恒瑞医药2025 年度报告

245810456994102108109110112114116184 38 7 33191920 H 200010 18 1617 20255 23 2920 15 97927 45 50037 www.hengrui.com A醫藥600276 H1276 2019(Pharm Exec)50Citeline202524152 ADC 1.2.3.2018 AA1=AA2=AD=AIS=AS=BC=BTC=CC=CHB=cHL=CIN=CINV=CIT=CKD=CLD=COPD=COH=CRC=CRSwNP=CSU=cUTI=DED=DKD=EC=EGPA=FTC=GAC=GEJA=GNB=HCC=HCM=HF=HL=HPT=IBD=IgAN=IgAILD =IPF=ITP=LC=mCRPC=mHSPC=MM=MRI=NCFB=NHL=NPC=Nr-axSpA=NSCLC=OC=OSA=PC=PCOS=PDAC=PN=PNH=PONV=PPC=PsA=PsO=RA=SCLC=SLE=SpA=SRE=T2D=2UC1=UC2=VTE=VVC= 2025 31,629.413.0%7,711.121.7% 16,342.226.1%58.3%8,723.9712412025Citeline2026-202853 2025A+H5 25,000200,00020253,2008,000381(The Lancet)(JAMA) 2025 2025 202512 3131,629.413.0%7,711.121.7% 8,723.96,961.2 1. 202512 3116,342.226.1%58.3%13,240.018.5%81.0%ARCDK4/6PARPTPOTOP1HER2 ADC 3,102.273.4%19.0%SGLT-2GABAa 2. 3,392.4(1) MSD 200.0IDEAYA Biosciences 75.0Merck KGaA 15.0(2) Braveheart Bio65.0(3) GSK 500.0100.0 3. ADCAI 28ADCADC10ADC(SHR-A1811HER2 ADC)CDE 1471(I)(II)12(I)(II)6311115NMPA28III61II28I MAABLA (SHR-A1811)SHR-1316FDA 14180CDE82FDA1 15(ASCO)2025724527362025(ESMO)4641492323 459PCT106762099861,021 381CALancet(JAMA)Annals of OncologyNature Medicine•Cancer CellJournal of Clinical OncologyLancetOncology•Lancet Gastroenterology & Hepatology•&3,15918≥30≥20 20253MSD(a)Lp(a)HRS-5346MSD200.01,770.0 20254Merck KGaASHR7280GnRHMerck KGaA15.0 20257GlaxoSmithKline Intellectual Property (No. 3) LimitedGlaxoSmithKline Intellectual Property (No. 4)LimitedGSKGSKHRS-9821PDE3/4GSK11GSK500.012,000.0 20259Braveheart Bio, Inc.Braveheart BioBraveheart BioHRS-1893IIIBraveheart Bio65.032.532.5Braveheart Bio10.075.01,013.0 20259Glenmark Specialty S.A.Glenmark SpecialtyGlenmark SpecialtySHR-A1811HER2ADCGlenmark Specialty181,093.0 PARPMerck KGaAHRS-11672024Merck KGaA160.0202310Merck Healthcare KGaA(MRKDG)HRS-1167HRS-1167MRKDG 3025,000200,000DTPDTP20252,5002 2019(Pharm Exec)50Citeline2025 24152 2415210040015(NDA/BLA)2023202512 314,953.96,582.96,961.221.7%23.5%22.0% 1552050Merck KGaAMSD GSK 1. 20232,0801,000 2. GLP-1Lp(a)siRNA 3. 2023COPD1.360.417.872.46 4. PROTACRIPTACADCDACAPCHRMAPHOT-IgHART-IgGAIDDAI 5,0001004002018709 50CMC912 9,0003025,000200,00020254515ASCO 202312NewCo27,000Merck KGaAMSDGSK 5,60060%30% 1. 10 2. 3. SOP 4. APIs 5. 6. 202412 3127,984.613.0%202512 3131,629.4(i)(ii) 99.3%202412 3199.0%19,734.662.4%16,342.251.7%58.3% 202412 313,848.213.4%202512 314,362.7 202412 3124,136.413.0%202512 3127,266.8202512 3186.2%202412 3186.2%202412 3122.6%2025123124.4% 202412 318,336.19.2%202512 319,106.4 202412 316,582.95.7%202512 316,961.2202412 3123.5%202512 3122.0% 202412 312,815.19.1%202512 313,071.7 202412 315.6158.1%202512 3114.3 202512 3111,235.43,812.6 202512 312,740.5828.5 202512 317,781.7H EBITDAEBITDA(i)(ii)(iii) EBITDA EBITDA 202512 31EBITDA8,879.1202412 317,442.819.3% 12 202512 3111,235.4202512 3140,854.7202412 3124,802.5113.8202412 31273.3202512 31 100%202512 3111.6%202412318.1% (1) (2) 202412 319.7202512 318.1202412 319.1202512 317.6 202512 313,819.7202412 312,793.4 202512 31555.831 202512 31 202512 31100.82024123113.4 202512 31 202512 31 202512 31 202512 3120,6027,517.423.8% 20229 820259 162022202320242025AA 2026+ 202630% 2026-202853 202512 31 202512 312 A.2.1 (a)(b)(c)(d)(e) C3202512 31 11 (i)202412202543.09D(ii) C.2.1 3.10(1)3.10(2)3.10A 3.13 62115 C.5.114 202512 31 C.1 (1)(2) 202512 31910 202512 31100,000 202512 31 3.21C13.10(2)3.21 202512 31 202512 31 ••20256 3020259 30•• 3.25C1 (i)(ii)(iii)(iv) 202512 312025A 3.27AC1 (i)(ii)(iii)(iv) 202512 31 (i)(ii)(iii)ESGESG 202512 31 (a)(b)(c)(d)(e)(f)(g) 202411%91202518%1122025ESG 202512 31 2026 13,8006,900 25 •203045%•• 202545.6%0.7%20254%0.43%2025ESG 202512 31 102107 10% 30% 15 202512 313.2915 2.63.3 D.2.2ESG 202512 31 26100%100% 202512 31 5% (i)(ii)(iii) 5110%10 51010%59010% 1%2 33191920ir@hengrui.com 202512 31202512 10 2.07A202312 312.07A20258 20 (http://www.hengrui.com/investor/) A is-enquiries@vistra.com(+852 2980 1333)1617H 202512 31 (i)(ii)(iii)(iv)H2025523 202512 314(1)(2)(3)(4)(5)1 202512 31108115 20254 28202412 312.01,274.120255 23 202512 312.020263 166,630,412,2241,326.1 202512 31 2025 4891044 4 14 202512 31258,197,600H6,379,002,274A27 20255 23HH44.05224,519,800H9,747.320256 19H44.0533,677,800H1,471.5 11,218.810,285.0H 202512 31202512 31 (1) A 20245 15A202420246122024A67.38A202412,905,144A601.3 20258 20A2025202510202025A90.85A20258,898,740A595.2 202512 3113,511,100A2025A 3,738,950A27 A8,898,740A0.13%595.22 28 202512 3140,173.42024123133,865.5 25.82%55.7% 7.68%28.7% 5% (i)(ii)(iii)(iv) 100%202512 311.2 ESGESG ESGMSCI ESGESGAAA 2025 281.0 2025IDP100%IDP202511IDP· 12862FDA66202512 3197% 33SRM 202512 31 94101 2.4 13.51B(1) 32 8.10(2) 3214A14A 14A 202512 28(i)202512 26(ii)2025 12 26 14A.0714A (20)20251226202712 31 (i)30(ii)190(iii)9% 202512 31202512 31 14A 202512 18 2025 (i)(ii)(ii