Hengrui's revenue exceeds 31.6 billion yuan, Nuocheng Jianhua reports its first profit, and CSPC's BD deal surpasses sales.

Hengrui Medicine 2025 Financial Report: Operating Income Exceeds 31.6 Billion Yuan, Innovative Drug Revenue Accounts for 58%

On March 25, Hengrui released its 2025 annual performance report. In 2025, Hengrui achieved operating income of 31.629 billion yuan, a year-on-year increase of 13.02%; net profit attributable to shareholders of the listed company was 7.711 billion yuan, a year-on-year increase of 21.69%; net profit attributable to shareholders of the listed company, deducting non-recurring gains and losses, was 7.413 billion yuan, a year-on-year increase of 20.00%.

At the same time, Hengrui continued to increase innovation efforts, maintaining a high level of R&D investment. During the reporting period, the company’s cumulative R&D investment reached 8.724 billion yuan, of which capitalized R&D investment was 6.961 billion yuan.

In 2025, Hengrui’s innovative drug sales revenue was 16.342 billion yuan, a year-on-year increase of 26.09%, accounting for 58.34% of total drug sales revenue.

Among innovative drug sales revenue, revenue from anti-tumor products was 13.240 billion yuan, a year-on-year increase of 18.52%, accounting for 81.02% of total innovative drug sales revenue. Among these:

• Innovative drugs covered by medical insurance, such as Rivoceranib (a second-generation AR antagonist) and Darlisilib (a CDK4/6 inhibitor), precisely address unmet clinical needs, and impressive clinical data have been widely validated in practice, leading to continued strong sales growth.

• Earlier launched innovative drugs such as Olaparib (a PARP inhibitor) and Eltrombopag (a TPO receptor agonist) continue to inject stable growth into the company’s sales revenue as new indications are approved or post-marketing research evidence accumulates.

• Products like Liposomal Irinotecan (TOP1) and Trastuzumab Deruxtecan (HER2 ADC), although still in the early stages of commercialization and not yet included in medical insurance during the reporting period, have driven rapid growth of initial sales through clear efficacy advantages for specific patients, along with effective pre-market preparation and market access strategies.

Revenue from non-tumor products was 3.102 billion yuan, a year-on-year increase of 73.36%, accounting for 18.98% of total innovative drug sales revenue. Products under medical insurance such as Empagliflozin (an SGLT2 inhibitor) and Remimazolam (a GABAa receptor agonist) have seen rapid growth due to effective communication of their clinical advantages.

During the reporting period, Hengrui’s revenue from external licensing of innovative drugs reached 3.392 billion yuan, becoming an important component of Hengrui’s operating income.

During the reporting period, Hengrui received (1) an external licensing upfront payment of 200 million USD from MSD, 75 million USD from IDEAYA, and 15 million euros from Merck KGaA, recognized as income; (2) an upfront payment and equity from Braveheart Bio amounting to 65 million USD, recognized as income; (3) an upfront payment of 500 million USD from GSK, with approximately 100 million USD recognized as income based on the completion of performance obligations, further driving growth in operational performance indicators.

Sihuan Pharmaceutical Financial Report: 2025 Revenue 26 Billion Yuan, Total BD Cooperation Exceeds 28.2 Billion USD

On March 25, Sihuan Pharmaceutical released its 2025 performance report. During the reporting period, Sihuan Pharmaceutical’s revenue was 26.006 billion yuan, a year-on-year decrease of 10.4%, mainly due to two products, Doxorubicin Liposome Injection and PEGylated Recombinant Human Granulocyte Colony-Stimulating Factor Injection, being included in centralized procurement, resulting in a slight decline in gross profit margin by 4.4 percentage points to 65.6%.

Among these, revenue from pharmaceutical business was 20.584 billion yuan (including licensing revenue of 1.789 billion yuan), a decrease of 13.3% compared to last year.

In 2025, Sihuan Pharmaceutical’s sales and distribution expenses were 6.463 billion yuan, a decrease of 25.4% compared to 8.662 billion yuan in 2024. Although the company continued to expand market coverage and actively promote newly launched products throughout the year, sales expenses for products that won bids in centralized procurement decreased significantly.

In terms of business expansion, from the beginning of 2025 to now, Sihuan Pharmaceutical has completed 5 external licensing agreements, with a total contract amount of 28.21 billion USD.

In 2025, Sihuan Pharmaceutical’s R&D expenses were 5.809 billion yuan, an increase of 11.9% compared to 5.191 billion yuan in 2024, mainly due to stable increases in expenditures for ongoing and newly initiated clinical research.

As of now, Sihuan Pharmaceutical has more than 200 innovative drugs and formulations under research, including over 90 macromolecules, over 60 small molecules, and over 50 new formulations; more than 160 clinical trials are ongoing.

Innovent Biologics 2025 Financial Report: Revenue Surges 135%, First Time Turning Loss into Profit

On March 25, Innovent Biologics released its 2025 performance report and company progress. In 2025, Innovent Biologics achieved its first profit, with the main financial performance indicators as follows:

• Operating Income: In 2025, revenue grew by 135.3% year-on-year to 2.37 billion yuan, mainly due to ongoing commercialization and revenue from global business development (BD).

• Net Profit: The company achieved its first profit in 2025, with net profit reaching 640 million yuan, primarily due to significant increases in revenue from core product commercialization and BD income.

• Gross Profit Margin: The gross profit margin in 2025 reached 92.0%, an increase of 5.7 percentage points compared to last year.

• R&D Investment: R&D investment in 2025 increased by 16.9% year-on-year to 950 million yuan, mainly for advancing multiple Phase III clinical trials and increasing investments in new technology platforms such as ADC and molecular glue, laying a solid foundation for the future.

• Company Cash and Related Account Balance: As of December 31, 2025, it was 7.81 billion yuan, and the net cash flow from operating activities also turned positive for the first time. Strong cash flow helps accelerate global clinical development of core pipelines and build new technology platforms.

In 2025, Innovent Biologics’ drug revenue grew by 43.4%, reaching 1.44 billion yuan, mainly benefiting from the continuous growth of Obinutuzumab’s unique indications for marginal zone lymphoma (MZL) and the approval for the first-line treatment of chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL) included in the national medical insurance, as well as Tisagenlecleucel becoming the first CD19 antibody approved for the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) in China.

In 2025, Innovent Biologics pushed forward its globalization strategy, focusing on the global value excavation of core pipelines, completing two external licensing transactions, further enhancing the company’s global influence and financial performance, achieving an important breakthrough in global layout. On October 8 last year, the company reached a significant licensing agreement with Zenas for the pipeline of Obinutuzumab and other autoimmune diseases. According to the agreement, Zenas will pay Innovent Biologics up to 100 million USD in upfront payments and milestone payments, while issuing up to 7 million shares of Zenas common stock. The total transaction amount of this cooperation exceeds 2 billion USD, setting a record for external licensing in the field of small molecules for autoimmune diseases in China.

Additionally, in 2025, the company also reached a licensing cooperation with Prolium, further broadening its global business layout, while sharing the value release of cooperative assets through equity arrangements to achieve mutual benefit and win-win results. In early March 2026, Prolium announced that it had initiated dosing in healthy subjects for the ICP-B02 (PRO-203) single-dose escalation study and is expected to launch an international multicenter Phase I/II clinical study for systemic sclerosis (SSc) in Q2 2026, as well as start treatment studies for other B-cell-driven severe autoimmune diseases in 2026.

Junshi Biosciences 2025 Financial Report: Revenue of 6.67 Billion Yuan, PD-1 Monoclonal Antibody Generates 1.5 Billion Yuan

On March 20, Junshi Biosciences released its 2025 annual performance. During the performance period, the company achieved revenue of 6.6666 billion yuan, a year-on-year increase of 16.5%; net profit was 827 million yuan; the company’s annual R&D investment reached 2.4919 billion yuan, a year-on-year increase of 35.4%. Against the backdrop of continued increased investment in innovation, the profit before R&D investment reached 2.3425 billion yuan, a year-on-year increase of 26.2%. This marks Junshi Biosciences’ third consecutive year of revenue and profit growth since it first achieved profitability for the full year in 2023.

In 2025, Junshi Biosciences continued to release global growth momentum, with global product revenue reaching 5.7746 billion yuan, a year-on-year increase of 17.0%. With the continued growth of core products such as H-Sulizumab and Trastuzumab overseas, and the accelerated realization of licensing cooperation value, Junshi Biosciences’ overseas revenue surged: in 2025, overseas product revenue exceeded 200 million yuan, doubling year-on-year; overseas product profit reached 93.9 million yuan.

As of now, Junshi Biosciences has 10 products approved in over 60 countries and regions worldwide, of which 7 have been approved in China, 4 have received approval from the US FDA, and 4 have received approval from the EU EC, benefiting over 1 million patients globally.

Through independent research and cooperative introduction, Junshi Biosciences has established a comprehensive treatment pipeline covering the entire process of breast cancer, achieving global sales revenue of products in the breast cancer field of 3.2675 billion yuan during the performance period. Among them:

• The core product Trastuzumab achieved global sales revenue of 2.9645 billion yuan for the year, a year-on-year increase of 5.5%, and has been approved for marketing in over 50 countries and regions worldwide, entering the medical insurance systems of multiple countries including China, the UK, France, and Germany.

• Neratinib achieved sales revenue of 301.2 million yuan, a year-on-year increase of 564.2%, continuing to consolidate its leading brand position in the enhanced adjuvant treatment of HER2-positive early breast cancer.

• The innovative CDK4/6 inhibitor Abemaciclib was launched in the second half of 2025 with the first prescriptions landing and included in the new national medical insurance catalog.

• HLX11 (Pertuzumab) received US FDA approval in the second half of 2025, becoming the first and only Pertuzumab biosimilar approved in the US, and received a positive opinion for market authorization from the EU EMA, with marketing applications submitted in China and Canada.

• Additionally, Junshi Biosciences continues to build a more comprehensive innovative product matrix for breast cancer, with new endocrine therapies, novel anti-HER2 monoclonal antibodies, HER2 ADCs, KAT6A/B oral small molecule inhibitors, HER2 bispecific ADCs, and LIV-1 ADCs being accelerated.

Junshi Biosciences’ mature commercialized products also continue to contribute stable cash flow. Bevacizumab achieved sales revenue of 356.4 million yuan, a year-on-year increase of 80.8%. Based on agreements with partners, Junshi Biosciences achieved sales and licensing revenue of 611.7 million yuan for Rituximab, a year-on-year increase of 11.1%; sales and licensing revenue of 59.2 million yuan for Adalimumab, a year-on-year increase of 47.6%. In the second half of 2025, HLX14 (Daratumumab) was approved for marketing in the US, EU, and UK with two specifications and was recently approved for marketing in Canada, becoming the first “Chinese” Daratumumab to go overseas. Currently, HLX14’s dual-specification products have been commercially launched in the US and Germany, Spain, and the UK, achieving sales revenue of 9.83 million yuan during the performance period.

WuXi AppTec 2025 Performance Sets New Historical High

On the evening of March 23, WuXi AppTec released its 2025 annual report. The report shows that the company achieved operating income of 45.456 billion yuan for the year, a year-on-year increase of 15.84%; net profit attributable to shareholders of the listed company reached 19.151 billion yuan, a substantial increase of 102.65% year-on-year, both hitting historical highs.

In 2025, WuXi AppTec’s core financial indicators performed outstandingly: the operating income reached 45.456 billion yuan, a year-on-year increase of 15.84%; revenue from continuing operations was 43.42 billion yuan, a year-on-year increase of 21.40%. The profit performance was particularly impressive, with net profit attributable to shareholders reaching 19.151 billion yuan, a significant increase from the previous year, with earnings per share of 6.70 yuan.

Profitability continues to improve, with gross profit of 21.655 billion yuan, a year-on-year increase of 33.04%, and a gross profit margin of 47.64%, a year-on-year increase of 6.16 percentage points, mainly due to the increased proportion of late-stage clinical and commercialization projects under the CRDMO model.

Cash flow management is excellent, with net cash flow from operating activities reaching 17.203 billion yuan, a year-on-year increase of 38.66%. As of the end of the year, the company’s total assets were 103.121 billion yuan, net assets were 79.712 billion yuan, and the asset-liability structure was stable, providing a solid guarantee for future development.

WuXi AppTec’s business is divided into four major sectors: chemistry, testing, biology, and others, forming a full industry chain service system.

Among them, the chemistry business is the core driver of the company’s performance growth, achieving revenue of 36.465 billion yuan for the year, a year-on-year increase of 25.52%, accounting for 84.0% of continuing operations revenue. The small molecule drug discovery (“R” business) continues to attract downstream clients, successfully synthesizing and delivering over 420,000 new compounds to customers throughout the year, with 310 molecules converted from R to D. Revenue from small molecule process development and production (“D” and “M” businesses) was 19.92 billion yuan, a year-on-year increase of 11.4%, with a total pipeline of 3,452 projects, including 83 commercialization projects and 91 Phase III clinical projects, with 22 new projects added in the year for commercialization and Phase III clinical stages.

Notably, the TIDES business (oligonucleotides and peptides) achieved annual revenue of 11.37 billion yuan, soaring by 96.0% year-on-year, nearly doubling in growth. The company completed the construction of peptide production capacity in Taixing ahead of schedule in September 2025, with the total volume of peptide solid-phase synthesis reactors increased to over 100,000L. The number of clients served by TIDES D&M increased by 25% year-on-year, and the number of molecules served increased by 45% year-on-year. This explosive growth in this segment precisely matches the global trend of developing GLP-1 and other peptide drugs, becoming the most dynamic growth area within the chemistry business.

The testing business achieved revenue of 4.042 billion yuan, a year-on-year increase of 4.69%, restoring positive growth. Among them, revenue from drug safety evaluation business grew by 4.6% year-on-year, maintaining a leading position in the Asia-Pacific industry. The revenue share from new molecule businesses further increased to over 30%, maintaining a leading position in areas such as nucleic acids, conjugates, and bispecific antibodies. The facilities in Suzhou and Shanghai have successfully passed multiple inspections by the FDA, OECD, NMPA, and PMDA, demonstrating the company’s internationally leading quality system.

The biology business achieved revenue of 2.677 billion yuan, a year-on-year increase of 5.24%. The revenue share from new molecule businesses increased to over 30%, with rapid growth of new customers in nucleic acids, conjugate antibodies, and peptides. The in vitro comprehensive screening platform technology has accelerated breakthroughs, and in vivo pharmacology capabilities continue to improve, with the non-tumor business maintaining a competitive advantage.

Sina Pharmaceutical Comprehensive

Join the reader group:

A wealth of information and precise interpretation, all in the Sina Finance APP.