Core Viewpoint - Heng Rui Pharmaceutical is positioned as a leading domestic innovative pharmaceutical company, focusing on R&D, production, and promotion of high-quality drugs, with significant growth potential despite market concerns about future growth [1][2]. Group 1: Company Overview - Established in 1970, Heng Rui specializes in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [1]. - The company has achieved leading performance and market capitalization in the domestic pharmaceutical sector [1]. Group 2: Market Dynamics - The peak impact of centralized procurement for generic drugs has passed, with only two products, Sevoflurane and Iodine-131, still facing procurement risks, which are expected to have limited impact [1]. - The company is actively promoting its formulation export business, which is anticipated to become a new growth point for its generic drug operations [1]. Group 3: Innovation and R&D - Since 2021, the company has seen a peak in the commercialization of its innovative pipeline, with a total of 11 products expected to be approved from 2021 to 2024, including drugs with significant market potential [2]. - The projected revenue from innovative drugs for 2025-2027 is expected to reach 15.3 billion, 19.2 billion, and 24 billion yuan, with a compound annual growth rate exceeding 20% from 2024 to 2027 [2]. Group 4: Internationalization - The company is enhancing its internationalization efforts, having initiated 20 clinical trials overseas by mid-2025, and is actively seeking partnerships with leading global pharmaceutical companies [2]. - The licensing of innovative drugs to external parties is expected to become a regular business practice, significantly enhancing the company's global influence and industry recognition [2]. Group 5: Financial Projections - Projected revenues for Heng Rui Pharmaceutical from 2025 to 2027 are estimated at 34.573 billion, 37.735 billion, and 43.314 billion yuan, with year-on-year growth rates of 23.5%, 9.1%, and 14.8% respectively [3]. - The expected net profit attributable to the parent company for the same period is forecasted to be 9.999 billion, 11.109 billion, and 12.821 billion yuan, with growth rates of 57.8%, 11.1%, and 15.4% respectively [3].

Core Viewpoint - Heng Rui Medicine is positioned as a leading domestic innovative pharmaceutical company, focusing on research, production, and promotion of high-quality drugs, with significant growth potential driven by innovation and internationalization [3][4]. Group 1: Company Overview - Established in 1970, Heng Rui Medicine specializes in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [3]. - The company has achieved leading performance and market capitalization in the domestic pharmaceutical sector, despite concerns about future growth [3]. Group 2: Market Dynamics - The peak impact of centralized procurement for generic drugs has passed, with only two products, Sevoflurane and Iodine-131, still facing procurement risks, which are expected to have limited effects [3][4]. - Heng Rui is actively promoting its formulation export business, which is anticipated to become a new growth point for its generic drug operations [3]. Group 3: Innovation and R&D - From 2021 to 2024, Heng Rui is expected to receive approvals for 11 innovative products, including promising drugs like Hecuqipar and Darsylin [4]. - The company’s innovative drug revenue is projected to reach 15.3 billion, 19.2 billion, and 24 billion yuan in 2025, 2026, and 2027 respectively, with a compound annual growth rate exceeding 20% from 2024 to 2027 [4]. Group 4: Internationalization Strategy - Heng Rui's internationalization has evolved from initial formulation exports to overseas clinical trials and licensing agreements, enhancing its global influence [4]. - By mid-2025, the company has initiated 20 clinical trials overseas and is seeking collaborations with leading global pharmaceutical companies [4]. Group 5: Financial Projections - Revenue projections for Heng Rui are 34.57 billion, 37.73 billion, and 43.31 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth rates of 23.5%, 9.1%, and 14.8% respectively [5]. - The net profit attributable to the parent company is expected to be 9.999 billion, 11.109 billion, and 12.821 billion yuan for the same years, with growth rates of 57.8%, 11.1%, and 15.4% respectively [5].

Industry Research - In August, forklift sales reached 118,100 units, a year-on-year increase of 19.4% [2] - A significant increase in sales of aerial work vehicles was noted, with 490 units sold in August, representing a year-on-year growth of 88.5% [2] - The machinery equipment sector outperformed the Shanghai and Shenzhen 300 Index by 2.45 percentage points, with a 4.41% increase from September 10 to September 16, 2025 [2] - The current demand for engineering machinery is driven by ongoing projects in hydropower and urban renewal, alongside a reduction in tariff disturbances globally, enhancing the competitiveness of domestic machinery [2][3] - The industry maintains a "positive" outlook, with specific recommendations for companies such as Zoomlion (000157) and Haulotte Technology (002595) [3] Company Research: Heng Rui Pharmaceutical (600276) - Heng Rui Pharmaceutical is a leading pharmaceutical company in China, focusing on technological innovation and international expansion, with over 110 commercialized drugs, including 23 innovative new molecular entities [4][6] - The company is expected to receive approvals for approximately 47 innovative drugs and indications from 2025 to 2027, covering various fields such as oncology and metabolic diseases [6] - The company has made significant progress in international collaborations, enhancing its product strength and global recognition, with over 20 overseas clinical trials initiated [6] - The forecasted net profit for Heng Rui Pharmaceutical from 2025 to 2027 is projected to be 8.05 billion, 9.88 billion, and 11.71 billion yuan respectively, with an EPS of 1.21, 1.49, and 1.76 yuan per share [7]

Core Viewpoint - Heng Rui Medicine has achieved record high operating performance driven by its innovative drugs, with significant revenue and profit growth in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Heng Rui Medicine reported revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, and a net profit attributable to shareholders of 4.450 billion yuan, up 29.67% [1][4]. - The company has maintained a three-year trend of increasing both revenue and net profit since the mid-2023 [2]. - The revenue from innovative drug sales and licensing reached 9.561 billion yuan, accounting for 60.66% of total revenue [2][7]. - Quarterly performance showed revenue of 7.206 billion yuan and 8.556 billion yuan for Q1 and Q2 respectively, with year-on-year growth of 20.14% and 12.53% [5][6]. Innovation and R&D - Heng Rui Medicine has significantly increased its R&D investment, totaling 3.871 billion yuan in the first half of 2025, which is 24.56% of its revenue [2][10]. - The company ranks second globally in the number of self-developed drug pipelines [3][12]. - Heng Rui has submitted five new drug applications in the first half of 2025 and has over 100 self-innovated products in clinical development [10]. Licensing and International Expansion - The company has achieved notable success in international markets, receiving upfront payments of 200 million USD from Merck Sharp & Dohme and 75 million USD from IDEAYA, contributing to revenue growth [2][7]. - Innovative drug licensing has become a regular business for Heng Rui, significantly impacting its revenue structure [7]. Market Position and Future Outlook - Heng Rui Medicine aims to establish itself as a leading innovative pharmaceutical company rooted in China with a highly differentiated product matrix [10]. - The company is focused on addressing unmet medical needs across various therapeutic areas, including oncology, metabolic diseases, and immunology [12].

Core Insights - The company reported a revenue of approximately RMB 15.761 billion for the first half of 2025, representing a year-on-year growth of 15.9% [1] - Net profit attributable to shareholders was RMB 4.45 billion, reflecting a year-on-year increase of 29.7% [1] - Basic earnings per share were RMB 0.70 [1] Revenue Breakdown - The growth in revenue and profit was primarily driven by increased sales and licensing income from innovative drugs, which amounted to RMB 9.561 billion, a year-on-year increase of 26.8%, accounting for 60.7% of total revenue [1] - Sales revenue from innovative drugs reached RMB 7.57 billion [1] Innovative Drug Performance - Key innovative drugs such as Rivoceranib, Darsylin, and Henggrelizumab have effectively addressed unmet clinical needs, with strong clinical data gaining recognition from doctors and patients, leading to continued rapid revenue growth [1] - Earlier launched innovative drugs like Arixtra, Remimazolam, Pyrotinib, and Fluorouracil have expanded their application scope due to accumulating post-market research evidence and new indications, contributing to sales revenue [1] - Other innovative products like Apatinib, Sulfapyridine, and Hecuqipob have also seen growth during the reporting period [1] Licensing Income - The company recognized licensing income as a regular business activity, with significant payments received from Merck Sharp & Dohme (USD 200 million) and IDEAYA Biosciences (USD 75 million), further boosting operational performance [2] Generic Drug Performance - Although sales revenue from generic drugs included in centralized procurement experienced a slight decline, high-quality generic products such as Liposomal Bupivacaine and the first approved generic product of Albumin-bound Paclitaxel in the U.S. saw rapid revenue growth, leading to a slight overall increase in generic drug business revenue [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年8月20日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 江苏恒瑞医药股份有限公司 2025 年半年度报告 公司代码：600276 ...

Market Performance - In July 2025, the Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index increased by 5.20% and the ChiNext Index surged by 8.14%[5] - The average return of the stock portfolio in July was 1.14%, underperforming the CSI 300 Index which rose by 3.54%[5] Economic Outlook - China's GDP growth rate for the first half of 2025 was recorded at 5.3%, with a full-year target of 5% growth expected to be achievable[5] - The IMF has raised its global economic growth forecast, but the Federal Reserve's hawkish stance has reduced expectations for a rate cut in September[5] Stock Recommendations - Chengdu Bank (601838) is recommended for its high dividend yield of 4.82% based on a closing price of 18.47 RMB, with a PE ratio of 5.64[9][12] - Xinhua Insurance (601336) shows strong business elasticity with a closing price of 66.77 RMB and a PE ratio of 8.64, reflecting a significant increase in new business value by 67.9%[13][17] - Xiamen Tungsten (600549) is positioned well in tungsten and rare earth sectors, with a closing price of 23.22 RMB and a projected EPS of 1.33 RMB[18][19] Investment Risks - Economic fluctuations may lead to weaker consumer spending and corporate investment, impacting credit demand and asset quality for banks[12] - Regulatory tightening could hinder new policy sales and affect premium growth for insurance companies[17] Company Performance Highlights - Heng Rui Pharmaceutical (600276) reported a 20.14% increase in revenue for Q1 2025, driven by innovative drug sales[26][29] - Ningde Times (300750) achieved a 33.33% increase in net profit for H1 2025, with a strong cash reserve of 350.58 billion RMB[30][33]

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance for 2024, with total revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders of 6.337 billion yuan, up 47.28%. However, the decline in the generic drug business under procurement pressure poses a significant concern for the company's future development [1][6]. Group 1: Innovative Drug Performance - The main driver of Heng Rui Medicine's revenue growth in 2024 was the innovative drug business, which generated 6.612 billion yuan, reflecting a year-on-year growth of 33%. Key products like Rivoceranib and others saw significant revenue increases after entering the medical insurance list [2]. - Despite not being included in the national medical insurance directory, the clinical value of Adebali monoclonal antibody has led to its inclusion in special drug reimbursement lists in various regions, further expanding its revenue contribution [2]. - The oral medication Haiqubopai has gained stable sales growth due to its brand positioning and clinical guideline recommendations, while earlier launched innovative drugs like Camrelizumab and others also contributed to sales growth through new indications and accumulated clinical evidence [2]. Group 2: Generic Drug Challenges - The generic drug business of Heng Rui Medicine continues to face significant pressure due to procurement policies, with sales of certain products like Acetate Cabozantinib and others declining by 2.79 billion yuan and 2.76 billion yuan respectively during the reporting period [3][4]. - The company needs to accelerate the transformation and upgrading of its generic drug business to find new growth points in light of the ongoing challenges [4]. Group 3: Internationalization Strategy - Heng Rui Medicine has made significant progress in its internationalization strategy, licensing exclusive rights for its GLP-1 class innovative drugs to Hercules in the U.S., with potential total payments reaching 2.1 billion U.S. dollars [5]. - The company has also received clinical trial qualifications for multiple projects in the U.S., Europe, and Asia-Pacific, with three ADC products granted Fast Track Designation by the FDA, which may expedite their clinical trials and market registration [5]. - Through various models such as self-research, collaboration, and licensing, Heng Rui Medicine is expanding its overseas research boundaries and enriching its innovative product pipeline [5].