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HSBC cuts earnings forecasts for Jiangsu Hengrui Medicine for 2025-2027 by 2%-5%, weighed by lower sales and higher costs. Product sales for 2025-2027 are seen weaker due to intensive domestic competition, while selling and administrative expenses are seen rising to support new drug launches. However, HSBC keeps revenue estimates for the same period unchanged, with higher business development revenue from strong product pipeline offsetting weaker product sales. HSBC lowers the stock's target price to CNY77.00 from CNY79.00 but maintains a buy rating as it remains optimistic on Hengrui's long-term growth outlook. The A-shares were last at CNY63.63. (jason.chau@wsj.com)
Close Prior Change % Change
----- ----- ------ --------
Aluminum Corp China 9.19 9.19 unch unch
Bank of China 4.44 4.42 +0.02 +0.45
Bank of Communications 6.95 6.93 +0.02 +0.29
Bank of East Asia 13.26 13.43 -0.17 -1.27
BOC Hong Kong (Holdings) 38.48 37.98 +0.50 +1.32
Cafe de Coral Holdings 6.27 6.38 -0.11 -1.72
Cathay Pacific Airways 11.26 11.05 +0.21 +1.90
China Coal Energy 10.98 11.10 -0.12 -1.08
China Construction Bank 7.90 7.88 +0.02 +0.25
China Life Insurance 25.04 25.22 -0.18 -0.71
China Merchants Port 15.22 15.34 -0.12 -0.78
China Mobile 85.55 85.20 +0.35 +0.41
China Overseas Land & Inv 13.69 13.72 -0.03 -0.22
China Petro & Chem 4.22 4.23 -0.01 -0.24
China Rscs Beer Holdings 27.16 27.50 -0.34 -1.24
China Resources Land 29.04 29.24 -0.20 -0.68
China Resources Power 18.26 18.51 -0.25 -1.35
China Shenhua Energy 41.88 41.90 -0.02 -0.05
China Unicom (Hong Kong) 9.16 9.28 -0.12 -1.29
CITIC 11.98 11.94 +0.04 +0.34
CK Hutchison Holdings 52.35 51.85 +0.50 +0.96
CLP Holdings 66.25 65.90 +0.35 +0.53
CNOOC 19.95 20.06 -0.11 -0.55
COSCO SHIPPING Ports 5.89 5.91 -0.02 -0.34
Esprit Holdings 1.27 1.30 -0.03 -2.31
FIH Mobile 19.28 19.39 -0.11 -0.57
Hang Lung Properties 8.92 8.90 +0.02 +0.22
Hang Seng Bank 151.90 151.70 +0.20 +0.13
Henderson Land Devt 28.22 28.26 -0.04 -0.14
Hong Kong & China Gas 7.32 7.26 +0.06 +0.83
HK Exchanges & Clearing 432.40 434.20 -1.80 -0.41
Hong Kong Tech Venture 1.45 1.45 unch unch
HSBC Holdings 106.50 102.00 +4.50 +4.41
i-CABLE Communications 0.11 0.11 +0.00 +0.95
Indl & Cmcl Bk of China 6.06 6.08 -0.02 -0.33
Manulife Financial 254.00 253.20 +0.80 +0.32
Mongolia Energy 0.75 0.79 -0.04 -5.06
MTR 27.88 27.58 +0.30 +1.09
New World Development 7.57 7.70 -0.13 -1.69
PetroChina 8.00 7.99 +0.01 +0.13
Ping An Ins of China 56.15 56.00 +0.15 +0.27
Power Assets Holdings 50.20 49.84 +0.36 +0.72
Sino Land 9.90 9.86 +0.04 +0.41
SINOPEC Shanghai Pet 1.33 1.36 -0.03 -2.21
Sun Hung Kai Properties 95.80 95.10 +0.70 +0.74
Swire Pacific A 65.10 65.35 -0.25 -0.38
Tencent Holdings 645.00 656.00 -11.00 -1.68
Tsingtao Brewery 52.85 54.20 -1.35 -2.49
VTech Holdings 64.20 64.00 +0.20 +0.31
Wharf (Holdings) 20.58 20.52 +0.06 +0.29
Prices in HK$
Source: FactSet
SHANGHAI, Oct. 27, 2025 /PRNewswire/ — Hengrui Pharma (600276.SH; 01276.HK) reported revenue of RMB23.20 billion for the first three quarters of 2025, up 14.85% year-on-year. Net profit attributable to shareholders was RMB5.75 billion, increased by 24.50% compared with the same period last year.
One NME was approved in China, while eight NDA submissions were made and 48 clinical trial approvals were granted during the period, with four programs admitted to breakthrough-therapy designation lists. The GLP-1/GIP dual agonist HRS9531 reported positive Phase III topline results in weight management, advancing one of the company's key late-stage metabolic assets.
At ESMO 2025 in Berlin, Hengrui presented 46 oncology studies across 14 innovative programs — including nine oral presentations, one of which was published in The Lancet — marking its strongest presence to date at a major global cancer congress. In parallel, Hengrui signed three licensing deals with multinational partners in the third quarter, collectively exceeding US$10 billion in potential transaction value.
Hengrui will remain focused on advancing its homegrown R&D innovation and strengthening global execution through clinical development and strategic partnerships to deliver more cutting-edge therapies to patients worldwide.
View original content:https://www.prnewswire.com/news-releases/hengrui-pharma-reports-steady-growth-in-q3-2025-driven-by-innovation-and-global-expansion-302595258.html
SOURCE Hengrui Pharma
Q3 2025 revenue grew 12.72% year-over-year, with net profit up 9.53% and operating cash flow surging 209.78%. H-share issuance and overseas licensing boosted cash and equity, while non-recurring items contributed to profit.
Original document: Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A [600276] Interim report — Oct. 27 2025
Close Prior Change % Change
----- ----- ------ --------
Aluminum Corp China 9.10 8.77 +0.33 +3.76
Bank of China 4.39 4.40 -0.01 -0.23
Bank of Communications 6.92 6.92 unch unch
Bank of East Asia 13.27 13.21 +0.06 +0.45
BOC Hong Kong (Holdings) 37.98 37.06 +0.92 +2.48
Cafe de Coral Holdings 6.45 6.51 -0.06 -0.92
Cathay Pacific Airways 11.01 11.17 -0.16 -1.43
China Coal Energy 10.99 11.06 -0.07 -0.63
China Construction Bank 7.89 7.88 +0.01 +0.13
China Life Insurance 24.88 24.58 +0.30 +1.22
China Merchants Port 15.21 15.15 +0.06 +0.40
China Mobile 85.40 85.10 +0.30 +0.35
China Overseas Land & Inv 13.74 13.84 -0.10 -0.72
China Petro & Chem 4.21 4.20 +0.01 +0.24
China Rscs Beer Holdings 27.00 27.00 unch unch
China Resources Land 29.36 29.42 -0.06 -0.20
China Resources Power 18.41 18.37 +0.04 +0.22
China Shenhua Energy 41.20 41.18 +0.02 +0.05
China Unicom (Hong Kong) 9.39 9.39 unch unch
CITIC 11.61 11.56 +0.05 +0.43
CK Hutchison Holdings 51.15 50.90 +0.25 +0.49
CLP Holdings 66.05 65.95 +0.10 +0.15
CNOOC 20.02 19.92 +0.10 +0.50
COSCO SHIPPING Ports 5.81 5.83 -0.02 -0.34
Esprit Holdings 1.29 1.34 -0.05 -3.73
FIH Mobile 18.81 18.39 +0.42 +2.28
Hang Lung Properties 8.83 8.81 +0.02 +0.23
Hang Seng Bank 151.80 151.80 unch unch
Henderson Land Devt 27.82 27.56 +0.26 +0.94
Hong Kong & China Gas 7.22 7.24 -0.02 -0.28
HK Exchanges & Clearing 425.00 421.80 +3.20 +0.76
Hong Kong Tech Venture 1.42 1.42 unch unch
HSBC Holdings 103.10 102.70 +0.40 +0.39
i-CABLE Communications 0.11 0.09 +0.02 +18.48
Indl & Cmcl Bk of China 6.07 6.06 +0.01 +0.17
Manulife Financial 249.40 246.60 +2.80 +1.14
Mongolia Energy 0.72 0.74 -0.02 -2.70
MTR 27.50 27.42 +0.08 +0.29
New World Development 7.53 7.54 -0.01 -0.13
PetroChina 8.00 8.01 -0.01 -0.12
Ping An Ins of China 55.65 55.55 +0.10 +0.18
Power Assets Holdings 50.05 49.90 +0.15 +0.30
Sino Land 9.74 9.78 -0.04 -0.41
SINOPEC Shanghai Pet 1.37 1.39 -0.02 -1.44
Sun Hung Kai Properties 95.05 93.50 +1.55 +1.66
Swire Pacific A 66.15 65.35 +0.80 +1.22
Tencent Holdings 637.50 633.00 +4.50 +0.71
Tsingtao Brewery 53.90 53.90 unch unch
VTech Holdings 62.15 60.60 +1.55 +2.56
Wharf (Holdings) 20.70 20.64 +0.06 +0.29
Prices in HK$
Source: FactSet
Close Prior Change % Change
----- ----- ------ --------
Aluminum Corp China 8.31 8.31 unch unch
Bank of China 4.37 4.33 +0.04 +0.92
Bank of Communications 6.83 6.75 +0.08 +1.19
Bank of East Asia 13.08 13.07 +0.01 +0.08
BOC Hong Kong (Holdings) 36.84 36.56 +0.28 +0.77
Cafe de Coral Holdings 6.51 6.52 -0.01 -0.15
Cathay Pacific Airways 10.84 10.84 unch unch
China Coal Energy 11.04 11.10 -0.06 -0.54
China Construction Bank 7.82 7.75 +0.07 +0.90
China Life Insurance 24.94 23.52 +1.42 +6.04
China Merchants Port 15.09 14.97 +0.12 +0.80
China Mobile 85.20 86.40 -1.20 -1.39
China Overseas Land & Inv 14.05 14.05 unch unch
China Petro & Chem 4.12 4.10 +0.02 +0.49
China Rscs Beer Holdings 26.84 26.68 +0.16 +0.60
China Resources Land 29.94 29.64 +0.30 +1.01
China Resources Power 18.33 18.02 +0.31 +1.72
China Shenhua Energy 41.12 41.22 -0.10 -0.24
China Unicom (Hong Kong) 9.26 9.12 +0.14 +1.54
CITIC 11.60 11.43 +0.17 +1.49
CK Hutchison Holdings 51.55 51.20 +0.35 +0.68
CLP Holdings 66.20 66.35 -0.15 -0.23
CNOOC 19.32 19.04 +0.28 +1.47
COSCO SHIPPING Ports 5.72 5.65 +0.07 +1.24
Esprit Holdings 1.30 1.31 -0.01 -0.76
FIH Mobile 18.78 18.25 +0.53 +2.90
Hang Lung Properties 8.90 8.97 -0.07 -0.78
Hang Seng Bank 152.40 152.40 unch unch
Henderson Land Devt 27.54 27.60 -0.06 -0.22
Hong Kong & China Gas 7.25 7.29 -0.04 -0.55
HK Exchanges & Clearing 429.20 425.00 +4.20 +0.99
Hong Kong Tech Venture 1.43 1.43 unch unch
HSBC Holdings 102.40 102.10 +0.30 +0.29
i-CABLE Communications 0.11 0.13 -0.02 -17.32
Indl & Cmcl Bk of China 5.95 5.91 +0.04 +0.68
Manulife Financial 245.80 246.40 -0.60 -0.24
Mongolia Energy 0.73 0.72 +0.01 +1.39
MTR 27.32 27.24 +0.08 +0.29
New World Development 7.65 7.46 +0.19 +2.55
PetroChina 7.80 7.69 +0.11 +1.43
Ping An Ins of China 55.90 54.30 +1.60 +2.95
Power Assets Holdings 50.55 50.40 +0.15 +0.30
Sino Land 10.22 10.23 -0.01 -0.10
SINOPEC Shanghai Pet 1.36 1.36 unch unch
Sun Hung Kai Properties 93.70 94.65 -0.95 -1.00
Swire Pacific A 65.50 65.65 -0.15 -0.23
Tencent Holdings 630.50 627.50 +3.00 +0.48
Tsingtao Brewery 54.00 54.50 -0.50 -0.92
VTech Holdings 60.70 60.45 +0.25 +0.41
Wharf (Holdings) 20.90 21.06 -0.16 -0.76
Prices in HK$
Source: FactSet
Close Prior Change % Change
----- ----- ------ --------
Aluminum Corp China 8.57 8.53 +0.04 +0.47
Bank of China 4.18 4.20 -0.02 -0.48
Bank of Communications 6.44 6.47 -0.03 -0.46
Bank of East Asia 12.59 12.65 -0.06 -0.47
BOC Hong Kong (Holdings) 36.60 36.86 -0.26 -0.71
Cafe de Coral Holdings 6.51 6.58 -0.07 -1.06
Cathay Pacific Airways 10.56 10.67 -0.11 -1.03
China Coal Energy 9.99 9.94 +0.05 +0.50
China Construction Bank 7.32 7.34 -0.02 -0.27
China Life Insurance 21.58 22.06 -0.48 -2.18
China Merchants Port 14.96 14.80 +0.16 +1.08
China Mobile 84.90 84.80 +0.10 +0.12
China Overseas Land & Inv 14.18 14.16 +0.02 +0.14
China Petro & Chem 4.10 4.11 -0.01 -0.24
China Rscs Beer Holdings 26.96 27.68 -0.72 -2.60
China Resources Land 29.38 29.46 -0.08 -0.27
China Resources Power 18.25 18.25 unch unch
China Shenhua Energy 39.40 39.56 -0.16 -0.40
China Unicom (Hong Kong) 8.83 8.95 -0.12 -1.34
CITIC 11.39 11.37 +0.02 +0.18
CK Hutchison Holdings 51.10 52.05 -0.95 -1.83
CLP Holdings 65.85 65.70 +0.15 +0.23
CNOOC 18.84 18.86 -0.02 -0.11
COSCO SHIPPING Ports 5.66 5.65 +0.01 +0.18
Esprit Holdings 1.34 1.33 +0.01 +0.75
FIH Mobile 17.40 17.66 -0.26 -1.47
Hang Lung Properties 8.87 8.98 -0.11 -1.22
Hang Seng Bank 151.00 150.40 +0.60 +0.40
Henderson Land Devt 27.40 27.34 +0.06 +0.22
Hong Kong & China Gas 6.97 6.96 +0.01 +0.14
HK Exchanges & Clearing 432.80 444.60 -11.80 -2.65
Hong Kong Tech Venture 1.47 1.49 -0.02 -1.34
HSBC Holdings 102.60 103.50 -0.90 -0.87
i-CABLE Communications 0.13 0.14 -0.01 -5.11
Indl & Cmcl Bk of China 5.66 5.66 unch unch
Manulife Financial 247.80 249.00 -1.20 -0.48
Mongolia Energy 0.69 0.69 unch unch
MTR 26.72 26.72 unch unch
New World Development 7.95 8.08 -0.13 -1.61
PetroChina 7.30 7.27 +0.03 +0.41
Ping An Ins of China 52.45 53.90 -1.45 -2.69
Power Assets Holdings 49.12 49.18 -0.06 -0.12
Sino Land 10.16 10.11 +0.05 +0.49
SINOPEC Shanghai Pet 1.39 1.40 -0.01 -0.71
Sun Hung Kai Properties 96.75 96.80 -0.05 -0.05
Swire Pacific A 65.50 65.30 +0.20 +0.31
Tencent Holdings 639.00 651.50 -12.50 -1.92
Tsingtao Brewery 54.70 54.75 -0.05 -0.09
VTech Holdings 59.80 61.40 -1.60 -2.61
Wharf (Holdings) 21.92 22.02 -0.10 -0.45
Prices in HK$
Source: FactSet
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