Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A · SSE:600276
Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A — H1 2026 Earnings Presentation
50 slides from Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A's earnings presentation, August 2026
Slide 1: Hengrui H1 2026 Results
Hengrui H1 2026 Results Advancing Innovative Pipeline and Global Reach August 2026
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED AS, AN OFFER, INDUCEMENT, INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT WITH RESPECT TO THE PURCHASE, SUBSCRIPTION OR SALE OF ANY SECURITY AND NO PART OF IT SHALL FORM THE BASIS
Slide 3: Agenda
AGENDA Welcome, Safe Harbor, and Agenda Lina Zhang Head of Capital Markets and Securities Affairs 01 Business Updates Jo Feng President, Chief Operating Officer 02 Clinical and BD Updates Dr. Frank Jiang EVP, Chief Strategy Officer 03 Financial Results Dr. Chris Liu Chief Financial Officer 04 Early
Slide 4: Business Updates
Business Updates Jo Feng President, Chief Operating Officer
Slide 5: H1'26 Performance and Business Highlights
H1’26 Performance and Business Highlights Innovation outcomes continue to materialize Financial Highlights R&D Highlights BD and Globalization 7 10 Total drug sales of NDA NDA/MAA RMB 13.95bn, +1.9% YoY $15.2bn approvals accepted Innovative drugs sales of Up to RMB 8.81bn, +16.4% YoY (63.2% of total
Slide 6: Continued Growth of Innovative Drug Sales in H1'26
Continued Growth of Innovative Drug Sales in H1'26 Innovative drug sales represented 63.2% of total drug sales in H1’26, vs. 55.3% in H1’25 Non-Oncology Oncology Metabolic franchise continues to Innovative drugs included in NRDL continue demonstrate strong clinical value to drive robust commercial u
Slide 7: Multiple Drivers Expected to Propel Rapid Growth in Innovative Drug Sales in H2'26
Multiple Drivers Expected to Propel Rapid Growth in Innovative Drug Sales in H2’26 Continued growth Improving market access in key hospitals for newly- Major indication expansion in 2026 + + from anchor assets included NRDL drugs (# of addressable pts in China) Key products for initial NRDL entry in
Slide 8: Indication Expansion: >40 Potential New Approvals in 2027-2028
>40 Potential New Approvals across Five Therapeutic Areas in 2027-2028 From “oncology-focused” to “oncology + chronic diseases” Cardiovascular Neuroscience Oncology Metabolism Diseases I&R & Others Indication Expansion SHR-A2009 SHR-A2102 Injectable ribupatide GLP-1/GIP SHR-2004 FXI HRS-5965 Factor
Slide 9: Metabolism Franchise Emerges as a Notable Growth Driver
Metabolism Franchise Emerges as a Notable Growth Driver A strong 1 foundation for the near-to-market GLP-1 anchor assets 2 2021 2023 2025 2026 2027~2028 Ready to build a leading franchise in China for obesity, diabetes and DPP-4 DPP-4/Metformin Ribupatide associated comorbidities T2D T2D GLP-1/GIP ·
Slide 10: Clinical and BD Updates
Clinical and BD Updates Dr. Frank Jiang EVP, Chief Strategy Officer
Slide 11: Key Updates and Data Readouts in H1'26
Key Updates and Data Readouts in H1'26 Oncology Immunology & Respiratory 7 product/indication approvals 91 Study outcomes (vs. 72 in 2025), and SHR-1139 (IL-23p19/IL-36R): Major new products Promising Ph1 PsO data 11 Oral/Rapid oral/CSS • Retlirafusp alfa (PD-L1/TGF-βRII), SHR-2173 (IFNAR1/TACI): 1L
Slide 12: Deep Oncology Pipeline | 60+ Clinical-Stage Assets Across Modalities
Oncology Deep Oncology Pipeline | 60+ Clinical-Stage Assets Across Modalities Explore novel/differentiated combo + Target earlier stages of diseases + Expand the use of technology platforms with serial innovation Breast Lung GI GU Gynecology Hematology Supportive Care HER2 ADC (AiWeiDa) HER2 ADC (Ai
Slide 13: Breast Cancer | A Comprehensive Portfolio with Key Indications Approved in H1'26
Oncology Breast Cancer | A Comprehensive Portfolio with Key Indications Approved in H1’26 Anchor assets delivering near-term growth opportunities China’s 1st self-developed CDK4/6i approved in HR+/HER2- early BC (adjuvant) Global Leader in Portfolio Breadth & Depth1,2 Dalpiciclib • 1st Ph3 study in
Slide 14: Lung Cancer | Important Milestones in H1'26
Oncology Lung Cancer | Important Milestones in H1’26 Addressing Significant Unmet Needs Extending patient benefits through full disease cycle management and combination therapies Global 1st HER3 ADC; Ph3 met primary endpoint in Coverage Across the Full Disease Cycle 2L EGFRm NSCLC SHR-A2009 • ESMO
Slide 15: Compelling Data Across Pipeline Supports Position in Obesity Market
Metabolic Diseases Compelling Data Across Pipeline Supports Position in US$190Bn+ Obesity Market1 Four advanced programs addressing various patient needs by providing both injectable and oral options Ribupatide Ribupatide HRS-7535 HRS-4729 GLP-1 / GIP ·Injectable GLP-1 / GIP ·Oral SM GLP-1 ·Oral GLP
Slide 16: Lifecycle Management Beyond Obesity
Metabolic Diseases Lifecycle Management Beyond Obesity Significant unmet needs for T2D and associated comorbidities unlock long-term portfolio value Injectable ribupatide – Positive T2D Ph3 topline data (Aug’26)1 Exploring Beyond Obesity and Diabetes Efficacy Estimand 36W 36W ✓ Statistically Ribupat
Slide 17: Focusing on Major Indications in Immunology & Respiratory Diseases
Immunology & Respiratory Diseases Focusing on Major Indications in Immunology & Respiratory Diseases Skin Diseases (e.g., PsO) Digestive Diseases (e.g., IBD) Strategy World’s 1st ultra-long-acting systemic dosing; Strategy Inflammation suppression + mucosal repair + long-term full systemic and topic
Slide 18: Compelling Data from First-in-Class Immunology Assets
Immunology & Respiratory Diseases Compelling Data from First-in-Class Immunology Assets Innovative dual-targeting therapies with pipeline-in-a-product opportunity SHR-1139 — IL-23p19/IL-36R Antibody SHR-2173 — IFNAR1/TACI Fusion Protein FIC with potential for once-yearly dosing FIC with potential to
Slide 19: Multiple Key Cardiovascular Readouts Expected in H2'26
Cardiovascular Diseases Multiple Key Cardiovascular Readouts Expected in H2’26 Cardiovascular portfolio well positioned for growth into the next decade ASCVD Heart Failure and Anticoagulation 2026 Readouts/ 2026 Readouts/ Assets Indication / Status Highlights Assets Indication / Status Highlights Mi
Slide 20: HRS-1893 – Next-Gen Cardiac Myosin Inhibitor with Global BIC Potential
Cardiovascular Diseases HRS-1893 – Next-Gen Cardiac Myosin Inhibitor with Global BIC Potential BIC potential across efficacy, safety, and convenience for both oHCM and nHCM Obstructive Hypertrophic Cardiomyopathy Non-obstructive Hypertrophic Cardiomyopathy • Adoption of the first-gen CMIs has been •
Slide 21: Neuroscience | Next-Gen Solutions to Address Long-Standing Unmet Needs
Neuroscience Neuroscience | Next-Gen Solutions to Address Long-Standing Unmet Needs Robust pipeline across Pain & Anesthesia, Neurodegenerative Disease, and Stroke Select Late-stage Asset Highlights Multi-Billion-Dollar Pain Market Potential Therapeutic Area Asset Status Highlights • Novel non-opioi
Slide 22: Key Data Readouts in 2026 – Oncology
Key Data Readouts in 2026 – Oncology Asset / Target Indication Status H1’26 H2’26 EGFRm advanced or metastatic NSCLC with failed EGFR TKI therapy Ph3 ✓ SHR-A2009 HER3 ADC 1L EGFRm NSCLC Ph2 ✓ HER2-low r/m breast cancer Ph3 ✓ 1L HER2+ r/m breast cancer Ph3 ☐ SHR-A1811 HER2 ADC 1L HER2+ NSCLC Ph2 ✓ 1L
Slide 23: Key Data Readouts in 2026 – Non-Oncology
Key Data Readouts in 2026 – Non-Oncology Asset / Target Indication Status H1’26 H2’26 PsO Ph1 ✓ SHR-1139 IL-23p19/IL-36 PsO Ph2 ☐ EADV Immunology SHR-2173 IFNAR1/TACI SLE Ph1 ✓ HRS-7085 miR124 UC Ph2 ☐ ACG T2D Ph3 ✓✓ HRS9531 GLP-1/GIP (injectable) PMOS Ph2 ✓ ☐ EASD HRS9531 GLP-1/GIP (oral) Obesity/O
Slide 24: Global Growth through Partnerships and Direct Overseas Expansion
Global Growth through Partnerships and Direct Overseas Expansion Goal: become a leading Key tool for globalization Strengthen global capabilities via BD pharma with global presence Flexible models: NewCo, Co-Co, R&D and commercial presence in JV and M&A key markets Learning from best practices Conti
Slide 25: Landmark Strategic Collaboration with Global Impact
Landmark Strategic Collaboration with Global Impact Upfront Payment + Anniversary Payments1 Total Deal Value2 $950M ($600M + up to $350M) Up to $15.2B 13 Innovative Assets in Joint R&D to Advance Global Co-Co Option on Oncology, Hematology, and Novel Assets Select Programs3 Immunology Hengrui to exp
Slide 26: Long-Term Collaboration to Maximize Value of Next-Gen Pipeline Assets
Long-Term Collaboration to Maximize Value of Next-Gen Pipeline Assets Seamless End-to-End Collaboration Multi-Dimensional Programs Research Development Commercialization • Oncology and hematology 4 Hengrui Assets • FIC/BIC potential up to Clinical PoC • BMS obtains ex-China1 rights • Immunology, FIC
Slide 27: Status of Select Partnered Assets
Status of Select Partnered Assets 21 Partner Program Status Major Partner Milestones Value Proposition Ribupatide China – Potential approval by early 2027 ✓ Ph2b high-dose trial fully enrolled • Potential to deliver greatest weight loss and top GLP-1/GIP Global – Ph3 (initiated in Dec’25); Ph2 • Ph2
Slide 28: In-House Developments – A Scalable Path for Global Growth
Key Accomplishments in H1 2026 In-House Developments – A Scalable Path for Global Growth Accelerating promising assets for global markets Key Accomplishments in H1'26 Select Pipeline Highlights Therapeutic Global status Accelerate key late-stage assets Drug Target Indication area IND Ph1 Ph2 Ph3 e.g
Slide 29: Financial Results
Financial Results Dr. Chris Liu Chief Financial Officer
Slide 30: H1'26 Drugs Revenue Growth Driven by Innovative Drugs Business
H1’26 Drugs Revenue Growth Driven by Innovative Drugs Business Revenue Innovative Drugs Sales RMB MM RMB MM +16.4% YoY Growth driven by NRDL inclusion, 63.2% indication expansion 15,761 15,456 and new launches 55.3% Licensing Licensing % of Total drug sales -28.6% 1,991 1,422 7,570 8,809 Non- Non- i
Slide 31: Stable Profitability and Continued Investment in Growth and Innovation
Stable Profitability and Continued Investment in Growth and Innovation RMB MM, unless otherwise stated Stable Margin Improving Efficiency Continuous R&D Investment Growing Profitability • Stable Overall Margin • Improved SG&A/Drug Sales • R&D Expenses +8.2% YoY • Drugs Sales Margin +0.6% -1.2% • Tot
Slide 32: Income Statement
Income Statement 2026 1H Revenue RMB MM % Revenue YoY - Innovative Drugs: +16.4% YoY, Innovative Drugs Sales 8,809 57.0% 16.4% contributed by the modest increase from of which: Oncology 6,265 40.5% 2.6% oncology drugs and strong growth from non-oncology drugs of which: Non-Oncology 2,545 16.5% 74.0%
Slide 33: Balance Sheet
Balance Sheet RMB MM 30.06.2026 31.12.2025 YoY NON-CURRENT ASSETS Intangible assets: mainly contributed by Property, plant and equipment 8,585 8,049 6.7% RMB 1.14bn invested in capitalized Intangible assets & ROU assets 8,028 6,905 16.3% development costs Investments in associates 801 557 43.8% Fina
Slide 34: Cash Flow Statement
Cash Flow Statement Robust operating cash inflow with strong dedication to long-term growth & shareholder return RMB MM Operating Net Operating CF: RMB 1.97bn Long-term Growth CAPEX + Investment: RMB -1.90bn Shareholder Dividend + Repurchase: RMB -1.57bn Return Notes: (1) CAPEX = Purchases of items
Slide 35: Early Research Highlights
Early Research Highlights Dr. Guoxin Zhu SVP, Head of Global Research
Slide 36: Embark on a New Era: Global Innovation, AI and Beyond
Embark on a New Era: Global Innovation, AI and Beyond Powered by unrivaled efficiency – Hengrui’s speed and quality 25% to 30% 5,600+ 15 of revenue1 R&D spending R&D talents R&D centers (4 overseas) 10+ Cutting-edge Technology Platforms siRNA/ASO Peptide Protein Homeostasis Long-acting ·Dual-targeti
Slide 37: Deep Therapeutic and Technology Platform Expertise
Deep Therapeutic and Technology Platform Expertise Maximize optionality for sustained delivery of BICs/FICs Degrader / Small Induced Fusion molecule proximity mAb protein bs/msAb AXC Peptide siRNA RDC Onco CV&M I&R Neuro Marketed / NDA Phase III Phase II Phase I / IND Preclinical I&R (immunology & r
Slide 38: Key Research Advancements in H1'26
Key Research Advancements in H1’26 From platform potential to patient impact: sustained research innovation maturing into clinical progress AIDD Empowerment Protein Homeostasis Platform TCE Platform AXC Platform AI-driven R&D innovation TAC technology upgrade Next-gen T-cell engagers Expanding ADCs
Slide 39: Q&A
Q&A
Slide 40: H2'26 Priorities
H2'26 Priorities Commercial Execution R&D Delivery Global Footprint • Deliver dual growth strategy: • On track to deliver annual innovation targets • Deepen strategic partnerships oncology + chronic diseases 10+ drug/indication approvals to strengthen global R&D ~20 NDA/BLA submissions capabilit
Slide 41: Appendix
fT HENGRUI ~\ Appendix
Slide 42: Hengrui at a Glance – Scale, Innovation, Financial Strength
Hengrui at a Glance – Scale, Innovation, Financial Strength Continuously delivering industry-leading growth since 1970 – now ready for next era of globalization #1 in the World’s 2nd Largest Pharma Market R&D Innovation Powerhouse Global Top 50 No.1 in China Global Top 2 by Pharm Exec for by market
Slide 43: Robust R&D Pipeline with Unique Portfolio Strategy
R&D Robust R&D Pipeline with Unique Portfolio Strategy 100+ NMEs and 400+ active trials across focused therapeutic areas addressing significant unmet needs Comprehensive Approach Healthy Structure 20+ New drug candidates “Disease Expert” “MoA Expert” entering into clinical stage each year Covering a
Slide 44: Foundation for Growth through Specialized Product Lines with Broad Market Reach
Commercial Foundation for Growth through Specialized Product Lines with Broad Market Reach Continue to deepen market coverage, powered by science-driven promotion Streamlined Commercialization Org Extensive Sales Network Industry market Oncology business unit Biopharma business unit share2, % (OBU)
Slide 45: Partnerships Drive Sustainable Growth and Global Reach
BD Partnerships Drive Sustainable Growth and Global Reach Strategic Alliance (MNCs) #1 #1 in China by in China by • PDE3/4i + up to 11 program number of deals deal value options across respiratory, I&I 2023-YTD 2026 NewCo (Top-tier PE/VCs) and oncology FIC/BIC Landmark deal b/w a MNC Together with N
Slide 46: State-of-the-art Manufacturing Facilities
CMC State-of-the-art Manufacturing Facilities The company has established 12 production sites across 9 cities Beijing Tianjin Jinan Lianyungang Suzhou Lianyungang, Jiangsu Shanghai Hengrui SME, mAb, ADCs, etc. for DS & DP SME and complex drug product Shanghai Xiamen Chengdu Guangzhou Chengdu Shengdi
Slide 47: Clinical Development Pipeline
Clinical Development Pipeline Phase III NDA/BLA Trastuzumab rezetecan HER2 ADC HRS-4642 KRAS G12D Vunakizumab IL-17A Trastuzumab rezetecan HER2 ADC Ivarmacitinib JAK1 ⚫ 1L HER2-expressing advanced CRC ⚫ 1L pancreatic cancer (KRAS G12D-mut.) ⚫ Moderate-to-severe chronic plaque psoriasis in ⚫ 1/2L HER
Slide 48: Clinical Development Pipeline
Clinical Development Pipeline Phase II Trastuzumab rezetecan HER2 ADC HRS-4508 HER2 SHR-4849 DLL3 ADC Ivarmacitinib JAK1 HRS-7450 — ⚫ Advanced solid tumors with HER2 ⚫ Advanced malignant solid tumors ⚫ Advanced malignant solid tumors ⚫ Vitiligo (alkaline gel) ⚫ Acute ischemic stroke ⚫ 1L advanced NS
Slide 49: Clinical Development Pipeline
Clinical Development Pipeline Phase I Trastuzumab rezetecan HER2 ADC SHR-4506 — SHR-A1904 Claudin 18.2 ADC HRS9531 GLP-1/GIP (injection) HRS-9231 — ⚫ 1L CRC1 ⚫ Hematologic malignancies and advanced solid tumors ⚫ Advanced pancreatic cancer ⚫ Adolescent obesity ⚫ MRI detection12 SHR-2005 — HRS-8080 S
Slide 50: Unmet Medical Needs, Innovation, Globalization
Unmet Medical Needs Innovation Globalization Notes:
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