Hengrui Pharma(600276) 财经网·2025-03-30 08:25Core Viewpoint - The company has demonstrated significant growth in its innovative drug sales, achieving a 30.60% year-on-year increase despite facing challenges such as intensified competition and pricing pressures [2][10]. Revenue by Industry - The pharmaceutical manufacturing industry reported a revenue of approximately 25 billion, with a gross margin of 85.06% and a year-on-year revenue increase of 11.76% [1]. Revenue by Product - Tumor products generated revenue of approximately 14.59 billion, reflecting a growth of 19.39% [2]. - Metabolic and cardiovascular products saw a revenue increase of 61.65%, reaching approximately 1.75 billion, primarily due to the inclusion of the drug in the medical insurance list [2]. - Immunology and respiratory system products increased by 10.77% to approximately 776 million [2]. - Neuroscience products grew by 1.99% to approximately 4.29 billion [2]. - Contrast agents experienced a slight increase of 0.25% to approximately 2.75 billion [2]. - Other products faced a decline of 39.83%, totaling approximately 860 million [2]. Innovative Drug Approvals - The company has received approval for two Class 1 innovative drugs, with a total of 17 new molecular entities approved in China by the end of the reporting period [2][5]. - Notable drugs such as 瑞维鲁胺 and 达尔西利 have significantly improved patient access and clinical outcomes, contributing to revenue growth [2]. Pipeline and Future Prospects - The company has 18 applications under review by NMPA and over 90 innovative products in clinical development, with 400 clinical trials ongoing [5]. - Expected new product launches include 11 projects in 2025 and 13 projects in 2026, with several products showing First-in-Class potential [6][9][10]. Research and Development Investment - The company has maintained a strong commitment to R&D, with expenditures of approximately 48.87 billion, 49.54 billion, and 65.83 billion from 2022 to 2024, representing 23.0%, 21.7%, and 23.5% of total revenue respectively [11].