Financial Performance - The company's operating revenue for the third quarter reached ¥10,989,214,170.47, representing a year-on-year increase of 4.53%[5] - Net profit attributable to shareholders was ¥933,089,158.25, up 7.71% compared to the same period last year[5] - The basic earnings per share increased by 8.45% to ¥0.5389, while diluted earnings per share rose by 7.41% to ¥0.5320[5] - For the first nine months of 2025, the company achieved operating revenue of RMB 32.664 billion, a year-on-year increase of 3.77%[14] - The net profit attributable to shareholders for the same period was RMB 2.748 billion, up 7.24% year-on-year[14] - The net profit for Q3 2025 was RMB 933 million, representing a year-on-year growth of 7.71%[14] - Total operating revenue for the period reached ¥32,664,143,135.68, an increase of 3.79% compared to ¥31,477,654,750.50 in the previous period[44] - Total operating costs amounted to ¥29,289,598,185.10, up from ¥28,288,811,654.13, reflecting a year-over-year increase of 3.54%[44] - Operating profit for the period was ¥3,350,590,171.04, compared to ¥3,215,352,175.02 in the previous period, indicating a growth of 4.20%[44] - The total profit for the current period is approximately 3.26 billion, an increase from 3.13 billion in the previous period, representing a growth of about 4.1%[45] - The net profit for the current period is approximately 2.74 billion, compared to 2.56 billion in the previous period, reflecting an increase of about 7%[45] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥39,928,783,200.48, reflecting a 5.41% increase from the end of the previous year[5] - Total assets reached ¥39,928,783,200.48, up from ¥37,879,046,367.15, marking an increase of 5.43%[43] - Total liabilities increased to ¥15,432,449,103.14 from ¥14,315,291,455.03, representing a rise of 7.82%[43] - The company’s equity attributable to shareholders increased by 4.65% to ¥24,132,887,034.31 compared to the previous year[5] - Equity attributable to shareholders of the parent company rose to ¥24,132,887,034.31, compared to ¥23,060,051,397.36, an increase of 4.65%[44] Research and Development - Research and development expenses surged by 58.92% to ¥150,759.08, indicating increased investment in innovation[9] - R&D investment in the pharmaceutical industry reached 2.186 billion yuan, a year-on-year increase of 35.99%, with direct R&D expenses accounting for 16.21% of pharmaceutical industrial revenue[20] - The company is advancing over 90 innovative drug pipeline projects, focusing on endocrine, autoimmune, and oncology treatment areas[20] - The application for the first-in-class drug HDM2005 targeting ROR1 is currently in clinical trials, with significant progress reported in multiple studies[22] - The company’s IND application for the oral GLP-1 receptor agonist HDM1002 has been approved, with ongoing clinical trials for weight management and type 2 diabetes[24] Innovative Products and Market Performance - The core subsidiary, China Medical East, reported operating revenue of RMB 11.045 billion, reflecting a growth of 11.10%[14] - The sales revenue from innovative products and agency services reached RMB 1.675 billion, a significant increase of 62% year-on-year[15] - The company’s innovative product, Somatropin injection (brand name: ELAHERE®), generated over RMB 45 million in sales during the first nine months of 2025[16] - The CAR-T product, Zewokiorun injection (brand name: Sikeize®), saw a substantial increase in market penetration with 170 effective orders placed, surpassing the total orders from the previous year[16] - The innovative product sales are expected to continue contributing positively to the overall revenue growth in the upcoming quarters[15] Cash Flow and Financial Management - Cash flow from investment activities showed a net outflow of ¥107,839.19, a 32.79% improvement compared to the previous period[9] - Cash flow from operating activities for the current period is approximately 2.61 billion, compared to 2.51 billion in the previous period, showing an increase of about 4.2%[47] - Cash flow from investing activities for the current period is negative at approximately -1.08 billion, an improvement from -1.60 billion in the previous period[48] - Cash flow from financing activities for the current period is negative at approximately -2.36 billion, worsening from -1.16 billion in the previous period[48] Market Challenges and Segment Performance - The medical aesthetics segment reported revenue of 1.568 billion yuan, a decline of 17.90% year-on-year, reflecting pressure from global economic adjustments and intensified competition[18] - The industrial microbiology segment maintained rapid growth with a revenue increase of 28.48% year-on-year in the first nine months of 2025[19] - Guizhou Company achieved revenue of 172 million yuan in the first nine months of 2025, a year-on-year increase of 194%[17] - Net profit for Guizhou Company reached 53 million yuan, up 489% year-on-year, indicating a continuous improvement in profitability[17] Regulatory Approvals and Partnerships - The company has achieved five product approvals and six acceptances for marketing applications in 2025, along with 18 IND approvals in China or the U.S.[31] - The company has entered into an exclusive commercialization agreement for VC005 with Jiangsu Weikail Pharmaceutical Technology Co., Ltd., granting rights for the oral formulation in mainland China[37] - The company has established an exclusive commercialization partnership for CXG87, a modified budesonide/formoterol inhalation powder, with Hangzhou Changxi Pharmaceutical Co., Ltd., which is currently in Phase III clinical trials[39] - The company received approval for the supplemental application of HDM3001 for pediatric plaque psoriasis in March 2025, and the marketing authorization application for Crohn's disease was accepted in February 2025[27]

华东医药公告，第三季度营收为109.89亿元，同比增长4.53%；净利润为9.33亿元，同比增长7.71%。前 三季度营收为326.64亿元，同比增长3.77%；净利润为27.48亿元，同比增长7.24%。 ...

第一章 总 则 第一条 为规范华东医药股份有限公司（以下简称"公司"）内部审计工作，推进内部 审计管理体系建设，统筹审计资源，拓展内部审计的广度和深度，依据《华东医药股份有 限公司章程》（以下简称"公司章程"）及《中华人民共和国公司法》《国际审计准则》《国 际内部审计专业实务框架》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等法规，特制定本制度。 第二条 内部审计提供独立、客观的确认与咨询服务，通过应用系统化、规范化的方 法评价并改善风险管理、控制和治理过程的效果，增加价值，实现经营目标。 华东医药股份有限公司 内部审计管理制度 第三条 内部审计宗旨是健全公司内部控制体系建设，促进企业经营活动的流程化和 规范化，降低经营风险，有效规避违规违纪和舞弊行为的发生。 第四条 本制度适用于公司各内部机构、全资及控股子公司、分公司（含境外企业）、 具有重大影响的参股公司。 第二章 审计机构与人员 第五条 公司设立风险管理与审计部，对董事会负责，向董事会审计委员会报告工作。 风险管理与审计部在监督检查公司业务活动、风险管理、内部控制、财务信息过程中，接 受审计委员会的监督指导。 第六条 内部 ...

Core Viewpoint - The company is actively working on transferring the production of its renal filtration system and related drugs to domestic markets, with ongoing orders and preparations in place for both medical devices and pharmaceuticals [1] Group 1: Medical Devices - The company has received procurement orders for the transcutaneous glomerular filtration rate measurement device (TGFR) from various distributors and medical institutions for research and clinical use [1] - The company has completed inventory preparations with partners in advance for the TGFR device and is planning to transfer production to domestic facilities [1] Group 2: Pharmaceuticals - The company's wholly-owned subsidiary, China-US East, will independently produce and sell the drug Remabizine injection in China [1] - China-US East will also serve as one of the suppliers for MediBeacon in the U.S. market [1]

Summary of Key Points from Conference Call Industry Overview - The oral GLP-1 market has significant potential, particularly in diabetes and weight loss, with an estimated total market size exceeding $150 billion. Oral GLP-1 drugs are expected to capture 30% to 50% of this market, indicating a vast opportunity for growth [2][3][14]. Core Insights and Arguments - Early participants in the oral GLP-1 market, such as Pfizer and Eli Lilly, have faced setbacks, creating opportunities for Chinese biotech companies like Heng Rui, Haosen, East China Pharmaceutical, and Innovent Biologics, which are actively developing related drugs [1][2]. - Eli Lilly's Orpho Phase III clinical data serves as a crucial reference for future oral GLP-1 drug development, showing a weight reduction of 11.5% at the highest dose, but with notable side effects such as nausea and vomiting, leading to a high discontinuation rate [1][5]. - Heng Rui's oral GLP-1 assets are nearing Phase I status, while Haosen has sold some assets to Merck. Clinical trials indicate that high-dose groups typically use longer titration times to mitigate side effects, with varying weight loss results across different treatment cycles [1][6][8]. - The baseline BMI of Chinese patients is lower than that of Western patients, affecting cross-trial data comparisons. Safety remains a critical consideration for the long-term use of GLP-1 drugs [7][11]. Company-Specific Developments - Heng Rui has two assets in development, one being a small molecule and the other a peptide oral version, both close to Phase I status. Haosen has multiple assets, with one sold to Merck and others in development [6][13]. - East China Pharmaceutical and Innovent Biologics are also advancing their research, with East China expected to release Phase III data by the end of this year or early next year [3][11]. - Investors are encouraged to focus on Heng Rui, East China, and Wuxi iPAC, as these companies are making significant progress in their respective projects [3][14]. Market Dynamics and Future Considerations - The medical device market is projected to exceed 74 billion yuan by 2035, with an annual growth rate of over 10%. The electrophysiology segment is expected to quadruple in surgical volume due to unmet demand and the trend of domestic substitution [3][15]. - Huatai Medical has competitive advantages in cost and distribution channels, with its high-end RF products poised to accelerate domestic substitution [16]. - PFA technology is becoming the mainstream treatment for atrial fibrillation, with Huatai Medical being the first to have dual-pulse electric field catheters approved, enhancing its market position [17]. Investment Opportunities - Huatai Medical's current valuation is 3,940 times its 2026 PE, slightly above the A-share medical device average of 30 times, but justified by its superior growth rate of 29% over the next three years [19]. - The company is expected to expand its overseas market presence significantly, targeting regions with high demand such as Russia, Brazil, and Indonesia, with a total market size projected to reach 30 billion yuan by 2035 [18]. Conclusion - The oral GLP-1 market presents substantial investment opportunities, particularly for Chinese biotech firms that are advancing their drug development pipelines. The medical device sector, especially in electrophysiology, is also poised for growth, driven by domestic demand and technological advancements. Investors should closely monitor the developments of key players like Heng Rui, East China, and Huatai Medical for potential returns.

Policy Developments - The National Health Commission emphasizes the construction of a fertility-friendly society, promoting supportive policies for childbirth, elderly care, and the gradual delay of retirement age to optimize population structure [1] Drug Approval - East China Pharmaceutical's subsidiary received approval for the drug Mevanertinib, a new treatment for advanced or metastatic non-small cell lung cancer, with a direct R&D investment of approximately 306 million yuan [2] - Hengrui Medicine's subsidiary received approval for a fixed-dose combination of three oral diabetes medications, marking the first of its kind in China [3] Financial Reports - Shuanglu Pharmaceutical reported a 143.28% year-on-year increase in net profit for Q3, driven by gains from financial assets [4] - Huitai Medical announced a 18.02% increase in net profit for the first three quarters, with Q3 revenue up 24.77% [5] Capital Market - WuXi AppTec plans to sell 100% equity of two subsidiaries for 2.8 billion yuan to focus on its CRDMO business model, enhancing its global capabilities [7] Industry Events - The Ministry of Industry and Information Technology conducted a survey on the traditional Chinese medicine industry, aiming to promote modernization and quality improvement [8] - Shanghai's biopharmaceutical industry is projected to exceed 1 trillion yuan, marking it as the fifth trillion-level industry in the city [9] - The Jiangxi Pharmaceutical Development Conference resulted in the signing of 16 key pharmaceutical projects across various sectors [10] Public Sentiment - Beilu Pharmaceutical announced that a major shareholder plans to reduce its stake by up to 1.78% to improve asset liquidity [11]

Group 1 - The core point of the article is the performance and changes in the top holdings of the Yinhua CSI Innovation Drug Industry ETF, which reported a net value growth rate of 24.54% over the past year [1] - The fund has added new top holdings including Kanglong Chemical and Baile Tianheng, while increasing its stake in WuXi AppTec by 64.87 million shares, making it the largest holding [1] - The fund has exited from its previous top holdings, including Tigermed and Tonghua Golden Horse [1] Group 2 - The detailed data shows the number of shares held and market value for each of the top holdings, with WuXi AppTec holding 15.52 million shares valued at 1.74 billion and Kanglong Chemical holding 8.56 million shares valued at 306 million [1] - Other significant holdings include Hengrui Medicine, Changchun High-tech, and Kelun Pharmaceutical, with respective increases in shareholding [1] - The report indicates a strategic shift in the fund's portfolio, reflecting a focus on companies with strong growth potential in the pharmaceutical sector [1]

Core Viewpoint - Huadong Medicine's subsidiary has received approval for a new innovative drug, which marks a significant advancement in its oncology portfolio and commercial strategy [1] Company Developments - Huadong Medicine's fully-owned subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., has developed the innovative drug, Mevanertinib (brand name: Maiyidong), which has been approved for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with EGFR exon 21 (L858R) substitution mutation [1] - The company plans to actively promote the commercialization of this newly approved product [1] R&D Pipeline - Huadong Medicine has established a differentiated innovative drug pipeline through a dual approach of "independent development + external introduction," focusing on three core therapeutic areas: endocrinology, autoimmune diseases, and oncology [1] - The company is currently advancing over 80 research projects in its innovative drug R&D center, indicating a rich and expanding pipeline [1] - In the oncology sector, Huadong Medicine is concentrating on cutting-edge areas such as Antibody-Drug Conjugates (ADC) and CAR-T therapies, aiming to create a unique global R&D ecosystem for ADCs [1] - The company has developed a total of 15 ADC pipeline projects, reinforcing its commitment to building a world-class ADC independent R&D platform [1]

Core Viewpoint - Huadong Medicine's innovative drug, Mevanertinib (brand name: Mairuidong), has received approval from the National Medical Products Administration (NMPA) for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring the EGFR exon 21 (L858R) substitution mutation [1][3]. Group 1: Product Details - Mevanertinib is a novel, potent, highly selective, orally active irreversible EGFR/HER2 small molecule inhibitor with independent intellectual property rights, representing a new category of Class 1 innovative drugs in China [1][3]. - The drug works by covalently binding to the kinase regions of EGFR (ErbB1) and HER2 (ErbB2), irreversibly inhibiting tyrosine kinase autophosphorylation, leading to downregulation of ErbB signaling and tumor growth suppression [1][3]. Group 2: Market Context - Lung cancer is the most prevalent and deadly malignancy globally, with China being one of the countries with the highest incidence rates. In 2024, lung cancer accounted for 1.0606 million new cases in China, making it the leading cause of cancer-related deaths [2]. - NSCLC represents approximately 85% of primary lung cancer cases, with around 50% of lung adenocarcinoma patients in China having EGFR mutations. The L858R substitution mutation accounts for 30%-40% of these mutations [2]. Group 3: Company Strategy and Future Plans - Huadong Medicine is preparing to actively promote the commercialization of Mevanertinib following its approval, indicating a strong commitment to addressing unmet clinical needs in the treatment of NSCLC [3][4]. - The company has established a robust pipeline of over 80 ongoing research projects, focusing on endocrine, autoimmune, and oncology therapeutic areas, and is particularly advancing in cutting-edge fields such as ADC and CAR-T [3][4]. - Huadong Medicine aims to continue developing innovative drugs that provide clinical advantages, guided by clinical value and patient-centered approaches [4].

Core Insights - Huadong Medicine has received approval from the National Medical Products Administration (NMPA) for its innovative drug, Maleate Mevanertinib Tablets, marking a significant advancement in the oncology field [1][2] Group 1: Drug Development and Approval - The Maleate Mevanertinib Tablets are a new, potent, selective, and orally active irreversible EGFR/HER2 small molecule inhibitor with independent intellectual property rights [1] - The drug's approval is based on a Phase III clinical trial that met the predefined superiority criteria, comparing Maleate Mevanertinib with Gefitinib for first-line treatment of EGFR-sensitive advanced non-small cell lung cancer (NSCLC) [2] - Huadong Medicine has invested approximately 306 million RMB in the development of Maleate Mevanertinib Tablets as of September 30, 2025, focusing on rare EGFR mutations and advanced NSCLC treatment [2] Group 2: Market Context and Impact - Lung cancer is the most prevalent and deadly malignancy globally, with NSCLC accounting for about 85% of primary lung cancer cases; approximately 50% of lung adenocarcinoma patients in China have EGFR mutations [3] - The approval of Maleate Mevanertinib Tablets represents a crucial breakthrough in Huadong Medicine's innovative layout in cancer treatment, providing a new option for patients with EGFR-mutated NSCLC [3]