J P M O R G A N Asia Pacific Equity Research 25 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Hengrui - A 1H25 print continuing to suggest strong fundamentals; Maintain Neutral on valuation Hengrui delivered a solid print for 1H25 (our first ta ...