Investment Rating - The investment rating for the company is "Buy" [2][17] 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 shareholders reached 5.751 billion yuan, up 24.50% year-on-year [1] - In Q3 2025, the company reported a revenue of 7.427 billion yuan, a year-on-year increase of 12.72%, driven by both internal growth and overseas expansion [2] - The company has successfully completed three overseas business development (BD) authorizations, indicating strong international collaboration and potential revenue growth [2][3] Financial Performance - The gross profit margin for the first three quarters of 2025 was 86.22%, an increase of 0.25 percentage points year-on-year. The net profit margin improved to 24.84%, up 1.97 percentage points year-on-year [4] - Research and development expenses for the first three quarters reached 4.945 billion yuan, contributing to a cumulative R&D investment exceeding 50 billion yuan, which enhances the company's innovation capabilities [4] - The company launched three new drugs in Q3 2025, including the first self-developed EZH2 inhibitor in China, indicating a strong pipeline of innovative products [3][4] Profit Forecast - Under a neutral scenario, the company is expected to achieve net profits of 8.045 billion yuan, 9.866 billion yuan, and 11.702 billion yuan for the years 2025, 2026, and 2027, respectively [6]

持续的研发投入迎来了丰硕的成果。报告期内，恒瑞医药创新成果不断落地，研发管线快速推进。 商业化方面，恒瑞医药自主研发的1类创新药泽美妥司他片、中国首个自主研发的EZH2抑制剂上市，用 于既往接受过至少1线系统性治疗的复发或难治外周T细胞淋巴瘤（R/R PTCL）成人患者。公司在代谢 疾病领域也迎来重要进展：国内首个自主研发的口服降糖三联复方制剂恒格列净瑞格列汀二甲双胍缓释 片(I)、(II)上市，用于经盐酸二甲双胍治疗血糖控制不佳的成人2型糖尿病患者改善血糖控制。至此，恒 瑞医药目前已在国内获批上市24款1类创新药、5款2类新药。 上市申报方面，报告期内，公司新药上市申请获得国家药监局受理的数量累计为13项（按品种适应症 计），疾病领域涵盖肿瘤、代谢和心血管疾病、免疫和呼吸系统疾病等。同时，恒瑞医药在研管线储备 充足，有100多个自主创新产品正在临床开发，400余项临床试验在国内外开展。报告期内，公司共获得 48个临床试验批件，有4款产品被纳入突破性治疗品种名单。其中ADC创新药瑞康曲妥珠单抗第9次纳 入突破性治疗品种。 国际化进程全面提速 10月27日晚，恒瑞医药发布2025年三季报。公司前三季度实现营业收 ...