Core Viewpoint - 恒瑞医药 has successfully emerged from the shadow of centralized procurement, with its performance showing continuous improvement, particularly driven by its innovative drug business and international expansion efforts [2][3][5]. Financial Performance - In Q1 2025, 恒瑞医药 reported revenue of 7.206 billion yuan, a year-on-year increase of 20.14%, and a net profit of 1.874 billion yuan, up 36.9%, marking the highest net profit growth for the same period in nearly a decade [2][5]. - The company’s revenue and net profit for 2024 reached historical highs, with revenue of 27.985 billion yuan, a 22.63% increase, and net profit of 6.337 billion yuan, up 47.28% [3][4]. Innovation and Drug Development - 恒瑞医药's innovative drug sales reached 13.892 billion yuan in 2024, reflecting a 30.60% growth [4]. - The company has launched two Class 1 innovative drugs, contributing to its revenue growth [4]. International Expansion and Licensing Deals - Since 2018, 恒瑞医药 has engaged in 13 licensing transactions with global partners, with a potential total transaction value of approximately 14 billion USD [6]. - In 2025, the company signed two significant licensing agreements, including a 200 million USD upfront payment for a drug with Merck and a 15 million euro upfront payment for another drug with Merck Group [8]. Research and Development Investment - 恒瑞医药 has maintained high R&D investments, exceeding 6 billion yuan in 2022 and 2023, and increasing to 8.228 billion yuan in 2024 [10]. - The company has developed a leading and highly differentiated innovative product matrix, with 19 new molecular entity drugs approved in China and over 90 innovative products in clinical development [10].

4月24日，恒瑞医药发布2025年一季报。披露公司一季度实现营业收入72.06亿元，同比增长20.14%，归属净利润18.74 亿元，同比增长36.9%。公告介绍，报告期内，公司将IDEAYABiosciences海外独家许可的7500万美元首付款确定为收 入，推动利润进一步增长。 公司2025年一季度研发费用达15.33亿元。在持续高强度研发投入驱动下，在研管线快速推进，创新研发成果加速转 化。 截至目前，公司已在国内获批上市19款新分子实体药物（1类创新药）和4款其他创新药（2类新药）， 90多个自主创 新产品正在临床开发，约400项临床试验在国内外开展。年报所披露的未来三年预计获批上市47项创新成果正陆续兑 现。 在新药和新适应症获批方面，自2025年至今，有6项创新成果获批。恒瑞医药自主研发的全球首个超长效PCSK9单抗 瑞卡西单抗（商品名：艾心安®）上市。该产品是公司在心血管疾病领域上市的首个1类创新药。 1类创新药、中国首个自主研发的高选择性JAK1抑制剂硫酸艾玛昔替尼片（商品名：艾速达®）上市，先后获批用于 活动性强直性脊柱炎、中重度活动性类风湿关节炎、中重度特应性皮炎。 此外，1类创新药、中国 ...