恒瑞医药 - 2025 年三季度前瞻及 ESMO 会议聚焦全球化展望

October 24, 2025 09:08 AM GMT Jiangsu Hengrui | Asia Pacific M Idea 3Q25 Preview & ESMO Take: Focus On Globalization Outlook We expect healthy product sales and ex-BD net profit growth in 3Q amid a stable domestic policy backdrop. BD outlook remains the key investor focus, underpinned by Hengrui's broad pipeline and ongoing appetites from global biopharma. Reiterate OW and Top Pick. Key Takeaways 3Q result preview: We estimate product sales and ex-BD net profit to record low- teens % growth in 3Q25, or sing ...