Jiangsu Hengrui Medicine (600276) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 7.21 billion, up 20.14% year-over-year.

• Net profit attributable to shareholders was RMB 1.87 billion, a 36.90% increase year-over-year.

• Growth driven by a $75 million upfront payment from IDEAYA for out-licensing, recognized as income.

Financial highlights

• Operating cash flow was RMB 555 million, down 55.75% year-over-year due to higher R&D investment and lower received licensing payments.

• Basic and diluted EPS were both RMB 0.30, up 42.86% year-over-year.

• Total assets at quarter-end were RMB 51.29 billion, up 2.31% from year-end 2024.

• Shareholders’ equity reached RMB 46.99 billion, up 3.22% from year-end 2024.

Key financial ratios and metrics

• Gross margin improved as revenue growth outpaced cost increases.

• Weighted average ROE was 4.08%, up 0.75 percentage points year-over-year.