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 ...

导读： 2025年中国创新药产业在政策支持与全球化布局下快速发展，头部药企如百济神州、恒瑞医药等通过高研发投入和管线密集推进。科学仪器厂商如沃特 世、安捷伦、赛默飞等通过提供全流程技术支撑，推动行业持续升级。 值得注意的是，创新药的崛起并非药企"单兵作战"，随着研发进入快车道，科学仪器正从"支撑者"转向"关键赋能者"。 沃特世 、 赛默飞 、 安 捷伦 等厂商正加码布局创新药赛道，从分子发现到质量控制，再到工艺放大，为药企提供全流程技术支撑。药企依赖先进仪器保障研发效率与 合规性，而仪器企业则通过持续迭代，推动分析、检测与生产环节的不断升级。 本文将聚焦 第七届中国制药工业博览会上发布的《2025中国创新药企业TOP101》榜单 前十药企（ 注：因石药集团、康方生物、三生制药截 至发稿时未发布半年报，暂不纳入分析 ），通过梳理其 半年报数据与管线动态 ，呈现 中国创新药产业的最新格局 ，以及 在这一进程中 科学 仪器厂商的 最新动态 。 | ST - ET LAND (CORRECO | 8, REAL PRODUCTION | | | --- | --- | --- | | ● 三生物的(01530) | ...

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]

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 ...

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 | ...

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 ...

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].

Core Insights - The company reported a revenue of 15.76 billion yuan for the first half of 2025, representing a year-on-year growth of 15.88% [1] - The net profit attributable to shareholders reached 4.45 billion yuan, with a year-on-year increase of 29.67% [1] - Operating cash flow net amount was 4.30 billion yuan, showing a growth of 41.80% year-on-year [1] Revenue Breakdown - Sales and licensing income from innovative drugs amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales reaching 7.57 billion yuan [1] - The company has seen rapid growth in revenue from innovative drugs such as Rivoceranib, Darsylin, and Henggrelizumab, which have gained clinical recognition [1] R&D Investments - R&D expenditure for the reporting period was 3.87 billion yuan, with 3.23 billion yuan classified as expensed R&D [1] - The company has advanced 15 self-developed innovative molecules into clinical stages, covering various disease areas including oncology and cardiovascular diseases [2] Product Approvals - Six first-class innovative drugs were approved for market launch during the reporting period, including injection of Rika single antibody and Sulfate Emamectin tablets [1] - The company received approvals for six new indications for existing innovative drugs, enhancing their market potential [1] Clinical Trials and Platforms - The company has five listing applications accepted by NMPA, with 10 projects in Phase III and 22 in Phase II clinical trials [2] - A new molecular model platform has been established, focusing on AI drug development and streamlining R&D processes [2] Licensing and Partnerships - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [3] - The company is enhancing its core competitiveness through a share buyback plan of 1 to 2 billion yuan for a new employee stock ownership plan [3]