Hengrui Pharma(SH:600276) Hua Er Jie Jian Wen·2025-10-27 10:51Core Insights - Heng Rui Medicine achieved revenue and profit growth in Q3 2025, driven by innovation and accelerated internationalization [1][3] - The company reported a Q3 revenue of 7.427 billion yuan, a year-on-year increase of 12.72%, and a total revenue of 23.188 billion yuan for the first three quarters, up 14.85% [1][3] - Net profit for Q3 was 1.301 billion yuan, reflecting a 9.53% year-on-year growth, while the net profit attributable to shareholders for the first three quarters reached 5.751 billion yuan, up 24.50% [1][3] Financial Performance - Q3 revenue growth of 12.72% was lower than the cumulative growth rate of 14.85% for the first three quarters, indicating a slowdown in growth momentum [3] - The net profit growth rate of 9.53% in Q3 also lagged behind the overall net profit increase of 24.50% for the first three quarters [3] - Contract liabilities surged from 160 million yuan at the beginning of the year to 3.971 billion yuan by the end of the period, primarily due to increased cash from overseas licensing fees [3] Expense Structure - Sales expenses for the first three quarters amounted to 6.780 billion yuan, accounting for 29.24% of revenue, with a year-on-year growth of 10.99% [3] - Management expenses reached 2.127 billion yuan, growing by 13.48%, which exceeded the revenue growth rate [3] - R&D expenses totaled 4.945 billion yuan, maintaining a high level of investment [1][3] Innovation and Regulatory Progress - The company received a notice from the National Medical Products Administration regarding the acceptance of the marketing application for Fluorouracil capsules, aimed at treating specific types of prostate cancer [4] - Fluorouracil has already been approved for multiple indications, including certain types of ovarian and peritoneal cancers [4]