文 | 时代周报 近日，中药老字号企业片仔癀频现新药研发动态，相继发布了1.1类中药创新药温胆片和化学药品1类创 新药PZH2108片的研发进展情况。这家以片仔癀产品为核心的老牌中药企业，也在化药创新药研发领域 取得进展。 据片仔癀公告介绍，PZH2108片IIa期临床试验采用多中心、随机、双盲、安慰剂对照设计，以"治疗期 不良事件及安全性评估异常的发生及严重程度"作为主要终点。该临床试验方案已获得牵头单位河南省 肿瘤医院医学伦理委员会审核同意，并于2025年11月14日完成首例受试者入组。截至公告日11月21日， 该药物项目的研发投入(未经审计)累计约6100万元。 对于同类产品情况，片仔癀公告介绍，根据全球疾病负担研究数据，2021年，癌症患者中约44.5%会经 历不同程度的癌症疼痛，约有797万癌痛患者。根据2016-2021年癌症病例的发展趋势及癌痛患病率，预 计到2033年，癌痛患者数量将会突破1200万人。阿片类药物为目前癌痛的常规治疗药物。经查询药智网 数据库，2024年，中国医院销售端的镇痛阿片碱类药物销售规模达104.78亿元。 11月21日，片仔癀（600436.SH）发布公告称，近日，公 ...

Core Viewpoint - The company, Heng Rui Pharmaceutical, has successfully transitioned from generic drugs to innovative drugs, resulting in steady growth in its operating performance, with significant increases in revenue and net profit in recent quarters [1][4][6]. Financial Performance - In the first three quarters of 2025, Heng Rui Pharmaceutical achieved revenue of approximately 232 billion yuan, a year-on-year increase of about 15% [1][6]. - The net profit attributable to shareholders reached 57.51 billion yuan, reflecting a year-on-year growth of 24.50% [1][6]. - The company has maintained a trend of increasing revenue and net profit for three consecutive years [2][6]. - The operating cash flow net amount for the first three quarters was 91.10 billion yuan, a significant increase of 98.68% compared to the previous year [6]. Growth Drivers - The rapid growth in performance is primarily attributed to the strong contribution from innovative drugs, which accounted for 60.66% of total revenue in the first half of 2025 [4][9]. - The company has consistently increased its R&D investment, with 49.45 billion yuan allocated in the first three quarters of 2025, marking an 8.71% increase year-on-year [5][10]. - Heng Rui Pharmaceutical has actively pursued overseas markets, achieving significant licensing agreements, including a notable deal with GlaxoSmithKline (GSK) that could yield substantial future revenue [11]. Market Position and Strategy - The company has shifted its focus to innovative drugs, with a reported sales revenue of 138.92 billion yuan in 2024, reflecting a 30.60% year-on-year growth despite competitive pressures [9]. - As of mid-2025, Heng Rui Pharmaceutical had received approval for 23 new molecular entity drugs in China, positioning itself as a leader in innovation within the industry [9].

Group 1 - The core point of the news is that Heng Rui Pharmaceutical's stock price is recovering, while a senior executive plans to reduce holdings for personal financial needs [1] - Senior Vice President Sun Jieping intends to sell up to 476,700 shares, representing 0.007% of the company's total shares, potentially cashing out approximately 25.69 million yuan based on the latest closing price of 53.89 yuan per share [1] - The company's stock price has seen a significant increase from 45.7 yuan per share to 53.89 yuan per share, marking a 17.9% rise in 2025 [1] Group 2 - In 2024, Heng Rui Pharmaceutical achieved record-high revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% [2] - The growth in performance is attributed to the increase in innovative drug sales, which reached 13.892 billion yuan, reflecting a 30.60% year-on-year growth [2] - In the first quarter of 2025, the company continued its growth trend with revenue of 7.206 billion yuan, a 20.14% increase, and a net profit of 1.874 billion yuan, up 36.9% [2] Group 3 - Heng Rui Pharmaceutical successfully listed on the Hong Kong Stock Exchange on May 23, raising a net amount of 9.747 billion HKD, attracting several prominent cornerstone investors [3] - As of June 16, the stock price in Hong Kong was 59.5 HKD per share, representing a 35% increase from the issue price of 44.05 HKD per share [4]

Core Viewpoint - The recent surge of A-share companies pursuing IPOs in Hong Kong, including the notable case of Hengrui Medicine, highlights a strategic move towards internationalization and capital optimization in the pharmaceutical sector [1][3]. Company Overview - Hengrui Medicine, established in 1970, is an innovative international pharmaceutical company focused on the research, production, and promotion of high-quality drugs across various therapeutic areas, including oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [2]. - The company has established 14 R&D centers globally and has developed multiple technology platforms for drug development, including PROTAC, peptide drugs, monoclonal antibodies, and AI drug discovery [2]. IPO Details - Hengrui Medicine has officially passed the listing hearing with the Hong Kong Stock Exchange and is expected to launch its IPO roadshow this month, aiming to raise approximately $2 billion (around 14.5 billion RMB) [1]. - The funds raised will be used to optimize the capital structure, explore new financing channels, and support R&D innovation, product commercialization, and operational needs [1][4]. Financial Performance - In the 2024 annual report, Hengrui Medicine reported a revenue of 27.985 billion RMB, a year-on-year increase of 22.63%, and a net profit of 6.337 billion RMB, up 47.28% [4]. - The Q1 2025 report showed a revenue of 7.206 billion RMB, reflecting a 20.14% year-on-year growth, with a net profit of 1.874 billion RMB, a 36.90% increase [4]. Strategic Implications - The move to list in Hong Kong is seen as a catalyst for Hengrui Medicine's international expansion, enhancing its visibility among international investors and improving its global brand image [5]. - The dual listing strategy ("A+H") is part of the company's broader "innovation + internationalization" strategy, positioning internationalization as a key focus for growth [3].

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].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve an EPS of 1.06/1.17 CNY for 2025-26, with a new forecast of 1.42 CNY for 2027. The target price is set at 56.18 CNY based on a PE ratio of 53 for 2025 [2] - The company reported a significant revenue increase of 22.63% year-on-year for 2024, reaching 27.985 billion CNY, and a net profit increase of 47.28%, totaling 6.337 billion CNY [9] - The company is actively advancing its internationalization efforts, with several products receiving FDA approval and significant licensing agreements contributing to revenue growth [9] Financial Information Summary - Revenue (in million CNY): - 2023A: 22,820 - 2024A: 27,985 (22.6% YoY growth) - 2025E: 31,684 (13.2% YoY growth) - 2026E: 35,553 (12.2% YoY growth) - 2027E: 40,900 (15.0% YoY growth) [4] - Net Profit (in million CNY): - 2023A: 4,302 - 2024A: 6,337 (47.3% YoY growth) - 2025E: 6,759 (6.7% YoY growth) - 2026E: 7,477 (10.6% YoY growth) - 2027E: 9,060 (21.2% YoY growth) [4] - EPS (in CNY): - 2023A: 0.67 - 2024A: 0.99 - 2025E: 1.06 - 2026E: 1.17 - 2027E: 1.42 [4] - Gross Margin: - 2023A: 84.6% - 2024A: 86.2% - 2025E: 84.5% - 2026E: 84.9% - 2027E: 85.4% [4] - Net Margin: - 2023A: 18.9% - 2024A: 22.6% - 2025E: 21.3% - 2026E: 21.0% - 2027E: 22.2% [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve an EPS of 1.06/1.17 CNY for 2025-26, with a new forecast of 1.42 CNY for 2027. The target price is set at 56.18 CNY based on a PE ratio of 53 for 2025 [2] - The company reported a significant revenue increase of 22.63% year-on-year for 2024, reaching 27.985 billion CNY, and a net profit increase of 47.28%, totaling 6.337 billion CNY [9] - The company is actively advancing its internationalization efforts, with several products receiving FDA approval and significant licensing agreements contributing to revenue growth [9] Financial Information Summary - Revenue (in million CNY): - 2023A: 22,820 - 2024A: 27,985 (22.6% YoY growth) - 2025E: 31,684 (13.2% YoY growth) - 2026E: 35,553 (12.2% YoY growth) - 2027E: 40,900 (15.0% YoY growth) [4] - Net Profit (in million CNY): - 2023A: 4,302 - 2024A: 6,337 (47.3% YoY growth) - 2025E: 6,759 (6.7% YoY growth) - 2026E: 7,477 (10.6% YoY growth) - 2027E: 9,060 (21.2% YoY growth) [4] - EPS (in CNY): - 2023A: 0.67 - 2024A: 0.99 - 2025E: 1.06 - 2026E: 1.17 - 2027E: 1.42 [4] - Gross Margin: - 2023A: 84.6% - 2024A: 86.2% - 2025E: 84.5% - 2026E: 84.9% - 2027E: 85.4% [4] - Net Margin: - 2023A: 18.9% - 2024A: 22.6% - 2025E: 21.3% - 2026E: 21.0% - 2027E: 22.2% [4]

Group 1 - Heng Rui Pharma appointed Ms. Feng Ji as President and Chief Operating Officer, responsible for company management, while former President Dai Hongbin became Vice Chairman [2] - Ms. Feng Ji has over 30 years of experience in the pharmaceutical industry, having worked at Shanghai Renji Hospital, Novartis, Amgen, and AstraZeneca, with a strong background in sales, marketing, and international business operations [2] - The appointment comes at a critical time as Heng Rui Pharma aims to enhance its international presence, having submitted its application to the Hong Kong Stock Exchange on January 6 [2] Group 2 - Heng Rui Pharma has been focusing on the oncology field but is increasingly expanding into chronic disease areas, with 47 innovative pipelines in non-oncology fields, surpassing the number of oncology products in development [2] - Since 2023, the company has accelerated the launch of non-oncology innovative drugs in China, with nine new drugs including Henggrelin, Aimabuxitin, and others covering various fields such as metabolism, cardiovascular, and neuroscience [3] - Industry insiders believe that Ms. Feng Ji's extensive experience in chronic disease will facilitate Heng Rui's rapid expansion in the non-oncology sector [3]

Core Viewpoint - Heng Rui Medicine has achieved significant operational results driven by technological innovation and internationalization, with record high revenue and net profit in 2024 [1][4]. Financial Performance - In 2024, the company reported revenue of 27.985 billion yuan, a year-on-year increase of approximately 23% [1][5]. - The net profit attributable to shareholders was approximately 6.3 billion yuan, reflecting a year-on-year growth of over 47% [1][6]. - The revenue growth rate in 2024 was the best performance in the last five years [6]. Innovation and R&D - The revenue from innovative drugs reached approximately 13.9 billion yuan in 2024, with a year-on-year growth of over 30% [2][9]. - The company invested 8.228 billion yuan in R&D in 2024, accounting for 29.4% of its revenue, an increase from 26.95% in the previous year [12]. - Over the past decade, the total R&D investment has reached 42.267 billion yuan [12]. Product Development and Approvals - As of the end of 2024, the company had received approval for 19 first-class innovative drugs in China [3][12]. - Two first-class innovative drugs were approved for market launch in 2024 [10]. - The company has initiated over 20 overseas clinical trials in various countries, including the US and Europe [13]. Internationalization Efforts - The company has successfully expanded its international presence, receiving significant upfront payments from licensing agreements, including 160 million euros from Merck Healthcare and 100 million dollars from Kailera Therapeutics [3][11]. - Since 2018, the company has engaged in 13 licensing transactions with global partners, involving 16 molecular entities and a potential total transaction value of approximately 14 billion dollars [14].

Core Viewpoint - Heng Rui Medicine (600276.SH) achieved record high revenue and net profit driven by innovative drugs, with a significant stock price increase recently [1][2][3] Financial Performance - In 2024, Heng Rui Medicine reported revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% year-on-year [1] - The company's innovative drug sales revenue reached 13.892 billion yuan, contributing over half of total sales revenue, with a year-on-year growth of 30.60% [3][4] Research and Development - Heng Rui Medicine's R&D investment reached a historical high of 8.228 billion yuan in 2024, representing a year-on-year increase of 33.79%, accounting for 29.40% of revenue [1][4] - Cumulatively, the company has invested over 44 billion yuan in R&D to date [1] Innovation and Product Development - The company expects over 40 innovative products to be approved for market in the next three years, covering various therapeutic areas including oncology and cardiovascular diseases [7][9] - In 2024, 10 innovative products were approved, including four first-class innovative drugs [7][8] Internationalization and Business Development - Heng Rui Medicine has initiated over 20 overseas clinical trials in countries such as the US, Europe, and Japan, with several products entering Phase III trials [11][12] - The company has engaged in 13 licensing transactions with global partners, with a potential total transaction value of approximately 14 billion USD [12][13]