Core Viewpoint - Heng Rui Medicine (600276) reported a strong performance with a 16% year-on-year revenue growth in the first half of the year, driven by rapid sales growth of innovative drugs [1] Financial Performance - The company's product sales revenue, excluding collaboration income, increased by approximately 13% [1] - As of the report, the stock price rose by 5.02% to HKD 76.3, with a trading volume of HKD 387 million [1] Strategic Initiatives - Heng Rui Medicine plans to repurchase shares worth approximately HKD 1-2 billion for an employee stock ownership plan [1] - The conditions for full unlocking of this plan include achieving over 25% annual growth in innovative drug sales from 2025 to 2027, filing 5-8 new NDAs (including new indications) each year, and nearly 20 new molecular entity INDs [1] Growth Potential - Huayuan Securities highlighted the continuous growth in innovative revenue and a positive trend in the company's transformation towards innovation [1] - The company has achieved multiple significant business development (BD) deals, with international expansion becoming an important second growth curve [1] - Heng Rui Medicine's well-structured and high-quality innovation pipeline presents numerous potential transaction opportunities, with the ongoing internationalization process expected to contribute to normalized profits and provide new growth points [1]

机构：中金公司 研究员：张琎/杨一正/朱言音 在全球范围内积极开展对外合作。公司已与阿斯利康就CLDN 18.2 ADC（CMG901）达成全球独家授权 协议，阿斯利康已启动CM901 单药治疗2L 及以上晚期或转移性胃及胃食管结合部腺癌的III 期MRCT 研 究，目前入组进度已过半。此外，公司就CM512（TSLPxIL13）、CM536、CM336（BCMAxCD3）、 CM313（CD38）、CM355（CD20xCD3）通过NewCo的形式，快速推进海外临床进度：1）CM313 和 CM355 均于今年1 月份分别于Timberlyne 和Prolium 达成独家授权，1H25 合计确认首付款和近期付款 3.18 亿元，增厚公司收入；2）CM512 正在探索更长给药间隔，其中重度特应性皮炎、慢性鼻窦炎伴鼻 息肉、中重度哮喘、COPD 均处于国内II期临床阶段，Belenos 也启动了哮喘适应症的美国I 期临床，首 例受试者于3 月入组；3）Ouro 获得了CM336 首个海外IND 批准，首例受试者于8 月入组。 盈利预测与估值 由于公司CM313 和CM355 对外授权首付款及近期付款确认增厚，我 ...