回顾过往，从灵魂砍价到高质量发展，中国创新药迎来高歌猛进的黄金十年。如今，从"中国制造"到"全球智造"，中国创新药企们正在重新定义全球医药产 业的游戏规则。 在这股浪潮中，作为中国创新药企的领军者，恒瑞医药自今年上半年成功赴港上市后，再次迎来他的高光时刻。在其赴港上市厚首份业绩成绩单中，核心指 标再创新高。 根据公告显示，2025上半年，公司营收、净利润双双大幅增长，创下历史新高。尤其引人注目的是，其创新药销售收入与对外授权收入占比突破60%，标志 着正式迈入高质量发展的"收获期"，转型升级全面提速。 亮眼数据的背后，是中国创新药从"跟跑"到"领跑"的质变，更是中国经济从规模扩张向质量跃升的核心密码——以创新为引擎、以国际化为路径，在全球价 值链重构中抢占制高点。 营收净利再创新高，迈入收获期 尽管面临医药行业政策持续调整与变革，恒瑞医药依然展现出强劲的业绩韧性，稳健穿越行业周期，持续引领创新转型。 从收入端看，公司坚定创新驱动，业绩实现高速增长。 创新转型的成效已在利润端清晰显现。2025年上半年，公司实现归母净利润44.5亿元，同比增长29.67%；净利率达到28.26%，同比提升3.05个百分点，创上 ...

上半年研发投入逾38亿元 创新药方面，恒瑞医药半年报显示，2025年上半年，公司创新药销售及许可收入为95.61亿元，占公司 营业收入比重的60.66%，其中创新药销售收入为75.70亿元。 业内人士表示，当前我国创新药相关企业已经实现从量变到质变的转化，逐渐从"跟跑者"到"引领者"。 创新药板块景气度有望持续，"创新+国际化"步伐逐渐加快，成为医药板块的核心方向。 恒瑞医药 恒瑞医药表示，瑞维鲁胺、达尔西利、恒格列净等创新药收入继续保持快速增长。艾瑞昔布、瑞马唑 仑、吡咯替尼及氟唑帕利等上市较早的创新药，随着上市后研究循证医学证据的逐步积累及新适应症的 持续获批，持续为公司销售收入贡献增量。 ● 本报记者 李梦扬 近日，恒瑞医药发布2025年半年度报告。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44.50亿元，同比增长29.67%；经营性现金流净额达43.00亿元， 同比增长41.80%。上半年公司营收、净利及经营性现金流净额均创同期新高。记者梳理发现，截至目 前，百济神州、翰森制药等多家创新药企披露上半年业绩情况，创新药收入情况、研发管线进展 ...

8月20日，恒瑞医药（股票代码：600276.SH；01276.HK）发布2025年半年度报告。报告显示， 2025年上半年，公司实现营业收入157.61亿元，同比增长15.88%；归属于上市公司股东的净利润 44.50亿元，同比增长29.67%；经营性现金流净额达43.00亿元，同比增长41.80%。营收、净利及经 营性现金流净额均创往年同期新高，业绩进入爆发增长期。公司持续加大创新力度，维持较高的研 发投入，报告期内公司研发投入38.71亿元，其中费用化研发投入32.28亿元。 为了增强团队凝聚力及公司核心竞争力，充分发挥长效激励机制，恒瑞医药还同时公告将 回 购 1 0 亿 - 2 0 亿 元 的 股 份 ， 用 于 实 行 新 的 员 工 持 股 计 划 ， 2 0 2 5 年 激 励 规 模 不 超 过 1 4 0 0 万 股。 创新药销售引领业绩增长 对外许可成常态化业务 从业绩角度来看，持续的高强度研发投入加快公司转型升级步伐，公司迈入了创新药丰收 期，创新药收入持续提升。2 0 2 5年上半年公司创新药销售及许可收入9 5 . 6 1亿元，占公司 营业收入比重6 0 . 6 6%，其中创新药销 ...

8月20日，恒瑞医药发布2025年半年报。当中披露，公司上半年实现营业收入157.61亿元，同比增长 15.88%；归属净利润44.50亿元，同比增长29.67%；经营性现金流净额达43.00亿元，同比增长41.80%。 报告期内公司研发投入38.71亿元，其中费用化研发投入32.28亿元。 据悉，2025年上半年公司创新药销售及许可收入95.61亿元，占公司营业收入比重60.66%，其中创新药 销售收入75.70亿元。 瑞维鲁胺、达尔西利、恒格列净等创新药的临床数据在实践中得到广泛验证，临床价值获得医生及患者 的持续认可，收入继续保持快速增长。艾瑞昔布、瑞马唑仑、吡咯替尼及氟唑帕利等上市较早的创新 药，随着上市后研究循证医学证据的逐步积累及新适应症的持续获批，持续为公司销售收入贡献增量。 公告也披露，报告期内，公司（含报表内子公司）6款1类创新药获批上市，包括：注射用瑞卡西单抗、 硫酸艾玛昔替尼片、瑞格列汀二甲双胍片（Ⅰ）/（Ⅱ）、注射用瑞康曲妥珠单抗、苹果酸法米替尼胶 囊、注射用磷罗拉匹坦帕洛诺司琼； 6个创新药新适应症获批上市，包括：硫酸艾玛昔替尼片新增3个适应症（类风湿关节炎等）、注射用卡 瑞利珠单抗 ...

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit driven by innovative drug sales and licensing [2][4]. Financial Performance - The company achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [2]. - The net profit attributable to shareholders reached 4.45 billion yuan, reflecting a year-on-year growth of 29.67% [2]. Innovative Drug Development - Innovative drug sales and licensing revenue amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with sales revenue from innovative drugs at 7.57 billion yuan [4]. - Key innovative drugs such as Rivoceranib, Darsylin, and Hengriletin continued to show rapid growth, while older drugs like Arixtra and Pyrrolidine contributed to revenue through new indications [4]. - The company invested 3.87 billion yuan in R&D during the first half of the year, with a total R&D investment exceeding 48 billion yuan as of June 30 [4]. International Expansion - Heng Rui Medicine accelerated its internationalization efforts, with innovative drug licensing becoming a key growth driver [6]. - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [6]. - Strategic partnerships were established, including a collaboration with GSK for the development of up to 12 innovative drugs, with an upfront payment of 500 million USD and potential total payments of around 12 billion USD [6]. Hong Kong Listing - Heng Rui Medicine successfully listed on the Hong Kong Stock Exchange on May 23, raising a total of 11.4 billion HKD (approximately 1.5 billion USD), marking the largest IPO in the Hong Kong pharmaceutical sector in the past five years [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年8月20日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 江苏恒瑞医药股份有限公司 2025 年半年度报告 公司代码：600276 ...

Core Viewpoint - Heng Rui Pharmaceutical's recent IPO in Hong Kong marks a significant step towards internationalization, raising approximately 9.89 billion HKD, making it the largest domestic pharmaceutical IPO of the year [3][4]. Group 1: Company Overview - Heng Rui Pharmaceutical has been a leader in China's innovative drug sector, with a strong focus on international operations through licensing agreements, contributing significantly to its revenue [3][4]. - The company has completed 14 licensing agreements for innovative drugs, with 9 of these occurring in the last three years, indicating a rapid acceleration in its international expansion efforts [3][10]. Group 2: Market Challenges - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's revenue, particularly affecting its generics business, which accounted for 82% of its revenue in 2019 [8][9]. - The average price drop for drugs that entered procurement has exceeded 50%, leading to substantial revenue declines for Heng Rui, which saw its revenue peak at 27.735 billion CNY in 2020 before experiencing consecutive declines [9][16]. Group 3: Strategic Transformation - In response to market pressures, Heng Rui has shifted its focus towards innovative drugs, with the proportion of innovative drug revenue rising to 46.6% in 2023, surpassing 10 billion CNY for the first time [10][24]. - The company has significantly reduced its generics R&D projects, focusing instead on innovative drugs, with 57 clinical approvals for innovative drugs compared to only 1 for generics in 2024 [24][25]. Group 4: Financial Performance - Heng Rui's revenue dropped by 6.59% in 2021, marking its first decline post-IPO, largely due to the impact of procurement policies [16][18]. - The company's net profit increased by 32.98% in 2024, attributed to recognizing a 1.6 billion EUR upfront payment from Merck for licensing agreements [59]. Group 5: Internationalization Strategy - Heng Rui's internationalization strategy includes various approaches such as direct licensing and joint development with foreign companies, aiming to enhance its global market presence [57][58]. - The company has engaged in several business development (BD) transactions, including a notable partnership with Merck, which could yield significant future revenues [59][60]. Group 6: Competitive Landscape - The competitive landscape for innovative drugs is intensifying, with rivals like BeiGene achieving significant sales milestones, highlighting the need for Heng Rui to innovate and differentiate its product offerings [28][31]. - Heng Rui's leading product, the PD-1 inhibitor, has faced pricing pressures due to increased competition, necessitating ongoing investment in marketing and physician education to maintain market share [35][36].

Core Viewpoint - Heng Rui Medicine has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 98.9 billion, marking the largest pharmaceutical IPO in China this year. This move is seen as a significant step towards internationalization for the company [2]. Group 1: Company Overview - Heng Rui Medicine is recognized as a leading company in China's innovative drug sector, with a strong pipeline of products. The company has primarily relied on licensing agreements for international expansion, with 14 licensing deals completed, 9 of which occurred in the last three years [2][3]. - The company has not engaged in any financing activities since its A-share IPO in 2000, making this recent listing a notable event in its history [3]. Group 2: Impact of Policy Changes - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's operations, particularly affecting its revenue from generic drugs, which constituted 82% of its income in 2019 [7][8]. - The average price drop for drugs that have undergone procurement has exceeded 50%, creating substantial pressure on the company's profitability [7][21]. Group 3: Financial Performance - Following a peak revenue of CNY 27.735 billion in 2020, Heng Rui's income has declined for two consecutive years due to procurement policies, but it began to stabilize in 2023 [8]. - The company's revenue from innovative drugs has increased to 46.6% of total revenue in 2023, surpassing CNY 10 billion for the first time [8][27]. Group 4: Strategic Transformation - Heng Rui has shifted its focus from generic drugs to innovative drug development, significantly reducing its generic drug projects and increasing its innovative drug pipeline [27][29]. - The company has established research centers globally to monitor trends and gather patent information, although it lacks a standout blockbuster product [36]. Group 5: International Expansion Strategies - Heng Rui's international strategy includes three main approaches: self-expansion, direct licensing, and joint ventures. The company has increasingly opted for direct licensing to reduce costs and risks [57][65]. - Recent licensing agreements have generated significant upfront payments, such as a EUR 160 million deal with Merck, contributing to a 32.98% increase in net profit in 2024 [66]. Group 6: Challenges and Future Outlook - The company faces challenges in the competitive landscape of innovative drugs, particularly in the PD-1 market, where it must navigate pricing pressures and market acceptance [40][43]. - Heng Rui's recent foray into NewCo transactions, which involve complex asset and equity financing, indicates a strategic pivot towards leveraging external capital for growth [68][69].

Group 1: Semiconductor Industry Recovery - The military electronics sector has shown signs of a bottom reversal trend, with delayed orders expected to be released in the final year of the 14th Five-Year Plan, accompanied by new equipment procurement leading to a stocking cycle [3] - At the recent GTC conference, NVIDIA announced its future technology roadmap, highlighting a surge in AI computing demand, developments in silicon photonics technology, and advancements in the robotics field [3] Group 2: Rare Earth Industry Transformation - The industrialization of humanoid robots is accelerating, with large-scale applications expected to open new growth curves for the rare earth magnetic materials market starting in 2025 [4] - According to EVTank data, global sales of new energy vehicles are projected to reach 18.236 million units in 2024, continuing to drive demand for rare earth magnetic materials [4] - Each megawatt of permanent magnet direct-drive motors requires 0.8-1 ton of rare earth magnetic materials, and the increasing capacity of wind power installations will continue to boost demand [4] - The Chinese government has strengthened the optimization of rare earth resources and market order through new regulations, which will enhance industry transparency and promote sustainable utilization of rare earth resources [4] - The rapid development of humanoid robots, low-altitude economy, new energy vehicles, and wind power, along with policy-driven supply-side reforms, will create new growth opportunities for the rare earth industry [4] Group 3: Pharmaceutical Industry Performance - The innovative drug segment of the company has shown strong revenue growth, with a decrease in sales expense ratio (29.79%, down 3.41 percentage points year-on-year), enhancing overall profitability [5] - Existing products like Camrelizumab, Pyrotinib, Apatinib, and Remimazolam continue to expand their market through new indications [5] - GLP-1 class innovative drugs (HRS-7535, HRS-9531, HRS-4729) have been licensed to Kailera in the U.S., with expected maximum revenue of $6.035 billion (including an upfront payment of $110 million) [5] - DLL3ADC innovative drug (SHR-4849) has been licensed to IDEAYA in the U.S., with expected maximum revenue of $1.045 billion (including an upfront payment of $75 million) [5] Group 4: New Consumption Trends - In 2024, consumer shopping motivations for self-satisfaction and personal expression have increased by 9% and 1% respectively, driving the growth of emotion-driven consumption markets such as the millet economy (market size of 168.9 billion yuan, up 40.6% year-on-year) and temple economy [6] - The smart home and digital cultural tourism markets continue to grow, with a rapid shift towards online consumption reflected in the fast development of live e-commerce and instant retail [6] - The consumption tendencies of younger demographics reflect generational influences and higher life and work pressures, leading them to fulfill emotional needs through consumption [6] - Government policies are continuously promoting the rise of new consumption, particularly through the integration of "artificial intelligence + consumption" to foster innovative development in consumption scenarios, especially in emerging fields like health and elderly care, and cultural tourism [6] - The experiences of developed economies like the U.S. and Japan indicate significant changes in consumption structure following economic advancement, a trend expected to gradually manifest in China [6] - With declining birth and marriage rates, smaller family sizes are driving consumption demand from single households and younger groups, particularly in personal care and jewelry sectors [6] Group 5: eVTOL Industry Progress - Since 2023, companies like EHang have successfully obtained the world's first type certificate (TC), standard airworthiness certificate (AC), and production certificate (PC) for eVTOL, marking the entry into mass production [5] - Government policy support and the gradual improvement of regulations indicate that airworthiness certification for eVTOL will accelerate, providing assurance for rapid industry development [5]