Hengrui Pharma posted full-year 2025 revenue of RMB 31.63 billion (+13% YoY) and net profit attributable to shareholders of RMB 7.71 billion (+21.69% YoY). Full-year EPS reached approximately RMB 1.35. Q4 net profit of RMB 1.96 billion missed HSBC Qianhai Securities’ estimate of RMB 2.7 billion. After-hours movement was not broadly reported; shares declined modestly in the days following the announcement.
About Hengrui Pharma
Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) trades under the ticker symbols 600276.SH (Shanghai A-Share) and 01276.HK (Hong Kong). Founded in 1970 and incorporated as a public company in April 1997, the company is headquartered at No. 38, Huanghe Road, Economic and Technological Development Zone, Lianyungang, Jiangsu Province, China, with primary global offices in Shanghai.
Hengrui is one of China’s largest innovative pharmaceutical companies by market capitalization, with a focus on oncology (kinase inhibitors, ADCs, tumor immunity), metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. The company operates 14 R&D centers globally, employing over 5,500 R&D professionals out of a total workforce of approximately 20,238 employees.
As of late March 2026, the company’s market capitalization on the Hong Kong exchange was approximately HKD 418.79 billion, with a trailing P/E ratio of approximately 55.75x and dividend yield of around 0.28%. Hengrui successfully completed its listing on the Hong Kong Stock Exchange in May 2025, raising total gross proceeds of HK$11.4 billion (approximately US$1.5 billion) including the over-allotment option, marking the largest pharmaceutical IPO in Hong Kong in the past five years.
Top Financial Highlights
- Total revenue reached RMB 31.63 billion, up +13.02% year-on-year
- Net profit attributable to shareholders came in at RMB 7.71 billion, up +21.69% year-on-year
- Full-year EPS (FY2025Q4 reported) was approximately RMB 1.35 (CNY 0.45 per quarter implied); Q4 EPS was RMB 0.45, beating consensus of 0.23
- Innovative drug sales surged +26.09% YoY to RMB 16.34 billion, contributing 58.34% of total drug sales
- Oncology products contributed RMB 13.24 billion in revenue, up +18.52% YoY
- Non-oncology products contributed RMB 3.10 billion in revenue, up +73.36% YoY – the fastest-growing therapeutic segment
- Licensing revenue climbed +25.62% to RMB 3.39 billion, reflecting accelerating out-licensing activity with global MNCs
- R&D expenditure totaled RMB 8.72 billion, equal to 27.58% of total revenue; of this, RMB 6.96 billion was expensed
- Cash and bank balances stood at approximately RMB 40.36 billion as of the end of 2025
- Net operating cash flow on a trailing basis was approximately RMB 11.95 billion (TTM, as of end 2025)
- Q4 net profit attributable to shareholders was RMB 1.96 billion, below analyst estimates of RMB 2.7 billion (HSBC Qianhai Securities), mainly due to lower business development income in Q4
- Generic drug revenue declined as Beijing’s centralized volume-based procurement continued to pressure that business segment
- The company secured 7 Class 1 innovative drug approvals, 1 Class 2 approval, and 6 new indications during the year; 15 NDA/BLA submissions were accepted by the NMPA
Beat or Miss?
| Metric | Reported | Estimated / Expected | Difference / Analysis |
| Full-Year Revenue | RMB 31.63B | RMB 32.07B–36.06B (consensus range) | Slightly below mid-range consensus |
| Full-Year Net Profit | RMB 7.71B | RMB 7.88B–10.10B (consensus range) | At low end of consensus |
| Q4 Net Profit | RMB 1.96B | RMB 2.7B (HSBC Qianhai) | Miss – shortfall driven by absence of large BD deal income in Q4 |
| Full-Year EPS (implied) | ~RMB 1.35 | N/A | Beat quarterly EPS consensus (Q4: 0.45 vs. est. 0.23) |
| Innovative Drug Revenue | RMB 16.34B | N/A — no published estimate | Continued strong execution above prior trend |
| R&D as % of Revenue | 27.58% | N/A | Consistent with 2024 level (29.4%), slight decline reflects revenue scale |
What Leadership Is Saying?
“Hengrui will continue to focus on addressing unmet clinical needs with its differentiated innovative portfolio, placing equal emphasis on independent R&D and open collaboration to expand access to innovative drugs for patients worldwide.” – Sun Piaoyang, Chairman of the Board, Hengrui Pharma (from the 2025 Annual Results press release)
“Revenue, net profit, and net cash flow from operating activities all set new highs compared to the same period in previous years, indicating a period of explosive growth in performance. The company continues to increase its focus on innovation and maintains a high level of investment in research and development.” – Management Commentary on Financial Performance (H1 2025 Report, attributable to company financial leadership)
Historical Performance
Hengrui Full-Year YoY Comparison
| Category | FY2025 | FY2024 | Change (%) |
| Total Revenue | RMB 31.63B | RMB 27.98B | 13.02% |
| Net Profit (Shareholders) | RMB 7.71B | RMB 6.34B | 21.69% |
| Innovative Drug Revenue | RMB 16.34B | RMB 13.89B | 17.60% |
| Licensing Revenue | RMB 3.39B | ~RMB 2.70B (implied) | 25.62% |
| R&D Expenditure | RMB 8.72B | RMB 8.23B | 5.96% |
| Net Profit Margin | ~24.4% | ~22.6% | +1.8 pp |
Competitor Comparison
FY2025 YoY
| Category | Hengrui Pharma FY2025 | Hengrui FY2024 | Change (%) | Notes |
| Revenue | RMB 31.63B | RMB 27.98B | 13.00% | Hengrui — innovation-driven growth |
| Innovent Biologics Revenue | ~RMB 11.9B (product) | ~RMB 8.2B | ~+45% | Faster growth rate from smaller base |
| CSPC Pharmaceutical Revenue (Q1–Q3 2025) | RMB 19.89B | RMB 30.3B | -12.3% (9-month) | Declining amid generic pressure |
| BeiGene Revenue | ~USD 4.9–5.3B guidance | ~USD 3.8B | ~+30–40% | Dominated by Brukinsa globally |
How the Market Reacted?In the days surrounding the March 25, 2026 earnings announcement, Hengrui’s A-share (600276.SH) traded at approximately RMB 53.64 on March 24 and fell further to around RMB 52.78 on March 23, reflecting a one-week decline of about 4.72% and a year-to-date decline of approximately 9.95%.
The Q4 net profit miss, which came in at RMB 1.96 billion versus an analyst estimate of RMB 2.7 billion, was the primary drag, attributed to lower business development income in the final quarter rather than any deterioration in the core drug business.
The broader sentiment toward the full-year results was cautiously positive, given that both revenue and net profit hit record annual highs and innovative drug momentum remained intact. Analysts from Southwest Securities had previously noted steady growth in both operating revenue and net profit for the first three quarters, supporting a constructive long-term view on the stock despite near-term BD income volatility.
