收入保持高增长，主要受奥布替尼放量与交易首付款确认双重驱动2025 年Q3 公司实现营业收入3.84 亿 元（+38.09%），延续了今年以来的高增速，主要系奥布替尼销售收入持续增长以及公司与 ProliumBioscience Inc.达成授权许可的首付款所致。按产品分析，前三季度奥布替尼收入10.10 亿元 （+45.77%），延续了上半年以来的高增长，其中Q3 收入3.73 亿元。公司2025 年前三季度净亏损为 0.72 亿元，比上年同期亏损收窄74.78%，据公司官方公众号，凭借强劲的收入增长、严格的费用管理 和今年10 月初和Zenas 达成的重磅对外授权交易，公司2025 全年实现盈亏平衡，提前两年实现盈利目 标，为可持续盈利和加速全球化奠定良好的基础。 与Zenas 达成授权合作，加速奥布替尼全球化布局据公司官网及公告，2025 年10 月，公司与Zenas BioPharma 达成重大授权合作协议，Zenas 将获得奥布替尼在多发性硬化领域的全球开发和商业化权 益，以及奥布替尼在非肿瘤的其他治疗领域的开发与商业化权益。Zenas 还获得两款临床前分子的相关 权益。Zenas 将向公司支付1 ...

Core Viewpoint - Heng Rui Medicine (01276) experienced a significant stock price increase, with a rise of over 4% at the close, and a current price of HKD 87.95, with a trading volume of HKD 217 million [1] Group 1: Clinical Trials and Approvals - Heng Rui Medicine announced the approval to conduct clinical trials for SHR-7787 injection, SHR-4849 injection, Bevacizumab injection, and Atezolizumab injection [1] Group 2: Licensing Agreement - The company granted Glenmark, an Indian pharmaceutical company, exclusive rights to develop and commercialize its HER2 antibody-drug conjugate, Trastuzumab deruxtecan, in global non-core markets, receiving an upfront payment of USD 18 million and potential milestone payments exceeding USD 1 billion [1] Group 3: Market Rights and Financial Impact - Nomura's report indicates that Heng Rui retains development and commercialization rights for Trastuzumab deruxtecan in major pharmaceutical markets including Greater China, the US, Canada, Europe, and Japan, suggesting that the upfront payment will have a minimal financial impact, but the overall milestone payment scale could be substantial [1] - The collaboration with Glenmark is expected to help unlock the commercial potential of the product, and retaining rights in key markets provides opportunities for larger-scale partnerships in the future [1]

Core Viewpoint - Heng Rui Medicine (600276)(01276) experienced a significant stock price increase, with a rise of over 4% at the close, and currently trading at 87.95 HKD with a transaction volume of 217 million HKD. The company announced the approval for clinical trials of several injection products, indicating a positive development in its product pipeline [1]. Group 1: Clinical Trials and Product Development - Heng Rui Medicine announced the approval for clinical trials of SHR-7787 injection, SHR-4849 injection, Bevacizumab injection, and Atezolizumab injection, showcasing its ongoing commitment to expanding its product offerings [1]. - The company granted exclusive rights to Indian pharmaceutical company Glenmark for the development and commercialization of its HER2 antibody-drug conjugate, Rukang Trastuzumab, in global non-core markets, receiving an upfront payment of 18 million USD and potential milestone payments exceeding 1 billion USD [1]. Group 2: Financial Impact and Market Strategy - Nomura's research report indicates that the upfront payment is not expected to have a significant impact on the company's finances, but the overall scale of milestone payments could be substantial [1]. - The retention of development and commercialization rights for Rukang Trastuzumab in major pharmaceutical markets such as Greater China, the US, Canada, Europe, and Japan is anticipated to provide opportunities for larger-scale collaborations with other potential partners in the future [1].