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恒瑞医药:出海扬帆,创新为王
Ge Long Hui· 2025-08-24 05:06
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 ...
从中国领先到全球布局,恒瑞医药上半年业绩创同期新高,创新药内生增长动能凸显
Jin Rong Jie· 2025-08-24 03:50
Core Viewpoint - Heng Rui Medicine has demonstrated robust growth in its financial performance, with record-high revenue and profit figures, driven by a significant increase in innovative drug sales and a strategic shift towards innovation-focused business operations [1][2][4]. Financial Performance - In the first half of 2025, Heng Rui Medicine achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit attributable to shareholders of 4.45 billion yuan, reflecting a substantial growth of 29.67% [1]. - The net cash flow from operating activities reached 4.30 billion yuan, marking a 41.80% increase compared to the previous year [1]. Innovative Drug Growth - Innovative drug sales and licensing revenue reached 9.56 billion yuan, accounting for 60.66% of total operating revenue, with sales of innovative drugs alone amounting to 7.57 billion yuan [2]. - The proportion of innovative drug sales within the main business revenue (13.69 billion yuan) stands at 55.28%, indicating a significant shift from traditional generic drugs to innovative drugs [2]. R&D Investment and Achievements - Heng Rui Medicine has consistently increased its R&D investment, with expenditures of 6.35 billion yuan, 6.15 billion yuan, and 8.23 billion yuan from 2022 to 2024, representing 29.83%, 26.95%, and 29.40% of total revenue, respectively [4]. - As of the end of the reporting period, the cumulative R&D investment exceeded 48 billion yuan, supporting the company's long-term competitive advantage [4]. Globalization Strategy - The company has made significant strides in its globalization strategy, receiving upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA for licensing agreements, contributing to revenue growth [7]. - Heng Rui Medicine has initiated over 20 overseas clinical trials and commercialized products in more than 40 countries, enhancing its global presence and influence [7].
恒瑞医药(600276):2025 年半年报点评:创新药销售亮眼,BD成绩斐然
EBSCN· 2025-08-23 07:42
Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 15.76 billion yuan in H1 2025, representing a year-over-year growth of 15.88%, and a net profit attributable to shareholders of 4.45 billion yuan, up 29.67% year-over-year, slightly exceeding expectations due to a significant increase in licensing income [1][2] Summary by Sections Revenue and Profit Growth - The company's innovative drug sales and licensing income reached 9.56 billion yuan in H1 2025, accounting for 60.66% of total revenue, with innovative drug sales alone contributing 7.57 billion yuan. The clinical value of innovative drugs such as Rivoraxaban and Darsilene has been recognized by doctors, leading to rapid revenue growth [2] Business Development (BD) Achievements - In H1 2025, the company secured three external licensing agreements, including a 15 million euro upfront payment from Merck for an oral GnRH receptor antagonist, a 200 million USD upfront payment from MSD for an Lp(a) inhibitor, and a 500 million USD upfront payment from GSK for 12 new drugs. The total potential milestone payments and sales royalties from these agreements could reach up to 17.7 billion USD [3] Operational Efficiency - The company's management, sales, and R&D expense ratios were 8.15%, 27.85%, and 20.48% respectively, showing a year-over-year decrease of 0.48pp, 1.11pp, and 1.86pp, indicating effective cost control and improved operational efficiency. The net operating cash flow increased significantly by 41.80% to 4.30 billion yuan, reflecting strong cash generation capabilities [3] Profit Forecast and Valuation - The company is recognized as a leading player in China's innovative drug sector, with continuous investment in R&D. The net profit forecasts for 2025-2027 have been raised to 9.05 billion yuan, 9.48 billion yuan, and 10.60 billion yuan respectively, with corresponding P/E ratios of 48, 45, and 41 [4][5]
多家创新药企“中考成绩”亮眼
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 ...
恒瑞医药(600276):主业稳步增长,BD收益增厚利润,25H1净利YOY+30%
2025 年 08 月 21 日 王睿哲 C0062@capital.com.tw 目标价(元) 75.4 公司基本信息 | 产业别 | | 医药生物 | | --- | --- | --- | | A 股价(2025/8/20) | | 62.85 | | 上证指数(2025/8/20) | | 3766.21 | | 股价 12 个月高/低 | | 65.43/41.89 | | 总发行股数(百万) | | 6637.20 | | A 股数(百万) | | 6379.00 | | A 市值(亿元) | | 4009.20 | | 主要股东 | | 江苏恒瑞医药集 | | | | 团有限公司 | | | | (23.18%) | | 每股净值(元) | | 8.81 | | 股价/账面净值 | | 7.14 | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | 10.0 14.8 | 49.8 | 近期评等 | | | | 产品组合 | | | --- | --- | | 抗肿瘤 | 52.1% | | 神经科学 | 15.3% | | 造影剂 | 9.8% | 机构投资者占流通 A 股比例 | ...
业绩迈向新台阶,恒瑞2025上半年营收157.61亿元、净利44.50亿元
21世纪经济报道· 2025-08-21 00:20
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 ...
医药一哥,业绩创新高!有重要股东减持了……
Zheng Quan Shi Bao· 2025-08-20 23:01
Core Viewpoint - Heng Rui Medicine reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by innovative drug sales and licensing income [1][7]. Financial Performance - The company achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [2]. - Net profit attributable to shareholders reached 4.45 billion yuan, up 29.67% compared to the same period last year [3]. - Total profit amounted to 5.05 billion yuan, reflecting a growth of 34.63% [3]. - The net cash flow from operating activities was 4.30 billion yuan, an increase of 41.80% [3]. - The company's net assets at the end of the reporting period were 58.46 billion yuan, up 28.44% from the previous year [3]. Innovation and R&D - The company invested 3.87 billion yuan in R&D during the first half of 2025, with 3.23 billion yuan classified as expensed R&D [3]. - Six Class 1 innovative drugs were approved for market launch during the reporting period [8]. - The company has over 100 self-innovated products in clinical development and more than 400 clinical trials ongoing domestically and internationally [8]. Sales and Market Expansion - Innovative drug sales and licensing income totaled 9.56 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales alone reaching 7.57 billion yuan [7]. - The company received significant licensing payments, including 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [7]. - The company has accelerated its internationalization efforts, with over 20 overseas clinical trials initiated in various countries [9]. Shareholder Activity - Despite the recent increase in stock price, three of the top ten shareholders reduced their holdings in the second quarter [4][6].
恒瑞医药上半年营收增长15.88%至157.61亿元,创新药销售及许可收入占比超6成
Cai Jing Wang· 2025-08-20 21:41
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 ...
“创新+国际化”驱动 恒瑞医药上半年营收、净利创新高
◎记者 何昕怡 8月20日,恒瑞医药发布2025年半年报。公司上半年实现营业收入157.61亿元,同比增长15.88%;实现 归母净利润44.50亿元,同比增长29.67%,营收、净利均创同期新高。 同日,恒瑞医药公告将回购10亿元至20亿元的股份,用于实行新的员工持股计划,2025年激励规模不超 过1400万股。 创新药硕果累累 上半年,恒瑞医药坚持自主研发与开放合作并重,创新药对外许可作为常态化业务,推动出海成为公司 业绩增长的第二引擎。报告期内,公司收到默沙东2亿美元及IDEAYA 7500万美元的对外许可首付款, 并确认为收入,进一步推动经营业绩指标增长。 今年3月,恒瑞医药将脂蛋白(a)[Lp(a)]的口服小分子药物HRS-5346的全球独家权益授权给默沙东, 获得2亿美元首付款、最高17.7亿美元里程碑付款、相应销售提成;4月,公司将口服GnRH受体拮抗剂 SHR7280(适应症涵盖医学辅助生殖及妇科领域)在中国的独家商业化权益及授权区域之外区域的优先 谈判权授予德国默克,获得1500万欧元首付款,并有权收取产品获批后一定的里程碑付款及达两位数百 分比的销售提成。 7月,恒瑞医药海外BD(业务拓展 ...
600276,好消息!
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].