证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-045 冯佶，女，1970 年生。先后获得美国圣路易斯华盛顿大学奥林商学院工商管 理硕士学位，上海交通大学医学院临床医学本科学位。冯佶女士过去 30 多年在 不同岗位上担任很多重要业务管理岗位，包括销售和营销管理、事业部业务管理、 全球产品组合战略及国际业务运营和拓展等重要业务管理工作，在中国、亚洲及 全球市场均有丰富的行业经验。冯佶女士在加盟恒瑞前曾就职于上海仁济医院、 诺华、安万特和阿斯利康。冯佶女士在阿斯利康 20 多年服务期先后担任阿斯利 康中国区心血管药物业务单元副总裁、全球感染、中枢神经和自身免疫治疗领域 副总裁、中国区总经理、亚洲区区域副总裁、全球商业洞察与卓越业务高级副总 裁等职务。 江苏恒瑞医药股份有限公司 第九届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏恒瑞医药股份有限公司（以下简称"公司"）第九届董事会第十四次会 议于 2025 年 4 月 2 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 ...

Group 1 - Heng Rui Pharma appointed Ms. Feng Ji as President and Chief Operating Officer, responsible for company management, while former President Dai Hongbin became Vice Chairman [2] - Ms. Feng Ji has over 30 years of experience in the pharmaceutical industry, having worked at Shanghai Renji Hospital, Novartis, Amgen, and AstraZeneca, with a strong background in sales, marketing, and international business operations [2] - The appointment comes at a critical time as Heng Rui Pharma aims to enhance its international presence, having submitted its application to the Hong Kong Stock Exchange on January 6 [2] Group 2 - Heng Rui Pharma has been focusing on the oncology field but is increasingly expanding into chronic disease areas, with 47 innovative pipelines in non-oncology fields, surpassing the number of oncology products in development [2] - Since 2023, the company has accelerated the launch of non-oncology innovative drugs in China, with nine new drugs including Henggrelin, Aimabuxitin, and others covering various fields such as metabolism, cardiovascular, and neuroscience [3] - Industry insiders believe that Ms. Feng Ji's extensive experience in chronic disease will facilitate Heng Rui's rapid expansion in the non-oncology sector [3]

此次新任命的总裁，冯佶曾是一名神经科医生，后转型进入药企。 正在向港股上市冲刺的恒瑞医药（600276.SH），高层人事再度迎来调整。 而此次新任命的总裁冯佶，1970年生，曾是一名神经科医生，后转型进入药企。在加盟恒瑞医药之前， 她曾就职于上海仁济医院、诺华、安万特和阿斯利康，历经过不同的重要业务管理岗位，包括销售和营 销管理、事业部业务管理、全球产品组合战略及国际业务运营和拓展等重要业务管理工作。在阿斯利康 期间，先后担任阿斯利康中国区心血管药物业务单元副总裁、全球感染、中枢神经和自身免疫治疗领域 副总裁、中国区总经理、亚洲区区域副总裁、全球商业洞察与卓越业务高级副总裁等职务。 肿瘤领域是恒瑞医药的优势领域，但近年来，公司开始在代谢、自免等慢病领域发力。同时，恒瑞医药 也在加强国际化布局。冯佶在慢病领域的经验和资源，以及国际化背景，能否助力公司在非肿瘤领域和 国际市场进行快速拓展，是接下来的看点。 近年来，恒瑞医药已多次进行高管人员调整。据第一财经记者了解，目前其他主要高管的人员分工没有 太大变化：在以董事长孙飘扬的带领下，执行副总裁张连山仍坐镇创新药研发领域，执行副总裁江宁军 继续主管创新药国际化、临床 ...

值得注意的是，冯佶曾是一名神经科医生，后转型进入药企。加入阿斯利康后，先后担任阿斯利康中国 区心血管药物业务单元副总裁、全球感染、中枢神经和自身免疫治疗领域副总裁、中国区总经理、亚洲 区区域副总裁、全球商业洞察与卓越业务高级副总裁等职务。 在该人事任命之前，恒瑞医药刚刚公布年报"成绩单"。根据2024年年报的披露，公司2024年实现营业收 入279.85亿元，同比增22.63%，归属于上市公司股东的净利润63.37亿元，同比增47.28%，归属于上市 公司股东的扣非净利润61.78亿元，同比增49.18%，公司业绩显著增长，营收、净利均创新高。 21世纪经济报道记者季媛媛上海报道 4月2日，恒瑞医药（600276）宣布，任命冯佶为公司总裁、首席运营官，负责公司经营管理。原总裁戴 洪斌升任副董事长。 公开信息显示，冯佶拥有三十多年的医药行业从业经验。在加盟恒瑞前曾就职于上海仁济医院、诺华、 安万特和阿斯利康。 申万宏源证券（000562）分析认为：恒瑞医药始终将创新和国际化作为战略发展目标，持续坚持高比例 研发投入，创新药重回快速增长轨道，创新药BD授权交易为公司贡献了新的利润增长点。 此次冯佶加盟以后，在公司 ...

Core Viewpoint - Heng Rui Medicine has achieved significant operational results driven by technological innovation and internationalization, with record high revenue and net profit in 2024 [1][4]. Financial Performance - In 2024, the company reported revenue of 27.985 billion yuan, a year-on-year increase of approximately 23% [1][5]. - The net profit attributable to shareholders was approximately 6.3 billion yuan, reflecting a year-on-year growth of over 47% [1][6]. - The revenue growth rate in 2024 was the best performance in the last five years [6]. Innovation and R&D - The revenue from innovative drugs reached approximately 13.9 billion yuan in 2024, with a year-on-year growth of over 30% [2][9]. - The company invested 8.228 billion yuan in R&D in 2024, accounting for 29.4% of its revenue, an increase from 26.95% in the previous year [12]. - Over the past decade, the total R&D investment has reached 42.267 billion yuan [12]. Product Development and Approvals - As of the end of 2024, the company had received approval for 19 first-class innovative drugs in China [3][12]. - Two first-class innovative drugs were approved for market launch in 2024 [10]. - The company has initiated over 20 overseas clinical trials in various countries, including the US and Europe [13]. Internationalization Efforts - The company has successfully expanded its international presence, receiving significant upfront payments from licensing agreements, including 160 million euros from Merck Healthcare and 100 million dollars from Kailera Therapeutics [3][11]. - Since 2018, the company has engaged in 13 licensing transactions with global partners, involving 16 molecular entities and a potential total transaction value of approximately 14 billion dollars [14].

Investment Rating - The investment rating for the company is Neutral [2][9]. Core Insights - The company's strong growth in 2024 is driven by the continued expansion of innovative drug sales and licensing income from multiple business development (BD) deals [2][5]. - The target price has been raised to RMB 51.00, reflecting a potential upside of 3.7% from the current price of RMB 49.20 [1][2]. - The company is expected to maintain a robust growth trajectory with a projected compound annual growth rate (CAGR) of over 26% for innovative drug sales from 2024 to 2026 [5]. Financial Performance Summary - Revenue for 2025 is forecasted at RMB 32,039 million, representing a 13.5% increase from the previous estimate [4][10]. - Gross profit is expected to reach RMB 27,633 million in 2025, up 14.2% from prior forecasts [4][10]. - The net profit attributable to shareholders is projected to be RMB 7,118 million for 2025, reflecting a 13.8% increase [4][10]. - The gross margin is anticipated to improve slightly to 86.2% in 2025 [4][10]. Product Sales and Pipeline - Innovative drug sales are expected to grow by 31% to RMB 139 billion in 2024, contributing over 50% to the company's product sales revenue [5]. - The company has over 90 innovative products in clinical development, with multiple data readouts expected at major academic conferences [5][6]. - Future licensing income is anticipated to become a recurring revenue stream as early and mid-stage pipeline products are licensed to overseas pharmaceutical companies [5]. Valuation and Market Position - The current valuation is considered reasonable, with a price-to-earnings ratio of 44 times the 2025 earnings [5][6]. - The company faces long-term risks related to price competition in the generic drug market, which may limit upside potential [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 27.985 billion yuan in 2024, representing a year-over-year increase of 22.63%, and a net profit attributable to shareholders of 6.337 billion yuan, up 47.28% year-over-year, aligning with expectations [1] - Innovative drugs are the main growth driver, with revenue from innovative drugs reaching 13.892 billion yuan, a 30.6% increase year-over-year, accounting for over 50% of total revenue [2] - The company continues to increase its R&D investment, totaling 8.228 billion yuan in 2024, a 33.8% increase year-over-year, with 6.583 billion yuan of that being capitalized R&D expenses [2] - The company has successfully licensed multiple products to overseas companies, contributing to revenue growth, including a total of 1.1 billion USD from Kailera Therapeutics and 75 million USD from IDEAYA Biosciences [3] - The company is recognized as a leader in China's innovative drug sector, with ongoing investments in R&D and a forecasted net profit of 6.79 billion yuan for 2025, reflecting a 7.22% growth [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 27.985 billion yuan, with a net profit of 6.337 billion yuan, and a non-recurring net profit of 6.178 billion yuan, showing significant growth compared to 2023 [1] - The revenue growth rate for 2024 was 22.63%, while the net profit growth rate was 47.28% [4] R&D and Innovation - The company has launched 17 first-class innovative drugs and 4 second-class innovative drugs in China by the end of 2024, indicating successful transformation in the innovative drug sector [2] - R&D expenses accounted for 23.52% of total revenue in 2024, reflecting the company's commitment to innovation [13] International Expansion - The company has engaged in international clinical trials and received fast-track designation from the FDA for three ADC products, showcasing its global ambitions [3] - The licensing agreements with international firms validate the clinical value of the company's products [3] Profitability and Valuation - The company is projected to have a P/E ratio of 46 for 2025, 39 for 2026, and 34 for 2027, indicating a strong valuation outlook [4] - The report forecasts a steady increase in net profit, with expectations of 9.156 billion yuan by 2027 [4]

Investment Rating - The investment rating for the company is Neutral [2][8][10] Core Insights - The company is expected to achieve strong growth in 2024, driven by the continued expansion of innovative drug sales and licensing income from multiple business development (BD) deals [2][5] - The target price has been raised to RMB 51.00, reflecting a potential upside of 3.7% from the current price of RMB 49.20 [2][6] - The company maintains a robust pipeline with over 90 innovative products in clinical development and plans to announce clinical data at major academic conferences [5][10] Financial Performance Summary - Revenue for 2025 is projected at RMB 32,039 million, an increase of 13.5% from the previous forecast of RMB 28,221 million [4][10] - Gross profit is expected to reach RMB 27,633 million in 2025, up 14.2% from the prior estimate [4][10] - Net profit attributable to shareholders is forecasted to be RMB 7,118 million for 2025, reflecting a 13.8% increase from the previous estimate of RMB 6,253 million [4][10] Sales and Growth Projections - The company anticipates a 34% year-on-year increase in revenue and a 107% increase in net profit for 2024, largely due to RMB 2.7 billion in licensing income [5][10] - Innovative drug sales are expected to grow by 31% to RMB 139 billion, contributing over 50% to total product sales [5][10] - The company aims for a compound annual growth rate (CAGR) of over 26% for innovative drug sales from 2024 to 2026 [5][10] Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 44 times the 2025 earnings and a price/earnings growth (PEG) ratio of 2.8 [5][10] - The company’s valuation is considered reasonable for an innovation-driven prescription drug company, with limited upside potential in the near term [5][10]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-043 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，上市公司应当在每个月的前 3 个交易日内公告截 至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2025 年 3 月 31 日，公司通过集中竞价交易方式累计回购股份 6,853,744 股，占公司总股本的比例为 0.11%，成交的最高价为 57.01 元/股，最低价为 39.00 元/股，已支付的总金额 293,507,020.80 元（不含交易费用）。上述回购符合相关 法律法规的规定及公司既定的回购股份方案。 江苏恒瑞医药股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/5/16 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 60,000 万元~120,000 | | 回 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-over-year growth of 22.6%, and a net profit of 6.34 billion RMB, with a year-over-year increase of 47.3% [8]. - The sales of innovative drugs continue to grow, with a reported income of 13.9 billion RMB from innovative drugs, a 30.6% increase year-over-year [8]. - The company is expected to have 47 innovative products and indications approved for market launch over the next three years, which will drive future revenue growth [8]. Company Performance - The company reported a Q4 revenue of 7.8 billion RMB, a year-over-year increase of 34.3%, and a net profit of 1.72 billion RMB, with a year-over-year increase of 107.2% [8]. - The overall gross margin for 2024 was 86.2%, an increase of 1.6 percentage points year-over-year, driven by high-margin overseas transactions [8]. - The company’s operating expenses ratio decreased to 60.4%, down 3 percentage points year-over-year, primarily due to reductions in sales and management expenses [8]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 6.98 billion RMB, 8.75 billion RMB, and 10.4 billion RMB, respectively, with year-over-year growth rates of 10.2%, 25.3%, and 18.9% [10]. - The expected earnings per share (EPS) for the same years are 1.09 RMB, 1.37 RMB, and 1.63 RMB, with corresponding price-to-earnings (P/E) ratios of 45X, 36X, and 30X [10].