恒瑞医药上半年成绩单出炉！营收、净利创新高 拟大额回购

Core Viewpoint - Heng Rui Medicine reported strong financial performance for the first half of 2025, with significant growth in revenue, net profit, and operating cash flow, alongside plans for a share buyback to support employee stock ownership [2][3][5]. Financial Performance - In the first half of 2025, Heng Rui Medicine achieved operating revenue of 15.761 billion yuan, a year-on-year increase of 15.88% [2] - The net profit attributable to shareholders was 4.450 billion yuan, reflecting a year-on-year growth of 29.67% [2] - Operating cash flow net amount reached 4.3 billion yuan, up 41.80% year-on-year, marking record highs for the company [2] Innovation Drug Sales - The sales and licensing revenue from innovative drugs amounted to 9.561 billion yuan, accounting for 60.66% of total operating revenue [3] - Sales revenue from innovative drugs specifically was 7.570 billion yuan, driven by strong clinical data and recognition from doctors and patients [3] - The company received significant licensing fees, including 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [3] Strategic Partnerships - In July, Heng Rui Medicine entered a collaboration with GSK to co-develop up to 12 innovative drugs, with an initial payment of 500 million USD and potential total payments of around 12 billion USD [4] - The company successfully listed on the Hong Kong Stock Exchange in May, raising a total of 11.4 billion HKD, marking a significant milestone in its internationalization efforts [4] Research and Development - Heng Rui Medicine invested 3.871 billion yuan in R&D during the first half of 2025, with 3.228 billion yuan classified as expense R&D [5] - The company has over 100 innovative products in clinical development and 400 clinical trials ongoing domestically and internationally [5] - Five innovative drug products have received orphan drug designation from the FDA, enhancing the company's international clinical trial capabilities [5] Future Outlook - Heng Rui Medicine aims to accelerate innovative drug development and expand its global footprint through a combination of self-research and open collaboration [6] - The company is committed to maintaining its innovation and internationalization strategy to drive high-quality growth [6]