恒瑞医药Q3营收、利润双增，净利润同比增长9.5%

Core Viewpoint - Under the dual strategy of innovation and internationalization, the company achieved growth in both revenue and profit in Q3 2025, with significant progress in its research and development efforts [1][2]. Financial Performance - Q3 revenue reached 7.427 billion, representing a year-on-year increase of 12.72% [3]. - For the first three quarters, total revenue was 23.188 billion, showing a year-on-year growth of 14.85% [4]. - Q3 net profit amounted to 1.301 billion, with a year-on-year increase of 9.53% [5]. - The net profit attributable to shareholders for the first three quarters was 5.751 billion, reflecting a year-on-year growth of 24.50% [6]. Growth Trends - The growth rate of revenue and profit in Q3 was lower than the cumulative growth rates for the first three quarters, indicating a slowdown in growth momentum [8]. - The company's contract liabilities surged from 160 million at the beginning of the year to 3.971 billion by the end of the period, primarily due to increased cash received from overseas licensing fees [8]. Expense Structure - Sales expenses for the first three quarters totaled 6.780 billion, accounting for 29.24% of revenue, with a year-on-year growth of 10.99% [8]. - Management expenses reached 2.127 billion, growing by 13.48%, which exceeded the revenue growth rate [8]. - R&D expenses for the first three quarters were 4.945 billion, indicating a sustained high level of investment in innovation [8]. Innovation Progress - The company received a notice of acceptance from the National Medical Products Administration for its drug application for Fluorouracil Capsules, aimed at treating metastatic castration-resistant prostate cancer [9].