Jiangsu Hengrui (1276.HK): 3Q Preview; Non-Oncology Pipeline Depth Unfolding

We are encouraged by recent data highlights from the non-oncology pipeline, particularly miR-124 in UC and IL-23p19/IL-36R in PsO. We expect multiple global pivotal trial initiations and readouts from 4Q26-2027. We also expect innovative drug sales to recover in 3Q. Reiterate as BioPharma Top Pick. Non-oncology pipeline depth on display: Hengrui's maturing immunology and metabolic portfolio featured several key data presentations at the ACG, EADV, and EASD congresses. HRS-7085 (miR-124) Ph2 interim data at ACG suggest robust induction efficacy in UC-related clinical symptoms, with both 10mg and 20mg BID cohorts demonstrating numerically higher clinical remission, response and endoscopic improvement rates versus placebo; Global Ph2 to start within 2026. SHR-1139 (IL-23p19/IL-36R) Ph2 data in PsO showed a competitive profile at semi-annual to annual dosing, with W16 PASI 90 of 92.7%;