Hengrui Pharma(SH:600276) Ge Long Hui A P P·2025-09-10 05:33Core Viewpoint - Zhongyi Securities report indicates that Heng Rui Pharmaceutical achieved a net profit attributable to shareholders of 4.45 billion yuan (+29.7%) in the first half of the year, with a net profit of 2.58 billion yuan (+24.9%) in Q2 2025 [1] Financial Performance - In the first half of 2025, the company's sales revenue reached 10.87 billion yuan (+18.9%), with a gross margin of 79.6% (down 0.9 percentage points) [1] - Revenue from innovative drugs amounted to 7.57 billion yuan, with a year-on-year growth rate of approximately 23% compared to 6.61 billion yuan in the first half of 2024 [1] - The generic drug business saw slight growth, primarily driven by the rapid increase in high-quality generic products such as bupivacaine liposome [1] Product Development - The company received approval for six Class 1 innovative drugs in the first half of the year, including PCSK9 monoclonal antibody, JAK1 inhibitor, and HER2 ADC [1] - Six new indications were approved for market, and five applications were accepted by NMPA, including URAT1 inhibitor and atropine eye drops [1] - Ten projects advanced to Phase III clinical trials, 22 projects progressed to Phase II, and 15 innovative products entered Phase I clinical trials for the first time [1] Shareholder Actions - The company announced plans to repurchase shares worth 1 to 2 billion yuan for an employee stock ownership plan [1] Industry Position - The company aims to establish itself as a leading innovative pharmaceutical enterprise in China and globally, having formed an industry-leading and highly differentiated innovative product matrix [1]