, indicating a strong commitment from long-term capital [12] - The participation of international capital sources, including top asset management firms and sovereign funds from the Middle East and Southeast Asia, diversified the capital support network for IPOs [12] - Investment strategies among long-term capital showed clear differentiation, with a preference for companies with high technological barriers while being cautious with traditional or overvalued business models [12] Group 6: Future Trends - The outlook for 2026 suggests a balanced focus on both quantity and quality in the IPO market, with 314 applications currently under review, ensuring a steady flow of listings [14] - Increased market differentiation is expected, with superior companies likely to receive liquidity premiums while mediocre firms may face challenges [14] - A more rational valuation system is anticipated as issuers and investment banks become more cautious in pricing, potentially alleviating the phenomenon of valuation discrepancies between primary and secondary markets [14] - Continued policy support from the China Securities Regulatory Commission for overseas listings and ongoing improvements to the listing system by the Hong Kong Stock Exchange are expected to facilitate future IPO activities [14]

Group 1 - Spring Technology has received a procurement order for robot products from Lexiang Technology amounting to 43.2628 million yuan, marking recognition of its manufacturing technology and laying the foundation for future business expansion in robot products [1] - Huayin Technology signed a framework procurement contract worth 254 million yuan for special functional materials for aircraft fuselage, reflecting the implementation of its strategic layout and enhancing its market position in key materials for aviation engines [2] - Wankai New Materials' subsidiary signed a procurement contract with Lingxin Qiaoshou to provide lightweight components for humanoid robot arms, with a total contract value of 10 million yuan [2] Group 2 - Heng Rui Medicine's injectable SHR-A1904 has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with no similar products approved globally, targeting specific cancer types [3] - Hongda Electronics announced that its indirect holding in Jiangsu Zhanxin's IPO application has been accepted, but the subsequent progress remains uncertain [4] - Jia Heng Jia Hua's controlling shareholder is planning a change in control, leading to a temporary suspension of its stock trading [5]

Group 1: Overview of the Pharmaceutical Industry - The pharmaceutical industry maintained stable revenue around 2.45 trillion yuan from 2023 to 2025, with quarterly revenue stabilizing at approximately 600 billion yuan [1][15] - The biotech sector is expected to achieve over 100 billion yuan in sales by 2025, marking it as a significant growth segment within the pharmaceutical industry [2] - The overall revenue for the pharmaceutical industry in the first three quarters of 2025 was 1.83 trillion yuan, reflecting a year-on-year decline of 1.5% [15][19] Group 2: Innovation in Pharmaceuticals - The innovation drug sector has shown remarkable performance, with biotech companies experiencing over 70% revenue growth in 2023 and 2024, and maintaining around 42% growth in the first three quarters of 2025 [20][21] - The CXO industry is the fastest-growing sub-sector in terms of profit, with a year-on-year increase of 33.4% [20] - The total transaction value for license-out deals in the innovation drug sector reached 920 billion USD in the first three quarters of 2025, providing significant cash flow for domestic innovation drug companies [3][20] Group 3: International Expansion - The global market for innovative drugs is expanding, with license-out transactions expected to exceed 100 billion USD in 2025, capturing nearly half of the global pharmaceutical business development transaction volume [2] - The export of medical devices from China has shown a recovery trend, with a total export value of 355.3 billion yuan in 2024, marking a year-on-year growth of 9.8% [4][7] Group 4: Blood Products Sector - The blood products industry is characterized by high barriers to entry and a stable pricing structure, with the top six companies accounting for 80% of domestic plasma collection [8] - Despite short-term supply-demand disturbances, the blood products sector remains a stable segment within the pharmaceutical industry [8][22] - The industry is currently experiencing a wave of mergers and acquisitions, leading to increased market concentration [8] Group 5: Medical Devices - The domestic medical device bidding market showed a significant recovery, with a total market size exceeding 80 billion yuan in the first half of 2025, reflecting a year-on-year growth of 62.75% [4] - The recovery in international markets has also contributed to the growth of medical device exports, which are expected to continue their upward trend [4][7]

格隆汇12月24日丨恒瑞医药(01276.HK)公告，近日，江苏恒瑞医药股份有限公司子公司苏州盛迪亚生物 医药有限公司、上海恒瑞医药有限公司收到国家药品监督管理局核准签发关于注射用SHR-A2102的《药 物临床试验批准通知书》，将于近期开展临床试验。 药物名称：注射用SHR-A2102 剂型：注射剂 申请事项：临床试验 受理号：CXSL2500879、CXSL2500881 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年10月13日和14日受理的注 射用SHR-A2102临床试验申请符合药品注册的有关要求，同意本品开展两项临床试验。分别为：本品联 合注射用维迪西妥单抗在晚期实体瘤中开展临床试验；本品联合阿得贝利单抗或其他PD-(L)1药物联合 或不联合其他抗肿瘤治疗在局部晚期或转移性食管癌受试者中的安全性、耐受性及有效性的多中心、开 放ⅠB/Ⅱ期临床研究。 ...

Core Viewpoint - Heng Rui Medicine's subsidiary has received approval from the National Medical Products Administration for clinical trials of SHR-A2102, a targeted antibody-drug conjugate aimed at treating advanced solid tumors and esophageal cancer [1] Group 1: Clinical Trials - The company will conduct two clinical trials for SHR-A2102, one in combination with Vedolizumab for advanced solid tumors and another with Atezolizumab or other PD-(L)1 drugs for locally advanced or metastatic esophageal cancer [1] - The trials will assess the safety, tolerability, and efficacy of SHR-A2102 in a multicenter, open-label Phase I/II study [1] Group 2: Product Details - SHR-A2102 is an antibody-drug conjugate (ADC) targeting Nectin-4, with its active payload being a topoisomerase I inhibitor (TOP1i) [1]

Core Viewpoint - Heng Rui Medicine announced that its injectable SHR-A1904 has been included in the list of breakthrough therapies by the National Medical Products Administration, targeting CLDN18.2 positive locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma patients who have previously received at least first-line systemic treatment [1] Group 1 - The injectable SHR-A1904 is developed by Heng Rui Medicine and its subsidiary Shanghai Heng Rui Medicine Co., Ltd [1] - The indication for SHR-A1904 is specifically for patients with CLDN18.2 positive locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma [1] - The inclusion in the breakthrough therapy list signifies a potential acceleration in the development and review process for this treatment [1]

江苏恒瑞医药股份有限公司 2025 年第二次临时股东会会议资料 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会 会议资料 二〇二五年十二月 上海 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会会议资料 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： 三、与会股东审议会议议案； 四、选举计票人和监票人； 五、与会股东填写表决票； 六、监票人宣读现场表决结果； 七、律师宣读本次股东会法律意见书； 八、董事长宣布会议结束。 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会会议资料 议案 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会文件目录 | 2025 年第二次临时股东会会议议程 | 1 | | --- | --- | | 议案、关于《公司章程修正案》的议案 | 2 | | 附件：《江苏恒瑞医药股份有限公司章程》修订条款对照表 | 4 | 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会会议资料 江苏恒瑞医药股份有限公司 2025 年第二次临时股东会会议议程 关于《公司章程修正案》的议案 江苏恒瑞医药股份有限公司 关于《公司章程修正案》的议案 各位股东及股东代 ...

Core Viewpoint - Heng Rui Medicine (01276.HK) announced that its injectable SHR-A1904 has been included in the list of breakthrough therapies by the National Medical Products Administration's Drug Evaluation Center [1] Group 1 - The company is recognized for its innovative approach with the inclusion of SHR-A1904 in the breakthrough therapy list [1] - This recognition may enhance the company's market position and potential for accelerated development and approval processes for SHR-A1904 [1]

Group 1 - Jizhi Co., Ltd. plans to acquire at least 51% equity in Pumai Technology through cash payment, aiming to gain control over the company, which is a leading enterprise in the field of robot performance testing and calibration in China [1] - Yaxing Chemical's subsidiary intends to transfer 7.14% equity for 60 million yuan to another fund under the same control, indicating strategic investment movements within the same management group [2] - Weigao Bio's application for clinical trials of subcutaneous human immunoglobulin has been accepted by the National Medical Products Administration, targeting primary immunodeficiency diseases [3] Group 2 - Sentai Co., Ltd.'s controlling shareholder plans to increase shareholding by at least 100 million yuan within 12 months, aiming to enhance confidence in the company's future [4] - Health元's subsidiary has received acceptance for the marketing authorization application of Lecanemab injection, which is intended for moderate to severe plaque psoriasis patients [5][11] - Sunshine Nuohuo has signed a technical development contract for the STC008 injection project, with a total payment of 500 million yuan, indicating significant investment in cancer treatment [6] Group 3 - Hunan YN has been designated as a delivery warehouse for lithium carbonate by the Guangzhou Futures Exchange, enhancing its position in the lithium market [7] - Tianji Co., Ltd. is pushing for the industrialization of lithium sulfide material preparation, although it faces risks in commercialization [8] - Yuandong Bio has received FDA approval for Methylene Blue injection, expanding its product portfolio in the U.S. market [10] Group 4 - Nanshan Aluminum has established a wholly-owned subsidiary in Hainan with an investment of 5 million yuan, focusing on high-end aluminum products [13] - ST Xifa plans to acquire 50% equity in Lhasa Beer, aiming for full ownership, with the transaction currently in the planning stage [14] - Hengrui Medicine's SHR-A1904 injection has been included in the list of breakthrough therapy products, indicating its potential in treating advanced gastric cancer [12] Group 5 - Chengdu Gas is planning to merge three subsidiaries, streamlining operations and enhancing efficiency [26] - Baoli Electric intends to invest 50 million yuan to establish a wholly-owned subsidiary focused on key equipment and solutions in energy storage [27] - Huadian International has successfully put the second unit of its Longkou Phase IV project into commercial operation, marking a significant milestone in its energy production capacity [34]