Hengrui Pharma(SH:600276) Xin Jing Bao·2025-08-22 06:55Core Insights - Heng Rui Medicine (600276) reported a revenue of 15.76 billion yuan for the first half of 2025, representing a year-on-year growth of 15.88%, with a net profit attributable to shareholders of 4.45 billion yuan, up 29.67% year-on-year, and operating cash flow of 4.3 billion yuan, an increase of 41.80% year-on-year, all reaching record highs for the same period in previous years [1] Group 1: Performance Highlights - The company’s continuous high-intensity R&D investment has accelerated its transformation, leading to a significant increase in innovative drug sales [2] - In the first half of 2025, R&D investment reached 3.87 billion yuan, with cumulative R&D investment exceeding 48 billion yuan [2] - Six first-class innovative drugs were approved for market launch during the reporting period, contributing to a total innovative drug sales and licensing income of 9.56 billion yuan, accounting for 60.66% of total revenue [2] Group 2: Innovative Drug Sales - Innovative drug sales revenue amounted to 7.57 billion yuan, with rapid growth in income from innovative drugs covered by medical insurance [2] - Early-listed innovative drugs such as Arixtra, Remifentanil, and Pyrotinib continue to contribute to revenue growth, while some new products have yet to fully realize their sales potential due to short market time and lack of medical insurance coverage [2] Group 3: Licensing and International Expansion - The company has initiated over 20 overseas clinical trials, enhancing its international presence [4][5] - Heng Rui Medicine licensed the oral small molecule drug HRS-5346 to Merck outside Greater China, receiving a $200 million upfront payment and potential milestone payments of up to $1.77 billion [4] - A collaboration agreement with GSK was established to co-develop up to 12 innovative drugs, with GSK paying $500 million upfront and potential total payments of approximately $12 billion [4]