恒瑞医药中报观：创新药内生增长动能凸显，持股计划解锁目标彰显创新药发展信心

Core Viewpoint - Heng Rui Medicine has demonstrated strong financial performance in the first half of 2025, with significant growth in revenue, net profit, and operating cash flow, indicating a period of explosive growth for the company [1][4]. Financial Performance - The company achieved a revenue of 15.761 billion yuan, a year-on-year increase of 15.88% [1]. - Net profit attributable to shareholders reached 4.450 billion yuan, up 29.67% year-on-year [1]. - Operating cash flow net amount was 4.300 billion yuan, reflecting a growth of 41.80% [1]. - The revenue, net profit, and operating cash flow all reached record highs for the same period in previous years [1]. Employee Stock Ownership Plan - Heng Rui announced a share repurchase plan of 1 to 2 billion yuan to implement a new employee stock ownership plan, with a maximum incentive scale of 14 million shares for 2025 [2][3]. - The performance assessment for the 2024 plan is based on taxable income, while the 2025 plan will shift to non-taxable income [2]. - The estimated non-taxable innovative drug revenue for 2024 is around 12 billion yuan, with a growth target of 27% for 2025 [2][3]. Innovation and R&D - In the first half of 2025, innovative drug sales and licensing revenue reached 9.561 billion yuan, accounting for 60.66% of total revenue [5]. - The company has received approvals for 6 first-class innovative drugs and 6 new indications during the reporting period [5][6]. - Heng Rui's R&D expenditure was 3.871 billion yuan, with 3.228 billion yuan allocated to capitalized R&D [5]. - The company has established advanced technology platforms for drug development, enhancing research efficiency [5][6]. Market Performance and Valuation - Heng Rui's stock price has increased over 70% since its listing in Hong Kong, with a market capitalization exceeding 200 billion HKD [7]. - The company’s total market capitalization has surpassed 500 billion yuan, reflecting strong investor confidence in its growth potential [7]. - The stock repurchase plan indicates the management's confidence in the company's long-term value, aiming to create a positive cycle of performance growth and stock price appreciation [3][4].