上市。截至目前，SHR-9839 相关项目累计研发投入约为 7,231 万元。 阿得贝利单抗注射液是公司自主研发的人源化抗 PD-L1 单克隆抗体，能通过 特异性结合 PD-L1 分子从而阻断导致肿瘤免疫耐受的 PD-1/PD-L1 通路，重新激 活免疫系统的抗肿瘤活性，从而达到治疗肿瘤的目的。公司阿得贝利单抗注射液 已于 2023 年 2 月获批上市，获批的适应症为与卡铂和依托泊苷联合用于广泛期 小细胞肺癌患者的一线治疗。国外有同类产品 Atezolizumab（商品名： Tecentriq）、Avelumab(商品名：Bavencio)和 Durvalumab(商品名：Imfinzi) 于美国获批上市销售，其中 Atezolizumab 和 Durvalumab 已在中国获批上市。国 内有多款同类产品获批上市。经查询，2024 年 Atezolizumab、Avelumab 和 Durvalumab 全球销售额合计约为 96.48 亿美元。截至目前，阿得贝利单抗注射 液相关项目累计研发投入约 96,898 万元。 贝伐珠单抗是一种人源化抗 VEGF 单克隆抗体，由中外制药和罗氏的子公司 基因泰克合作开发， ...

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of Sulfate Emamectin Benzoate Tablets and SHR0302 Gel, indicating progress in its drug development pipeline [1] Group 1: Company Developments - Heng Rui Medicine and its subsidiary, Ruishi Bio, have been granted the Clinical Trial Approval Notice for Sulfate Emamectin Benzoate Tablets and SHR0302 Gel [1] - Sulfate Emamectin Benzoate Tablets have already been approved for four indications in China, showcasing the company's existing market presence [1] - Sulfate Emamectin Benzoate is identified as a highly selective JAK1 inhibitor, which may position the company favorably in the competitive pharmaceutical landscape [1] Group 2: Regulatory Environment - The approval for clinical trials is a prerequisite for conducting further clinical studies and obtaining production and marketing approval from the National Medical Products Administration [1] - The company must adhere to the relevant laws and regulations regarding drug registration in China, which emphasizes the importance of regulatory compliance in the pharmaceutical industry [1]

Core Viewpoint - Heng Rui Medicine (600276) has received approval from the National Medical Products Administration for multiple clinical trial applications, indicating a significant advancement in its drug development pipeline [1] Group 1: Clinical Trial Approvals - The company and its subsidiary, Ruishi Biopharmaceutical Co., Ltd., have received approval for clinical trials of Sulfate Emamectin Benzoate Tablets and SHR0302 Gel, which will commence shortly [1] - Additionally, the company and its subsidiaries, Suzhou Shengdiya Biopharmaceutical Co., Ltd., Shanghai Heng Rui Medicine Co., Ltd., and Shanghai Shengdi Medicine Co., Ltd., have been granted approval for clinical trials of several products, including HRS-7058 Capsules, HRS-7058 Tablets, SHR-9839(sc), Adebali Injection, Bevacizumab Injection, and SHR-A2102 Injection, with trials set to begin soon [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of multiple drug candidates, indicating a significant step forward in its research and development efforts [1] Group 1: Clinical Trial Approvals - The company and its subsidiaries, including Suzhou Shengdiya Biopharmaceutical Co., Ltd., Shanghai Heng Rui Medicine Co., Ltd., and Shanghai Shengdi Medicine Co., Ltd., have been granted clinical trial approval for HRS-7058 capsules, HRS-7058 tablets, SHR-9839(sc), Adebali monoclonal antibody injection, Bevacizumab injection, and SHR-A2102 injection [1] - The approved clinical trials will focus on the safety, tolerability, and efficacy of HRS-7058 in combination with anti-tumor drugs in subjects with solid tumors, specifically a Phase II clinical study [1] Group 2: Regulatory Compliance - The approved drug candidates were reviewed and found to meet the requirements for drug registration as per the Drug Administration Law of the People's Republic of China [1] - The approval was based on the submission received on August 18, 2025, confirming compliance with relevant regulations [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of Sulfate Emamectin Benzoate Tablets and SHR0302 Gel, aimed at treating vitiligo [1] Group 1 - The company and its subsidiary, Ruishi Biopharmaceutical Co., Ltd., will soon initiate clinical trials for the approved drugs [1] - The indications for the drugs include the use of Sulfate Emamectin Benzoate Tablets alone or in combination with SHR0302 Gel for the treatment of vitiligo [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of Sulfate Emamectin Benzoate Tablets and SHR0302 Gel, aimed at treating vitiligo [1] Group 1 - The company and its subsidiary, Ruishi Biopharmaceutical Co., Ltd., will soon initiate clinical trials for the approved drugs [1] - The indications for the drugs include the use of Sulfate Emamectin Benzoate Tablets alone or in combination with SHR0302 Gel for the treatment of vitiligo [1]

Core Viewpoint - Heng Rui Medicine announced the approval of clinical trial notifications for Sulfate Emamectin Benzoate Tablets and SHR0302 Gel by the National Medical Products Administration, aimed at treating vitiligo [1] Group 1 - The company and its subsidiary, Ruishi Biopharmaceutical Co., Ltd., received approval for clinical trials [1] - The approved indications include the use of Sulfate Emamectin Benzoate Tablets alone or in combination with SHR0302 Gel for the treatment of vitiligo [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of several new drugs, indicating progress in its drug development pipeline [1] Drug Development - The company and its subsidiaries have been granted clinical trial approval for the following drugs: - HRS-7058 capsules - HRS-7058 tablets - SHR-9839(sc) - Adebali monoclonal antibody injection - Bevacizumab injection - SHR-A2102 injection [1] Investment in R&D - The cumulative R&D investments for these drugs are as follows: - HRS-7058: approximately 72.31 million yuan - SHR-9839(sc): approximately 968.98 million yuan - Adebali monoclonal antibody: approximately 364.73 million yuan - Bevacizumab injection: approximately 248.22 million yuan - SHR-A2102: approximately 63.91 million yuan [1] Regulatory Process - Following the approval of clinical trial notifications, these drugs must undergo clinical trials and receive further evaluation and approval from the National Medical Products Administration before they can be manufactured and marketed [1]

Core Insights - The article highlights the anticipated "IPO boom" in the Hong Kong market for 2025, driven by policy support, industrial accumulation, and capital market responsiveness [2] - The distribution of IPOs shows a clear "Matthew effect," with major contributions from Shanghai, Guangdong, Jiangsu, and Zhejiang, which together account for over 53.93% of the total IPOs [4][5] Group 1: IPO Market Overview - As of November 26, 2025, the Hong Kong Stock Exchange has raised HKD 258.275 billion in IPOs, marking a year-on-year increase of over 257% [2] - A total of 89 new companies have listed, with a significant concentration in major economic provinces [2][4] Group 2: Regional Contributions - The top four provinces (Shanghai, Guangdong, Jiangsu, and Zhejiang) contributed 48 out of 89 IPOs, showcasing their economic strength and innovation [4] - Shanghai leads with 14 IPOs, followed by Guangdong with 12, and both Jiangsu and Zhejiang with 11 each [4][5] Group 3: Emerging Trends - The article notes that while first-tier cities dominate in terms of the number of IPOs, smaller cities can still achieve significant fundraising through their leading enterprises, as seen with Ningde City [7][8] - Notably, Ningde Times raised approximately HKD 41 billion, making it the largest IPO globally, despite being the only company from Ningde to list [7] Group 4: Sectoral Insights - The biopharmaceutical sector has shown remarkable performance, with 19 companies listed, primarily from the Yangtze River Delta region, which accounts for 30% of the national biopharmaceutical output [10] - The article also mentions the emergence of specialized technology companies listing under the new 18C chapter, indicating a growing trend towards sector-specific IPOs [11] Group 5: Future Outlook - Analysts predict that with increased efforts from new first-tier cities like Wuhan, Chengdu, and Xi'an to cultivate local enterprises for listing, the IPO landscape may evolve into a "core leading, multi-point blooming" model [11]

Group 1 - Wellington Management Group LLP increased its stake in 恒瑞医药 (Hengrui Medicine) by acquiring 1 million shares at an average price of HKD 69.15 per share, totaling approximately HKD 69.15 million [1] - Following this transaction, Wellington Management Group LLP's total shareholding rose to 21.48 million shares, increasing its ownership percentage from 7.93% to 8.32% [1][2]