Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>In 2025, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> reported 13% YoY revenue rise to RMB 31.6B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.</li>
<li>R&amp;D expenses increased 6% to RMB 6.9B due to ongoing clinical trials. Net profit increased by 22% to RMB 7.7B resulting in net margin expanding 180bps to 24.4% in 2025.</li>
<li>In 2026, Hengrui targets growth of over 30% in innovative drugs sales. Over the next three years (2026-2028), company expect approximately 53 innovative products and indications to receive regulatory approvals.</li>
</ul>


In 2025, Jiangsu Hengrui Pharmaceuticals (1276 HK) reported 13% YoY revenue rise to RMB 31.6B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
R&amp;D expenses increased 6% to RMB 6.9B due to ongoing clinical trials. Net profit increased by 22% to RMB 7.7B resulting in net margin expanding 180bps to 24.4% in 2025.
In 2026, Hengrui targets growth of over 30% in innovative drugs sales. Over the next three years (2026-2028), company expect approximately 53 innovative products and indications to receive regulatory approvals.


Jiangsu Hengrui (1276 HK): 2025 Robust and Balanced, Innovative Drugs Hold Key to Future Growth

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

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Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of April.</li>
<li>The top 10 provide an average ~5.88% premium with a potential ~7.99% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of April.
The top 10 provide an average ~5.88% premium with a potential ~7.99% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong April 2026 Monthly Covered Call Report

Simcere Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> reported 16% YoY revenue growth to RMB 7.7B, driven by a 28% YoY growth in revenue from the innovative pharmaceutical business.</li>
<li>Sanbexin injection, company’s flagship product, accounted for approximately 31% of the market share (29% in 1H25) in stroke injection, covering approximately 0.41M patients.</li>
<li>The extensive pipeline reserves have huge clinical and commercialization potential. Licensing deals signed alongside strong innovative drug portfolio, approvals and promising future pipeline augur well for future growth.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) reported 16% YoY revenue growth to RMB 7.7B, driven by a 28% YoY growth in revenue from the innovative pharmaceutical business.
Sanbexin injection, company’s flagship product, accounted for approximately 31% of the market share (29% in 1H25) in stroke injection, covering approximately 0.41M patients.
The extensive pipeline reserves have huge clinical and commercialization potential. Licensing deals signed alongside strong innovative drug portfolio, approvals and promising future pipeline augur well for future growth.


Simcere Pharma (2096 HK): Sturdy 2025; Promising Pipeline, Approvals Will Take It Forward

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.


HSCEI Index Earning Revision (Mar): Tech De-Ratings

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry, Shandong Gold Mining, ICBC, Cam Csi300.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry, Shandong Gold Mining, ICBC, Cam Csi300.


HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

China

CSPC Pharmaceutical Group Limited is a prominent Chinese pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products, including innovative drugs and bulk drugs. Its key products include innovative drugs for nervous system diseases, oncology, anti-infectives, and cardiovascular diseases, as well as bulk products like vitamin C, antibiotics, and caffeine. The company was formally established in 1997 and is headquartered in Shijiazhuang, Hebei Province, China.

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CSPC Pharmaceutical (1093 HK)

Jiangsu Hengrui (1276 HK): 2025 Robust and Balanced, Innovative Drugs Hold Key to Future Growth

Jiangsu Hengrui Pharmaceuticals sees 13% revenue rise in 2025, driven by innovative drugs sales, licensing revenue. Plans for over 30% growth from...

Tina Banerjee

EQD | Hong Kong April 2026 Monthly Covered Call Report

April's top HKEX covered call candidates offer a 5.88% premium and potential 7.99% upside if exercised, ideal for investors seeking income with a...

Nicholas Pezolano

Simcere Pharma (2096 HK): Sturdy 2025; Promising Pipeline, Approvals Will Take It Forward

Simcere Pharma sees strong revenue growth driven by innovative products. Sanbexin injection increase market share in stroke treatment. Extensive...

Tina Banerjee

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

We analyzed the latest HK SFC report for aggregate short position as of Mar 20th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui (1276 HK): 2025 Robust and Balanced, Innovative Drugs Hold Key to Future Growth

​Jiangsu Hengrui Pharmaceuticals sees 13% revenue rise in 2025, driven by innovative drugs sales, licensing revenue. Plans for over 30% growth from...

Tina Banerjee

EQD | Hong Kong April 2026 Monthly Covered Call Report

​April's top HKEX covered call candidates offer a 5.88% premium and potential 7.99% upside if exercised, ideal for investors seeking income with a...

Nicholas Pezolano

Simcere Pharma (2096 HK): Sturdy 2025; Promising Pipeline, Approvals Will Take It Forward

​Simcere Pharma sees strong revenue growth driven by innovative products. Sanbexin injection increase market share in stroke treatment. Extensive...

Tina Banerjee

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

We analyzed the latest HK SFC report for aggregate short position as of Mar 20th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

Jiangsu Hengrui Pharmaceuticals sees 13% revenue rise in 2025, driven by innovative drugs sales, licensing revenue. Plans for over 30% growth from...

April's top HKEX covered call candidates offer a 5.88% premium and potential 7.99% upside if exercised, ideal for investors seeking income with a...

Simcere Pharma sees strong revenue growth driven by innovative products. Sanbexin injection increase market share in stroke treatment. Extensive...