恒瑞医药2025半年报：研发与现金流铸就确定性，BD交易加速释放成长动能

Core Viewpoint - Heng Rui Pharmaceutical demonstrates strong performance with significant revenue growth and profitability, supported by robust R&D capabilities and a solid financial foundation [1][2][10] Financial Performance - As of June 30, 2025, Heng Rui Pharmaceutical achieved operating revenue of 15.761 billion yuan, a year-on-year increase of 15.88% [1] - The net profit attributable to shareholders reached 4.45 billion yuan, reflecting a growth of 29.67% year-on-year [1] - Operating cash flow net amount was 4.3 billion yuan, up 41.8% year-on-year [1] - The company plans to repurchase shares worth 1 to 2 billion yuan for a new employee stock ownership plan [1] R&D Capabilities - Heng Rui Pharmaceutical invested 3.871 billion yuan in R&D during the reporting period, with 3.228 billion yuan classified as expense R&D [2] - The company submitted 255 new patent applications in Greater China and 33 international PCT applications during the reporting period [2] - As of the end of the reporting period, the company held a total of 2,864 invention patent applications in Greater China and 737 PCT patents [2] Profitability and Cash Flow - Heng Rui Pharmaceutical maintained a sales net profit margin above 20% for the past five years, exceeding 28% in the first half of 2025 [3] - The company's monetary funds reached 36.12 billion yuan, a year-on-year increase of 61.89%, providing a strong safety net for high R&D investments [5] Growth Potential - The company has a rich R&D pipeline, with six class 1 innovative drugs approved for market and six new indications approved during the reporting period [6] - There are five listing applications accepted by NMPA, ten clinical trials in phase III, and 22 in phase II [6] - Heng Rui Pharmaceutical's internationalization strategy includes significant licensing agreements, with potential amounts exceeding 10 billion USD in recent years [8][9] Conclusion - Heng Rui Pharmaceutical is positioned as a leader in the innovative drug sector, leveraging its strong technical barriers and self-sustaining capabilities to drive future growth [10]