Hengrui Pharma(SH:600276) Western Securities·2025-11-05 07:42Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 23.188 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.85%. The net profit attributable to the parent company was 5.751 billion yuan, up 24.50%, and the net profit after deducting non-recurring gains and losses was 5.589 billion yuan, an increase of 21.08% [1][4][6]. Summary by Sections Internationalization and Partnerships - In Q3 2025, the company secured three overseas licensing agreements, including a collaboration with GSK to develop up to 12 innovative drugs, receiving an upfront payment of 500 million USD, with potential total payments of approximately 12 billion USD [2]. - The company also entered into a New-Co transaction with Braveheart Bio for HRS-1893, receiving an upfront payment of 65 million USD and potential milestone payments of up to 1.013 billion USD [2]. - Additionally, the company licensed part of its international market rights for a drug to Glenmark, receiving an upfront payment of 18 million USD and potential milestone payments of up to 1.093 billion USD [2]. Innovation and R&D - The company increased its R&D expenditure to 4.945 billion yuan in the first three quarters of 2025. New products were approved for market, including EZH2 inhibitors and a new oral hypoglycemic combination [3]. - The company has over 100 self-developed innovative products in clinical development and more than 400 clinical trials ongoing domestically and internationally [3]. - At the 2025 ESMO annual meeting, the company presented 46 research results in the oncology field, with significant findings published in The Lancet [3]. Financial Forecast - The company is projected to achieve net profits of 8.803 billion yuan, 10.277 billion yuan, and 12.151 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.9%, 16.8%, and 18.2% [4][10].