值得关注的是，前述回购价格较公司估值而言处于较高水平。以恒瑞医药为例，若按顶格回购价格计 算，该报价较公司2024年的净利润而言，市盈率已逾90倍；谢炘对中国生物7.368港元/股的"加购"价， 于中国生物2024年的净利润而言，市盈率约为36倍。 从基本面来看，各家公司的财务数据正持续改善。 以龙头公司为例，2025年上半年，恒瑞医药实现营业收入157.61亿元，同比增长15.88%；归属于上市公 司股东的净利润44.5亿元，同比增长29.67%。公司营收、净利均创同期新高。百济神州有限公司上半年 实现营业总收入175.18亿元，同比增长46.0%；归属于母公司所有者的净利润达4.5亿元，较去年同期均 实现扭亏为盈。 行业数据则显示，今年上半年，中国创新药海外授权交易活跃，交易总金额已接近660亿美元，赶超 2024全年水平。 8月20日，江苏恒瑞医药（600276）股份有限公司（以下简称"恒瑞医药"）公告称，拟对公司股份进行 回购。记者进一步梳理发现，近期，上海南方模式生物科技股份有限公司、中国生物制药有限公司（以 下简称"中国生物"）等多家上市公司的股东方已拿出真金白银"加购"公司股份。 一位长期从事医 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-over-year growth of 22.6%, and a net profit of 6.34 billion RMB, with a year-over-year increase of 47.3% [8]. - The sales of innovative drugs continue to grow, with a reported income of 13.9 billion RMB from innovative drugs, a 30.6% increase year-over-year [8]. - The company is expected to have 47 innovative products and indications approved for market launch over the next three years, which will drive future revenue growth [8]. Company Performance - The company reported a Q4 revenue of 7.8 billion RMB, a year-over-year increase of 34.3%, and a net profit of 1.72 billion RMB, with a year-over-year increase of 107.2% [8]. - The overall gross margin for 2024 was 86.2%, an increase of 1.6 percentage points year-over-year, driven by high-margin overseas transactions [8]. - The company’s operating expenses ratio decreased to 60.4%, down 3 percentage points year-over-year, primarily due to reductions in sales and management expenses [8]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 6.98 billion RMB, 8.75 billion RMB, and 10.4 billion RMB, respectively, with year-over-year growth rates of 10.2%, 25.3%, and 18.9% [10]. - The expected earnings per share (EPS) for the same years are 1.09 RMB, 1.37 RMB, and 1.63 RMB, with corresponding price-to-earnings (P/E) ratios of 45X, 36X, and 30X [10].