公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年9月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) 600276 | 說明 | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份 ...

Group 1 - US stock markets saw collective gains, with the Dow Jones up 0.77%, S&P 500 up 0.83%, and Nasdaq up 0.98%. Notable gains were seen in chip stocks, with Western Digital rising over 5% and Micron Technology up over 4% [3] - International precious metal futures generally declined, with COMEX gold futures down 0.91% at $3602.40 per ounce and COMEX silver futures down 1.77% at $41.32 per ounce [4] - European stock indices closed mixed, with Germany's DAX up 0.74% at 23770.33 points, France's CAC40 down 0.27% at 7698.92 points, and the UK's FTSE 100 up 0.42% at 9216.87 points [5] Group 2 - The People's Bank of China announced a 10 trillion yuan reverse repurchase operation on September 5, 2025, to maintain liquidity in the banking system [6] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026," targeting an average growth rate of around 7% for major electronic manufacturing sectors [7] - The State Council issued opinions on unleashing the potential of sports consumption, aiming for the sports industry to exceed 7 trillion yuan by 2030 [8] Group 3 - ByteDance reported the dismissal of 100 employees for violations, with 8 individuals suspected of criminal activity handed over to judicial authorities [13] - Huawei launched the new Mate XTs foldable smartphone, featuring the HarmonyOS 5 and a Kirin 9020 chip, with prices ranging from 17,999 to 21,999 yuan [14] - Agricultural Bank of China reached a market capitalization of 2.55 trillion yuan, surpassing Industrial and Commercial Bank of China for the first time [20]

Core Viewpoint - The AI Fund ICBC Pension Industry Stock A (001171) reported a profit of 111 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0911 yuan, and a net asset value growth rate of 6.75% during the reporting period [3] Fund Performance - As of September 3, the fund's net value growth rates were 18.94% over the past three months, 25.95% over the past six months, 38.09% over the past year, and 5.03% over the past three years, ranking 42/54, 43/54, 45/53, and 30/47 among comparable funds respectively [6] Fund Valuation - As of June 30, 2025, the fund's weighted price-to-earnings ratio (TTM) was approximately 39.95 times, with a weighted price-to-book ratio (LF) of about 4.09 times, and a weighted price-to-sales ratio (TTM) of approximately 5.39 times, compared to the average of comparable funds [12] Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate (TTM) was 0.03%, and the weighted net profit growth rate (TTM) was -0.01%, with a weighted annualized return on equity of 0.1% [19] Fund Holdings and Structure - As of June 30, 2025, the fund had a total of 80,600 holders, with a total of 1.171 billion shares held. Management employees held 1.6579 million shares (0.14%), institutions held 17.96%, and individual investors held 82.04% [36] - The fund's top ten holdings included companies such as Heng Rui Pharmaceutical, Kelun Pharmaceutical, and Mindray Medical [41]

AI基金华商医药医疗行业股票（008107）披露2025年半年报，上半年基金利润2047.68万元，加权平均基金份额本期利润0.1704元。报告期内，基金净值增 长率为19.74%，截至上半年末，基金规模为1.39亿元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至9月3日，单位净值为1.314元。基金经理是张晓，目前管理的3只基金近一年均为正收益。其 中，截至9月3日，华商医药医疗行业股票近一年复权单位净值增长率最高，达49.65%；华商双擎领航混合最低，为33.27%。 基金管理人在中期报告中表示，医药端仍以创新药及创新产业链配置为主，创新药聚焦现有临床数据支撑性较强的个股，创新产业链国内临床前、海外临床 端相关公司的订单逐步改善，配置份额持续提升的龙头标的。同时对底部的器械耗材、中药、消费医疗个股保留一定配置，等待反转。 截至9月3日，华商医药医疗行业股票近三个月复权单位净值增长率为29.09%，位于同类可比基金22/54；近半年复权单位净值增长率为40.63%，位于同类可 比基金28/54；近一年复权单位净值增长率为49.65%，位于同类可比基金34/53；近三年复权单位净值增长率为26.6 ...

Core Viewpoint - The AI Fund Oriental Innovation Medical Stock A (018045) reported a profit of 1.9706 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.109 yuan. The fund's net value growth rate was 12.88%, and the fund size reached 16.5886 million yuan by the end of the reporting period [2]. Fund Performance - As of September 3, 2025, the fund's net value growth rates were 32.62% over the past three months, 41.95% over the past six months, and 64.68% over the past year, ranking 13th, 27th, and 22nd respectively among comparable funds [5]. - The fund's maximum drawdown since inception was 28.85%, with the largest quarterly drawdown occurring in Q1 2024 at 23.3% [28]. Investment Strategy - The fund employs a combination of top-down industry analysis and bottom-up stock selection, focusing on innovative industry chains, pharmacies, consumer healthcare, and equipment upgrades while avoiding sectors in decline [2]. Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately -307.54, compared to the industry average of -135.64. The weighted average price-to-book (P/B) ratio was about 5, while the industry average was 4.24 [10]. - The fund's weighted average revenue growth rate for the first half of 2025 was 0.01%, and the weighted average net profit growth rate was 3.06% [16]. Fund Composition - As of June 30, 2025, the fund had a total of 642 holders, with individual investors holding 100% of the shares. The top ten holdings included companies such as Yuyuan Pharmaceutical, Maiwei Biotechnology, and Heng Rui Medicine [34][40]. - The fund's average stock position since inception was 73.6%, with a peak of 91.98% at the end of the first half of 2025 [31].

Summary of the Conference Call on the Pharmaceutical Industry Industry Overview - The pharmaceutical industry experienced a profit decline in 2019 due to centralized procurement policies, but demand growth during the pandemic provided some relief. By the first half of 2025, segments such as innovative drugs, pharmaceutical commerce, and CXO showed positive growth, although overall profit levels continued to decline [1][2]. Key Insights and Arguments - **Centralized Procurement Impact**: The centralized procurement of medical consumables began in 2020, leading to negative revenue growth for two consecutive quarters by Q4 2023. However, Q1 2024 saw a return to positive revenue growth, indicating a stabilization in high-value consumables [3][4]. - **Sector Performance**: The chemical preparations sector saw significant revenue declines in Q3 and Q4 of 2023, directly linked to centralized procurement policies. The medical consumables sector has faced revenue and profit pressures since 2022, with in vitro diagnostics (IVD) expected to face challenges starting Q4 2024 [5][6]. - **Future Outlook**: The worst period for the pharmaceutical industry is believed to be over, with price issues being resolved. The price levels are relatively low compared to international markets, and a return to positive growth is anticipated in Q2 2025, potentially leading to an overall positive growth for the year [6][7]. Segment-Specific Insights - **CXO Sector**: The CXO sector is divided into demand-driven and supply-driven enterprises. The latter has benefited from the recovery of overseas markets, while domestic demand-driven companies are beginning to show signs of recovery, as evidenced by the performance of companies like Tigermed and Northstar [7][8]. - **IVD Sector**: The IVD sector is under significant pressure due to policy impacts, with a notable 20% decline in Roche's domestic luminescence business. The overall industry growth rate is approximately -15% [12][13]. - **Medical Equipment**: The medical equipment sector has faced continuous declines since Q4 2023, but signs of recovery were noted in the first half of 2025, with companies like United Imaging and Mindray showing varying degrees of recovery [17][18]. Additional Important Points - **High-Value Consumables**: The high-value consumables sector has undergone multiple rounds of centralized procurement, leading to stable or improved performance for many companies. The gross margin levels for high-value consumables have reached a bottom, with certain products like artificial crystals beginning to see the effects of procurement policies [19][20]. - **Internationalization of Domestic Companies**: Domestic high-value consumables companies are enhancing their international capabilities, with significant clinical data published and FDA certifications obtained for products aimed at the U.S. market [23]. - **Market Competition**: The competition in the luminescence industry is intense, particularly among companies outside the top three, which are resorting to price cuts to gain market share, resulting in significant declines in gross margins [13][14]. This summary encapsulates the key points discussed in the conference call regarding the pharmaceutical industry, highlighting the challenges and opportunities within various segments.

Group 1: Company Announcements - Heng Rui Medicine has received the clinical trial approval notice for HRS-4729 injection, a self-developed peptide drug targeting GLP-1R, GIPR, and GCGR receptors, with no similar products approved in the market [1] - Hubei Yihua has successfully launched its 200,000 tons/year caustic soda project, aimed at upgrading its chlor-alkali chemical industry and enhancing market competitiveness [2] - Ji Min Health announced that its shareholder, Shuangge Group, plans to reduce its stake by up to 3%, equating to a maximum of 15.75 million shares [3] - China Shipbuilding intends to absorb and merge with China Shipbuilding Industry Corporation through a share exchange, with the latter's A-shares set to be delisted on September 5, 2025 [4] - Changfei Fiber reported that its shareholder, Changjiang Communication, plans to reduce its stake by up to 0.15%, totaling no more than 1.1 million shares [5] Group 2: Strategic Collaborations and Developments - Beijing Lier has signed a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration and related applications [6] - Junsheng Electronics is collaborating with leading clients like Zhiyuan Robotics, having achieved bulk supply of customized main control boards and various sensors [7][8] - Guoxin Technology has successfully tested a new generation of high-performance chips for automotive electronic BLDC motor control, aimed at addressing the MCU chip shortage in the automotive sector [9] Group 3: Other Corporate Actions - Guoguang Chain's actual controller plans to reduce their stake by up to 2.99%, totaling a maximum of 12.506 million shares [10] - Zhonghuan Hailu has terminated its control change plan, with its stock set to resume trading on September 5, 2025 [11] - Various companies have reported significant project wins, including Ningbo Construction winning contracts worth 1.117 billion yuan [12]

Market Overview - A-shares showed mixed results, with the Shanghai Composite Index down 1.16% to 3,813 points, while the Shenzhen Component fell 0.65%[15] - The Hang Seng Index closed down 0.6%, with healthcare stocks leading gains, while major tech and financial stocks dragged the market down[10] - European stocks rebounded, supported by improved PMI data and stabilized bond markets, with the Euro Stoxx 600 rising 0.7%[3] Commodity and Forex Insights - Gold prices reached a record high of $3,606.10 per ounce, up 1.21%, driven by weak U.S. employment data and increased rate cut expectations[25] - Oil prices fell, with WTI crude down 2.47% to $63.97 per barrel, influenced by OPEC+ discussions on potential production increases[25] - The U.S. dollar index decreased by 0.3% to 98.14, while the Japanese yen appreciated by 0.2% against the dollar[25] Economic Indicators - U.S. job openings fell to a 10-month low of 7.18 million, below the expected 7.38 million, indicating a weakening labor market[5] - The probability of a 25 basis point rate cut by the Federal Reserve this month is estimated at 95%[5] - The yield on the 10-year U.S. Treasury bond decreased by 4.5 basis points to 4.22%[29] Sector Performance - In the U.S., the energy sector saw the largest decline, down 2.30%, while the telecommunications sector led gains, up 3.76%[8] - In Hong Kong, healthcare stocks rose by 2.1%, while technology and financial sectors faced declines of 1.6% and 0.8%, respectively[11] - The storage industry is showing signs of recovery, with demand increasing and prices rebounding, indicating a potential turning point[18]

AI基金银华医疗健康量化股票发起式A（005237）披露2025年半年报，上半年基金利润145.6万元，加权平均基金份额本期利润0.0746元。报告期内，基金净 值增长率为6.89%，截至上半年末，基金规模为2277.19万元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至9月3日，单位净值为1.401元。基金经理是马君和杨腾。 基金管理人在中期报告中表示，我们看好创新药产业链的发展前景。从业绩表现来看，创新药企业 2025 年以来产品管线出海加速，授权价格也有逐步上涨 的态势，从首付款到里程碑付款增厚企业业绩，后续产品上市后在海外销售或有爆发式增长，创新药在整个医药行业中脱颖而出，成为内部表现最为强劲的 子板块。 截至9月3日，银华医疗健康量化股票发起式A近三个月复权单位净值增长率为16.89%，位于同类可比基金43/54；近半年复权单位净值增长率为25.56%，位 于同类可比基金44/54；近一年复权单位净值增长率为39.16%，位于同类可比基金44/53；近三年复权单位净值增长率为3.43%，位于同类可比基金31/47。 从基金股票资产的估值角度来看，以最新中报数据计算，2025年6月30日， ...

AI基金中海医疗保健主题股票A（399011）披露2025年半年报，上半年基金利润2829.74万元，加权平均基金份额本期利润0.0575元。报告期内，基金净值增 长率为5.62%，截至上半年末，基金规模为4.93亿元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至9月3日，单位净值为1.225元。基金经理是梁静静，目前管理的2只基金近一年均为正收益。其 中，截至9月3日，中海医药混合A近一年复权单位净值增长率最高，达41.83%；中海医疗保健主题股票A最低，为27.08%。 基金管理人在中期报告中表示，展望下半年，我们将重点关注创新医疗器械（耗材、设备）的终端需求变化。整体来看，医药行业基本面已见底。2018 年 到 2025 年，医药行业经历了集采、DRGS 推行、反腐、医院飞检等，价格体系持续下行，疫情期间还出现了产能过度扩张。企业在这一过程中，通过创新 产品升级、出海拓展新的增量市场，逐渐走出通缩，医药行业基本面下半年有望迎来彻底的拐点。 截至9月3日，中海医疗保健主题股票A近三个月复权单位净值增长率为7.55%，位于同类可比基金50/54；近半年复权单位净值增长率为18.13%，位于同类可 ...