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600276.SH · A-shares

600276.SH Hengrui: innovative sales + BD

Hengrui 2025 revenue RMB 31.63B, NI RMB 7.71B; innovative sales RMB 16.34B, licensing RMB 3.39B. See BeOne, Innovent.

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Snapshot

Price (17 Aug)
CNY 52.87
Mkt cap (approx)
CNY 337.4B
2025 revenue
CNY 31.6B
Q1'26 NI
CNY 2.3B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Hengrui (600276.SH): 2025 revenue RMB 31.629B (+13.02%), parent NI RMB 7.711B (+21.69%), OCF RMB 11.235B. Innovative-drug sales RMB 16.342B; licensing RMB 3.392B. Q1'26 revenue RMB 8.141B, NI RMB 2.282B, licensing RMB 0.787B (GSK). Price CNY 52.87 (17 Aug 2026), cap ~RMB 337B, ~44x TTM.

See BeOne, Innovent, WuXi AppTec.

Business

Domestic innovative-drug franchise plus out-licensing/NewCo. Oncology mix RMB 16.67B at 93.5% GM. President Feng Ji appointed Apr 2025.

Strategy

Strategy
PillarDetail
创新药销售KPI：创新药销售占比（2025 占药品销售 58.3%）；瑞维鲁胺等放量
BD 出海KPI：许可收入（2025 33.92 亿；Q1'26 7.87 亿）；GSK/MSD 里程碑
研发强度KPI：研发投入 87.24 亿（占收入 27.6%）
As of 2026-09-25

Value chain

Hospitals/NRDL downstream; API/CDMO upstream. Top-5 customers 55.72% (distributors).

Customers

Customers
Account / typeConcentrationNote
前五名销售客户176.24 亿，占 55.72%2025 年报；主要为经销商而非终端医院具名
国内医院/医保药品销售主场创新药进目录后放量、降价并行
海外许可方GSK / MSD / IDEAYA / Merck KGaA 等首付确认节奏驱动利润弹性
结算经销账期 + 许可里程碑国内为主，国外收入 2025 +88% 但基数小
As of 2026-09-25

Corporate events

Corporate events

Corporate events
DatePhaseEventMeaning
2025-04人事冯佶任董事、总裁职业经理人接棒运营，孙飘扬仍掌战略
2025BDGSK 至多 12 款联盟（首付 $5 亿、潜在 ~$120 亿）；MSD Lp(a) $2 亿首付平台验证
2026-03财报2025 收入 316.29 亿（+13.0%），归母 77.11 亿（+21.7%）创新药+许可双轮
2026-04财报Q1 收入 81.41 亿（+13.0%）；许可 7.87 亿（GSK）利润对里程碑敏感
As of 2026-09-25

Valuation

Valuation snapshot

Valuation snapshot
MetricValueNote
市值（约）约 3370 亿52.87 元 × 约 63.8 亿股本（2026-08-17）
TTM P/E约 44x3370/77.11
2026E P/E（券商示意）约 35–38x若净利 ~96 亿量级，属估计
P/B约 5.5x净资产 612.7 亿
盈利收益率约 2.3%1/44
股息率低个位数/偏低以最新分红方案为准
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

Public market indication (QE TTM PE/PB, yield, trailing 12m price return) · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

2024Q3 estimated from H/FY. Licensing creates quarter lumps. Pharma GM ~85%.

Revenue · last 8 quarters

Interactive chart available in the reader.

Company filings; some early quarters reconstructed from H/FY and labeled · As of 2026-09-25

Gross margin · last 8 quarters

Interactive chart available in the reader.

Filings; some adj. or H-split estimates · As of 2026-09-25

Financial health

Cash RMB 40.96B, net cash, EY unqualified.

Financial health

Financial health
ItemValueNote
财务健康总评健康净现金、高 OCF、无持续经营问题
经营现金流2025 112.35 亿（+51.4%）Q1'26 7.86 亿（+41.7%）；Q1 季节性弱于全年
货币资金 vs 有息债现金 409.6 亿；财务费用为净利息收入实质净现金
流动性极强流动资产覆盖负债宽松
审计 / 持续经营安永华明 2025 标准无保留无持续经营强调
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

Segments / financials

Segments / financials
ItemValueYoYNote
2025 营收316.29 亿+13.02%创新药销售 163.42 亿（+26.1%）
对外许可33.92 亿+25.6%Q1'26 7.87 亿
研发投入87.24 亿+6.0%占收入 27.6%
2025 归母77.11 亿+21.7%扣非 74.13 亿（+20%）
Q1'26 营收 / 归母81.41 / 22.82 亿+13.0% / +21.8%H1 尚未披露
As of 2026-09-25

Competition

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer snapshot

Peer snapshot
CompanyPositionGMStrengthWeakness
恒瑞 600276国内创新药龙头之一制药 85.1%管线深度+BD 现金美国自营弱于百济；许可波动
百济 6160全球血液瘤~90%美国商业化估值更贵
信达 1801肿瘤+CVM~86%代谢放量刚盈
中国生物制药 / 石药综合药企更低仿制+创新混合创新密度不及恒瑞
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长孙飘扬2021-08 再任（实控人）无
总裁冯佶2025-04新任董事、总裁
财务总监刘健俊2021-11无重大变动
As of 2026-09-25

Stable transition: Sun Piaoyang still chair/controller.

Outlook

H1'26 licensing vs in-market innovative sales. GSK/MSD milestones.

Scenarios

Scenario Condition Implication
Bull Innovative sales >30%; rich milestones Re-rate
Base Mid-teens growth; lumpy BD Range-bound
Bear VBP + BD drought PE compress

Risks

Risks

Risks
RiskLevelNote
许可收入确认节奏（BD 波动）高GSK 按履约进度确认
集采与医保谈判降价高仿制仍拖累、创新药进目录后降价
经销商集中（Top5 55.7%）中回扣价值网与账期
临床失败 / 国际化进度中对照百济自营差距
总裁交接执行低实控人仍在位
As of 2026-09-25

Tracking

  1. H1 licensing vs product split
  2. Innovative mix >58%
  3. OCF vs NI
  4. GSK/MSD milestones
  5. Top-5 customer %

References

  1. 2025 annual report — http://static.cninfo.com.cn/finalpage/2026-03-26/1225032585.PDF
  2. 2026 Q1 — https://stockmc.xueqiu.com/202604/600276_20260423_22NN.pdf
  3. Xinhua recap — http://jjckb.xinhuanet.com/20260325/4757866ed3404db2989546ef2b293196/c.html
  4. BeOne · Innovent · WuXi AppTec

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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