On August 20, Hengrui Pharma (600276.SH;01276.HK) reported a remarkable first-half performance for 2025. Revenue soared to RMB 15.76 billion, up 15.88% year-on-year, while net profit surged to RMB 4.45 billion, up 29.67%, both reaching record highs. Net operating cash flow also hit a record level, climbing to RMB 4.3 billion, up 41.8%. Innovative drug sales and licensing revenue contributed 60.66% of total revenue, underscoring the company’s transformation momentum. Total R&D investment amounted to RMB 3.87 billion, of which RMB 3.23 billion was expensed.

In H1 2025, Hengrui obtained 12 NDA approvals for innovative drugs in China, including six NMEs and six new indications. The company has over 100 innovative products in clinical development and is conducting more than 400 clinical trials globally, including 20+ overseas trials, reflecting its expanding global R&D capabilities. During the reporting period, Hengrui maintained strong momentum on external partnership and signed licensing deals with top multinational pharmaceutical companies, including Merck KGaA, Darmstadt, Germany. These partnerships further propel Hengrui’s globalization strategy and long-term growth.

In May, Hengrui listed on the Hong Kong Stock Exchange, raising HK$11.4 billion (US$1.5 billion) in total proceeds including the over-allotment option — the largest pharmaceutical IPO in Hong Kong in the past five years — further enhancing access to global capital. With a growing pool of international talent — including over 30% of mid-to-senior management with overseas experience — and a diversified global pipeline, the company is accelerating its globalization strategy and strengthening its presence in the international pharmaceutical market.