8 December 2025 | 7:47AM HKT Equity Research Hengrui Medicine (600276.SS): R&D day takeaway: Highlighted best-in-disease strategy; Overseas expansion step-by-step At their R&D day last Friday, Hengrui shared their pipeline strategy to develop best-in-disease treatment and explore differentiation amid competition. For global expansion, Hengrui still prefers collaboration at current stage, while the build-up of global clinical operation capability is in progress. Goldman Sachs does and seeks to do business wi ...