Jiangsu Hengrui Medicine (600276) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 7.43 billion, up 12.72% year-over-year; year-to-date revenue was RMB 23.19 billion, up 14.85% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 1.30 billion, up 9.53% year-over-year; year-to-date net profit was RMB 5.75 billion, up 24.50% year-over-year.

• Operating cash flow for Q3 surged 209.78% year-over-year; year-to-date operating cash flow increased 98.68%.

Financial highlights

• Gross margin improved as operating costs rose slower than revenue; year-to-date operating income was RMB 6.62 billion, up from RMB 5.35 billion a year ago.

• Basic and diluted EPS for Q3 were RMB 0.20, up 5.26% year-over-year; year-to-date EPS was RMB 0.89, up 21.92%.

• Total assets at Q3-end were RMB 68.33 billion, up 36.29% from last year-end.

• Shareholders’ equity increased 30.72% to RMB 59.50 billion.

Outlook and guidance

• Cash flow growth attributed to increased drug sales and upfront payments from overseas licensing.