Hengrui Pharma(SH:600276) Zhong Guo Zheng Quan Bao·2025-09-01 23:29Core Insights - The innovative pharmaceutical companies in China are entering a harvest phase after sustained investment in R&D, with 34 out of 80 listed companies reporting year-on-year growth in net profit [1][3]. Group 1: Company Performance - Heng Rui Medicine achieved revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, up 29.67%. Sales and licensing income from innovative drugs accounted for 60.66% of total revenue [3]. - Innovent Biologics reported a revenue increase of 74.3% to 730 million yuan, primarily driven by the sales of its core product, with a reduction in losses from 262 million yuan to 36 million yuan [3]. - United Imaging Healthcare generated revenue of 6.016 billion yuan, a 12.79% increase, and a net profit of 999.8 million yuan, up 5.03% [4]. Group 2: Policy Support - The Chinese government is actively supporting innovation in pharmaceuticals and medical devices, with the National Medical Products Administration implementing priority review and approval pathways for critical products [6]. - During the 14th Five-Year Plan period, 210 innovative drugs and 269 innovative medical devices were approved, indicating a trend of accelerated growth in the sector [6]. - The continuous optimization of the medical insurance directory adjustment mechanism has encouraged companies to increase R&D investments, enhancing the commercialization pathways for innovative drugs [6]. Group 3: Market Dynamics - China's innovative drug R&D ranks first globally, with a growing demand for breakthrough therapies in the European and American markets, leading to increased international collaboration [7]. - The industry is expected to shift from capital-driven growth to profit-driven growth by 2025, presenting opportunities for both performance and valuation recovery [7].