Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 55.58 CNY for the next six months [3]. Core Views - The company reported a revenue of 27.985 billion CNY for 2024, representing a year-on-year growth of 22.63%, and a net profit of 6.337 billion CNY, up 47.28% year-on-year. The sales revenue from innovative drugs reached 13.892 billion CNY, growing by 30.60% year-on-year [1][2]. - The company has made significant progress in overseas business development (BD), achieving approximately 8 cooperation agreements since 2023, which are expected to enhance its international market presence and valuation [1][2]. - The company anticipates that 11 projects will be approved for market launch in 2025, 13 in 2026, and 23 in 2027, which are expected to drive revenue growth from innovative drugs [7]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 31.216 billion CNY, 35.320 billion CNY, and 39.863 billion CNY, respectively. The corresponding net profits are expected to be 7.091 billion CNY, 8.143 billion CNY, and 9.363 billion CNY [7][9]. - The earnings per share (EPS) for the same years are projected to be 1.11 CNY, 1.28 CNY, and 1.47 CNY, with price-to-earnings (PE) ratios of 43.7, 38.1, and 33.1, respectively [7][9]. - The company’s net profit margin is expected to improve from 22.6% in 2024 to 23.5% in 2027, indicating a positive trend in profitability [9][11].

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-042 江苏恒瑞医药股份有限公司 关于获得药品注册证书的公告 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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）核准签发的《药品注册证书》，批准公司自 主研发的 1 类创新药硫酸艾玛昔替尼片（SHR0302 片）新增适应症，用于对一种 或多种 TNF 抑制剂疗效不佳或不耐受的中重度活动性类风湿关节炎成人患者。现 将相关情况公告如下： 一、 药品的基本情况 审批结论：根据《中华人民共和国药品管理办法》及有关规定，经审查，本 品符合药品注册的有关要求，批准新增适应症，发给药品注册证书。批准的适应 症为"本品适用于对一种或多种 TNF 抑制剂疗效不佳或不耐受的中重度活动性类 风湿关节炎成人患者"。 二、 药品的其他情况 药品名称：硫酸艾玛昔替尼片 剂型：片剂 规格：4mg 注册分类：化学药品 1 类 受理号：CXHS2300108 处方药/非处方药：处方药 类风湿关节炎 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-on-year growth of 22.63%. The net profit attributable to shareholders was 6.34 billion RMB, up 47.28% year-on-year [1]. - The innovative drug revenue grew rapidly, reaching 13.89 billion RMB in 2024, a 30.6% increase year-on-year. The company has received approvals for 17 new molecular entity drugs in China and has made significant progress in overseas licensing [2]. - The company is enhancing its technology platforms, including PROTAC, peptides, monoclonal antibodies, and ADCs, with 26 self-developed innovative molecules entering clinical stages [3]. - Revenue projections for 2025, 2026, and 2027 are estimated at 30.84 billion RMB, 34.87 billion RMB, and 39.75 billion RMB, respectively, with expected growth rates of 10.22%, 13.04%, and 14.00% [4]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 27.98 billion RMB, a 22.63% increase from the previous year, and a net profit of 6.34 billion RMB, reflecting a 47.28% growth [1]. Operational Analysis - The innovative drug segment saw a revenue of 13.89 billion RMB, with a 30.6% year-on-year increase. The company has successfully launched 17 new drugs in China and made strides in international licensing agreements [2]. - The company is developing various technology platforms and has 26 innovative molecules in clinical trials, with significant advancements in ADC products [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 30.84 billion RMB, 34.87 billion RMB, and 39.75 billion RMB in 2025, 2026, and 2027, respectively, with corresponding net profits of 6.95 billion RMB, 7.71 billion RMB, and 8.93 billion RMB [4].

Core Insights - The pharmaceutical and biotechnology sector experienced a 0.98% increase in the fourth week of March, outperforming the overall market, driven by a 4.59% rise in the chemical preparation sector, with innovative drugs as the core driver [1] Group 1: Local Policy Developments - Sichuan Province has introduced a comprehensive policy to enhance the clinical application of innovative drugs, addressing key pain points in the promotion of these drugs [1] - The policy mandates that medical institutions hold a pharmacy meeting within one month of an innovative drug being listed, ensuring procurement is completed within two months, significantly reducing the time from approval to clinical use [1] - The payment mechanism has been innovatively adjusted, allowing for flexible payment arrangements for high-priced innovative drugs, alleviating cost control pressures on hospitals and increasing doctors' willingness to use these drugs [1][2] Group 2: International Licensing Transactions - Recent weeks have seen a surge in overseas licensing agreements by domestic innovative pharmaceutical companies, highlighting the global market's increasing recognition of Chinese innovation pipelines [3] - A notable agreement between Federated Pharmaceuticals and Novo Nordisk for the UBT251 drug demonstrates the advanced research capabilities in the metabolic disease field and the cutting-edge nature of domestic multi-target agonist technology [3] - Heng Rui Medicine's licensing of its small molecule drug HRS-5346 to Merck, with an upfront and milestone payment exceeding $1.7 billion, marks a significant shift in the international licensing landscape, showcasing breakthroughs in domestic small molecule innovation [3] - Projections indicate that the total value of domestic innovative drug license-out transactions will reach $51.9 billion in 2024, a 26% year-on-year increase, with a notable rise in upfront payment proportions [3] Group 3: Industry Outlook - The synergy between policy and industry efforts is expected to inject strong momentum into the sector, with innovative pharmaceutical companies possessing differentiated technology platforms likely to enter a value reassessment phase [4]

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance for 2024, with total revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders of 6.337 billion yuan, up 47.28%. However, the decline in the generic drug business under procurement pressure poses a significant concern for the company's future development [1][6]. Group 1: Innovative Drug Performance - The main driver of Heng Rui Medicine's revenue growth in 2024 was the innovative drug business, which generated 6.612 billion yuan, reflecting a year-on-year growth of 33%. Key products like Rivoceranib and others saw significant revenue increases after entering the medical insurance list [2]. - Despite not being included in the national medical insurance directory, the clinical value of Adebali monoclonal antibody has led to its inclusion in special drug reimbursement lists in various regions, further expanding its revenue contribution [2]. - The oral medication Haiqubopai has gained stable sales growth due to its brand positioning and clinical guideline recommendations, while earlier launched innovative drugs like Camrelizumab and others also contributed to sales growth through new indications and accumulated clinical evidence [2]. Group 2: Generic Drug Challenges - The generic drug business of Heng Rui Medicine continues to face significant pressure due to procurement policies, with sales of certain products like Acetate Cabozantinib and others declining by 2.79 billion yuan and 2.76 billion yuan respectively during the reporting period [3][4]. - The company needs to accelerate the transformation and upgrading of its generic drug business to find new growth points in light of the ongoing challenges [4]. Group 3: Internationalization Strategy - Heng Rui Medicine has made significant progress in its internationalization strategy, licensing exclusive rights for its GLP-1 class innovative drugs to Hercules in the U.S., with potential total payments reaching 2.1 billion U.S. dollars [5]. - The company has also received clinical trial qualifications for multiple projects in the U.S., Europe, and Asia-Pacific, with three ADC products granted Fast Track Designation by the FDA, which may expedite their clinical trials and market registration [5]. - Through various models such as self-research, collaboration, and licensing, Heng Rui Medicine is expanding its overseas research boundaries and enriching its innovative product pipeline [5].

Core Viewpoint - Heng Rui Medicine reported record high revenue and net profit for the year 2024, with significant growth in both areas, indicating strong operational performance and market positioning [1][4][6]. Financial Performance - Revenue reached 27.985 billion yuan, an increase of 22.63% year-on-year, while net profit surged to 6.337 billion yuan, up 47.28% [5][6]. - The company's net asset value at the end of the period was 45.520 billion yuan, reflecting a 12.49% increase [6]. - The gross margin for the pharmaceutical manufacturing sector was 85.06%, up 0.53 percentage points from the previous year [6]. Business Segmentation By Industry - Pharmaceutical manufacturing revenue was approximately 25.01 billion yuan, with a gross margin of 85.06% [3]. By Product - Oncology products generated revenue of approximately 14.59 billion yuan, with a gross margin of 92.57%, marking a 19.39% increase year-on-year [3][6]. - Metabolic and cardiovascular products saw revenue of approximately 1.75 billion yuan, with a gross margin of 76.61%, reflecting a significant increase of 61.65% year-on-year [3]. By Region - Domestic revenue was approximately 24.29 billion yuan, with a gross margin of 86.32%, up 11.64% year-on-year [3][6]. - International revenue reached approximately 716 million yuan, a growth of 16.07% year-on-year [6]. Research and Development - R&D investment reached a record high of 8.228 billion yuan, accounting for 29.40% of total revenue, with 6.583 billion yuan classified as expense-based R&D [5][8]. - The company employed 5,598 R&D personnel, representing 27.66% of the total workforce, indicating a strong talent pool [8]. Innovation and Product Pipeline - Sales from innovative drugs amounted to 13.892 billion yuan, a 30.60% increase, constituting nearly 50% of total revenue [7]. - The company received approval for 17 first-class innovative drugs and 4 second-class new drugs in China, with 26 innovative molecules entering clinical trials [5][7][10]. International Expansion - The company achieved licensing payments of 260 million USD from Merck and Kailera, with products now available in over 40 countries [5][6].

Core Insights - In 2024, the company achieved a sales revenue of 138.92 billion yuan from innovative drugs, marking a year-on-year increase of 30.60%, with innovative drug sales accounting for over half of the total sales revenue [1][2] - The company's total operating revenue reached 279.85 billion yuan, a 22.63% increase year-on-year, while net profit attributable to shareholders rose by 47.28% to 63.37 billion yuan [1][2] - The growth in performance is primarily driven by the revenue from innovative drugs, with 19 new molecular entities and 4 other innovative drugs approved for sale in China [1][2] Innovative Drug Development - The company has entered into 13 overseas licensing collaborations for innovative drugs, with 8 of these agreements made in the last three years, contributing to new revenue growth [1][2] - In 2024, the company received significant upfront payments from licensing agreements, including 160 million euros from Merck Healthcare and 100 million USD from Kailera Therapeutics, which positively impacted profits [2] - The company anticipates 47 innovative products to be approved for market, covering various therapeutic areas, with 11 projects expected to launch this year [3] Research and Development Investment - The company reported a record R&D investment of 82.28 billion yuan in 2024, with 65.83 billion yuan classified as expensed R&D, representing 29.40% of total sales revenue [2] - Currently, there are 18 applications for new drug approvals under review by the National Medical Products Administration, with over 90 innovative products in clinical development and approximately 400 clinical trials ongoing [2] Financial Position - As of December 31, 2024, the company had cash and cash equivalents amounting to 248.16 billion yuan, reflecting a year-on-year increase of 19.62% [3]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has achieved the conditions for unlocking part of the employee stock ownership plan for 2023, marking the completion of the first lock-up period [1][3]. Group 1: Employee Stock Ownership Plan Progress - The first lock-up period of the employee stock ownership plan has been completed, and the management committee will manage the rights of the holders based on the plan and market conditions [2][3]. - The company held a temporary shareholders' meeting on November 23, 2023, to approve the employee stock ownership plan [1]. Group 2: Lock-Up Period Details - The employee stock ownership plan involves three unlocking phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the last stock transfer [2][3]. Group 3: Performance Assessment for Unlocking - The performance assessment for unlocking includes company-level indicators such as innovative drug sales revenue, the number of new molecular entity IND approvals, and the number of NDA applications accepted [3][4]. - The first unlocking conditions require innovative drug revenue to exceed 13 billion yuan, with at least 12 IND approvals and 6 NDA applications accepted for 100% unlocking [5]. Group 4: Individual Performance Indicators - Individual performance indicators will determine the final unlocking quantity based on the company's performance metrics, with varying unlocking ratios for different employee categories [5]. - A total of 1,050 holders meet the unlocking conditions, corresponding to 4.1605 million shares, which is 0.06% of the company's total share capital [5].

江苏恒瑞医药股份有限公司（以下简称"公司"）2023 年员工持股计划第一 个锁定期解锁条件已经成就，根据中国证监会《关于上市公司实施员工持股计划 试点的指导意见》以及《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等相关规定，现将本员工持股计划第一个锁定期解锁情况公告如下： 江苏恒瑞医药股份有限公司 关于 2023 年员工持股计划部分份额解锁条件成就的 提示性公告 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。 一、本员工持股计划的实施进展 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-041 1、2023 年 11 月 3 日，公司召开第九届董事会第六次会议与第九届监事会 第五次会议，并于 2023 年 11 月 23 日召开 2023 年第二次临时股东大会，审议通 过了公司 2023 年员工持股计划，具体内容详见公司于 2023 年 11 月 4 日、2023 年 11 月 24 日披露于上海证券交易所网站（www.sse.com.cn）的相关公告。 2、2023 年 12 月 27 日 ...

近日,江苏恒瑞医药股份有限公司（以下简称"公司"）子公司成都盛迪医药 有限公司的HRS-5965胶囊被国家药品监督管理局药品审评中心（以下简称"药审 中心"）纳入拟突破性治疗品种公示名单，公示期7日。现将相关情况公告如下： 证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-040 江苏恒瑞医药股份有限公司 关于药物纳入拟突破性治疗品种公示名单的公告 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。 一、药物的基本情况 药物名称：HRS-5965胶囊 受理号：CXHL2400127、CXHL2400128 药物类型：化学药品 注册分类：1类 申请日期：2025年1月14日 拟定适应症（或功能主治）：原发性IgA肾病 理由及依据：经审核，本申请符合《药品注册管理办法》和《国家药监局关 于发布＜突破性治疗药物审评工作程序（试行）＞等三个文件的公告》（2020年 第82号）有关要求，同意纳入突破性治疗药物程序。 二、药物的其他相关情况 IgA肾病是导致终末期肾脏病最常见的原发性肾小球疾病[1]。HRS-5965胶囊是 一 ...