Jiangsu Hengrui Medicine (600276) H1 2025 earnings summary

Executive summary

• Achieved revenue of RMB 15.76 billion in H1 2025, up 15.88% year-over-year; net profit attributable to shareholders was RMB 4.45 billion, up 29.67% year-over-year.

• Innovation drug sales and licensing income reached RMB 9.56 billion, accounting for 60.66% of total revenue.

• Six new Class 1 innovative drugs launched; R&D investment totaled RMB 3.87 billion, with RMB 3.23 billion expensed.

• Overseas licensing deals with Merck, GSK, and others generated significant upfront and milestone payments.

Financial highlights

• Operating income: RMB 15.76 billion, up 15.88% year-over-year.

• Net profit attributable to shareholders: RMB 4.45 billion, up 29.67% year-over-year.

• Operating cash flow: RMB 4.3 billion, up 41.8% year-over-year.

• Basic and diluted EPS: RMB 0.70, up 29.63% year-over-year.

• Gross margin: 86.6% (calculated from disclosed data).

Outlook and guidance

• Expects to maintain strong growth momentum with continued launch of innovative products and expansion in global markets.

• Ongoing focus on R&D and internationalization to drive long-term sustainable growth.