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。报告期内，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43.00亿元，同比增长41.80%，营收、净利润及现金流均创同期历史新高。 业绩增长主要得益于创新药业务的持续放量。上半年创新药销售及许可收入合计95.61亿元，占营业收 入比重超过60%，多款成熟及新上市品种临床认可度不断提升，成为公司收入的核心支柱。 与此同时，公司国际化战略取得多项进展，与默沙东、IDEAYA、GSK等跨国企业达成高额授权合作， 涵盖多个创新品种，显示其研发实力逐步获得国际认可，业务模式正由单一产品出口向体系化能力输出 转变。 今年5月，恒瑞医药成功在香港联合交易所挂牌上市，募资约114亿港元，成为近五年港股医药板块最大 规模的IPO。至此公司形成"A+H"双资本平台，有助于拓展国际融资渠道，支持全球布局。 报告期内，公司研发投入38.71亿元，截至2025年6月末累计研发投入近500亿元。在持续的高强度研发 和国际化团队建设的推动下，恒瑞医药 ...

◎记者 何昕怡 8月20日，恒瑞医药发布2025年半年报。公司上半年实现营业收入157.61亿元，同比增长15.88%；实现 归母净利润44.50亿元，同比增长29.67%，营收、净利均创同期新高。 同日，恒瑞医药公告将回购10亿元至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。 创新药硕果累累 上半年，恒瑞医药坚持自主研发与开放合作并重，创新药对外许可作为常态化业务，推动出海成为公司 业绩增长的第二引擎。报告期内，公司收到默沙东2亿美元及IDEAYA 7500万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。 今年3月，恒瑞医药将脂蛋白(a)[Lp（a）]的口服小分子药物HRS-5346的全球独家权益授权给默沙东， 获得2亿美元首付款、最高17.7亿美元里程碑付款、相应销售提成；4月，公司将口服GnRH受体拮抗剂 SHR7280（适应症涵盖医学辅助生殖及妇科领域）在中国的独家商业化权益及授权区域之外区域的优先 谈判权授予德国默克，获得1500万欧元首付款，并有权收取产品获批后一定的里程碑付款及达两位数百 分比的销售提成。 7月，恒瑞医药海外BD（业务拓展 ...

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit driven by innovative drug sales and licensing [2][4]. Financial Performance - The company achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [2]. - The net profit attributable to shareholders reached 4.45 billion yuan, reflecting a year-on-year growth of 29.67% [2]. Innovative Drug Development - Innovative drug sales and licensing revenue amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with sales revenue from innovative drugs at 7.57 billion yuan [4]. - Key innovative drugs such as Rivoceranib, Darsylin, and Hengriletin continued to show rapid growth, while older drugs like Arixtra and Pyrrolidine contributed to revenue through new indications [4]. - The company invested 3.87 billion yuan in R&D during the first half of the year, with a total R&D investment exceeding 48 billion yuan as of June 30 [4]. International Expansion - Heng Rui Medicine accelerated its internationalization efforts, with innovative drug licensing becoming a key growth driver [6]. - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [6]. - Strategic partnerships were established, including a collaboration with GSK for the development of up to 12 innovative drugs, with an upfront payment of 500 million USD and potential total payments of around 12 billion USD [6]. Hong Kong Listing - Heng Rui Medicine successfully listed on the Hong Kong Stock Exchange on May 23, raising a total of 11.4 billion HKD (approximately 1.5 billion USD), marking the largest IPO in the Hong Kong pharmaceutical sector in the past five years [7].

Core Viewpoint - Heng Rui Medicine reported strong financial performance for the first half of 2025, with significant growth in revenue, net profit, and operating cash flow, indicating a robust upward trend in its business operations [2]. 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% year-on-year [2]. - Operating cash flow net amount was 4.30 billion yuan, reflecting a growth of 41.80% [2]. - Research and development expenditure totaled 3.87 billion yuan, with 3.23 billion yuan classified as expensed R&D [2]. Innovation and Product Development - Sales and licensing income from innovative drugs amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales contributing 7.57 billion yuan [2]. - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA, which were recognized as revenue [2]. - Heng Rui has over 100 self-innovated products in clinical development and is conducting over 400 clinical trials domestically and internationally [3]. Collaborations and Partnerships - The company has entered into significant collaborations, including a global exclusive licensing agreement with Merck for the oral small molecule drug HRS-5346, receiving an upfront payment of 200 million USD [3][4]. - A partnership with GSK was established to co-develop up to 12 innovative drugs, with GSK paying an upfront fee of 500 million USD and potential total payments reaching approximately 12 billion USD [4]. Market Position and Expansion - Heng Rui's IPO on the Hong Kong Stock Exchange raised approximately 15 billion USD, marking the largest IPO in the Hong Kong pharmaceutical sector in five years [5]. - The company has initiated over 20 overseas clinical trials in countries including the USA, Europe, Australia, Japan, and South Korea [4].

Core Viewpoint - Heng Rui Medicine has shown significant growth and innovation in 2024, achieving record-high revenues and profits, while also advancing its internationalization strategy through successful licensing agreements and a planned IPO in Hong Kong [1][5][14]. Financial Performance - In 2024, Heng Rui Medicine reported revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% [5]. - For Q1 2025, the company achieved revenue of 7.206 billion yuan, reflecting a 20.14% year-on-year growth, with a net profit of 1.874 billion yuan, increasing by 36.9% [5]. Innovation and R&D - Heng Rui Medicine has invested a total of 46 billion yuan in R&D as of Q1 2025, with innovative drug sales accounting for over 50% of total revenue [4][5]. - The company has 19 approved new molecular entity drugs and over 90 innovative products in clinical development, with 400 clinical trials ongoing [6]. Licensing and Partnerships - In 2024, Heng Rui Medicine secured two major licensing agreements totaling nearly $2 billion, marking a significant expansion in its business development (BD) strategy [8][9]. - The company has completed 14 licensing agreements, with potential total transaction amounts reaching approximately $14 billion in the last three years [10][11]. Internationalization Strategy - Heng Rui Medicine is pursuing a dual strategy of "innovation + internationalization," with plans to issue H-shares in Hong Kong to fund R&D and commercialization efforts [13][14]. - The company aims to optimize its international cooperation model and explore partnerships with multinational pharmaceutical companies and innovative startups [12][15]. Leadership Changes - The appointment of Feng Ji as the new president is seen as a move to accelerate Heng Rui Medicine's innovation and internationalization strategies [16]. Future Outlook - With a robust pipeline of innovative drugs and an expanding international presence, Heng Rui Medicine is positioned to play a more significant role in the global pharmaceutical market [17].

利润高增长源于授权收入确认，经营现金流实际也在好转 财报数据显示，公司业绩增长明显超过营收增速，究其原因，与报告期内对外授权合作密切相关。财报明确指出："报告期公司收到IDEAYA 7500 万美元的对外许可首付款，确认为收入，利润增加较多。"这笔授权收入为公司贡献了显著的利润增长。 从表观利润表来看，公司经营活动产生的现金流量净额为5.55亿元，同比下降55.75%。对此，财报解释为"同期收到授权款项较多及本期研发投入 增加"。但实际拆分来看，恒瑞一季度销售商品收到的现金同比仍有22%的增长，显示主业依然有着获得现金流的能力。 恒瑞医药刚刚公布的2025年一季度财报显示，公司实现营业收入72.06亿元，同比增长20.14%；归属于上市公司股东的净利润达18.74亿元，同比 大幅增长36.90%；扣非净利润18.63亿元，同比增长29.35%。 | 截止日期 | | 2025-03-31 · | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 · | | --- | --- | --- | --- | --- | --- | --- | | 报告期 | | ...

丨2025年4月8日星期二丨 NO.1 北京：鼓励创新医药本地化生产 每经记者 许立波 每经编辑 马子卿 4月7日，北京市医疗保障局等九部门印发《北京市支持创新医药高质量发展若干措施（2025年）》。其 中提出，鼓励创新医药本地化生产。支持企业从国外引进重大药械品种，推动创新药械品种产业化落地 和规模化应用，承接医疗机构院内制剂配制和向创新药转化，"一企一策"做好服务。加强合同研发生产 组织平台建设，定期开展平台能力评价。 NO.2 深圳：对完成临床试验并实现海内外上市的1类创新药，给予最高3000万元资金奖励 4月7日，深圳市发改委等四部门印发《深圳市全链条支持医药和医疗器械发展若干措施》。措施提出， 全面支持医药研发和引进。聚焦核酸药物、蛋白和多肽药物、细胞药物、微生物药物、小分子创新药 物、现代中药等方向，支持引进或自主培育一批创新药成果。对完成临床试验并实现海内外上市的1类 创新药，面向其Ⅰ期、Ⅱ期、Ⅲ期临床试验研发环节，分别给予最高1000万元、2000万元、3000万元资 金奖励。大力支持宠物药发展，对获得一、二、三类新兽药注册证书的宠物药，分别给予300万元、200 万元、100万元奖励，单个企 ...

Market Overview - The A-share market has experienced a significant downturn, with major indices such as the Shanghai Composite Index falling by 7.34% and the ChiNext Index dropping by 12.50% [2][8] - The overall market sentiment is cautious, with a recommendation to maintain a defensive stance and wait for clear signs of stabilization before seeking structural opportunities [11] Industry Dynamics - The agricultural sector has shown resilience amidst the market decline, driven by increased domestic demand for soybeans due to new tariffs on U.S. imports [10][33] - The tourism industry saw a notable increase during the Qingming Festival, with 126 million domestic trips taken, reflecting a 6.3% year-on-year growth [31] - The pet food sector has faced significant adjustments due to tariff impacts, with the pet food index experiencing declines of 2.76% and 9.75% on specific dates [36] Company Updates - Stone Technology (688169.SH) reported a 3.64% decline in net profit for 2024, despite a 38.03% increase in revenue, driven by strong sales in the sweeping robot market [39] - Small Commodity City announced a 12.66% increase in net profit for Q1 2025, with a focus on enhancing its global trade service capabilities [41] - TaoTao Vehicle (301345.SZ) expects a net profit growth of 47%-73% for Q1 2025, attributed to timely overseas capacity expansion [44] - Heng Rui Medicine (600276.SH) signed a licensing agreement with Merck KGaA for the SHR7280 project, which is expected to expedite its commercialization in China [46] Investment Opportunities - The report suggests focusing on high-dividend sectors, policy-supported domestic demand expansion, and precious metals as potential investment areas amidst current market uncertainties [11][12][13] - The technology sector is highlighted as a long-term growth area, with increased investment in R&D and advancements in key technologies [12][13]