恒瑞医药(01276)涨近4%，截至发稿，涨3.76%，报23.16港元，成交额5041.21万港元。 此外，据恒瑞医药官网消息，近日，恒瑞医药子公司山东盛迪医药有限公司收到国家药品监督管理局的 通知，批准公司自主研发的恒格列净瑞格列汀二甲双胍缓释片(I)、(II)(瑞乐唐®)上市，本品配合饮食控 制和运动，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。值得关注的 是，瑞乐唐®是中国首个自主研发的口服降糖三联复方制剂，标志着我国在糖尿病治疗领域实现重要创 新突破。 消息面上，10月27日，恒瑞医药发布2025年前三季度业绩，该集团取得营业收入231.88亿元，同比增加 14.85%；归属于上市公司股东的净利润57.51亿元，同比增加24.5%；基本每股收益0.89元。 ...

此外，据恒瑞医药官网消息，近日，恒瑞医药子公司山东盛迪医药有限公司收到国家药品监督管理局的 通知，批准公司自主研发的恒格列净瑞格列汀二甲双胍缓释片(I)、(II)(瑞乐唐)上市，本品配合饮食控制 和运动，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。值得关注的是， 瑞乐唐是中国首个自主研发的口服降糖三联复方制剂，标志着我国在糖尿病治疗领域实现重要创新突 破。 消息面上，10月27日，恒瑞医药发布2025年前三季度业绩，该集团取得营业收入231.88亿元，同比增加 14.85%；归属于上市公司股东的净利润57.51亿元，同比增加24.5%；基本每股收益0.89元。 恒瑞医药（600276）(01276)涨近4%，截至发稿，涨3.76%，报23.16港元，成交额5041.21万港元。 ...

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]

Core Viewpoint - Heng Rui Medicine has demonstrated strong growth in revenue and net profit for the first three quarters of 2025, driven by high R&D investment and successful innovation in drug development [1] Financial Performance - The company achieved operating revenue of 23.188 billion yuan, a year-on-year increase of 14.85% - Net profit attributable to shareholders reached 5.751 billion yuan, up 24.50% - R&D expenses for the first three quarters amounted to 4.945 billion yuan, with cumulative R&D investment exceeding 50 billion yuan [1] Innovation and Product Development - Heng Rui has launched several innovative drugs, including China's first self-developed EZH2 inhibitor and a combination oral hypoglycemic agent for type 2 diabetes [2] - The company has received acceptance for 13 new drug applications from the National Medical Products Administration, with 8 applications in the third quarter alone [3] - The company has over 100 innovative products in clinical development and has received 48 clinical trial approvals during the reporting period [3] Internationalization Efforts - Heng Rui has accelerated its internationalization process, securing significant collaborations with GSK and other companies, with potential total payments reaching approximately 12 billion USD [4] - The company has initiated over 20 overseas clinical trials in various countries, including the U.S. and Europe [5] - Heng Rui showcased its research achievements at the European Society for Medical Oncology (ESMO) annual meeting, presenting 46 research results covering 14 innovative drugs [6] Talent Acquisition and Organizational Development - The company has launched a global recruitment program targeting top universities to attract young talent for its innovation and internationalization strategies [7] - High-level talent has been recruited from leading pharmaceutical companies, enhancing the company's global perspective [8] Collaboration and Sustainable Development - Heng Rui has established partnerships with research institutions to promote collaborative innovation, including a joint fund with the National Natural Science Foundation of China [9] - The company has improved its ESG rating from "A" to "AA," reflecting its commitment to sustainable development [9] - Heng Rui has been listed among China's top 500 companies, indicating its growing influence in the industry [9] Future Outlook - The company aims to continue focusing on patient-centered innovation, accelerating the transformation of research results, and expanding its global reach [10]

2025年10月27日，恒瑞医药（股票代码：600276.SH；01276.HK）发布2025年三季报。报告显示，2025 年前三季度，公司实现营业收入231.88亿元，同比增长14.85%；归属于上市公司股东的净利润57.51亿 元，同比增长24.50%。公司持续加大创新力度，维持较高的研发投入，2025年前三季度研发费用达 49.45亿元。根据季报公布的数字计算，恒瑞医药累计研发投入超500亿元。 第三季度，公司坚持"创新"与"国际化"双轮驱动，在创新药研发、全球化布局、人才体系建设及可持续 发展等方面取得多项突破，展现出强劲的高质量发展势头。 创新引擎全速运转，成果转化进入爆发期 同时，公司稳步开展创新药国际临床试验，目前已在美国、欧洲、澳大利亚、日本及韩国等国家启动超 过20项海外临床试验。公司向FDA申请了瑞康曲妥珠单抗（SHR-A1811）联合阿得贝利（SHR-1316） 用于胃癌或胃食管结合部腺癌的孤儿药资格认定，并获得FDA批准。至此，公司共有五款创新药产品获 得该认定。 在持续高研发投入的推动下，恒瑞医药创新成果不断落地，研发管线快速推进。 报告期内，中国首个自主研发的EZH2抑制剂、公司自 ...

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 ...

Core Insights - Heng Rui Medicine reported a revenue of 23.188 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% year-on-year [1] - The company has maintained high R&D investment, with R&D expenses reaching 4.945 billion yuan in the first three quarters, totaling over 50 billion yuan cumulatively [1][4] Innovation and Product Development - Heng Rui's innovation engine is in full operation, with significant breakthroughs in drug development, including the launch of the first domestically developed EZH2 inhibitor and a new oral diabetes medication [4][5] - The company has received acceptance for 13 new drug applications from the National Medical Products Administration in the first three quarters, with 8 applications in the third quarter alone [5] - Heng Rui has over 100 innovative products in clinical development and has received 48 clinical trial approvals during the reporting period [5] Internationalization and Collaborations - The company has accelerated its internationalization process, achieving significant collaborations, including a partnership with GSK to develop up to 12 innovative drugs, with a potential total value of approximately 12 billion USD [6][7] - Heng Rui has initiated over 20 overseas clinical trials in countries such as the USA, Europe, Australia, Japan, and South Korea [7] Talent Acquisition and Organizational Development - Heng Rui has launched a global recruitment program targeting top universities to attract young talent, aiming to support its innovation and internationalization strategies [9] - The company has strengthened its management team by hiring experienced professionals from leading multinational pharmaceutical companies [10] Sustainable Development and ESG Initiatives - Heng Rui has established a joint fund with the National Natural Science Foundation to promote collaborative innovation in cancer and metabolic diseases, with a total investment of 132 million yuan [11] - The company has improved its ESG rating from "A" to "AA" by MSCI, reflecting its commitment to sustainable development and corporate responsibility [11]

10月27日，恒瑞医药（股票代码：600276.SH；01276.HK）发布2025年三季报。报告显示，2025年 前三季度，公司实现营业收入231.88亿元，同比增长14.85%；归属于上市公司股东的净利润57.51亿 元，同比增长24.50%。公司持续加大创新力度，维持较高的研发投入，2025年前三季度研发费用达 49.45亿元。 成果转化进入爆发期 根据季报公布的数字计算，恒瑞医药累计研发投入超500亿元。在持续高研发投入的推动下，恒瑞 医药创新成果不断落地，研发管线快速推进。 报告期内，中国首个自主研发的EZH2抑制剂、公司自主研发的1类创新药泽美妥司他片（商品名： 艾瑞璟®）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。 近日，恒瑞医药在代谢疾病领域也迎来重要进展。中国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)（瑞乐唐®）上市，本品配合饮食控制和运动，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，恒瑞目前已在中国获批上市24款1类 创新药和5款2类新药。 与此同时，公司针对尚未满 ...