证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-043 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，上市公司应当在每个月的前 3 个交易日内公告截 至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2025 年 3 月 31 日，公司通过集中竞价交易方式累计回购股份 6,853,744 股，占公司总股本的比例为 0.11%，成交的最高价为 57.01 元/股，最低价为 39.00 元/股，已支付的总金额 293,507,020.80 元（不含交易费用）。上述回购符合相关 法律法规的规定及公司既定的回购股份方案。 江苏恒瑞医药股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/5/16 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 60,000 万元~120,000 | | 回 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-over-year growth of 22.6%, and a net profit of 6.34 billion RMB, with a year-over-year increase of 47.3% [8]. - The sales of innovative drugs continue to grow, with a reported income of 13.9 billion RMB from innovative drugs, a 30.6% increase year-over-year [8]. - The company is expected to have 47 innovative products and indications approved for market launch over the next three years, which will drive future revenue growth [8]. Company Performance - The company reported a Q4 revenue of 7.8 billion RMB, a year-over-year increase of 34.3%, and a net profit of 1.72 billion RMB, with a year-over-year increase of 107.2% [8]. - The overall gross margin for 2024 was 86.2%, an increase of 1.6 percentage points year-over-year, driven by high-margin overseas transactions [8]. - The company’s operating expenses ratio decreased to 60.4%, down 3 percentage points year-over-year, primarily due to reductions in sales and management expenses [8]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 6.98 billion RMB, 8.75 billion RMB, and 10.4 billion RMB, respectively, with year-over-year growth rates of 10.2%, 25.3%, and 18.9% [10]. - The expected earnings per share (EPS) for the same years are 1.09 RMB, 1.37 RMB, and 1.63 RMB, with corresponding price-to-earnings (P/E) ratios of 45X, 36X, and 30X [10].

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-044 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 申请事项：临床试验 受 理 号：CXHL2500052 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 1 月 9 日受理的 HRS-9813 胶囊临床试验申请符合药品注册的有关要求，同意 本品开展特发性肺纤维化（IPF）的临床试验。 二、药物的其他情况 HRS-9813 胶囊为公司自主研发的 1 类创新药。临床前数据显示，HRS-9813 可显著改善小鼠肺功能和肺纤维化，且安全性良好。经查询，目前国内外尚无同 类药物获批上市。截至目前，HRS-9813 相关项目累计研发投入约为 9,827 万元。 三、风险提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司广东恒瑞医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）核准签发关于 HRS-9813 胶囊的《药物临床试验批准通知书》，将于近期开展 ...

出品 | 妙投APP 作者 | 张贝贝 头图 | AI生图 在孙飘扬的领导下，恒瑞医药又支棱起来了？ 2024年，恒瑞医药实现营收279.85亿元，同比增长22.63%，归母净利润63.37亿元，同比增长47.28%，扣非净利润61.78亿元，同比增长 49.18%，公司业绩显著增长，营收、净利均创新高，且利润增速远超营收增速的情况也使市场振奋。 那么，恒瑞医药的投资逻辑变化了吗？是否由"集采受损"转为"困境反转"了？这将对公司未来业绩高增能否持续，以及投资是否可以关 注起来带来较大影响。 接下来分三个层面看下： 1）恒瑞医药2024年业绩为何这么好？驱动因素能否持续？ 2）集采扰动影响是否还在，或者说集采扰动影响是否减弱了？ 3）恒瑞医药的估值如何，是否可关注？ 集采扰动还在 从业绩构成看，2024年公司的仿制药业务收入贡献仍有50%，即虽然经历多轮集采扰动，恒瑞医药的仿制药业务对业绩影响还是比较大 的。 所以，当下讨论国内集采对恒瑞影响是否消除，还是很有必要的。 只不过，因为恒瑞医药是以仿制药起家，上市销售产品较多。所以，不同于很多仿制药公司一款或几款产品落入集采，业绩出清大概花 费1-2年的时间，恒瑞医 ...

恒瑞医药 20250331 摘要 Q&A 请介绍一下恒瑞医药 2024 年度的财务表现和经营业绩情况。 2024 年度，恒瑞医药实现营业收入 279 亿元，同比增长 22%。其中，创新药销 售收入增长显著，同比增长 30%，占产品销售收入的比例超过 50%。此外，对外 许可收入也持续大幅增加，推动了公司总体收入的增长。营业总成本为 210 亿 元，同比增长 15%，主要由于销售费用和研发费用的增加。研发项目和投入较 多，同比增长 32%。归母净利润为 63 亿元，同比增长 47%。利润增长主要得益 于创新药销售收入和对外许可收入的增长，这些因素带来的利润贡献超过了研 • 恒瑞医药 2024 年创新药销售收入占比超总收入一半，19 款 1 类创新药和 4 款 2 类创新药获批上市，另有 90 余项自主创新产品处于临床阶段，国内外 开展临床试验约 400 项，科技创新成果显著。 • 2024 年恒瑞医药确认许可收入 27 亿元，主要来自与默克和卡莱特的首付 款、基础转移费及股权对价，四季度许可收入超 12 亿元，其中包含 19.9% 的股权对价，显著优化营收结构，推动全球业务拓展。 • 恒瑞医药国际化战略取得突破 ...

恒瑞医药（600276.SH）营收和净利润均创出新高，创新药驱动业绩大增。近期该公司股价持续上涨， 4月1日大幅上扬，盘中股价创出阶段性新高52.50元/股。 3月30日，恒瑞医药发布年报，2024年实现营业收入279.85亿元，同比增22.63%；归母净利润63.37亿 元，同比增47.28%；扣非后的归母净利润61.78亿元，同比增49.18%。营收、净利润均创新高。 对于业绩大增的原因，恒瑞医药在年报中称，创新成果持续获批，临床价值凸显，驱动收入增长，2024 年创新药销售收入同比增30.60%，为公司贡献了逾一半销售收入（不含对外许可收入）；同时，创新 药出海取得成效，成为业绩增长的第二引擎。 业绩创新高的同时，恒瑞医药的研发投入也创下历史新高。2024年，该公司累计研发投入82.28亿元， 同比增长33.79%，研发投入占营业收入的比重为29.40%，至今恒瑞累计研发投入已超440亿元。 值得注意的是，恒瑞医药年报预计，未来三年40余项创新成果获批上市。 申万宏源证券分析认为，恒瑞医药始终将创新和国际化作为战略发展目标，持续坚持高比例研发投入， 创新药重回快速增长轨道，创新药BD授权交易为公司贡献了 ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 55.58 CNY for the next six months [3]. Core Views - The company reported a revenue of 27.985 billion CNY for 2024, representing a year-on-year growth of 22.63%, and a net profit of 6.337 billion CNY, up 47.28% year-on-year. The sales revenue from innovative drugs reached 13.892 billion CNY, growing by 30.60% year-on-year [1][2]. - The company has made significant progress in overseas business development (BD), achieving approximately 8 cooperation agreements since 2023, which are expected to enhance its international market presence and valuation [1][2]. - The company anticipates that 11 projects will be approved for market launch in 2025, 13 in 2026, and 23 in 2027, which are expected to drive revenue growth from innovative drugs [7]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 31.216 billion CNY, 35.320 billion CNY, and 39.863 billion CNY, respectively. The corresponding net profits are expected to be 7.091 billion CNY, 8.143 billion CNY, and 9.363 billion CNY [7][9]. - The earnings per share (EPS) for the same years are projected to be 1.11 CNY, 1.28 CNY, and 1.47 CNY, with price-to-earnings (PE) ratios of 43.7, 38.1, and 33.1, respectively [7][9]. - The company’s net profit margin is expected to improve from 22.6% in 2024 to 23.5% in 2027, indicating a positive trend in profitability [9][11].

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-042 江苏恒瑞医药股份有限公司 关于获得药品注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）核准签发的《药品注册证书》，批准公司自 主研发的 1 类创新药硫酸艾玛昔替尼片（SHR0302 片）新增适应症，用于对一种 或多种 TNF 抑制剂疗效不佳或不耐受的中重度活动性类风湿关节炎成人患者。现 将相关情况公告如下： 一、 药品的基本情况 审批结论：根据《中华人民共和国药品管理办法》及有关规定，经审查，本 品符合药品注册的有关要求，批准新增适应症，发给药品注册证书。批准的适应 症为"本品适用于对一种或多种 TNF 抑制剂疗效不佳或不耐受的中重度活动性类 风湿关节炎成人患者"。 二、 药品的其他情况 药品名称：硫酸艾玛昔替尼片 剂型：片剂 规格：4mg 注册分类：化学药品 1 类 受理号：CXHS2300108 处方药/非处方药：处方药 类风湿关节炎 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-on-year growth of 22.63%. The net profit attributable to shareholders was 6.34 billion RMB, up 47.28% year-on-year [1]. - The innovative drug revenue grew rapidly, reaching 13.89 billion RMB in 2024, a 30.6% increase year-on-year. The company has received approvals for 17 new molecular entity drugs in China and has made significant progress in overseas licensing [2]. - The company is enhancing its technology platforms, including PROTAC, peptides, monoclonal antibodies, and ADCs, with 26 self-developed innovative molecules entering clinical stages [3]. - Revenue projections for 2025, 2026, and 2027 are estimated at 30.84 billion RMB, 34.87 billion RMB, and 39.75 billion RMB, respectively, with expected growth rates of 10.22%, 13.04%, and 14.00% [4]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 27.98 billion RMB, a 22.63% increase from the previous year, and a net profit of 6.34 billion RMB, reflecting a 47.28% growth [1]. Operational Analysis - The innovative drug segment saw a revenue of 13.89 billion RMB, with a 30.6% year-on-year increase. The company has successfully launched 17 new drugs in China and made strides in international licensing agreements [2]. - The company is developing various technology platforms and has 26 innovative molecules in clinical trials, with significant advancements in ADC products [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 30.84 billion RMB, 34.87 billion RMB, and 39.75 billion RMB in 2025, 2026, and 2027, respectively, with corresponding net profits of 6.95 billion RMB, 7.71 billion RMB, and 8.93 billion RMB [4].

Core Insights - The pharmaceutical and biotechnology sector experienced a 0.98% increase in the fourth week of March, outperforming the overall market, driven by a 4.59% rise in the chemical preparation sector, with innovative drugs as the core driver [1] Group 1: Local Policy Developments - Sichuan Province has introduced a comprehensive policy to enhance the clinical application of innovative drugs, addressing key pain points in the promotion of these drugs [1] - The policy mandates that medical institutions hold a pharmacy meeting within one month of an innovative drug being listed, ensuring procurement is completed within two months, significantly reducing the time from approval to clinical use [1] - The payment mechanism has been innovatively adjusted, allowing for flexible payment arrangements for high-priced innovative drugs, alleviating cost control pressures on hospitals and increasing doctors' willingness to use these drugs [1][2] Group 2: International Licensing Transactions - Recent weeks have seen a surge in overseas licensing agreements by domestic innovative pharmaceutical companies, highlighting the global market's increasing recognition of Chinese innovation pipelines [3] - A notable agreement between Federated Pharmaceuticals and Novo Nordisk for the UBT251 drug demonstrates the advanced research capabilities in the metabolic disease field and the cutting-edge nature of domestic multi-target agonist technology [3] - Heng Rui Medicine's licensing of its small molecule drug HRS-5346 to Merck, with an upfront and milestone payment exceeding $1.7 billion, marks a significant shift in the international licensing landscape, showcasing breakthroughs in domestic small molecule innovation [3] - Projections indicate that the total value of domestic innovative drug license-out transactions will reach $51.9 billion in 2024, a 26% year-on-year increase, with a notable rise in upfront payment proportions [3] Group 3: Industry Outlook - The synergy between policy and industry efforts is expected to inject strong momentum into the sector, with innovative pharmaceutical companies possessing differentiated technology platforms likely to enter a value reassessment phase [4]