“创新+国际化”驱动 恒瑞医药上半年营收、净利创新高

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 15.76 billion yuan, a year-on-year growth of 15.88%, and a net profit attributable to shareholders of 4.45 billion yuan, up 29.67%, both reaching record highs for the period [1] Group 1: Innovation and R&D - The core driver of the company's performance growth is the revenue from innovative drugs, which amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with sales of innovative drugs reaching 7.57 billion yuan [1] - The company has accelerated its transformation and upgrade in innovation, supported by high R&D investment, which reached 3.87 billion yuan in the first half of the year, with cumulative R&D investment exceeding 48 billion yuan as of June 30 [1] Group 2: Pipeline Progress - During the reporting period, six first-class innovative drugs, including injection of Rika single antibody and sulfate of amamoxitine tablets, were approved for market launch [2] - The company has five applications accepted by the National Medical Products Administration, with ten clinical trials advancing to Phase III, 22 to Phase II, and 15 innovative products entering clinical Phase I for the first time [2] Group 3: International Expansion - The company has emphasized both independent R&D and open collaboration, with external licensing of innovative drugs becoming a normalized business, contributing significantly to revenue growth [3] - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA for external licensing, further boosting operational performance [3] - In March, the company granted global exclusive rights for the oral small molecule drug HRS-5346 to Merck, receiving a 200 million USD upfront payment and potential milestone payments totaling up to 1.77 billion USD [3] - In July, the company entered into a collaboration agreement with GSK to co-develop up to 12 innovative drugs, with GSK paying an upfront fee of 500 million USD and potential total payments of around 12 billion USD [3] Group 4: Global Strategy - The company's listing on the Hong Kong Stock Exchange on May 23 marked a key step in its globalization strategy, raising a total of 11.4 billion HKD (approximately 1.5 billion USD), making it the largest IPO in the Hong Kong pharmaceutical sector in the past five years [4]