Revenue and net profit both double-digit growth! Hengrui Medicine's 2025 revenue is 31.63B yuan, a year-on-year increase of 13.02%, with a net profit of 7.71B yuan, up 21.69% year-on-year.

On March 25th, Hengrui Medicine released its 2025 annual report.
During the reporting period, the company adhered to the “Technological Innovation + Internationalization” dual-driven strategy, achieving sustained performance growth, with both revenue and net profit reaching new highs.
The full year realized operating income of 31.63B yuan, a year-on-year increase of 13.02%;
net profit attributable to shareholders of the listed company was 7.71B yuan, up 21.69%;
net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 7.41B yuan, up 20.00%.
Sales revenue of innovative drugs reached 16.34B yuan, a 26.09% increase, accounting for 58.34% of total drug sales revenue;
external licensing income was 3.39B yuan, a 25.62% increase.

While maintaining continuous growth in performance, the company kept high-intensity R&D investment, with a total R&D expenditure of 8.72B yuan for the year, accounting for 27.58% of operating income,
including 6.96B yuan in expense-based R&D, solidifying the foundation for innovation.

Efficient transformation of innovative achievements empowers performance, with innovative drug sales leading growth

Among innovative drug sales, anti-tumor products generated 13.24 billion yuan, an 18.52% increase, accounting for 81.02% of total innovative drug sales.
The on-market innovative drugs ReviRumab(, second-generation AR antagonists), Darsili(, CDK4/6 inhibitors), which meet unmet clinical needs with excellent clinical data validated in practice, continued strong sales growth.
Early-listed innovative drugs such as Fluzoparib( (PARP inhibitor)) and HaituoPoPa( (TPO receptor agonist)), with ongoing approvals for new indications or evidence accumulation post-market, steadily contributed to the company’s sales.
Although products like Iriotecan Liposomes( (TOP1)) and Rukang Trastuzumab( (HER2 ADC)) are still in early commercialization stages and not yet included in the medical insurance during the reporting period, their clear efficacy advantages for specific patient groups, combined with efficient pre-market preparation and market access strategies, strongly drove early product volume growth.

In the innovative drug sales, non-tumor products achieved revenue of 3.1B yuan, a 73.36% increase, accounting for 18.98% of total innovative drug sales.
Medically insured products such as Hengrui’s SGLT2 inhibitor(, Rimasolam) (GABAa receptor agonist)(, achieved rapid growth through effective clinical advantage transmission.

Notably, the company proposed in its annual report operational plans to strive for over 30% growth in innovative drug sales revenue by 2026.
As mentioned above, in 2025, Hengrui’s innovative drug sales increased by 26.09%, fully demonstrating the company’s ongoing strengthening in innovation pipeline commercialization and ability to accelerate growth.
Based on this, the company set higher growth targets, reflecting strong confidence in future development.

New drugs and indications continue to be approved, with about 53 innovative achievements poised within three years

In 2025, the company continued to intensify innovation efforts.
During the reporting period, the Shanghai Innovation R&D Center was officially launched, further improving the company’s R&D system.

The company continued to build industry-leading new technology platforms, strengthening source innovation.
During the period, the company improved existing mature platforms such as ADC, bispecific/multispecific antibodies, protein degraders, small nucleic acid drugs, oral peptides, PROTAC/molecular glue/RIPTAC, and initially established new molecular platform models.
Simultaneously, Hengrui vigorously developed AI drug discovery)AIDD(, fully empowering innovation and iteration in drug R&D.

The company has formed a highly differentiated, industry-leading innovative product matrix.
Currently, it has approved 24 Class 1 innovative drugs and 5 Class 2 new drugs in China, with over 100自主创新 products in clinical development, and more than 400 clinical trials underway domestically and internationally.

In 2025, the company) including subsidiaries( obtained approval for 7 Class 1 innovative drugs, including Recalcimab for injection, Emamixitinib sulfate tablets, Rigeletin Dihydrate and Metformin tablets), Rukang Trastuzumab for injection, Famitinib malate capsules, Plerixafor for injection, Zemetolol tablets, etc.;
1 Class 2 innovative drug was approved for listing, and 6 new indications for approved innovative drugs received approval, covering tumor, metabolic, cardiovascular, immune, and neurological diseases.
During the reporting period, the company’s R&D pipeline made significant progress, with 15 listing applications accepted by NMPA, 28 projects advanced to Phase III, 61 projects advanced to Phase II, and 28 innovative products initiated Phase I clinical trials for the first time.
In 2025, the company obtained 180 drug clinical approval documents; 8 breakthrough therapy designations from CDE; 2 priority review designations.
Additionally, in 2025, the company recruited over 22,000 participants for clinical studies, demonstrating strong internal clinical development capabilities to efficiently advance product regulatory review processes.

Patent application and maintenance work proceeded smoothly.
During the period, 76 patents were granted in Greater China, and 209 patents abroad.
As of the end of the reporting period, the company held 986 authorized invention patents in Greater China and 1,021 patents authorized in Europe, America, Japan, and other regions.

In 2025, Hengrui Medicine had 20 products/indications included in the revised national medical insurance catalog, with 10 products entering the insurance for the first time, continuously improving the accessibility and affordability of high-quality medicines, which also helps accelerate product volume and increase market share, further consolidating the company’s leading position in innovative drugs.

Regarding future growth potential, the company’s growth is expected to further release.
According to the announcement, approximately 53 innovative achievements are expected to be approved for listing between 2026 and 2028.
Among new product launches, the GLP-1/GIP dual receptor agonist HRS9531 for overweight/obesity, with potential to be the best-in-class, is expected to gain approval.
For new indications, Rukang Trastuzumab is expected to be approved for HER2-positive colorectal cancer, HER2-positive breast cancer as first-line treatment, and other indications.

Internationalization accelerates, BD becomes a new engine for performance growth

Strong innovation and R&D capabilities lay a solid foundation for high-level international cooperation.
In 2025, Hengrui’s BD cooperation models continued to innovate, with five deals for overseas expansion of innovative drugs.
A notable strategic alliance with GSK: jointly developing up to 12 innovative drugs including PDE3/4 inhibitor HRS-9821, with Hengrui receiving a $500 million upfront payment, and potential total exercise rights and milestone payments totaling approximately $12 billion, plus sales royalties, demonstrating deep recognition of Hengrui’s innovation platform and R&D strength.
In addition, an exclusive license agreement with MSD for the LP(a) inhibitor HRS-5346 in Greater China, with a $200 million upfront and up to $1.77 billion in milestone payments, further validates global competitiveness.
Furthermore, the commercialization rights for oral GnRH antagonist SHR7280 in mainland China were licensed to Merck Germany; the Myosin small molecule inhibitor HRS-1893 was licensed to Braveheart Bio under a NewCo model; and Rukang Trastuzumab’s international market rights were licensed to Glenmark.
Since 2023, the company has completed 12 overseas expansion deals, including licensing, NewCo, and strategic alliances, with potential total transaction value exceeding $27 billion.
This series of active BD transactions is accelerating the global realization of Hengrui’s innovative drug value.

Meanwhile, the company is actively promoting overseas independent development and registration.
During the period, a new clinical R&D and cooperation center was established in Boston, USA.
Currently, the company has set up 15 R&D centers across Asia, Europe, America, and Australia, with multiple innovative drugs initiating their first overseas clinical trials during the period.
Additionally, during the period, the HER2 ADC innovative drug Rukang Trastuzumab combined with Atezolizumab and chemotherapy for gastric or gastroesophageal junction adenocarcinoma received orphan drug designation from the US FDA.
Currently, five innovative drugs have received orphan drug designation from the FDA, and four ADC products have received fast-track designation.

Furthermore, during the period, the company successfully listed on the Hong Kong Stock Exchange, achieving an “A+H” listing, raising HKD 11.37B, the largest IPO in the Hong Kong pharmaceutical sector in nearly five years, marking a new milestone in internationalization.

In 2025, the company actively explored innovative treatment options, showcasing the clinical value of “Chinese medicine” to the world.
During the period, 381 important research achievements related to the company’s products gained international recognition.
These include publications in top global journals such as CA( Clinical Oncology, The Lancet), JAMA(, with a total impact factor of 3,159, including 18 landmark studies in oncology (impact factor ≥30) and non-oncology (impact factor ≥20).
The company’s participation on the global academic stage also advanced to a new level.
In oncology, 72 and 46 studies were selected for ASCO and ESMO annual meetings respectively, with the first exhibition booth at ESMO;
in non-oncology, multiple results were accepted as oral presentations at the American Diabetes Association) (ADA) annual meeting, American Academy of Dermatology( (AAD), European Renal Association) (ERA), and other international conferences.

Building a global talent pipeline, comprehensive operation management upgrades

The deepening of the internationalization strategy relies on the support of global organizational capabilities.
In 2025, the company further deepened talent introduction and cultivation, building a global talent pipeline.
Recruited Ms. Feng Ji as President, strengthening global strategic leadership;
hired Mr. Zhu Guoxin as Senior Vice President and Head of Global Early R&D, enhancing pipeline foresight and source innovation;
appointed Mr. Yin Hang as Vice President and General Manager of Oncology Division, continuously strengthening oncology competitiveness;
brought in Mr. Yu Liu as Chief Medical Officer for international markets, responsible for clinical development outside the US and China;
and Ms. Karen Atkin as Head of International Business and Portfolio Strategy, further expanding overseas business.
Additionally, through the “Global Elite Program,” the company attracted outstanding students and young scholars from top universities and research institutions worldwide.

For internal talent development, targeted key personnel at different levels, systematically implementing programs such as “Mid-to-High-Level High-Potential Talent Development Project,” “New Manager Training Camp,” and “Hengrui Leadership Summit,” to build a professional, young, and international first-class talent team.

The company continues to strengthen strategic and organizational alignment.
In 2025, a new Biopharmaceutical Division(BBU) was established, alongside the existing Oncology Division(OBU), to enhance leading commercialization capabilities through organizational upgrades.
The company has formed a complementary system of functions including commercial excellence, marketing, medical affairs, central and provincial sales management, and market access, empowering professional sales teams.
It has established a broad and in-depth omnichannel coverage network.
Currently, the sales network covers over 25,000 hospitals and more than 200,000 offline retail pharmacies nationwide.
The company also set up a grassroots broad-market structure, upgrading its layout based on market potential and product attributes.
As of now, community terminal coverage has exceeded 2,500 locations, with academic activities reaching 20k doctors, significantly enhancing grassroots brand influence.

Deepening government-industry-academia-research integration, practicing sustainable commitments

To further strengthen the company’s foundational research capabilities in biomedicine, the company actively promotes government-industry-academia-research linkage, jointly establishing the “National Natural Science Foundation Private Enterprise Innovation Development Joint Fund” with the National Natural Science Foundation of China, totaling 132 million yuan, focusing on basic or applied basic research in tumor and metabolic diseases.
Additionally, it signed a strategic cooperation memorandum with the China Science and Technology Development Foundation, investing 100 million yuan to support projects in seven key areas including technological innovation, resource empowerment, talent cultivation, and international exchange, fostering deep integration of technological and industrial innovation.

As a leading enterprise in Chinese pharmaceutical innovation, Hengrui Medicine always emphasizes fulfilling social responsibilities and practicing sustainable development.

In November 2025, a serious fire occurred at Hongfu Garden, Tai Po, Hong Kong, attracting widespread social concern.
Hengrui announced an emergency donation of HKD 10 million for rescue and post-disaster reconstruction efforts.

With outstanding performance in pharmaceutical innovation, compliant operation, green development, and social responsibility, Hengrui’s ESG rating by MSCI rose to “AA,” ranking among the top in the global pharmaceutical industry.

Leveraging innovation and international high-quality development achievements, Hengrui has received numerous domestic and international recognitions.
It has been listed for seven consecutive years among the Top 50 global pharmaceutical companies by Pharmaceutical Executive magazine.
According to the 2025 pipeline ranking by Citeline, its self-developed pipeline ranks second globally.
It successfully entered the 2025 Fortune China 500 list published by Fortune China.
HaituoPoPa Ethanolamine Tablets( Hengqu®) received the China Patent Gold Award.
Hengrui has also been recognized as a “China Outstanding Employer” for five consecutive years, reaffirming its achievements in human resources management.

Looking ahead, Hengrui will continue to uphold the “Technological Innovation + Internationalization” dual-driven strategy, focusing on unmet clinical needs, creating differentiated innovative products;
persist in independent R&D and open cooperation, bringing more and better treatment options to patients worldwide.