Workflow
恒瑞医药(600276):Q2业绩保持稳定增长

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - The company achieved a revenue of 15.76 billion yuan in the first half of 2025, representing a year-on-year growth of 15.88%. The net profit attributable to shareholders was 4.45 billion yuan, up 29.67% year-on-year, while the net profit after deducting non-recurring items was 4.27 billion yuan, reflecting a growth of 22.43% [3][10]. - In Q2 2025, the company reported a revenue of 8.56 billion yuan, which is a 12.53% increase year-on-year and an 18.73% increase quarter-on-quarter. The net profit attributable to shareholders for Q2 was 2.58 billion yuan, showing a year-on-year growth of 24.88% and a quarter-on-quarter increase of 37.46% [10]. - The innovative drug sales and licensing revenue for the first half of 2025 amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales revenue at 7.57 billion yuan. The innovative drug business continues to grow rapidly, driving stable performance for the company [10]. - The company is accelerating its research and development innovation and integrating into the global innovation network. It is optimizing its international research and development team and exploring diverse partnerships with multinational pharmaceutical companies and innovative startups to enhance its global market presence [10]. - The company is projected to have an EPS of 1.10 yuan and 1.26 yuan for 2025 and 2026, respectively, indicating strong growth potential in its innovative drug business [10][11].