Hengrui Reports Revenue Over RMB 31.6 Billion, InnoCare Achieves First-Ever Profitability, and CSPC's BD Deals Surpass Sales in 2025 Financial Results

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

On March 25, Hengrui Pharma released its 2025 annual performance report. In 2025,Hengrui Pharma Achieves Revenue 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, increasing by 21.69% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was 7.413 billion yuan, increasing by 20.00% year-on-year.

At the same time, Hengrui continues to increase its innovation efforts and maintain a high level of R&D investment. During the reporting period, the company accumulated...R&D investment of 8.724 billion yuan, including R&D investment expenses of 6.961 billion yuan.

In 2025, Hengrui PharmaInnovative drug sales revenue reached 16.342 billion yuan, representing a year-on-year increase of 26.09%, accounting for 58.34% of pharmaceutical sales revenue.。

Innovative Drug Sales Revenue,Anti-tumor product revenue reached 13.24 billion yuan, representing a year-on-year increase of 18.52%, accounting for 81.02% of the total innovative drug sales revenue.. Among them:

• Innovative drugs covered by medical insurance, such as Rivoceranib (a second-generation AR antagonist) and Dalpiciclib (a CDK4/6 inhibitor), precisely target unmet clinical needs. Their excellent clinical data have been widely validated in medical practice, and their sales revenue continues to maintain strong growth.

• Fluzoparib (PARP inhibitor), Hetrombopag (TPO receptor agonist), and other innovative drugs that were launched earlier continue to contribute stable revenue growth for the company as new indications are continuously approved or as post-marketing studies gradually accumulate evidence in evidence-based medicine.

• Products such as Irinotecan Liposome (TOP1) and Trastuzumab Deruxtecan (HER2 ADC), although in the early stages of commercialization and not yet included in medical insurance during the reporting period, have effectively driven the rapid initial uptake of the products due to their clear efficacy advantages for specific patients, combined with efficient pre-market preparation and market access strategies.

Non-oncology product revenue reached 3.102 billion yuan, representing a year-on-year increase of 73.36%, accounting for 18.98% of the total innovative drug sales revenue.Products within the national medical insurance scheme, such as Henggeliejing (SGLT2 inhibitor) and Remimazolam (GABAa receptor agonist), have achieved rapid growth during the reporting period by effectively delivering clinical advantages and gradually realizing their value.

During the reporting period,HengruiOutward Licensing of Innovative DrugsRevenue reached 3.392 billion yuan, becoming an important component of Hengrui Pharma's total revenue.。

During the reporting period, Hengrui Pharma received (1) upfront payments for out-licensing of USD 200 million from MSD, USD 75 million from IDEAYA, and EUR 15 million from Merck KGaA, which have been recognized as revenue; (2) an upfront payment and equity worth USD 65 million from Braveheart Bio, which has been recognized as revenue; (3) an upfront payment for out-licensing of USD 500 million from GSK, of which approximately USD 100 million has been recognized as revenue based on the completion progress of performance obligations, further driving the growth of operating performance indicators.

CSPC Pharma Financial Report: Revenue of 26 Billion Yuan in 2025, Total BD Cooperation Exceeding 28.2 Billion USD

On March 25, CSPC Pharmaceutical Group released its 2025 earnings report. During the reporting period,CSPC's revenue was RMB 26.006 billion, a year-on-year decrease of 10.4%, mainly due toLiposomal Doxorubicin Hydrochloride InjectionAndPEGylated Recombinant Human Granulocyte Stimulating Factor InjectionThe gross margin slightly decreased by 4.4 percentage points to 65.6% due to the inclusion of two products in the centralized procurement.

Among which, the revenue from the finished drug business was RMB 20.584 billion (including licensing fee income of RMB 1.789 billion), representing a decrease of 13.3% compared to last year.

In 2025, the sales and distribution expenses of CSPC Pharmaceutical Group amounted to RMB 6.463 billion, representing a 25.4% decrease from RMB 8.662 billion in 2024. Although the company continued to expand market coverage for its various products and actively promoted newly launched products during the year, the sales expenses for products that won centralized procurement bids significantly decreased.

In terms of business expansion,Since the beginning of 2025, CSPC Pharmaceutical Group has completed 5 out-licensing deals, with a total contract value reaching 28.21 billion US dollars.。

In 2025, R&D expenses of CSPC Pharmaceutical Group amounted to RMB 5.809 billion, increasing by 11.9% from RMB 5.191 billion in 2024, primarily due to the steady rise in expenditures for ongoing and newly initiated clinical studies.

As of now, CSPC Pharmaceutical Group has more than 200 innovative drugs and novel formulations under research and development, including over 90 large-molecule projects, more than 60 small-molecule projects, and over 50 novel formulation projects; currently, there are more than 160 ongoing clinical trials.

InnoCare Pharma 2025 Earnings Report: Revenue Surges 135%, First-Time Profit After Losses

On March 25, InnoCare Pharma released its 2025 earnings report and company updates. In 2025,InnoCare Pharma Achieves First Profit After Turning Loss into GainDuring the reporting period, the main financial performance is as follows:

• Operating Revenue: Achieving revenue by 2025Up 135.3% Year-on-Year, Reaching 2.37 Billion Yuan, which is mainly attributed to the continuous increase in commercialization and the revenue obtained from global business development (BD).

• Net Profit: The company turned its first profit in 2025, with a net profit of 6.4 billion yuan, mainly due to a significant increase in commercial revenue from core products and BD income driving substantial performance growth.

• Gross Profit Margin: Gross profit margin reached 92.0% in 2025, increasing by 5.7 percentage points from last year.

• R&D Investment: R&D investment increased by 16.9% year-on-year in 2025, reaching 950 million yuan. The increase in R&D investment was mainly due to the advancement of multiple Phase III registration clinical studies and increased investment in new technology platforms such as ADC and molecular glue, laying a solid foundation for the future.

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

In 2025, InnoCare PharmaPharmaceutical revenue increased by 43.4%, reaching 1.44 billion yuanThis is mainly due to the increasing use of orelabrutinib's exclusive indication for marginal zone lymphoma (MZL), the approval and inclusion into China's national medical insurance of its new indication for first-line treatment of chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), and tafasitamab becoming the first CD19 antibody approved in China for the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL).

In 2025, InnoCare Pharma is advancing its globalization strategy at full speed, focusing on the exploration of global value for its core pipelines. The company has reached two out-licensing deals, further enhancing its global influence and financial performance, achieving a significant breakthrough in global expansion. On October 8th last year, the company entered into a major licensing agreement with Zenas regarding the pipeline for orelabrutinib and other autoimmune diseases. According to the agreement, Zenas will pay InnoCare Pharma up to 100 million US dollars in upfront and near-term milestone payments, along with issuing 7 million shares of Zenas common stock. The total transaction value of this collaboration exceeds 2 billion US dollars, setting a new record for out-licensing in China’s autoimmune small molecule field.

In addition, in 2025, the company also entered into a licensing collaboration with Prolium to further expand its global business footprint. Through equity arrangements, the two parties will share the value release of the collaborative assets, achieving mutual benefit and win-win outcomes. In early March 2026, Prolium announced that it had initiated dosing of healthy subjects in a single ascending dose study of ICP-B02 (PRO-203). A Phase I/II international multicenter clinical study targeting systemic sclerosis (SSc) is expected to be launched in the second quarter of 2026. Additionally, treatment studies for other severe B-cell-driven autoimmune diseases will also commence in 2026.

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

On March 20, Henlius released its annual performance for the year 2025. During the performance period, the companyAchieved revenue of 6.666 billion yuan, a year-on-year increase of 16.5%.；Net Profit: 827 million yuan; Company's Full YearR&D investment reached 2.4919 billion yuan, a year-on-year increase of 35.4%.Against the backdrop of continuously increasing innovation investment, the profit before R&D expenses reached 2.3425 billion yuan, representing a year-on-year increase of 26.2%. This marks the third consecutive year of dual growth in revenue and profit for Henlius since it first achieved full-year profitability in 2023.

In 2025, Henlius' global growth momentum will continue to be unleashed.Global product revenue reached 5.7746 billion yuan, a year-on-year increase of 17.0%.. With the core product H drugSulrelimabAndTrastuzumabThe continuous growth of overseas revenue and the accelerating realization of licensing cooperation value,Henlius' Overseas Revenue Surges Strongly: Overseas Product Revenue Exceeds 200 Million Yuan in 2025, Doubling Year-on-Year Growth; Overseas product profits reached 0.939 billion yuan.

To date, Henlius has a total of 10 products approved for marketing in 60 countries and regions worldwide, including 7 products approved in China, 4 products approved by the U.S. FDA, and 4 products approved by the EU EC, benefiting more than 1 million patients globally.

Through independent research and development as well as collaborative introductions, Henlius has established a comprehensive treatment pipeline covering the entire process of breast cancer across China and globally, achieving results within the performance period.Global Sales Revenue of Breast Cancer Products: 3.2675 Billion Yuan. Among them:

• Core ProductTrastuzumab，Achieved global sales revenue of 2.9645 billion yuan for the year, representing a year-on-year increase of 5.5%.，which has been approved for marketing in more than 50 countries and regions worldwide, and has been included in the medical insurance systems of multiple countries including China, the UK, France, and Germany.

• NeratinibAchieved sales revenue of 301.2 million yuan, a year-on-year increase of 564.2%., continuously reinforcing its leading brand position in the adjuvant treatment of HER2-positive early breast cancer.

• Innovative CDK4/6 InhibitorFulvestrant Citrate CapsulesThe first prescriptions will be available in the second half of 2025 and included in the new National Reimbursement Drug List (NRDL).

• HLX11(Pertuzumab)To gain U.S. FDA approval in the second half of 2025, becoming the first and only pertuzumab biosimilar in the United States, receive a positive opinion for EMA marketing authorization in the European Union, and submit marketing applications in China and Canada.

• In addition, Henlius continues to build a more comprehensive innovative product portfolio for breast cancer, with accelerated development in novel endocrine therapies, new epitope anti-HER2 monoclonal antibodies, HER2 ADCs, KAT6A/B oral small molecule inhibitors, HER2 dual-epitope ADCs, and LIV-1 ADCs.

Fuhong HanlinMature Commercialized VarietiesContinues to contribute stable cash flow.BevacizumabAchieved sales revenue of 3.564 billion yuan, representing a year-on-year increase of 80.8%.. Based on the agreement with partners,Fuhong Hanlin on RituximabAchieved sales and licensing revenue of 611.7 million yuan, representing a year-on-year increase of 11.1%;AdalimumabAchieved sales and licensing revenue of 0.592 billion yuan, representing a year-on-year increase of 47.6%. In the second half of 2025, HLX14 (Denosumab) in two specifications was approved for marketing in the United States, the European Union, and the United Kingdom, and was recently approved in Canada, becoming the first "Chinese-made" Denosumab to enter overseas markets. Currently, the dual-specification product of HLX14 has been commercially launched in the United States, Germany, Spain, and the United Kingdom, generating sales revenue of 9.83 million yuan during the performance period.

WuXi AppTec's 2025 Performance Sets Another All-Time High

In the evening of March 23, 2026, WuXi AppTec released its 2025 annual report. The report showed that the company achieved a total revenue of 45.456 billion yuan for the whole year, representing a year-on-year increase of 15.84%. The net profit attributable to shareholders of the listed company reached 19.151 billion yuan, marking a significant year-on-year growth of 102.65%, both setting new historical records.

In 2025, WuXi AppTec's core financial indicators showed outstanding performance: the company achieved a total revenue of 45.456 billion yuan for the full year, representing a year-on-year increase of 15.84%; revenue from continuing operations reached 43.42 billion yuan, a year-on-year increase of 21.40%. The profit figures were particularly impressive, with net profit attributable to shareholders of the listed company reaching 19.151 billion yuan, marking a significant increase over the previous year, and earnings per share amounting to 6.70 yuan.

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

Excellent cash flow management, with a net operating cash flow of 17.203 billion yuan, representing a year-on-year increase of 38.66%. By the end of the year, the company's total assets amounted to 103.121 billion yuan, with net assets of 79.712 billion yuan. The asset-liability structure remained stable, providing a solid foundation for future development.

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

Among whichChemical BusinessIs the core driver of the company's performance growth, achieving revenue throughout the year.364.65RMB billion, a year-on-year increase of25.52%, accounting for84.0%。Among them, small molecule drug discovery ("R" business) continued to channel downstream, successfully synthesizing and delivering over 420,000 new compounds for customers throughout the year, with 310 molecules transitioning from "R" to "D". Revenue from small molecule process R&D and manufacturing ("D" and "M" businesses) reached 19.92 billion yuan, representing an 11.4% year-over-year increase, with a total pipeline of 3,452 projects, including 83 commercial projects and 91 Phase III clinical projects. The number of commercial and Phase III clinical stage projects increased by 22 over the year.

Particularly eye-catching isTIDESBusiness(Oligonucleotides and peptides), annual revenue reached 11.37 billion yuan, soaring 96.0% year-on-year, nearly doubling. The company completed the construction of its Taixing peptide production capacity in September 2025 ahead of schedule. The total volume of peptide solid-phase synthesis reactors has been increased to over 100,000 liters. The number of TIDES D&M service clients increased by 25% year-on-year, and the number of serviced molecules increased by 45%. This segment's explosive growth precisely aligns with the global R&D boom in peptide drugs such as GLP-1, becoming the most dynamic growth driver in the chemical business.

Testing ServicesRevenue reached 4.042 billion yuan, a year-on-year increase of 4.69%, returning to positive growth. Of this, revenue from drug safety evaluation services grew by 4.6% year-on-year, maintaining its leading position in the Asia-Pacific industry. The revenue share of new molecular entities further increased to over 30%, with continued leadership in areas such as nucleic acids, conjugates, and multispecific antibodies. Facilities in Suzhou and Shanghai have successfully passed inspections by the FDA, OECD, NMPA, and PMDA multiple times, demonstrating the company's world-class quality system.

Biological BusinessAchieved revenue of 2.677 billion yuan, a year-on-year increase of 5.24%. The proportion of revenue from new molecular entities has risen to over 30%, with rapid growth in new customers in areas such as nucleic acids, antibody-drug conjugates, and peptides. The in vitro comprehensive screening platform technology is accelerating breakthroughs, in vivo pharmacology capabilities continue to improve, and non-oncology businesses maintain a competitive edge.

Sina Medicine Comprehensive

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