Hengrui Pharma(600276) 华尔街见闻·2025-03-30 11:55Core 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].