恒瑞医药港股上市首日高开近三成，资本加码助力加速国际化

Core Viewpoint - Heng Rui Medicine officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its "innovation + internationalization" strategy [1] Group 1: IPO and Market Performance - The stock opened at HKD 57, a 29.4% increase from the issue price of HKD 44.05, with a total market capitalization exceeding HKD 370 billion [1] - The global offering consisted of 224.5 million shares, raising approximately HKD 94.58 billion, with cornerstone investors including GIC, Invesco, UBS-GAM, Hillhouse Capital, and Boyu Capital [1] Group 2: Financial Performance - In 2024, the company achieved revenue of CNY 27.985 billion and a net profit of CNY 6.337 billion, representing year-on-year growth of 22.63% and 47.28% respectively [3] - Sales revenue from innovative drugs reached CNY 13.892 billion, accounting for 46.3% of total revenue, a significant increase from 38.1% in 2022 [3] Group 3: Research and Development - The total R&D expenditure for 2024 was CNY 8.228 billion, constituting 29.4% of revenue, an increase from the previous year [4] - 75% of the raised funds will be allocated to R&D innovation, including clinical advancements for oncology immunotherapy and ADC drugs [4] Group 4: Internationalization and Collaborations - The international business is gradually releasing its potential, with significant licensing agreements generating a total of CNY 2.702 billion in licensing income for 2024 [4] - A notable collaboration with Merck Healthcare and Kailera Therapeutics resulted in substantial upfront payments, with a record licensing agreement with Merck worth up to USD 1.97 billion [4] Group 5: Strategic Implications of Hong Kong Listing - The listing enhances the company's international brand influence and provides new financing channels to support R&D and overseas capacity expansion [5] - The Hong Kong platform is expected to attract more overseas investors and partners, facilitating deeper international cooperation and talent acquisition [5]