"医药一哥"恒瑞医药，最新消息！ 9月1日盘后，恒瑞医药发布公告称，其收到国家药监局通知，附条件批准公司自主研发的1类创新药泽美妥司他片（SHR2554片）上市。泽 美妥司他片是中国首个自主研发的EZH2抑制剂。 恒瑞医药子公司福州盛迪收到国家药监局通知，公司HRS9531注射液的药品上市许可申请获国家药监局受理。据悉，该药品主要用于成人的 长期体重管理。 来看详情—— 恒瑞医药公布 两款药品新进展 9月1日盘后，恒瑞医药公布了旗下两款药品的最新进展。 恒瑞医药称，其收到国家药监局的通知，附条件批准公司自主研发的1类创新药泽美妥司他片（SHR2554片）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。泽美妥司他片是中国首个自主研发的EZH2抑制剂。 外周T细胞淋巴瘤（PTCL）是一组具有高度异质性和侵袭性的淋巴系统恶性肿瘤，在我国非霍奇金淋巴瘤患者中，其占比约 25%～30%，明 显高于西方国家；且患者中位发病年龄为52岁，也相对年轻。PTCL 临床治疗极具挑战，多数患者在接受初始治疗后复发或转为难治。 恒瑞医药称，泽美妥司他片是公司开发的新型、高效、选择性的 ...

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 ...

创新药销售引领业绩增长 8月20日，恒瑞医药（股票代码：600276.SH；01276.HK）发布2025年半年度报告显示，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%。 恒瑞医药持续加大创新力度，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。在半年度业绩报发布的同时，恒瑞医药还同时公告将回购10-20亿元的股份，用于实 行新的员工持股计划，2025年激励规模不超过1400万股。 与此同时，公司在研管线储备丰富，创新发展后劲十足。公司有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。报告期内公司共有5项上市申请获NMPA受理，10项临床推进至Ⅲ期， 22项临床推进至Ⅱ期，15项创新产品首次推进至临床Ⅰ期。项目注册申报方面，报告期内，公司取得创 新药制剂生产批件12个；取得创新药临床批件62个；2项临床试验被纳入突破性治疗品种名单。 报告期内，公司有15个自主研发的创新分子进入临床阶段，药物类型包括小分子 ...

恒瑞医药（600276）(01276)公布2025年中期业绩，收入约人民币157.61亿元，较去年同期增长15.9%;归 属于公司股东的净利润人民币44.5亿元，较去年同期增长29.7%;每股基本盈利人民币0.70元。 公告称，收入、利润增长主要是由于创新药销售及许可收入增加所带动。创新药销售及许可收入人民币 95.61亿元，较去年同期增长26.8%，占收入比重60.7%，其中创新药销售收入人民币75.7亿元。 创新药对外许可作为公司常态化业务，其收入已成为我们营业收入的重要组成部分。报告期内，公司收 到Merck Sharp&Dohme2亿美元以及IDEAYA Biosciences7500万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。 此外，尽管纳入集采的仿制药销售收入仍略有下滑，但公司优质仿制产品布比卡因脂质体、美国获批首 仿产品注射用紫杉醇(白蛋白结合型)等报告期内销售收入取得较快增长，带动整体仿製药业务收入实现 小幅提升。 瑞维鲁胺、达尔西利、恒格列净等医保内创新药精准定位未被满足的临床需求，优异的临床数据在实践 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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年8月20日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 江苏恒瑞医药股份有限公司 2025 年半年度报告 公司代码：600276 ...

Core Viewpoint - Heng Rui Pharmaceutical's recent IPO in Hong Kong marks a significant step towards internationalization, raising approximately 9.89 billion HKD, making it the largest domestic pharmaceutical IPO of the year [3][4]. Group 1: Company Overview - Heng Rui Pharmaceutical has been a leader in China's innovative drug sector, with a strong focus on international operations through licensing agreements, contributing significantly to its revenue [3][4]. - The company has completed 14 licensing agreements for innovative drugs, with 9 of these occurring in the last three years, indicating a rapid acceleration in its international expansion efforts [3][10]. Group 2: Market Challenges - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's revenue, particularly affecting its generics business, which accounted for 82% of its revenue in 2019 [8][9]. - The average price drop for drugs that entered procurement has exceeded 50%, leading to substantial revenue declines for Heng Rui, which saw its revenue peak at 27.735 billion CNY in 2020 before experiencing consecutive declines [9][16]. Group 3: Strategic Transformation - In response to market pressures, Heng Rui has shifted its focus towards innovative drugs, with the proportion of innovative drug revenue rising to 46.6% in 2023, surpassing 10 billion CNY for the first time [10][24]. - The company has significantly reduced its generics R&D projects, focusing instead on innovative drugs, with 57 clinical approvals for innovative drugs compared to only 1 for generics in 2024 [24][25]. Group 4: Financial Performance - Heng Rui's revenue dropped by 6.59% in 2021, marking its first decline post-IPO, largely due to the impact of procurement policies [16][18]. - The company's net profit increased by 32.98% in 2024, attributed to recognizing a 1.6 billion EUR upfront payment from Merck for licensing agreements [59]. Group 5: Internationalization Strategy - Heng Rui's internationalization strategy includes various approaches such as direct licensing and joint development with foreign companies, aiming to enhance its global market presence [57][58]. - The company has engaged in several business development (BD) transactions, including a notable partnership with Merck, which could yield significant future revenues [59][60]. Group 6: Competitive Landscape - The competitive landscape for innovative drugs is intensifying, with rivals like BeiGene achieving significant sales milestones, highlighting the need for Heng Rui to innovate and differentiate its product offerings [28][31]. - Heng Rui's leading product, the PD-1 inhibitor, has faced pricing pressures due to increased competition, necessitating ongoing investment in marketing and physician education to maintain market share [35][36].

Core Viewpoint - Heng Rui Medicine has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 98.9 billion, marking the largest pharmaceutical IPO in China this year. This move is seen as a significant step towards internationalization for the company [2]. Group 1: Company Overview - Heng Rui Medicine is recognized as a leading company in China's innovative drug sector, with a strong pipeline of products. The company has primarily relied on licensing agreements for international expansion, with 14 licensing deals completed, 9 of which occurred in the last three years [2][3]. - The company has not engaged in any financing activities since its A-share IPO in 2000, making this recent listing a notable event in its history [3]. Group 2: Impact of Policy Changes - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's operations, particularly affecting its revenue from generic drugs, which constituted 82% of its income in 2019 [7][8]. - The average price drop for drugs that have undergone procurement has exceeded 50%, creating substantial pressure on the company's profitability [7][21]. Group 3: Financial Performance - Following a peak revenue of CNY 27.735 billion in 2020, Heng Rui's income has declined for two consecutive years due to procurement policies, but it began to stabilize in 2023 [8]. - The company's revenue from innovative drugs has increased to 46.6% of total revenue in 2023, surpassing CNY 10 billion for the first time [8][27]. Group 4: Strategic Transformation - Heng Rui has shifted its focus from generic drugs to innovative drug development, significantly reducing its generic drug projects and increasing its innovative drug pipeline [27][29]. - The company has established research centers globally to monitor trends and gather patent information, although it lacks a standout blockbuster product [36]. Group 5: International Expansion Strategies - Heng Rui's international strategy includes three main approaches: self-expansion, direct licensing, and joint ventures. The company has increasingly opted for direct licensing to reduce costs and risks [57][65]. - Recent licensing agreements have generated significant upfront payments, such as a EUR 160 million deal with Merck, contributing to a 32.98% increase in net profit in 2024 [66]. Group 6: Challenges and Future Outlook - The company faces challenges in the competitive landscape of innovative drugs, particularly in the PD-1 market, where it must navigate pricing pressures and market acceptance [40][43]. - Heng Rui's recent foray into NewCo transactions, which involve complex asset and equity financing, indicates a strategic pivot towards leveraging external capital for growth [68][69].

Group 1: Semiconductor Industry Recovery - The military electronics sector has shown signs of a bottom reversal trend, with delayed orders expected to be released in the final year of the 14th Five-Year Plan, accompanied by new equipment procurement leading to a stocking cycle [3] - At the recent GTC conference, NVIDIA announced its future technology roadmap, highlighting a surge in AI computing demand, developments in silicon photonics technology, and advancements in the robotics field [3] Group 2: Rare Earth Industry Transformation - The industrialization of humanoid robots is accelerating, with large-scale applications expected to open new growth curves for the rare earth magnetic materials market starting in 2025 [4] - According to EVTank data, global sales of new energy vehicles are projected to reach 18.236 million units in 2024, continuing to drive demand for rare earth magnetic materials [4] - Each megawatt of permanent magnet direct-drive motors requires 0.8-1 ton of rare earth magnetic materials, and the increasing capacity of wind power installations will continue to boost demand [4] - The Chinese government has strengthened the optimization of rare earth resources and market order through new regulations, which will enhance industry transparency and promote sustainable utilization of rare earth resources [4] - The rapid development of humanoid robots, low-altitude economy, new energy vehicles, and wind power, along with policy-driven supply-side reforms, will create new growth opportunities for the rare earth industry [4] Group 3: Pharmaceutical Industry Performance - The innovative drug segment of the company has shown strong revenue growth, with a decrease in sales expense ratio (29.79%, down 3.41 percentage points year-on-year), enhancing overall profitability [5] - Existing products like Camrelizumab, Pyrotinib, Apatinib, and Remimazolam continue to expand their market through new indications [5] - GLP-1 class innovative drugs (HRS-7535, HRS-9531, HRS-4729) have been licensed to Kailera in the U.S., with expected maximum revenue of $6.035 billion (including an upfront payment of $110 million) [5] - DLL3ADC innovative drug (SHR-4849) has been licensed to IDEAYA in the U.S., with expected maximum revenue of $1.045 billion (including an upfront payment of $75 million) [5] Group 4: New Consumption Trends - In 2024, consumer shopping motivations for self-satisfaction and personal expression have increased by 9% and 1% respectively, driving the growth of emotion-driven consumption markets such as the millet economy (market size of 168.9 billion yuan, up 40.6% year-on-year) and temple economy [6] - The smart home and digital cultural tourism markets continue to grow, with a rapid shift towards online consumption reflected in the fast development of live e-commerce and instant retail [6] - The consumption tendencies of younger demographics reflect generational influences and higher life and work pressures, leading them to fulfill emotional needs through consumption [6] - Government policies are continuously promoting the rise of new consumption, particularly through the integration of "artificial intelligence + consumption" to foster innovative development in consumption scenarios, especially in emerging fields like health and elderly care, and cultural tourism [6] - The experiences of developed economies like the U.S. and Japan indicate significant changes in consumption structure following economic advancement, a trend expected to gradually manifest in China [6] - With declining birth and marriage rates, smaller family sizes are driving consumption demand from single households and younger groups, particularly in personal care and jewelry sectors [6] Group 5: eVTOL Industry Progress - Since 2023, companies like EHang have successfully obtained the world's first type certificate (TC), standard airworthiness certificate (AC), and production certificate (PC) for eVTOL, marking the entry into mass production [5] - Government policy support and the gradual improvement of regulations indicate that airworthiness certification for eVTOL will accelerate, providing assurance for rapid industry development [5]