Hengrui Pharma(600276) 每日经济新闻·2025-04-25 04:48Core Viewpoint - Heng Rui Medicine reported record high revenue and net profit for Q1 2025, but the market reaction was lukewarm, with a slight decline in stock price despite strong financial performance [1][2]. Financial Performance - For Q1 2025, Heng Rui Medicine achieved revenue of 7.206 billion yuan, a year-on-year increase of 20.14% [1] - The net profit attributable to shareholders was 1.874 billion yuan, up 36.90% year-on-year [1] - The net profit excluding non-recurring items was 1.863 billion yuan, reflecting a 29.35% increase year-on-year [1] Licensing and R&D Investments - The company recognized a $75 million upfront payment from IDEAYA Biosciences as revenue, contributing to profit growth [2] - Heng Rui Medicine licensed the global development rights (excluding Greater China) for the antibody-drug conjugate SHR-4849 to IDEAYA Biosciences [2] - Cumulative R&D investment reached 46 billion yuan, with R&D expenses for Q1 2025 amounting to 1.533 billion yuan [2] New Drug Approvals and Management Changes - Six innovative products have been approved in 2025, including a new generation JAK1 inhibitor and the first PCSK9 inhibitor in the cardiovascular field [3] - In Q1 2025, the company received 28 clinical trial approval notices [3] - A significant management change occurred with the appointment of Feng Ji as the new president and COO, seen as a move towards accelerating innovation and transformation [3]