公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年10月29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 ...

Investment Rating - The investment rating for the company is "Buy" [2][17] Core Insights - The company achieved a revenue of 23.188 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.85%. The net profit attributable to shareholders reached 5.751 billion yuan, up 24.50% year-on-year [1] - In Q3 2025, the company reported a revenue of 7.427 billion yuan, a year-on-year increase of 12.72%, driven by both internal growth and overseas expansion [2] - The company has successfully completed three overseas business development (BD) authorizations, indicating strong international collaboration and potential revenue growth [2][3] Financial Performance - The gross profit margin for the first three quarters of 2025 was 86.22%, an increase of 0.25 percentage points year-on-year. The net profit margin improved to 24.84%, up 1.97 percentage points year-on-year [4] - Research and development expenses for the first three quarters reached 4.945 billion yuan, contributing to a cumulative R&D investment exceeding 50 billion yuan, which enhances the company's innovation capabilities [4] - The company launched three new drugs in Q3 2025, including the first self-developed EZH2 inhibitor in China, indicating a strong pipeline of innovative products [3][4] Profit Forecast - Under a neutral scenario, the company is expected to achieve net profits of 8.045 billion yuan, 9.866 billion yuan, and 11.702 billion yuan for the years 2025, 2026, and 2027, respectively [6]

Core Viewpoint - The article discusses the recent trend of profit-taking in the innovative drug sector and the shift towards increasing allocations in the power equipment sector, highlighting the changing dynamics in investment strategies within the healthcare and technology industries [1][3]. Summary by Sections Innovative Drug Sector - The innovative drug sector has seen a significant rise of over 60% in the first half of the year, but has been in a high-level consolidation phase recently [3]. - Despite the average loss of nearly 8% among 28 ETFs tracking the innovative drug index since its peak on August 19, 2025, many funds have seen their shares increase, with some growing by over 100%-300% as investors rush to buy the dip [5]. - Fund manager Jin Xiaofei has significantly reduced his holdings in innovative drugs, indicating a shift in strategy as the sector's overall gains have been substantial, leading to a crowded trade [10][14]. Fund Performance and Adjustments - Jin Xiaofei's fund, Penghua Medical Technology Stock A, has shown a year-to-date return of 22.03% in Q3, outperforming its benchmark and the CSI 300 index [8]. - The fund's exposure to the pharmaceutical and biotechnology sector has decreased to 49.5%, a reduction of over 25 percentage points, reflecting a strategic pivot [10][14]. - The top ten holdings of the fund now include a mix of innovative drugs and medical device companies, indicating a broader industry coverage [12]. Future Outlook - Jin Xiaofei remains optimistic about the long-term prospects of innovative drugs but acknowledges that the ease of making profits in this sector may be over, shifting focus to identifying stocks with real competitive advantages [15]. - Other fund managers, such as Zhao Bei from ICBC Credit Suisse, have also expressed caution regarding overvalued innovative drug companies, favoring investments in the CXO sector and companies with significant overseas revenue [16][17]. - Investors holding innovative drug stocks should temper their short-term expectations and prepare for a longer investment horizon [18]. Shift to Power Equipment Sector - The fund has made substantial reallocations, reducing its pharmaceutical holdings to 23.3% and increasing its stake in the power equipment sector to 17.2% [19][23]. - New investments include companies like Pylon Technologies and Ganfeng Lithium, indicating a strategic shift towards sectors with perceived growth potential [24].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report highlights significant development opportunities for the pharmaceutical industry, particularly in innovative drugs and medical devices, as outlined in the "14th Five-Year Plan" [1][3] - The government has introduced various supportive policies for innovative drugs, including expedited approval processes and inclusion in medical insurance, which are expected to enhance the growth of the sector [3][5] - The report emphasizes the importance of improving the medical insurance system and the potential for commercial insurance to supplement coverage for innovative drugs, which could create a positive feedback loop for drug payments [3][5] Summary by Relevant Sections Investment Suggestions - The report recommends focusing on opportunities related to innovative drugs and medical devices, specifically mentioning companies such as Heng Rui Medicine, Innovent Biologics, BeiGene, Mindray Medical, and United Imaging Healthcare [3] - In the vaccine sector, it suggests paying attention to Zhifei Biological Products, Kangtai Biological Products, and CanSino Biologics [3] - For medical services, it highlights potential investments in Aier Eye Hospital and Tongce Medical [3] Policy Support and Market Trends - The report notes that the government is committed to supporting the development of innovative drugs and medical devices, which are crucial for public health and the independence of the biopharmaceutical industry [5] - It mentions that the time from drug approval to inclusion in the medical insurance directory has significantly decreased, with approximately 80% of innovative drugs being included within two years of market launch [5] - The report also discusses the optimization of fertility support policies and the response to aging populations, indicating that these factors could benefit related industries, including vaccines and long-term care services [5]

Core Insights - The National Medical Insurance Directory negotiations and commercial insurance innovative drug directory price negotiations will take place this week in Beijing, with multiple domestic and international pharmaceutical companies sending teams to participate [1] Group 1: National Medical Insurance Directory - This year's negotiations continue the regular adjustment mechanism of the medical insurance directory while officially introducing the "commercial insurance innovative drug directory" mechanism for the first time [1] - A total of 535 drugs have passed the formal review for this round of negotiations, setting a new record for the highest number of approved drugs in history [1] - The approved drugs include significant domestic new drugs such as Heng Rui Medicine's Ruilong Qutuzumab and Kelun Biotech's Lukan Sandotuzumab, as well as important products from multinational pharmaceutical companies like Eli Lilly, Janssen, and AstraZeneca [1] Group 2: Commercial Insurance Innovative Drug Directory - Additionally, 121 drugs have passed the review for the commercial insurance innovative drug directory [1]

Reported Industry Investment Rating - Not provided in the content Core Views of the Report - As of 3Q2025, there were 4,456 active equity funds in the market, an increase of 71 from the end of the previous quarter, with a total fund size of 3.79 trillion yuan [3][8]. - In 3Q2025, the equity positions of common stock - type, partial - stock hybrid, and flexible allocation funds increased slightly, and the positions in the Hong Kong stock market continued to rise. The equity positions were 90.89%, 89.02%, and 74.76% respectively, up 0.69 pct, 1.53 pct, and 2.19 pct from the end of the previous quarter. The Hong Kong stock positions were 12.93%, 17.37%, and 4.09% respectively, up 0.08 pct, 0.26 pct, and 0.01 pct from the end of the previous quarter [3]. - The concentration of individual stocks and industries increased slightly. The concentrations of the top three, top five, and top ten individual stocks were 21.98%, 33.04%, and 53.75% respectively, up 0.90 pct, 1.38 pct, and 1.84 pct from the end of the previous quarter. The concentrations of the first, top three, and top five industries were 24.47%, 41.76%, and 49.64% respectively, up 1.54 pct, 2.38 pct, and 2.51 pct from the end of the previous quarter [3]. - In terms of heavy - position sectors, in A - share market, the heavy - position stocks of active equity funds increased their positions in the technology sector by 11.36 pct compared with the previous quarter. In the Hong Kong stock market, the heavy - position stocks increased their positions in the consumer and pharmaceutical sectors by 3.23 pct and 2.37 pct respectively compared with the previous quarter [3]. - In terms of A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were electronics, power equipment and new energy, and pharmaceuticals, accounting for 23.01%, 10.32%, and 10.09% respectively. The top three industries with the largest active increase in positions were communication, computer, and electronics, with increases of 2.77 pct, 2.00 pct, and 1.79 pct respectively [3]. - In terms of Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were media, pharmaceuticals, and commerce and retail, accounting for 22.69%, 15.79%, and 13.58% respectively. The top three industries with the largest active increase in positions were commerce and retail, pharmaceuticals, and electronics, with increases of 4.80 pct, 1.34 pct, and 1.00 pct respectively [3]. - In 3Q2025, the top three A - shares with the largest active increase in positions compared with the end of the previous quarter were Industrial and Commercial Bank of China, Shennan Circuit, and Zhongji Innolight, with increases of 282.41 billion yuan, 77.17 billion yuan, and 71.51 billion yuan respectively. The top three Hong Kong stocks with the largest active increase in positions were Alibaba - W, Huahong Semiconductor, and Jiufang Zhitou Holdings, with increases of 170.28 billion yuan, 26.99 billion yuan, and 18.13 billion yuan respectively [3]. Summary by Relevant Catalogs 1. Scale and Quantity Analysis - As of 3Q2025, the scale of active equity funds increased. There were 4,456 active equity funds in the market, an increase of 71 from the end of the previous quarter. The total scale was 3.79 trillion yuan, an increase of 619.566 billion yuan or 19.54% from the end of the previous quarter [8]. - The fund issuance market was hot. In 3Q2025, 111 new active equity funds were established, with a combined issuance share of 5.611 billion shares, a 53.33% increase from the end of the previous quarter [9]. - In terms of fund scale distribution, in 3Q2025, the proportion of active equity funds with a scale of less than 100 million yuan was 77.96%. The proportion of funds with a scale of less than 200 million yuan decreased by 3.58 pct, while the proportions of funds with scales of 200 - 1000 million yuan, 1000 - 5000 million yuan, 5000 - 10000 million yuan, and over 10000 million yuan increased by 0.98 pct, 1.78 pct, 0.60 pct, and 0.22 pct respectively [13]. 2. Position Analysis - In 3Q2025, the stock positions of active equity funds increased. The equity positions of common stock - type, partial - stock hybrid, and flexible allocation funds were 90.89%, 89.02%, and 74.76% respectively, up 0.69 pct, 1.53 pct, and 2.19 pct from the end of the previous quarter. These positions were at relatively high historical levels [16]. - The Hong Kong stock positions of active equity funds increased slightly. The Hong Kong stock positions of common stock - type, partial - stock hybrid, and flexible allocation funds were 12.93%, 17.37%, and 4.09% respectively, up 0.08 pct, 0.26 pct, and 0.01 pct from the end of the previous quarter. The number of funds allocating to Hong Kong stocks also increased [17]. 3. Heavy - Position Stock Concentration Analysis - In 3Q2025, the concentration of individual stocks and industries in active equity funds increased. The concentrations of the top three, top five, and top ten individual stocks were 21.98%, 33.04%, and 53.75% respectively, up 0.90 pct, 1.38 pct, and 1.84 pct from the end of the previous quarter. The concentrations of the first, top three, and top five industries were 24.47%, 41.76%, and 49.64% respectively, up 1.54 pct, 2.38 pct, and 2.51 pct from the end of the previous quarter, indicating an increase in risk preference [20]. 4. Heavy - Position Stock Sector Analysis - In the A - share market in 3Q2025, the top three sectors in terms of heavy - position stock allocation of active equity funds were technology, manufacturing, and cyclical sectors, accounting for 39.33%, 23.35%, and 13.58% respectively. The technology sector saw an increase in positions, while the consumer, financial real - estate, pharmaceutical, cyclical, and manufacturing sectors saw a decrease in positions [24]. - In the Hong Kong stock market in 3Q2025, the top three sectors in terms of heavy - position stock allocation of active equity funds were technology, consumer, and pharmaceutical sectors, accounting for 41.25%, 17.70%, and 15.79% respectively. The consumer, pharmaceutical, and cyclical sectors saw an increase in positions, while the technology, manufacturing, and financial real - estate sectors saw a decrease in positions [28]. 5. Heavy - Position Stock Industry Analysis 5.1 Active Equity Fund Heavy - Position Stock Industry Analysis - In A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were electronics, power equipment and new energy, and pharmaceuticals, accounting for 23.01%, 10.32%, and 10.09% respectively. The top three industries with the largest active increase in positions were communication, computer, and electronics, while the top three industries with the largest active decrease in positions were banking, home appliances, and national defense and military industry [30][32][33]. - In Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were media, pharmaceuticals, and commerce and retail, accounting for 22.69%, 15.79%, and 13.58% respectively. The top three industries with the largest active increase in positions were commerce and retail, pharmaceuticals, and electronics, while the top three industries with the largest active decrease in positions were media, consumer services, and communication [36][37]. 5.2 Performance - Excellent and Hundred - Billion Fund Heavy - Position Stock Industry Analysis - In A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of performance - excellent funds were electronics, communication, and computer, accounting for 41.21%, 38.05%, and 8.45% respectively. The top three industries with the largest active increase in positions were computer, machinery, and automobile, while the top three industries with the largest active decrease in positions were electronics, media, and power equipment and new energy [40]. - The top three industries in terms of market value of heavy - position stocks of hundred - billion funds were electronics, pharmaceuticals, and food and beverage, accounting for 21.86%, 16.77%, and 13.12% respectively. The top three industries with the largest active increase in positions were communication, computer, and basic chemicals, while the top three industries with the largest active decrease in positions were transportation, electronics, and pharmaceuticals [40][41]. - In Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of performance - excellent funds were commerce and retail, media, and electronics, accounting for 34.84%, 34.56%, and 24.14% respectively. The top three industries with the largest active increase in positions were commerce and retail, comprehensive finance, and non - ferrous metals, while the top three industries with the largest active decrease in positions were communication, home appliances, and pharmaceuticals [43]. - The top three industries in terms of market value of heavy - position stocks of hundred - billion funds were media, commerce and retail, and pharmaceuticals, accounting for 26.93%, 17.75%, and 12.36% respectively. The top three industries with the largest active increase in positions were commerce and retail, electronics, and pharmaceuticals, while the top three industries with the largest active decrease in positions were media, communication, and consumer services [43]. 6. Heavy - Position Individual Stock Analysis 6.1 Heavy - Position Individual Stock Market Value Analysis - In 3Q2025, the top three A - shares in terms of absolute market value of heavy - position allocation of active equity funds were CATL, Xinyisheng, and Zhongji Innolight, with market values of 67.31 billion yuan, 53.801 billion yuan, and 49.594 billion yuan respectively. The top three A - shares in terms of allocation market value ratio were Novartis Pharma - U, Aerospace South Lake, and Baili Tianheng, with the proportion of shares held accounting for 24.37%, 23.43%, and 23.29% of the tradable shares respectively [46]. - The top three Hong Kong stocks in terms of absolute market value of heavy - position allocation of active equity funds were Tencent Holdings, Alibaba - W, and SMIC, with market values of 65.575 billion yuan, 47.603 billion yuan, and 26.714 billion yuan respectively. The top three Hong Kong stocks in terms of allocation market value ratio were Sino Biopharm, Goldwind Science & Technology, and Kelun Botai Biopharm - B, with the proportion of shares held accounting for 11.75%, 10.73%, and 10.04% of the tradable shares respectively [47]. 6.2 Heavy - Position Individual Stock Active Position - Adjustment Analysis - In 3Q2025, the top three A - shares with the largest active increase in positions of active equity funds compared with the end of the previous quarter were Industrial and Commercial Bank of China, Shennan Circuit, and Zhongji Innolight, with increases of 28.241 billion yuan, 7.717 billion yuan, and 7.151 billion yuan respectively. The top three A - shares with the largest active decrease in positions were Shenghong Technology, Midea Group, and CATL, with decreases of 14.111 billion yuan, 7.982 billion yuan, and 7.262 billion yuan respectively [50]. - The top three Hong Kong stocks with the largest active increase in positions of active equity funds compared with the end of the previous quarter were Alibaba - W, Huahong Semiconductor, and Jiufang Zhitou Holdings, with increases of 17.028 billion yuan, 2.699 billion yuan, and 1.813 billion yuan respectively. The top three Hong Kong stocks with the largest active decrease in positions were Tencent Holdings, Xiaomi Group - W, and Meituan - W, with decreases of 7.926 billion yuan, 7.612 billion yuan, and 5.077 billion yuan respectively [52].

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 900.00%, Sinopec Oilfield Service (01033) at 246.25%, and Hongye Futures (03678) at 245.50% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.52%, China Merchants Bank (03968) at -1.95%, and Heng Rui Medicine (01276) at 1.24% [1][2] - The companies with the highest deviation values are Northeast Electric (00042) at 73.25%, Shandong Molong (00568) at 39.97%, and Changfei Optical Fiber (06869) at 27.40% [1][3] - The companies with the lowest deviation values are Shanghai Electric (02727) at -16.60%, Tianjin Chuangye Environmental Protection (01065) at -16.50%, and First Tractor Company (00038) at -14.81% [1][3] Summary of Top AH Premium Rates - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [2] - Sinopec Oilfield Service (01033): H-share at 0.800, A-share at 2.31, premium rate at 246.25%, deviation at 17.04% [2] - Hongye Futures (03678): H-share at 4.000, A-share at 11.54, premium rate at 245.50%, deviation at 14.12% [2] Summary of Bottom AH Premium Rates - CATL (03750): H-share at 560.500, A-share at 400, premium rate at -14.52%, deviation at 1.38% [2] - China Merchants Bank (03968): H-share at 49.800, A-share at 40.77, premium rate at -1.95%, deviation at -5.47% [2] - Heng Rui Medicine (01276): H-share at 75.600, A-share at 63.9, premium rate at 1.24%, deviation at 3.98% [2] Summary of Top Deviation Values - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [3] - Shandong Molong (00568): H-share at 4.200, A-share at 7.92, premium rate at 125.95%, deviation at 39.97% [3] - Changfei Optical Fiber (06869): H-share at 40.040, A-share at 92.92, premium rate at 177.97%, deviation at 27.40% [3] Summary of Bottom Deviation Values - Shanghai Electric (02727): H-share at 4.780, A-share at 9.63, premium rate at 141.21%, deviation at -16.60% [3] - Tianjin Chuangye Environmental Protection (01065): H-share at 4.490, A-share at 6.32, premium rate at 68.60%, deviation at -16.50% [3] - First Tractor Company (00038): H-share at 7.940, A-share at 13.07, premium rate at 97.23%, deviation at -14.81% [3]

Core Insights - The article highlights the rise of Zhong Huijuan as the new richest woman in China, with a wealth of 1.4 billion yuan, surpassing Zong Fuli [3][7] - Zhong Huijuan is the founder and CEO of Hansoh Pharmaceutical, which has seen its market value increase from approximately 90 billion to over 200 billion HKD this year, reflecting the booming biopharmaceutical sector [4][7] Company Overview - Hansoh Pharmaceutical started as a generic drug manufacturer and has transitioned into an innovative drug company focusing on major disease treatments such as oncology and autoimmune diseases [6][7] - The company went public on the Hong Kong Stock Exchange in June 2019, marking a significant milestone in its growth trajectory [6] Market Performance - Hansoh Pharmaceutical's stock price has surged over 100% this year, contributing significantly to Zhong Huijuan's wealth increase of over 600 billion yuan [7][12] - The company recently secured a major deal with Roche for a drug, which includes an upfront payment of 8 million USD and potential milestone payments totaling up to 1.45 billion USD, indicating strong revenue potential [7] Industry Trends - The biopharmaceutical sector in China is experiencing a wealth boom, with several entrepreneurs in the innovative drug space seeing significant increases in their fortunes [11][12] - The total value of business development (BD) transactions in China's innovative drug sector reached 63.55 billion USD in the first half of the year, surpassing the total for the entire previous year [12][13] - A surge in IPOs and listings in the biopharmaceutical sector is noted, with 14 companies announcing plans to go public in Hong Kong in September alone [13]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has appointed the third session of the Technology Innovation Advisory Committee, consisting of 60 members from various sectors, including research institutions and leading enterprises, to enhance the effectiveness of the committee and support the development of the Sci-Tech Innovation Board [2][3]. Group 1: Committee Composition - The third advisory committee includes members primarily from research institutions, leading enterprises, and government agencies, with a focus on experts in future industries such as artificial intelligence, robotics, commercial aerospace, and low-altitude economy [2]. - Notable members include CEOs and executives from listed companies, such as Yin Zhiyao from Zhongwei Company and Gao Jifan from Trina Solar, indicating a strong representation from the corporate sector [2][3]. Group 2: Committee Function and Goals - The committee will provide consulting opinions on the Sci-Tech attributes of companies during the listing review process and offer policy suggestions for the development of the SSE's board and related regulations [3]. - The SSE plans to conduct training and exchanges to ensure the new committee operates efficiently and effectively, enhancing its role as a technology think tank to support high-level technological self-reliance [3].

Core Insights - The head-to-head clinical trial results indicate that the Chinese drug Masitide (玛仕度肽) from Innovent Biologics outperformed Semaglutide (司美格鲁肽) in terms of glycemic control and weight management for Chinese patients with type 2 diabetes and obesity [1][4] Group 1: Clinical Trial Results - The DREAMS-3 trial showed that 48.0% of patients in the Masitide group achieved HbA1c < 7.0% and a weight loss of ≥10% after 32 weeks, compared to 21.0% in the Semaglutide group (P < 0.0001) [1] - The mean change in HbA1c from baseline at week 32 was -2.03% for Masitide and -1.84% for Semaglutide, while the average percentage weight loss was 10.29% for Masitide and 6.00% for Semaglutide (P < 0.05) [1][4] - The trial included 349 participants with an average age of 42.4 years and an average baseline HbA1c of 8.02% [4] Group 2: Market Context - The global market for GLP-1 peptide drugs is projected to reach $165 billion by 2031, with the U.S. market expected to hit $100 billion, where the weight loss indication market will surpass the diabetes market, accounting for 60% [5] - There are nearly 10 similar drugs to Semaglutide in the domestic market awaiting approval [6] Group 3: Drug Development Trends - The development strategies for new generation weight loss drugs include multi-target agonists and combination therapies with Amylin and GIP pathways [8] - The treatment landscape for obesity is still in its early stages, similar to the state of diabetes treatment 40 years ago, indicating significant future potential for drug development [10]