In 2025, Jiangsu Hengrui Pharmaceuticals (01276) achieved a double increase in revenue and net profit, with a net profit attributable to shareholders of approximately 7.711 billion yuan, a year-on-year increase of 21.69%.

Jiangsu Hengrui Pharmaceuticals (01276) announced its performance for 2025. The operating income is approximately 31.629 billion yuan, a year-on-year increase of 13.02%; the net profit attributable to the shareholders of the listed company is approximately 7.711 billion yuan, a year-on-year increase of 21.69%; the net cash flow generated from operating activities is approximately 11.235 billion yuan, a year-on-year increase of 51.36%; the basic earnings per share is 1.19 yuan, and it is proposed to distribute a cash dividend of 2.00 yuan (tax included) for every 10 shares. The company continues to increase its innovation efforts and maintain a high level of research and development investment. The company's accumulated research and development investment during the reporting period is 8.724 billion yuan, of which 6.961 billion yuan is classified as expense-based research and development investment. During the reporting period, the company's increase in operating income and profit is mainly due to: 1. Sales revenue from innovative drugs of 16.342 billion yuan, a year-on-year increase of 26.09%. 2. Recognition of external licensing income. The company has received (1) 200 million US dollars from MSD, 75 million US dollars from IDEAYA, and 15 million euros from Merck KGaA as upfront payments for external licensing, which have been recognized as income; (2) Braveheart Bio's upfront payment and equity of 65 million US dollars for external licensing have been recognized as income; (3) 5 billion US dollars from GSK as an upfront payment for external licensing, and according to the progress of performance obligations, approximately 1 billion US dollars have been recognized as income. In the sales revenue of innovative drugs, revenue from anti-tumor products is 13.24 billion yuan, a year-on-year increase of 18.52%, accounting for 81.02% of the overall sales revenue of innovative drugs. Innovative drugs within medical insurance such as Rivuluamab (second-generation AR antagonist) and Darciclib (CDK4/6 inhibitor) accurately target unmet clinical needs, and excellent clinical data has been widely validated in clinical practice, leading to continued strong growth in sales revenue. Olaparib (PARP inhibitor), Eltrombopag (TPO receptor agonist), and other innovative drugs that have been on the market earlier, continue to inject stable growth in sales revenue as new indications are continually approved or evidence-based medicine is gradually accumulated after market entry. Products such as Ertapenem liposomes (TOP1) and Rhancotuzumab (HER2 ADC), although in the early stages of commercialization and not yet included in medical insurance during the reporting period, have specific efficacy advantages for certain patients and have driven early product volume growth through efficient pre-market preparation and market access strategies. Revenue from non-tumor products is 3.102 billion yuan, a year-on-year increase of 73.36%, accounting for 18.98% of the overall sales revenue of innovative drugs. Medical insurance products such as Empagliflozin (SGLT2 inhibitor) and Remazolam (GABAa receptor agonist) are gradually realizing their value through effective delivery of clinical advantages and achieving rapid growth during the reporting period.