恒瑞医药(600276)：对外许可常态化 员工持股计划明确创新药产出规划

Core Viewpoint - The company reported a strong performance in the first half of 2025, with operating revenue of 15.76 billion yuan (+15.9%) and net profit attributable to shareholders of 4.45 billion yuan (+29.7%) [1] - The growth in innovative drug sales and licensing income has become a significant part of the company's revenue stream [1] Financial Performance - In H1 2025, the company achieved operating revenue of 15.76 billion yuan, with a net profit of 4.45 billion yuan and a non-recurring net profit of 4.27 billion yuan [1] - For Q2 2025, operating revenue was 8.56 billion yuan (+12.5%), with a net profit of 2.58 billion yuan (+24.9%) [1] Revenue Breakdown - Sales of goods in H1 2025 reached 10.87 billion yuan (+18.9%), with a gross margin of 79.6% [1] - Innovative drug revenue was 7.57 billion yuan, with an estimated year-on-year growth of approximately 23% [1] - Licensing income in H1 2025 amounted to 1.99 billion yuan, significantly contributing to overall revenue [1] Product Development and Pipeline - The company has received approvals for six Class 1 innovative drugs in the first half of the year, including PCSK9 monoclonal antibodies and JAK1 inhibitors [1] - The company has multiple drugs in various stages of clinical trials, with 10 advancing to Phase III and 22 to Phase II [1] Share Buyback and Employee Stock Plan - The company announced a plan to repurchase shares worth 1-2 billion yuan for an employee stock ownership plan, with specific performance targets set for the coming years [2] - The unlocking conditions for the stock plan include the approval of new molecular entities and revenue targets for innovative drugs [2] Profit Forecast and Investment Recommendation - Revenue projections for 2025, 2026, and 2027 are 34.44 billion yuan, 39.05 billion yuan, and 43.88 billion yuan, respectively, with expected growth rates of 23.1%, 13.4%, and 12.4% [2] - The company is positioned as a leading innovative pharmaceutical enterprise in China, with a differentiated product matrix, and has been given a "buy" rating [2]