The company’s R&D expenditure reached RMB4.61 billion, maintaining a high investment rate of 29.8% of total revenue. This capital fueled seven domestic regulatory approvals, including three novel medicines. Currently, the pipeline includes 17 programs in Phase III clinical trials, signaling a robust transition from research to potential market entry.

Metabolic health has emerged as a specific area of strength. Clinical data for the GLP-1 receptor agonist HRS-7535 showed a mean body-weight reduction of 11.1% in obesity studies, with a new drug application expected to follow. Beyond domestic efforts, Hengrui continues to leverage international partnerships, having finalized 13 overseas transactions since 2023 with a combined potential value of US$42 billion. The strategy of spinning off assets into independent entities has also yielded results, with both Kailera Therapeutics and Braveheart Bio successfully completing Nasdaq listings this year.