Hengrui Pharma(SH:600276) Zhi Tong Cai Jing·2025-08-29 06:50Core Viewpoint - Heng Rui Medicine (600276) reported a strong performance with a 16% year-on-year revenue growth in the first half of the year, driven by rapid sales growth of innovative drugs [1] Financial Performance - The company's product sales revenue, excluding collaboration income, increased by approximately 13% [1] - As of the report, the stock price rose by 5.02% to HKD 76.3, with a trading volume of HKD 387 million [1] Strategic Initiatives - Heng Rui Medicine plans to repurchase shares worth approximately HKD 1-2 billion for an employee stock ownership plan [1] - The conditions for full unlocking of this plan include achieving over 25% annual growth in innovative drug sales from 2025 to 2027, filing 5-8 new NDAs (including new indications) each year, and nearly 20 new molecular entity INDs [1] Growth Potential - Huayuan Securities highlighted the continuous growth in innovative revenue and a positive trend in the company's transformation towards innovation [1] - The company has achieved multiple significant business development (BD) deals, with international expansion becoming an important second growth curve [1] - Heng Rui Medicine's well-structured and high-quality innovation pipeline presents numerous potential transaction opportunities, with the ongoing internationalization process expected to contribute to normalized profits and provide new growth points [1]