恒瑞医药2025半年报：净利44.50亿元 飙升29.67%

Core Viewpoint - Heng Rui Medicine has entered a period of significant growth driven by innovative drug sales, with strong financial performance in the first half of 2025 [2][3] Financial Performance - In the first half of 2025, the company achieved operating revenue of 15.761 billion yuan, a year-on-year increase of 15.88% - Net profit attributable to shareholders reached 4.450 billion yuan, up 29.67% year-on-year - Operating cash flow net amount was 4.300 billion yuan, reflecting a growth of 41.80% year-on-year [2] Innovation and R&D Investment - The company has maintained high R&D investment, totaling 3.871 billion yuan in the first half of 2025, with 3.228 billion yuan classified as expensed R&D [5] - Cumulative R&D investment has exceeded 48 billion yuan, supporting a surge in innovative results [5] - Six class 1 innovative drugs were approved for market launch during the reporting period, along with multiple new indications for existing drugs [5][6] Sales and Licensing of Innovative Drugs - Innovative drug sales and licensing revenue reached 9.561 billion yuan, accounting for 60.66% of total operating revenue, with innovative drug sales alone at 7.570 billion yuan [3] - The company received significant licensing fees, including 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [3] International Collaboration and Expansion - The company has strengthened international cooperation, granting exclusive rights for certain drugs to global partners, including a 200 million USD upfront payment from Merck for HRS-5346 [7] - A collaboration with GSK was established to co-develop up to 12 innovative drugs, with an upfront payment of 500 million USD and potential total payments of around 12 billion USD [8]