智通财经APP讯，恒瑞医药(01276)发布2025年前三季度业绩，该集团取得营业收入231.88亿元，同比增 加14.85%;归属于上市公司股东的净利润57.51亿元，同比增加24.5%;基本每股收益0.89元。 ...

格隆汇10月27日丨恒瑞医药(01276.HK)公告，江苏恒瑞医药股份有限公司(以下简称"公司")于2025年10 月28日发布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三季度经营成 果、财务状况，公司计划于2025年11月4日(星期二)下午16:00-17:00举行2025年第三季度业绩说明会， 就投资者关心的问题进行交流。 ...

Group 1 - The core viewpoint of the article is that 恒瑞医药 (Hengrui Medicine) reported a significant increase in both revenue and net profit for the third quarter of 2025 compared to the same period last year [1] - The company's revenue for the third quarter was approximately RMB 74.27 billion, representing a year-on-year increase of 12.72% [1] - The net profit for the third quarter was approximately RMB 13.01 billion, showing a year-on-year increase of 9.53% [1] Group 2 - For the first three quarters of 2025, the company's revenue reached approximately RMB 231.88 billion, which is a year-on-year increase of 14.84% [1] - The net profit for the first three quarters was approximately RMB 57.51 billion, reflecting a year-on-year increase of 24.5% [1] - The basic earnings per share for the third quarter was reported at RMB 0.2 [1]

Core Insights - The global life sciences industry is increasingly seeking strategic partnerships with Chinese biopharmaceutical companies to access innovative products and technologies amid macroeconomic challenges and the approaching patent cliff [1][2] - In the first half of 2025, Chinese pharmaceutical companies entered into 61 cooperation deals with multinational companies, with transaction amounts for local assets reaching $48.5 billion, surpassing the total of $44.8 billion for the entire year of 2024 [1][2] - The partnership between Hengrui Medicine and GlaxoSmithKline (GSK) exemplifies this trend, involving the joint development of up to 12 innovative drugs, with GSK paying a total upfront fee of $500 million [1][4] Industry Trends - China's share of global innovative drug business development (BD) transactions has increased significantly, from 3% in 2019 to 13% in 2024, with transaction amounts rising from 1% to 28% [2] - In the first half of 2025, the total amount of license-out transactions for Chinese innovative drugs approached $66 billion, indicating sustained interest from multinational pharmaceutical companies in Chinese assets [2] Company Strategies - Hengrui Medicine employs a strategy that combines core product licensing with platform licensing, focusing on both a leading product (HRS-9821) and options for up to 11 additional projects across various therapeutic areas [4][5] - The company adheres to strict selection criteria for its BD projects, emphasizing "best-in-class" or "first-in-class" potential [4][5] - Hengrui's R&D investment reached 3.871 billion yuan in the first half of 2025, with innovative drug sales and licensing income accounting for 60.66% of total revenue [6][7] Challenges and Opportunities - Chinese innovative drug companies face challenges in internationalization, including the need to align clinical trial designs with local treatment protocols and understand local regulations and healthcare policies [9][10] - Despite high costs associated with overseas clinical trials, the potential returns are significant, supported by strong execution capabilities and quality platforms within Chinese companies [10][11] - The market response to Hengrui's partnership with GSK was positive, with the company's stock price hitting the limit up and total market value exceeding 400 billion yuan, reflecting market confidence in its BD strategy [11]

Core Viewpoint - Heng Rui Medicine's application for the marketing authorization of Fluorouracil Capsules has been accepted by the National Medical Products Administration, intended for use in combination with Abiraterone and Prednisone for the first-line treatment of DNA repair gene-deficient positive (DRD+) metastatic castration-resistant prostate cancer [1] Group 1: Clinical Trials - The Phase III international multicenter clinical trial (496 cases, 1:1 randomization) is expected to meet the primary endpoint of superior efficacy by July 2025, showing significant improvement in imaging progression-free survival [1] Group 2: Approved Indications - Fluorouracil Capsules have already been approved for multiple indications, including ovarian cancer and breast cancer [1] Group 3: Industry Background - Prostate cancer has a high incidence rate, and DRD+ patients have a poor prognosis, indicating a significant clinical demand. The global sales of PARP inhibitors are projected to reach approximately $4.228 billion in 2024 [1] Group 4: R&D Investment - The cumulative R&D investment for Fluorouracil Capsules is approximately 1.113 billion yuan [1]

Core Insights - The company reported a revenue of 23.188 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.85% [1] - The net profit attributable to shareholders reached 5.751 billion yuan, showing a year-on-year increase of 24.50% [1] - The company has increased its focus on innovation, maintaining a high level of research and development investment, with R&D expenses amounting to 4.945 billion yuan in the first three quarters of 2025 [1]

Core Insights - Heng Rui Medicine achieved revenue and profit growth in Q3 2025, driven by innovation and accelerated internationalization [1][3] - The company reported a Q3 revenue of 7.427 billion yuan, a year-on-year increase of 12.72%, and a total revenue of 23.188 billion yuan for the first three quarters, up 14.85% [1][3] - Net profit for Q3 was 1.301 billion yuan, reflecting a 9.53% year-on-year growth, while the net profit attributable to shareholders for the first three quarters reached 5.751 billion yuan, up 24.50% [1][3] Financial Performance - Q3 revenue growth of 12.72% was lower than the cumulative growth rate of 14.85% for the first three quarters, indicating a slowdown in growth momentum [3] - The net profit growth rate of 9.53% in Q3 also lagged behind the overall net profit increase of 24.50% for the first three quarters [3] - Contract liabilities surged from 160 million yuan at the beginning of the year to 3.971 billion yuan by the end of the period, primarily due to increased cash from overseas licensing fees [3] Expense Structure - Sales expenses for the first three quarters amounted to 6.780 billion yuan, accounting for 29.24% of revenue, with a year-on-year growth of 10.99% [3] - Management expenses reached 2.127 billion yuan, growing by 13.48%, which exceeded the revenue growth rate [3] - R&D expenses totaled 4.945 billion yuan, maintaining a high level of investment [1][3] Innovation and Regulatory Progress - The company received a notice from the National Medical Products Administration regarding the acceptance of the marketing application for Fluorouracil capsules, aimed at treating specific types of prostate cancer [4] - Fluorouracil has already been approved for multiple indications, including certain types of ovarian and peritoneal cancers [4]

10月27日，恒瑞医药发布2025年第三季度报告。财报数据显示，公司第三季度实现营收、利润双增长。 从利润端看，Q3单季归母净利润13.01亿元，同比增长9.53%，增速同样低于前三季度24.50%的整体水平。更值得注意的是，Q3单季扣非归母净利 润13.17亿元，同比增长16.89%。 财报中最引人注目的数据无疑是合同负债从年初的1.60亿元飙升至期末的39.71亿元，单季度增加超过38亿元。公司在现金流量表附注中明确指 出，这主要来自"海外授权首付款收到的现金增加"。 Q3单季营收74.27亿元，同比增长12.72%。 前三季度实现营业收入231.88亿元，同比增长14.85%。 Q3单季净利润13亿元，同比增长9.53%。 前三季度归属于上市公司股东的净利润为57.51亿元，同比增长24.50%。 Q3增速低于前三季度 Q3单季度12.72%的营收增速明显低于前三季度14.85%的整体增速，这意味着Q1-Q2的增长更为强劲，而第三季度出现了减速迹象。 费用方面，前三季度销售费用67.80亿元，占营收比例29.24%，虽然同比增速10.99%低于营收增速，但绝对占比依然处于高位。管理费用21.27亿 元， ...

北京商报讯（记者 王寅浩 宋雨盈）10月27日，恒瑞医药发布公告称，2025年第三季度实现营业收入 74.27亿元，同比增长12.72%；归属于上市公司股东的净利润为13.01亿元，同比增长9.53%。2025年前 三季度实现营业收入231.88亿元，同比增长14.85%；归属于上市公司股东的净利润为57.51亿元，同比 增长24.5%。 ...

（文章来源：每日经济新闻） 每经AI快讯，10月27日，恒瑞医药(600276.SH)发布2025年第三季度报告，第三季度实现营业收入74.27 亿元，同比增长12.72%；归属于上市公司股东的净利润为13.01亿元，同比增长9.53%。前三季度实现营 业收入231.88亿元，同比增长14.85%；归属于上市公司股东的净利润为57.51亿元，同比增长24.50%。 ...