Hengrui Pharma(SH:600276) Minsheng Securities·2025-10-28 12:37Investment Rating - The report maintains a "Recommended" rating for the company, with an expected revenue growth of 26.3% in 2025 and a corresponding net profit growth of 49.7% [4][5]. Core Insights - The company has achieved stable revenue growth, with a reported revenue of 23.188 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.85%. The net profit attributable to shareholders reached 5.751 billion yuan, up 24.50% year-on-year [1]. - The internationalization process is accelerating, highlighted by three overseas business development (BD) licensing agreements, including a collaboration with GSK worth up to 12 billion USD [2]. - Continuous innovation in research and development is evident, with new drug approvals and a robust pipeline of over 100 innovative products in clinical development [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 231.88 billion yuan, a net profit of 57.51 billion yuan, and a non-GAAP net profit of 55.89 billion yuan, showing significant year-on-year growth [1]. - The third quarter alone saw revenues of 74.27 billion yuan and a net profit of 13.01 billion yuan, reflecting a year-on-year increase of 12.72% and 9.53%, respectively [1]. Internationalization Efforts - The company has made significant strides in its internationalization efforts, including a partnership with GSK for the development of up to 12 innovative drugs, with an initial payment of 500 million USD [2]. - Additional licensing agreements include the overseas rights for HRS-1893 and the partial international market rights for a trastuzumab product, indicating a strong focus on global market expansion [2]. Research and Development - The company has successfully launched new products, including EZH2 inhibitors and other innovative drugs, while also having eight new drug applications accepted [3]. - The company presented 46 research results in oncology at the 2025 ESMO annual meeting, showcasing its commitment to advancing cancer treatment [3]. - A total of 24 first-class innovative drugs and 5 second-class new drugs have been approved for marketing in China, with over 400 clinical trials ongoing [3].