研报掘金丨天风证券：维持恒瑞医药“买入”评级，创新药进入快速放量阶段

Core Viewpoint - Heng Rui Medicine achieved a net profit attributable to shareholders of 4.45 billion yuan in the first half of the year, representing a year-on-year growth of 29.67% [1] - The company is entering a rapid growth phase for innovative drugs, with international contributions to profits continuing to increase [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 2.58 billion yuan, showing a year-on-year increase of 24.88% [1] - The overseas licensing revenue has been consistently growing, with upfront payments reaching 700 million USD since the beginning of 2025 [1] Product Development - The company has 15 self-developed innovative molecules entering clinical stages for the first time in H1 2025 [1] - With a continuously enriched pipeline, innovative drugs are expected to maintain high-speed growth over the next three years [1] Investment Outlook - The company continues to produce products with blockbuster potential [1] - Given the sustained growth of innovative drug products, a "buy" rating is maintained [1]