2025年08月25日 证券研究报告 非金融公司|公司点评|恒瑞医药（600276） 创新成果引领业绩增长，内生发展与对 外许可并进 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 |报告要点 恒瑞医药发布 2025 年半年报，上半年公司实现营收 157.61 亿元（同比+15.88%），实现归母 净利润 44.50 亿元（同比+29.67%），实现扣非归母净利润 42.73 亿元（同比+22.43%）。公司 二季度实现营收 85.56 亿元（同比+12.53%），实现归母净利润 25.76 亿元（同比+24.88%）， 实现扣非归母净利润 24.10 亿元（同比+17.56%）。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 夏禹 郑薇 SAC：S0590518070004 SAC：S0590521070002 非金融公司|公司点评 glzqdatemark2 2025年08月25日 恒瑞医药(600276) 创新成果引领业绩增长，内生发展与对外许 可并进 | 行 业： | 医药生物/化学制药 | | --- | --- | | 投资评级： | 买入（维持） | | 当 ...

Core Viewpoint - The Chinese innovative drug industry is rapidly developing under policy support and globalization, with leading companies like BeiGene and HengRui Medicine making significant advancements through high R&D investments and dense pipelines [2][3]. Policy and Market Dynamics - The National Healthcare Security Administration initiated the 2025 medical insurance directory adjustment, emphasizing support for innovative drugs, which has boosted industry confidence [3]. - In the first half of 2025, the transaction amount for Chinese innovative drug BD reached $48.448 billion, highlighting accelerated globalization and international cooperation [3]. Company Performance Overview - **BeiGene**: Achieved revenue of 17.518 billion yuan, a 46% increase year-on-year, with a net profit of 450 million yuan, marking its first profitable half-year since listing. Its core product, Tislelizumab, generated sales of 2.643 billion yuan, up 20.6% [7]. - **HengRui Medicine**: Reported innovative drug sales and licensing income of 9.561 billion yuan, accounting for 60.66% of total revenue, with core innovative drug sales driving growth [8]. - **Hansoh Pharmaceutical**: Revenue reached 7.434 billion yuan, a 14.3% increase, with innovative drug sales contributing 82.7% [8]. - **Innovent Biologics**: Generated over 5.2 billion yuan in product revenue, a growth of over 35%, and completed a significant financing project [8]. - **China National Pharmaceutical Group**: Revenue of 17.57 billion yuan, with a net profit of 3.39 billion yuan, a 140.2% increase year-on-year [8]. - **East China Pharmaceutical**: Achieved revenue of 7.317 billion yuan, a 9.24% increase, with R&D investment rising significantly [9]. R&D Pipeline and Trends - The innovative drug sector is experiencing a concentrated R&D phase, with leading companies accelerating their pipeline development [10]. - **HengRui Medicine**: Six first-class innovative drugs were approved during the reporting period, with a robust pipeline including multiple drugs in various clinical stages [13]. - **BeiGene**: Continues to advance in ADC and bispecific antibodies, enhancing its international competitiveness [13]. - **Innovent Biologics**: Has 52 drugs in clinical stages, focusing on various innovative targets [13]. Role of Scientific Instrumentation - Scientific instrument manufacturers are transitioning from supporters to key enablers in the innovative drug sector, providing comprehensive technical support throughout the drug development process [3][14]. - **Waters Corporation**: Reported an 11% growth in pharmaceutical business, with a 70% increase in GLP-1 related income [15]. - **Agilent Technologies**: Increased revenue in life sciences and diagnostics, establishing strategic partnerships to enhance drug development capabilities [16]. - **Thermo Fisher Scientific**: Achieved $6 billion in laboratory product sales, exceeding market expectations, and providing comprehensive services for drug development [16]. Industry Outlook - The rapid development of new molecular types like antibodies and ADCs is creating significant challenges in quality management, fostering a deep coupling between innovative drug companies and scientific instrument manufacturers [18].

长江商报消息 ●长江商报记者 沈右荣 国内医药"一哥"恒瑞医药（600276.SH，01276.HK）创新药发力，经营业绩创新高。 根据半年报，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%；归母净利润为 44.50亿元，同比增长29.67%。 中期营收和净利双增，2023年中期以来，恒瑞医药保持了三年。 长江商报记者发现，2025年上半年，恒瑞医药的创新药表现突出。其创新药销售及许可收入95.61 亿 元，占公司营业收入比重达到60.66%。 近年来，恒瑞医药创新药出海成绩显著。2025年上半年，公司收到 MerckSharp & Dohme 2亿美元以及 IDEAYA 7500万美元的对外许可首付款，并确认为收入，推动了公司业绩增长。 恒瑞医药持续加码研发。2025年上半年，公司研发投入38.71亿元，占营业收入的24.56%。截至2025年6 月底，公司拥有大中华区授权发明专利1125 件，欧美日等国外授权专利797件。 恒瑞医药披露，公司自研管线数量位居全球第二。 受益创新药营收、净利再双增 恒瑞医药的经营业绩延续快速增长的良好势头。 8月20日晚，恒瑞医药如期披露了20 ...

Core Viewpoint - The article highlights the significant growth and transformation of China's innovative pharmaceutical industry, particularly focusing on Heng Rui Medicine's achievements and its role as a leader in this sector. The company has successfully transitioned from a follower to a leader in innovation, marking a new era of high-quality development in the industry [1][28]. Financial Performance - In the first half of 2025, Heng Rui Medicine achieved a revenue of 15.761 billion yuan, representing a year-on-year growth of 15.88% [3]. - The sales and licensing revenue from innovative drugs reached 9.561 billion yuan, accounting for 60.66% of total revenue, indicating a significant shift towards high-quality development [3]. - The net profit for the same period was 4.45 billion yuan, reflecting a year-on-year increase of 29.67%, with a net profit margin of 28.26%, marking a new high since the company's listing [5]. Research and Development - Heng Rui Medicine has maintained a high level of R&D investment, with over 6 billion yuan invested annually in the past three years, representing more than 25% of sales revenue [4]. - In the first half of 2025, R&D expenditure reached 3.871 billion yuan, supporting sustainable innovation [4]. - The company has a robust pipeline with 23 approved first-class innovative drugs and over 100 self-innovated products in clinical development [12]. Global Expansion - Heng Rui Medicine has initiated over 20 overseas clinical trials in various countries, including the US, Europe, and Japan, to promote its innovative drugs globally [16]. - The company has engaged in significant licensing agreements, including a partnership with GSK to develop up to 12 innovative drugs, with an upfront payment of 500 million USD and potential total payments of around 12 billion USD [17]. Industry Trends - The Chinese innovative pharmaceutical sector is experiencing a transformation from imitation to independent innovation, supported by favorable policies and market dynamics [19][20]. - The market for innovative drugs in China is projected to exceed 2 trillion yuan by 2030, with a compound annual growth rate of 24.1% from 2024 to 2030 [22]. - The pharmaceutical sector is viewed as a high-quality investment area, with the industry index showing a strong recovery and growth potential [25].

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].

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]

百奥泰与STADA就托珠单抗注射液签署商业化协议，首付及里程碑款最高至1.36亿欧元 百奥泰发布关于与STADA就BAT1806(托珠单抗)注射液签署授权许可与商业化协议的公告。披露公司将 BAT1806（托珠单抗） 注射液在欧盟、瑞士、英国、其它部分欧洲国家、部分中东与北非地区 （MENA）和部分独立国家联合体（CIS）国家市场的独占的产品商业化权益有偿许可给 STADA。 首付款及里程碑款总金额最高至 1.36 亿欧元，其中包括 850 万欧元首付款、累计不超过 1.275 亿欧元里 程碑付款，以及净销售额的两位数百分比作为收入分成。该协议的签订预计将对公司未来业绩产生积极 影响，有利于提升公司全球商业化及盈利能力。 时代天使否认爱齐科技的专利侵权指控，称将积极应诉 时代天使发布声明。表示公司坚决否认爱齐科技提出的专利侵权指控，并将积极应诉。 "时代天使在二十多年的历史中，拥有以临床驱动创新的丰富传统。竞争对手的专利指控毫无根据，完 全站不住脚。"时代天使首席商务官兼高级副总裁 Rich Hirschland 表示，"自公司成立以来，我们一直在 专利合规上投入大量资源。我们坚信将在此案件中胜出。我们预计公 ...

近日，恒瑞医药（600276）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、出海规划等成为市场关注焦点。 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 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。 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 ...

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 ...

营收、净利及经营性现金流净额均创往年同期新高，恒瑞医药（600276.SH，01276.HK）业绩大增。8 月21日，该公司股价上涨，涨幅为1.81%，收报63.99元/股。 8月20日晚间，恒瑞医药（600276.SH，01276.HK）发布2025年中报业绩，上半年实现营业收入157.61亿 元，同比增长15.88%；归母净利润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%。 创新药成为业绩增长的主要推动力。上半年，该公司创新药销售及许可收入占营收占比超过六成，其中 创新药销售收入75.70亿元、授权许可收入2.75亿美元。即使不含对外许可收入，恒瑞医药上半年[PR1] 的创新药销售收入及公司药品销售收入也实现同比增长。 业绩增长的背后，该公司持续加大研发投入，创新成果不断涌现。上半年该公司研发投入38.71亿元， 其中费用化研发投入32.28亿元。今年以来，已有12项创新成果获批上市，实现3笔对外授权。 20日晚，恒瑞医药还公告，拟使用10亿元～20亿元回购公司股份，用于实行新的员工持股计划，2025年 激励规模不超过1400万股。 "未来，恒瑞医药将始终 ...