On the evening of April 24, Hengrui Medicine announced its operating results as of March 31, 2025. In the first quarter of this year, Hengrui Medicine achieved operating income of 7.206 billion yuan, a year-on-year increase of 20.14%, and net profit attributable to shareholders of listed companies was 1.874 billion yuan, a year-on-year increase of 36.90%, and net profit attributable to shareholders of listed companies was 1.863 billion yuan, a year-on-year increase of 29.35%. The company's performance continues to grow steadily. It is worth noting that during the reporting period, the company determined the $75 million down payment of IDEAYA Biosciences exclusive overseas license as revenue, driving further profit growth.

According to the figures released in the quarterly report, Hengrui Medicine's cumulative R&D investment reached 46 billion yuan, and R&D expenses reached 1.533 billion yuan in the first quarter of 2025. Driven by continuous high-intensity R&D investment, Hengrui Medicine's high-quality innovative achievements have been continuously approved, the pipeline under research has been rapidly promoted, and innovative R&D results have been accelerated. Up to now, the company has been approved to market 19 new molecular entity drugs (Class 1 innovative drugs) and 4 other innovative drugs (Class 2 new drugs) in China. More than 90 independent innovative products are being developed in clinical practice, and about 400 clinical trials are being carried out at home and abroad. The 47 innovative achievements disclosed in the annual report are expected to be approved for listing in the next three years and are being realized one after another.

In terms of the approval of new drugs and new indications, six innovative achievements have been approved since 2025. The ultra-long-acting PCSK9 monoclonal antibody recaxizumab (trade name: Aixin'an) independently developed by Hengrui Medicine is on the market. This product is the company's first Class 1 innovative drug launched in the field of cardiovascular diseases. Class 1 innovative drug, the highly selective JAK1 inhibitor Emmaxitinib sulfate tablets (trade name: Aisoda), independently developed by China, have been approved for active ankylosing spondylitis, moderate to severe active rheumatoid arthritis, and moderate to severe atopic dermatitis. In addition, Class 1 innovative drug, the biased μ opioid receptor agonist fumarate pyrolytic injection (trade name: Aisuth), independently developed by China, has been approved for the treatment of moderate and severe pain after surgery. Class 1 innovative drug, China's independently developed recombinant anti-IL-17A humanized monoclonal antibody, funacizumab (trade name: Andajing), has been approved for adult patients with active ankylosing spondylitis with poor efficacy in routine treatment.

Hengrui's innovative drugs continue to be highly effective in clinical practice. In the first quarter of 2025, a total of 28 clinical trial approval notices were obtained (based on variety indications). In the field of oncology, new indications for recurrent or metastatic cervical cancer of Hengrui HER2 ADC Ruikang Trastuzumab have been included in the identification of breakthrough therapies. This is also the 8th time that Ruikang Trastuzumab has been included in the breakthrough therapeutic variety, which fully reflects the clinical potential of the drug in the treatment of multiple tumor types; in addition, the Phase III clinical study on adjuvant treatment of HR-positive breast cancer in Darcili has reached the main endpoint. The research results show that Darcili combined with endocrine therapy, compared with placebo combined with endocrine therapy, can significantly reduce the risk of recurrence in patients and improve the survival of patients with no invasive disease. In the popular field of hypoglycemia-lowering weight loss, the new GLP-1 and GIP dual receptor agonist HRS9531 disclosed the positive top line results of high-dose weight loss phase II: After 36 weeks of treatment, the average weight of the HRS9531 injection 8 mg group decreased by 22.8% relative to baseline.

In terms of external authorization, Hengrui Medicine continues to make continuous "big moves". The revenue from BD authorized transactions has become one of the growth engines of Hengrui Medicine's performance, contributing new profit growth points to the company and providing support for the company's R&D and operation. So far, 14 innovative drugs have been authorized to the outside world, of which 9 have been authorized to the outside world in the past three years. In March, Hengrui Medicine announced that it would license the exclusive right to develop, produce and commercialize the independently developed Lp(a) inhibitor HRS-5346 worldwide outside Greater China to Merck for a paid payment of US$200 million, with a cumulative transaction amount of US$1.97 billion. In April, the exclusive commercialization rights of the independently developed oral small molecule gonadotropin-releasing hormone (GnRH) receptor antagonist SHR7280 in mainland China (excluding the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan) were granted to Germany Merck Group. This is the second time that the two parties have joined hands in the field of innovative drugs after reaching a cooperation on the PARP1 inhibitor HRS-1167.

Hengrui's innovative strength continues to be internationally recognized, and has many research results in the field of oncology and chronic diseases that have repeatedly appeared on the international authoritative academic stage. In the field of oncology, since 2025, important research results related to company products have been published in top global journals such as the Lancet Oncology and the Journal of the American Medical Association, and a number of company product-related research results have been unveiled at internationally renowned academic conferences such as the European Lung Cancer Conference (ELCC). The five-year long-term follow-up data of Hengrui's innovative drug carrilizumab combined with chemotherapy for the first-line treatment of advanced squamous non-small cell lung cancer (sq-NSCLC) was released at the ELCC conference. The study results showed that the 5-year OS rate reached 27.8% (meaning that more than 1/4 of the patients' survival period exceeded five years), an increase of 15.3% compared with the placebo combined chemotherapy group (12.5%), significantly reducing the risk of death by 43%, helping more patients achieve long-term survival. The DIPPER study led by Academician Ma Jun's team of Sun Yat-sen University's Tumor Prevention and Treatment Center: The research results of carelilizumab assisted treatment of high-risk locally advanced nasopharyngeal carcinoma were published in the main journal of the Journal of the American Medical Association (JAMA, IF: 63.1). The three-year EFS rate was 86.9%, (9.6% higher than the control group), which significantly reduced the risk of disease recurrence and death by 44%, helping more patients achieve high-quality long-term survival. In the field of chronic diseases, the results of the Phase III study on the treatment of severe alopecia areata in adults were presented as an oral report at the 83rd Annual Meeting of the American Society of Dermatology (AAD); in addition, many important studies have been presented at the International Stroke Conference (ISC) and the Annual Science Conference of the American Society of Cardiology (ACC).

With the results of high-quality development, Hengrui Medicine has been recognized by all walks of life again. On February 25, Hurun Research Institute officially released the "2024 Hurun China Top 500" list, listing the top 500 non-state-owned enterprises in China. Hengrui Medicine once again ranked among the most valuable non-state-owned enterprises in China, ranking 23rd. With its outstanding performance in talent training and development, Hengrui has once again obtained the "China Outstanding Employer" certification, which is also the company's four consecutive years of award. Not long ago, the "2025 Annual Review of Pharmaceutical Research and Development" released by Citeline, an internationally renowned consulting agency, ranked second in the world in the number of self-developed pipelines.

It is worth mentioning that Feng Ji, a new president with many years of senior management experience in multinational pharmaceutical companies, joined Hengrui, which is regarded by the outside world as a symbol of the company's accelerated innovation, transformation and upgrading. It will help Hengrui Medicine's innovation and internationalization dual-wheel drive strategy to further implement and promote the development of the global market for innovative drugs. Shortly after taking office, Feng Ji participated in the 2025 International Diabetes Alliance (IDF) World Diabetes Conference held in Bangkok, Thailand, and led a team to visit the Ministry of Public Health of Thailand, aiming to further promote Hengrui Medicine's international strategic layout, strengthen cooperation with medical institutions in Southeast Asia, accelerate the development of emerging markets, and benefit patients around the world.

[Editor in charge: Sun Hui]