Hengrui Medicine's revenue and net profit will reach new highs again in 2025. The Hang Seng Healthcare ETF Dacheng(159303) has risen more than 4% with both volume and price increasing. The trend of domestic pharmaceutical innovation and development remains unchanged.

As of March 27, 2026 at 13:31, the Dàchéng Hang Seng Healthcare ETF (159303) is up 4.19%, with an intraday turnover rate of 46.71% and trading volume of 35.6928 million yuan, indicating active market trading. The tracking index, the Hang Seng Healthcare Index (HSHCI), is strongly up 4.79%. Among constituent stocks, Shiyao Group is up 12.99%, Innovent Biologics is up 12.05%, Ascentage Pharma is up 11.13%, and BeiGene Pharma-B, as well as other individual stocks, are also moving higher.

On the news front, on the evening of March 25, Hengrui Medicine released its 2025 annual report. During the reporting period, the company’s revenue and net profit both reached new highs again. For the full year, operating revenue was 31.629 billion yuan, up 13.02% year over year; attributable net profit was 7.711 billion yuan, up 21.69% year over year. Sales revenue from innovative drugs was 16.342 billion yuan, up 26.09% year over year, accounting for 58.34% of drug sales revenue; external licensing revenue was 3.392 billion yuan, up 25.62% year over year.

What is worth noting is that in the annual report’s operating plan section, the company stated a goal of striving for more than 30% growth in innovative drug sales revenue in 2026. This means the company has continued to strengthen its innovative pipeline execution and commercialization capabilities, accelerating the release of growth momentum.

Meanwhile, Hengrui Medicine recently announced that its subsidiary, Fujian Shengdi Pharmaceutical, received the 《Drug Clinical Trial Approval Notice》 issued and approved by the National Medical Products Administration (NMPA). The company’s independently developed GLP-1/GIP dual agonist HRS9531 injection has been approved to conduct a clinical trial for reducing the risk of major adverse cardiovascular events in patients with atherosclerotic cardiovascular disease (ASCVD). This indication is a brand-new area worldwide with no similar drugs yet approved. Related projects have cumulatively投入 about 631.5 million yuan; this clinical approval marks a key step for the company’s coordinated layout in the metabolic and cardiovascular disease areas.

In the 2026 government work report, for the first time, biopharmaceuticals were listed as an emerging pillar industry. The 2026 government work report proposed “building emerging pillar industries such as integrated circuits, aerospace, biopharmaceuticals, and the low-altitude economy.” GuoSheng Securities believes that for the pharmaceutical sector, this means the policy’s positioning of biopharmaceuticals is being upgraded from “nurturing emerging tracks” to “an important direction for economic growth and industrial upgrading.” In this context, innovative drugs—as the most core high-value-added segment within the biopharmaceutical industry—have particularly clear upside.

Aijian Securities believes that in recent times, the situation in the Middle East has continued to intensify, energy supply has been constrained, bringing uncertainty to global economic development. In the short term, the market’s行情 is mainly influenced by factors such as the international situation and trading chips; focus on investment opportunities brought by price increases in items such as gloves and vitamins. Looking longer term, China’s medical and pharmaceutical industry’s trend toward innovative development is unchanged. After market clearing, long-term layout opportunities are expected to emerge. In 2026, continue to look favorably at the industrial trend of Chinese innovative drugs going overseas, and focus on investment opportunities in core advantage tracks such as ADC, bispecific antibodies, small nucleic acids, and weight-loss drugs.

The Dàchéng Hang Seng Healthcare ETF (159303) closely tracks the Hang Seng Healthcare Index. The Hang Seng Healthcare Index provides a market reference indicator that reflects the overall performance of securities listed in Hong Kong that mainly engage in healthcare services/business.

Dàchéng Hang Seng Healthcare ETF (159303), over-the-counter connection (Class A: 024055; Class C: 024056).

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