不差钱的恒瑞医药，赴港募资意图何在？

Investment Rating - The report does not explicitly state an investment rating for 恒瑞医药 (Hengrui Medicine) Core Viewpoints - 恒瑞医药 plans to list on the Hong Kong Stock Exchange to raise funds for innovation, commercialization, and operations, despite having a strong cash reserve of approximately 22.132 billion [5][10] - The company aims to deepen relationships with foreign pharmaceutical companies and investment institutions through this listing, promoting a "product + equity" strategy [23] - The report highlights the company's successful business development (BD) collaborations, with six deals completed in 2023 totaling nearly 10 billion USD, indicating a return to growth in performance [24][26] Summary by Sections Financial Position - As of Q3 2024, 恒瑞医药 has cash reserves of 22.132 billion and no bank loans, with a net cash inflow exceeding 20 billion since 2017 [5][7][10] - The company reported a revenue growth of 18.7% and a net profit growth of 33.0% in 2024, recovering from previous challenges [26][27] Internationalization Strategy - The report outlines three models for international expansion: direct market entry, licensing out, and NewCo formation, with 恒瑞医药 actively engaging in these strategies [13][16][19] - A notable transaction involved granting rights for three GLP-1 drugs to Hercules, resulting in over 6 billion USD in upfront and milestone payments, along with a 19.9% equity stake in Hercules [19][22] Business Development Collaborations - 恒瑞医药 has expanded its BD team to over 30 members, focusing on sustainable profit drivers through collaborations [32] - The company has engaged in multiple high-value BD deals, indicating a strategic shift towards leveraging partnerships for growth [24][26] Market Dynamics - The report notes that 恒瑞医药 has faced limited impact from drug price negotiations, with only three key products remaining vulnerable to price cuts, suggesting a diminishing risk from this factor [33][34]