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]

"借船出海"成效显著，BD 打开第二增长曲线。公司 25H1 收到 MSD 公司 2 亿美元及 IDEAYA 公司 7500 万美元的对外许可首付 款，显著增厚业绩；2025 年至今公司陆续达成多项重磅合作，包 括口服 GnRH 受体拮抗剂与德国默克达成合作（首付款 1500 万欧 元）、Lp(a)抑制剂与 MSD 达成合作（首付款 2 亿美元+最高 17.7 亿美元里程碑付款+销售提成）、PDE3/4 等 12 款新药与 GSK 达成 合作（首付款 5 亿美元+潜在约 120 亿美元选择权行使费和里程碑 付款+销售提成）。创新药对外许可已成为公司常态化业务。 创新研发步入收获期。公司 25H1 累计研发投入 38.71 亿元，其中 费用化研发投入 32.28 亿元（占营业收入 20.48%）。目前公司围绕 100 余款在研创新产品开展超过 400 项海内外临床试验，ADC（抗 体偶联药物）、AI 药物研发等技术平台日益成熟。25H1 公司 6 款 1 类新药获批上市，包括全球首款超长效 PCSK9 单抗瑞卡西单抗、 首款国产 JAK1 抑制剂艾玛昔替尼片、HER2 ADC 瑞康曲妥珠单 抗等、多靶点 RTK ...