Jiangsu Hengrui Medicine (600276) H2 2025 earnings summary

Executive summary

• Revenue reached RMB31,629.4 million in 2025, up 13.0% year-over-year, driven by innovative drug sales and licensing revenue.

• Net profit attributable to shareholders was RMB7,711.1 million, a 21.7% increase year-over-year.

• Innovative drug sales accounted for 58.3% of drug sales, with revenue from innovative drugs rising 26.1% year-over-year.

• The company completed a dual listing in Hong Kong and closed five major overseas licensing deals.

Financial highlights

• Gross profit increased 13.0% to RMB27,266.8 million; gross margin stable at 86.2%.

• Net profit margin improved to 24.4% from 22.6% in 2024.

• EBITDA (non-IFRS) rose 19.3% to RMB8,879.1 million.

• R&D expenses were RMB6,961.2 million, 22.0% of revenue.

• Final dividend proposed at RMB2.0 per ten shares.

• Cash and bank balances at year-end were RMB40,854.7 million.

Outlook and guidance

• Targeting over 30% growth in innovative drug sales in 2026.

• Plans to launch approximately 53 innovative products and indications globally from 2026–2028.

• Generic drug sales expected to decline as focus shifts to innovation.

• Continued investment in R&D and global clinical trials to maximize pipeline value.