第一财经·2026-03-26 13:01Core Viewpoint - Heng Rui Medicine (600276.SH; 01276.HK) reported a continued double-digit growth in its annual performance for 2025, with total revenue reaching 31.629 billion yuan, a year-on-year increase of 13.02%, and a net profit attributable to shareholders of 7.711 billion yuan, up 21.69% [2]. Group 1: Revenue Growth - The growth in performance is primarily driven by the innovative drug segment, which achieved sales revenue of 16.342 billion yuan, a year-on-year increase of 26.09%, accounting for 58.34% of total drug sales revenue [3]. - Within the innovative drug sales, anti-tumor products generated revenue of 13.240 billion yuan, up 18.52%, representing 81.02% of the total innovative drug sales, while non-tumor products reached 3.102 billion yuan, growing by 73.36%, making up 18.98% of the total [3]. Group 2: Product and Market Expansion - In 2025, 20 products/indications of Heng Rui Medicine were included in the updated National Medical Insurance Directory, with 10 products entering the insurance coverage for the first time, leading to significant sales growth for some innovative drugs [4]. - Notable growth was observed in the sales of innovative anti-tumor drugs such as Rivoceranib and Darlisilib, as well as non-tumor products like Empagliflozin and Remimazolam, which benefited from clinical advantages [4]. Group 3: Licensing and Challenges - Revenue from external licensing of innovative drugs reached 3.392 billion yuan in 2025, contributing significantly to the company's overall revenue [4]. - Despite the transition towards innovative drugs, the revenue from the generic drug segment has slightly declined due to domestic centralized procurement policies [4]. - Currently, Heng Rui Medicine has not yet received approval for any innovative drugs in overseas markets but is actively pursuing independent development and registration abroad, with new clinical research centers established in Boston, USA [4].