Hengrui Pharma (600276.SH) is scheduled to announce its 2025 annual report on March 26, 2026.
According to the quarterly performance forecast data from Choyang Eternal as of December 26, 2025, the company's Q4 consensus revenue is projected to be between 32.072 billion and 36.062 billion yuan, representing a year-on-year increase of 14.6% to 28.9%. The Q4 consensus net profit is forecasted to range from 7.882 billion to 10.096 billion yuan, indicating a growth of 24.4% to 59.3%. Attention is focused on whether the final disclosed financial data will exceed these expectations, with Choyang Eternal's A-share quarterly performance forecasts providing investors with a benchmark for evaluation.
Southwest Securities holds a positive view, noting that Hengrui Pharma achieved steady growth in both operating revenue and net profit attributable to shareholders for the first three quarters of 2025, with year-on-year increases of 14.85% and 24.50%, respectively. The company's gross profit margin and net profit margin both improved, while the expense ratio was effectively controlled. In terms of business development, Hengrui has made significant achievements in out-licensing collaborations, partnering with companies such as GSK, Glenmark, and Braveheart Bio. These deals involve total upfront payments of $583 million and potential milestone payments of up to $14.116 billion. Furthermore, the company continues to make breakthroughs in its innovative drug pipeline, with multiple new drug launches and clinical trial approvals demonstrating its R&D strength across various fields. Breaking it down by business segment: 1) Out-licensing collaborations: Agreements with GSK, Glenmark, and Braveheart Bio involve upfront payments totaling $583 million and potential milestone payments up to $14.116 billion. 2) Innovative drug pipeline breakthroughs: Launched drugs include China's first self-developed oral hypoglycemic triple-drug fixed-dose combination, Henggelie Jin Ruigelieting Metformin Sustained-Release Tablets. Additionally, several new drugs have received clinical trial approvals, such as a Phase III clinical study of Rui Kang Trastuzumab monotherapy versus Docetaxel + Carboplatin + Trastuzumab + Pertuzumab for the neoadjuvant treatment of HER2+ breast cancer.
Essence Securities points out that Hengrui Pharma's 2025 third-quarter report shows revenue, net profit attributable to shareholders, and net profit attributable to shareholders after deducting non-recurring gains and losses were 23.188 billion yuan, 5.751 billion yuan, and 5.589 billion yuan, respectively, representing year-on-year growth of 14.85%, 24.50%, and 21.08%. For the third quarter alone, revenue, net profit attributable to shareholders, and net profit attributable to shareholders after deducting non-recurring items grew by 12.72%, 9.53%, and 16.89% year-on-year. The company's innovation momentum continues to strengthen, with several new drugs approved for market launch. Its internationalization process is accelerating comprehensively, resulting in multiple overseas business development (BD) licensing collaborations. R&D investment continues to increase, operational efficiency is improving, and cash flow has significantly improved.
(Note: This content is generated based on Choyang Eternal AI technology, and the related profit forecast data in the article are sourced from the Choyang Eternal profit forecast database.) Risk Warning: The data or cases shown in this article are for reference only and should not be used as a basis for future investment. Investing in stocks carries risks; market fluctuations, company performance, policy factors, and other elements can all lead to stock price volatility. Please fully understand relevant information before investing and make investment decisions based on your own risk tolerance.
