恒瑞医药上半年净利润增近30%，创新药收入达75.7亿元

Core Viewpoint - 恒瑞医药 reported strong financial performance for the first half of 2025, with significant revenue growth driven by innovative drug licensing and sales, indicating a successful transformation towards innovation [1][3][4]. Financial Performance - The company achieved a revenue of 15.76 billion yuan, representing a year-on-year increase of 15.88% [2][3]. - Net profit attributable to shareholders reached 4.45 billion yuan, up 29.67% year-on-year [1][2]. - The net profit excluding non-recurring items was 4.27 billion yuan, reflecting a growth of 22.43% [1][3]. - Operating cash flow net amount was 4.3 billion yuan, a significant increase of 41.80% [2][3]. - Total assets grew by 25.45% to 62.89 billion yuan, while net assets increased by 28.44% to 58.46 billion yuan [2][3]. Revenue Structure - Innovative drug sales and licensing income amounted to 9.56 billion yuan, accounting for 60.66% of total revenue [1][3]. - Sales revenue from innovative drugs reached 7.57 billion yuan, indicating strong market performance [1][3]. R&D and Innovation - The company invested 38.71 billion yuan in R&D, with 32.28 billion yuan classified as capitalized R&D expenses, maintaining a high R&D intensity [5]. - Six first-class innovative drugs were approved for market launch during the reporting period, covering various therapeutic areas [5]. - The company has a robust pipeline with 15 innovative molecules entering clinical stages and multiple applications under review [5]. Internationalization and Licensing - The company confirmed significant licensing agreements, including a $200 million upfront payment from Merck Sharp & Dohme and $75 million from IDEAYA, highlighting the global recognition of its innovative drug assets [4][6]. - The company has initiated over 20 overseas clinical trials in regions such as the US, Europe, and Australia, with ongoing efforts for regulatory approvals [6].