Hengrui Pharma(SH:600276) Zhong Guo Zheng Quan Bao·2025-08-21 20:12Core Insights - Heng Rui Medicine reported a revenue of 15.76 billion yuan for the first half of 2025, marking a year-on-year growth of 15.88% [1] - The net profit attributable to shareholders reached 4.45 billion yuan, up 29.67% year-on-year [1] - The operating cash flow net amount was 4.3 billion yuan, reflecting a 41.80% increase compared to the previous year [1] - The company’s innovative drug sales and licensing revenue accounted for 60.66% of total revenue, with innovative drug sales reaching 7.57 billion yuan [1][2] Company Performance - Heng Rui Medicine's innovative drugs such as Rivoceranib, Darsylin, and Henggrelin continued to see rapid revenue growth [2] - The company received significant licensing fees, including 200 million USD from Merck Sharp & Dohme and 75 million USD from IDEAYA, contributing to revenue growth [2] - The company invested over 3.87 billion yuan in R&D during the first half of 2025, with 3.23 billion yuan classified as expense-based R&D [2] - Heng Rui has over 100 innovative products in clinical development and 400 clinical trials ongoing domestically and internationally [2] Industry Trends - The innovative drug sector in China is transitioning from "follower" to "leader," with a sustained increase in market vitality [1][5] - Other companies like BeiGene and Hansoh Pharmaceutical also reported significant revenue growth, with BeiGene achieving a 46% increase in total revenue [3] - The innovative drug market in China is expected to exceed 2 trillion yuan by 2030, representing a 264% growth compared to 2024 [5] - The industry is witnessing a shift towards internationalization and innovation as key growth drivers [3][4]